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December 2nd, 2008
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  • LOANS -
    • Czech banks made 379.5 billion Kč ($16.7 billion) in loans to households last year, approximately 30 percent more than in 2004, the Czech National Bank said July 24. The majority of these loans were mortgages, which are growing because of low interest rates.

  • SALES -
    • Soft drink producer Kofola's consolidated sales increased by about 20 percent at the end of last year compared to 2004, reaching 2.9 billion Kč, according to the company. Domestic sales topped 2 billion Kč. Last year, the company invested 550 million Kč into new technologies and hired more staff.

  • LOSS -
    • Retail chain Delvita's audited loss rose to nearly 839 million Kč last year from 185 million Kč in 2004, according to the company's annual report. Revenues fell around 470 million Kč last year to 8.4 billion Kč.

  • INVESTMENT -
    • Korean firm Hanil E-Hwa Company wants to build a car interior production plant in the Chlebovice industrial zone in the Frýdek Místek region of north Moravia. The company intends to supply a new automotive plant that Hyundai should open in nearby Nošovice, north Moravia, in 2008.

  • NETWORK -
    • Vodafone ČR, the youngest mobile operator on the market, canceled its launch of a UMTS, or 3G, network because the return on investment would be too low, the company said through a spokesman July 20. Vodafone ČR received its UMTS license last year for 2 billion Kč ($88.5 million) and was supposed to introduce the service by January 2008.

  • PROFIT -
    • Telefónica 02, the company that came out of the merger of Český Telecom and its mobile arm Eurotel, brought in 3.4 billion Kč in profit in the first half of this year, a 55 percent increase from the same period of 2005. This is despite a 0.1 percent drop in revenues.

  • TAXES -
    • People who earn more than 31,000 Kč a month account for nearly one-third of the government's tax income, Mladá fronta Dnes reported July 21, referring to data from the Finance Ministry. Around 340,000 of the country's best-paid people, or 7 percent of the working population, will contribute 35 billion Kč to state coffers this year.

  • LABOR -
    • Italy opened its labor market to workers from the 10 European Union accession countries July 21. It is the eighth senior EU member state to take this step. The 10 countries that joined the EU May 1, 2004 have been pressuring older members to eliminate barriers to the free movement of workers within the union.

  • STEEL -
    • Mittal Steel Ostrava, the country's largest steel maker, will become the full owner of its unit Jaekl Karviná following a squeeze-out of minority shareholders. Mittal owns 92.5 percent of Jaekl and will pay 2,273 Kč a share for the remainder of the company in a deal worth 118.5 million Kč.


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