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December 2nd, 2008
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  • EMPLOYEES -
    • Staff fluctuation in the Czech Republic is 15.8 percent, significantly higher than the European average of 9.1 percent, according to a recent PricewaterhouseCoopers study. High fluctuation of workers lowers productivity and increases costs, so companies should try to create a system to attract and retain good employees, according to the study.

  • INVESTMENT -
    • Siemens VDO Automotive wants to invest 1.2 billion Kč ($53.2 billion) into a new plant for manufacturing automotive electronics in Trutnov, east Bohemia, in the next five years, the company said through a spokesman July 31. The plant was set to open Aug. 1. It should employ 200 people by the end of the year.

  • TPCA -
    • The TPCA automotive consortium, which operates a plant in Kolín, lost 2.2 billion Kč last year, Mladá fronta Dnes reported Aug. 1. It was the biggest loss by a company in the Czech Republic. TPCA's president said it wasn't surprising and that the loss was related to the cost of opening the car plant.

  • BANK -
    • The PPF Group is acquiring Agrobank, a small Ukrainian bank with 20 branches, through its Home Credit unit. It is also buying PrivatKredit, the largest consumer finance company in Ukraine. The financial group did not say how much it paid, but said it intends to combine the two companies.

  • DIGITAL -
    • The Czech Telecommunications Office plans to launch digital television in Prague in December 2007 and turn off the existing analogue signal in September 2008. All analogue broadcasting would end by Oct. 10, 2010. This plan is awaiting final approval, and a final digitalization strategy will be released at the end of this month.

  • POWER -
    • A major power outage July 25 will cost national grid operator ČEPS dozens of millions of crowns, CEO Vladimír Tošovský said July 30. ČEPS had to buy electricity in Poland, Slovakia and Germany. The company's net earnings rose 25 percent to 2.5 billion Kč ($110 million) last year. Revenues were up 4.3 percent to 16 billion Kč.

  • INSURANCE -
    • Austrian company Hagelversicherung, which insures farmers against natural disaster, will enter the Czech market to compete with Generali, also of Austria, and Česká pojišťovna, Euro reported in its July 31 edition. The Czech Republic is the first market the company has entered outside its own country.

  • ACQUISITION -
    • French company Bouygues plans to take over Čermák a Hrachovec, a manufacturer of sewage pipelines and water mains, Týden reported in its July 31 issue. The companies did not disclose the price tag of the deal. Čermák's sales were 600 million Kč last year. The Anti-Monopoly Office must approve the acquisition, and a decision is expected in mid-August.

  • MEAT -
    • Meat production fell 2 percent to 158,897 metric tons (175,000 short tons) in the second quarter of this year compared to the same period last year, according to data released by the Czech Statistical Office July 31. Meat output comprised 53.4 percent pork, 12.4 percent beef, including veal, and 34.1 percent poultry.


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