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September 7th, 2008
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  • CEMENT -
    • Czech company Inekon Group signed a contract Aug. 7 with Pho Son Cement JSC to build a 3.3 billion Kč ($148.7 million) cement factory in that country. The first supplies will start going to Vietnam in the first quarter of next year, and the plant should be completed within three years.

  • PROFIT -
    • The Czech unit of German clothing chain New Yorker saw net profit more than double to 267 million Kč last year. Sales grew 51 percent to 1.14 billion Kč. The company operates 22 outlets in this country and opened six new ones last year. New Yorker is planning to continue expanding its operations here.

  • AERO -
    • Bidders in the privatization of jet maker Aero Vodochody started due diligence proceedings Aug. 8. The Cabinet reopened the tender for bids in July after canceling it earlier this year. It feared that some of the suitors would discontinue production at the foundering company and use its runway to create an airport that would compete with Prague Ruzyně International Airport.

  • GRAIN -
    • The Czech grain harvest will be 6.3 million metric tons (7 million short tons) this year, 9.6 percent less than in 2005, according to data from the Czech Statistical Office (ČSÚ). The ČSÚ attributed the decline to the unusually hot and dry summer the Czech Republic has had this year. The Agricultural Chamber has said the situation could be even worse than the ČSÚ's estimates.

  • STOCK -
    • Trading of K-T-V, formerly Kotva, on the Prague Stock Exchange was suspended indefinitely Aug. 7. The development precedes the company's merger with Česká investiční a správcovská and its deletion from the Commercial Register. Česká investiční a správcovská will not be a publicly traded company.

  • COSTS -
    • Czech households will see costs rise by hundreds or even thousands of crowns a year starting in 2007 as energy prices increase and rent is deregulated, Lidové noviny reported Aug. 5. Milan Urban, industry and trade minister, said low-income families should receive subsidies from the dividends of state power company ČEZ to compensate for increasing energy prices.

  • SIEMENS -
    • Siemens has said it is facing a critical worker shortage in its Czech subsidiaries. The company's VDO Automotive unit will reportedly need hundreds of workers for its 1.2 billion Kč plant in Trutnov, east Bohemia, but Siemens said the problem isn't limited only to the auto industry.

  • TAX -
    • Martin Říman of the Civic Democrats (ODS) said Aug. 3 that the flat tax, the key item on the party's economic platform, is up for negotiation with the Social Democrats. At the same time, Vlastimíl Tlustý, shadow finance minister for the ODS, said he would have no place in a Cabinet that does not have a reform agenda.

  • BEER -
    • The Czech Beer and Malt Union has approved a code specifying how draught beer should be stored and served in restaurants and bars. Mishandling of beer reflects poorly on beer producers, the union said.


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