Myllykoski of Finland abandoned plans to build a paper mill in Opatovice nad Labem, east Bohemia, worth nearly 13 billion Kč ($577 million), a spokesman announced Oct. 30. The company chose Germany because of delays and uncertainty in the Czech approval process. The paper mill was to employ 250 people and produce up to 380,000 metric tons (41,888 short tons) of paper per year.

ŠKODA

Carmaker Škoda Auto has seen a 60.6 percent increase in after-tax profit this year. The company made 8.4 billion Kč through September, up from 5.2 billion Kč during the same period last year, the company announced Oct. 30. Worldwide sales increased 11.1 percent to 410,719 cars. Škoda Auto plans to sell a record 530,000 cars this year.

MANDARIN

Cedar Capital Partners purchased the newly opened Mandarin Oriental Hotel in Prague Oct. 26, along with one of its institutional investors. Cedar Capital did not disclose the terms of the sale. The hotel, which opened in September, was originally a 14th-century Dominican monastery.

GROWTH

The Finance Ministry has lowered its gross domestic product (GDP) growth estimate from 6.2 percent this year to 6.0 percent. A growth estimate by the Czech National Bank was also revised downward. Higher investment activity and household consumption will aid GDP growth, analysts say. Economic growth is projected at 4.9 percent for 2007.

TRANSPORTATION

The price of heavy truck transportation may increase 15 to 20 percent next year due to electronic tolls, the Czech News Agency (ČTK) reported Oct. 29. Analysts say the toll may cause inflation to increase by a few tenths of a percent. Truck transporters will have to pay some 3 billion Kč in tolls in 2007, of which 1 billion Kč will be paid by foreign companies.

SHOPPING

J&T Real Estate will build a 2.5 billion Kč shopping and office center in the Prague 8 neighborhood of Karlín on the site of former engineering company Pražské strojírny, Euro reported Oct. 29. Construction of the 60,000-square-meter (644,834-square-foot) facility will begin in 2009. Karlín was hit the hardest by the major floods of 2002.

CONFIDENCE

Overall confidence in the Czech economy rose by one percentage point in October, reaching the second-highest level in its history, the Czech Statistical Office said Oct 26. Business confidence grew 0.7 percent to its highest level ever, and consumer confidence increased 2.5 percent. The number of consumers who fear higher unemployment fell, and the share of respondents intending to save increased.

PASSENGERS