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Home » Archives » Business

Biz Week



April 4th, 2007 issue

BUDVAR

The government plans to review the distribution deal signed between Budějovický Budvar and Anheuser-Busch in January, Hospodářské noviny reported April 2. Under the deal, Anheuser-Busch will distribute Budvar in the United States under the name Czechvar. The state is concerned the deal could harm revenues gained from Budvar’s eventual privatization.

BANKRUPT

The shareholders of the defunct bank Agrobanka Praha voted to declare bankruptcy and begin selling off the firm’s assets, the daily Právo reported March 31. The shareholders are seeking 850 million Kč ($40 million) in compensation from GE Money Bank, which took over a large stake in the bank in 1998.

DEREGULATED

The natural gas market became completely deregulated April 1, Mladá fronta Dnes reported March 31. The move is largely symbolic, as most households and businesses cannot choose between suppliers, the largest of which is RWE Transgas. The average cost of gas is expected to increase 0.5 percent.

COFFEE

Starbucks has signed a preliminary joint-venture agreement with AmRest, the operator of KFC, to open Starbucks coffee shops in the Czech Republic, Hungary and Poland, Mladá fronta Dnes reported March 30. Negotiations are expected to last until the summer, with the first cafés slated to open next year.

FLEXIFUEL 

Škoda will introduce a FlexiFuel model of its Octavia sedan in Sweden later this year, Hospodářské noviny reported March 28. The car will run on 85 percent bioethanol. The company also introduced the prototype of an Octavia that runs on liquefied natural gas, which it hopes to introduce to domestic and foreign markets in the future.

EXPANSION 

RE/MAX plans to expand its total number of offices from 33 to 150 within three years, making it the largest real estate company in the country, Hospodářské noviny reported March 28. The company plans to hire 750 new agents and will open a real estate academy in the country.

SUGAR  The Czech Republic lost an arbitration case to Eastern Sugar and owes the company 700 million Kč, the daily Lidové noviny reported April 3. Eastern Sugar, the second-largest Czech sugar manufacturer, filed the case in 2004, complaining about the country’s unfair practices in reducing the company’s sugar quotas. The government is still deciding whether to appeal the ruling.
INSURANCE 

The PPF group is looking to sell a minority share of its profitable insurance company Česká pojišťovna, Hospodářské noviny reported March 29. The insurer made a record profit of 8.3 billion Kč last year. Four buyers are believed to be interested, including the French insurer AXA, the banking group KBC and German insurer Allianz.


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