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October 12th, 2008
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TAPPED At what was supposed to be a secret meeting on May 14, the Cabinet agreed that Česká spořitelna would be one of the brokers selling a 7 percent stake in the state-controlled power giant ČEZ on the Prague Stock Exchange. The sale should raise at least 31 billion Kč ($1.5 billion) to cover a gap in this year’s budget.

SHIFTS Due to unexpected demand, Škoda Auto will add production shifts on Saturdays starting May 19, according to company board member Martin Jahn. The carmaker is expecting to produce 600,000 cars this year, rather than the projected 580,000 cars. Workers volunteering for the Saturday shifts will receive special bonuses, Jahn said.
MERGED Four beer and spirits companies announced a merger May 14, creating the seventh-largest brewer in the country. The companies — UP, Drinks Union, PaSB and Pivovar Kutná Hora — will operate under the UP name and will produce an average 1 million hectoliters (26.4 million U.S. gallons) of beer a year.
DIGITAL The Culture Ministry has a proposed amendment that will fast-track appeals made by channels denied digital-broadcast licenses, Mladá fronta Dnes reported May 14. If passed, 20 digital channels could be running by 2009. This comes after the Association of Digital Television, representing firms denied licenses by court order, called on Ronald Lauder, owner of TV Nova, to support their broadcast rights.
ROLLING For the first time in its history, Czech Railways (ČD) is in the black. The company, buoyed by its freight business, earned nearly 14.7 million Kč ($704,700) in the first quarter; the same time last year, it lost 240 million Kč. Separately, the EU has approved a state-backed loan of 847 million Kč to ČD to help the firm purchase new locomotives.
HYUNDAI The European Commission has approved the 111 million euros ($150 million/3.1 billion Kč) of state aid the Czech Republic has given to Hyundai for its new car plant being built in Nošovice, north Moravia. The aid consists of direct cash and discounted land grants. The company is also receiving another 194 million euros in regional aid on its total investment of 1.2 billion euros.
SOLD In what’s being hailed as the retail deal of the year, European Property Development sold the Palladium, a military-barracks-cum-shopping-center being developed in downtown Prague, to the German firm Hannover Leasing for 15 billion Kč May 11. The center, set to open in October, will be home to more than 59,000 square meters of business space, including 200 shops.
PRIVATIZING Škodaexport should be in private hands by the end of the year, said Industry and Trade Minister Martin Říman May 9. The state-owned technology firm manages major energy projects in China, Turkey, India and Pakistan, and its revenues hover between 1 billion and 2 billion Kč annually. Possible buyers include Vítkovice Holding, Škoda Holding and Penta.


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