The Prague Post Online: Business: Biz Week

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August 28th, 2008

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ENERGY Prices on the new Prague Energy Exchange spiked on the first day trading of two-year compound contracts was allowed. Prices for 2008 supplies were fixed at 50.40 euros ($69/368 Kč) per megawatt hour; 2009 prices, which are unregulated, closed at 56.05 euros/MWh. Analysts say prices may converge with East European countries rather than Germany; electricity prices in the Balkans can reach 90 euros/MWh.

INTEREST As expected, the Czech National Bank voted to raise interest rates by 25 basis points to 3 percent July 26. The bank aims to cool consumer spending and curb inflation. The bank has raised rates once before this year, and most analysts expect one more increase before the end of the year.

JOBS Prague, along with Dublin and Copenhagen, is one of the best European cities to find a job, according to a recent poll of residents by the European Union. More than 70 percent of Prague residents agreed that “it was easy” to find a job. In contrast, nearly every resident polled in the Italian cities of Palermo and Naples, agreed it was difficult to find a good job.

REGISTRY Some 75 percent of Czech firms failed to report their earnings to the commercial register in 2005, according to the firm Dun & Bradstreet. This includes major firms such as Ahold, Hamé and Kaspen. Some companies say it is better to take a fine than to disclose their financial results.

COMPLAINT ČEZ has filed a complaint with the Anti-Monopoly Office against Czech Coal and its plans to construct a power plant with the German utility E.ON. ČEZ, the country’s dominant electricity producer, deems that it is unfair of Czech Coal not to share its coal reserves in north Bohemia. Czech Coal had planned to build the plant with ČEZ before negotiations fell apart.

FORECAST The Finance Ministry has upped its prediction for the domestic economic growth in 2007 to 5.8 percent, the ministry announced in a quarterly forecast released July 24. In April, the ministry predicted 5.3 percent growth. The report also increased expected inflation growth, from 2.1 percent to 2.3 percent, and lowered projected unemployment from 6.4 percent to 5.8 percent.

FEES The Consumer Defense Association is suing the travel agency Exim Tours, arguing the agency is misleading customers by not including airport fees and taxes in its advertisements and price quotes to customers. The association hopes that if its case is successful, other travel agencies will have to follow suit and print only final prices.

RESTITUTION The Supreme Court has ruled against the 2005 transfer of 17 hectares (42 acres) of land near Landštejn Castle from the state to private owners by way of restitution claims, Hospodářské noviny reported July 31. There are 37 similar cases pending, all from a three-week period when two restitution claimants, backed by 25 speculators, received land worth several billion crowns for claims valued at 137 million Kč.

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