The Prague Post
http://www.aaaradiotaxi.cz/index.php?xSET=lang&xLANG=2
October 12th, 2008
Endowment Fund     Business Listings ONLINE      Reservations      Classifieds    Subscriptions
Prague accommodation
Prague Art & Antiques Prague Art Prague Antiques
Prague Real Estate
Shuttle Bus to/from Prague Airport

Home » Archives » Business

Biz Week


News & notes | Search restaurants | Archives

IMF Russia has nominated Josef Tošovský, former governor of the Czech National Bank, to head the International Monetary Fund (IMF), the fund announced last week. Tošovský’s nomination comes as a surprise; traditionally, the European Union has chosen the IMF’s head. The EU’s candidate, Dominique Strauss-Kahn, has drawn fire from Russian officials, who say he lacks the technical skills to lead the IMF.

CHARGED Police have charged four former executives of Komerční banka with fraud stemming from unqualified loans granted in the late 1990s to companies tied to František Chvalovský, the former head of the Czech football association, Právo reported Aug. 28. Those accused of causing an estimated 500 million Kč ($24 million) in damages include the bank’s former CEO, Vladimír Šulc.
ENGINE General Electric Aviation, one of the world’s leaders in jet engine manufacturing, is purchasing the Prague-based manufacturer Walters Engines, the companies announced Aug. 27. Details for the acquisition were not disclosed, but the deal is expected to boost GE’s portfolio in the small turboprop aviation sector.
BEER Brewers are expecting to increase beer prices soon, the daily Hospodářské noviny reported Aug. 27. Global grain reserves are at a 22-year low, with barley prices increasing 60 percent over the past year. Starobrno has already announced a 3 percent price increase, while other brewers are waiting for Plzeňský Prazdroj, the brewer of Pilsner Urquell, to make the first move, the Czech Beer and Malt Association says.
COAL The dominant energy company ČEZ is planning to invest some 100 billion Kč on upgrading existing and constructing new coal-fired power plants within the next six years, the company said Aug. 24. It wants to renovate 10 plants and build three new plants, while cutting carbon dioxide emissions 15 percent through the renovations. ČEZ operates 13 coal plants domestically.
ECM Czech real estate developer ECM has agreed to purchase the Globe Plaza shopping center in Beijing, China, an investment totalling 220 million euros ($297 million/6.1 billion Kč), the company announced. ECM is believed to be one of the country’s first large real estate developers to expand into China. The project, which includes an adjacent office complex, will open in 2009.
Invesmart The Dutch company Invesmart has filed an arbitration case against the Czech Republic, seeking 250 million euros from the country in the Union banka case, TV Nova reported Aug. 22. The firm bought 70 percent of Union banka in 2003, which soon collapsed and was declared bankrupt. Invesmart is seeking redress under the countries’ trade-protection agreement.
ČEZ The Cabinet has approved a swap of its shares in the power distributor Pražská energetika (PRE) for stakes in state-controlled ČEZ. The government is expected to receive 0.5 percent to 0.55 percent of ČEZ for its shares from PRE’s owners, which include the city of Prague. The swap comes as the state plans to sell 7 percent of ČEZ on the capital market.


Other articles in Business (29/08/2007):

Browse the Current Issue

If you enjoyed this article, why don't you subscribe to the print version!
We accept secure online transactions provided by PayPal and Moneybookers

Be the first to add a comment!


Full Name: *
City: *
E-mail: **
This comment can be published in the print version of The Prague Post
Enter the text on the right:
 visual captcha
Comment: *
* Required field. In order to be approved for display, comments must have a first and last name and a city.
** E-mails are required and will only be used for internal purposes.

Most visited in Business Listings

Hotel booking
The Prague Post Online contains a selection of articles that have been printed in
The Prague Post, a weekly newspaper published in the Czech Republic.
To subscribe to the print paper, click here.
Unauthorized reproduction is strictly prohibited.