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October 12th, 2008
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BUDGET Unions rejected the state’s proposed 2008 budget in a meeting of the tripartite council, Právo reported Sept. 18. Union leaders called the budget, and the government’s recent public-finance reforms, anti-social and harmful to children and pensioners. The Cabinet was set to vote on the budget Sept. 19.

PPF The financial group PPF has purchased a 5 percent stake in Russia’s Nomos Bank, the Russian dailies Vedomosti and Kommersant reported Sept. 17. PPF and Nomos are planning to start a joint venture for the Russian banking market this fall, with PPF wholly purchasing Nomos in time. Analysts value the 5 percent share at 1.6 billion Kč ($80 million).
BREWING The government is in talks with the beer giant Anheuser-Busch over the possible sale of state-owned brewery Budějovický Budvar, according to Deputy Vlastimil Tlustý as quoted by Hospodářské noviny Sept. 17. The Agriculture Ministry has denied any such discussions. Earlier this year Budvar signed a U.S. distribution deal with Anheuser-Busch, possibly signaling a thaw in the two’s previously litigious relationship.
COAL Any initial public offering of coal company New World Resources (NWR) will be dependent on the company’s success at buying Polish mines, the weekly Týden reported. The company’s current supply of hard coal will only last another 11 years, and so NWR is bidding on a Polish mine in Silesia to boost its reserves, the magazine said.
GAS KKCG Oil & Gas has agreed with Britain’s Regal Petroleum on a joint venture aimed at entering the Ukrainian mining sector, the Czech News Agency reported Sept. 14. KKCG will invest $330 million in the venture, gaining a 50 percent share in gas reserves that are estimated to contain the equivalent of 169 million oil barrels.
VIETNAM Škoda Praha, a subsidiary of ČEZ, has signed a memorandum of understanding to build a massive coal plant in Vietnam worth some $3 billion, the company announced Sept. 13. The deal is the most significant of several large contracts that came about during the recent visit of Vietnamese Prime Minister Nguyen Tan Dung to Prague; the deals totaled $3.5 billion in all.
ČSA Czech Airlines is on track to meet its projected goal of turning a 42 million Kč profit this year after losing 397 million Kč last year, the company said Sept. 13. Once the airline’s restructuring is completed next year, the government plans to privatize the company, the Cabinet agreed Sept. 12.
LABOR Prime Minister Mirek Topolánek spoke strongly against restrictions Germany has placed on its labor market, following a meeting with Bavarian Interior Minister Günther Beckstein Sept. 12. Topolánek said he could see no reason for Germany’s protectionism and that he would appeal to the government to lift its moratorium, which is currently projected to last until 2011.


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