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October 12th, 2008
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INDUSTRY The Confederation of Industry has sent a petition to the government calling on it to implement stronger reforms, including setting a euro-adoption date, establishing a clear energy policy and providing more support for research and development, the Czech News Agency (ČTK) reported Oct. 30. The government’s first wave of reforms is a step in the right direction but far too weak, the confederation said.

WARSAW The Warsaw Stock Exchange plans to bid for a stake in the Prague bourse, Ludwik Sobolewski, head of the Warsaw exchange, told Thomson Financial News Oct. 29. While the news has raised speculation of regional consolidation, it is expected that the stake would be small, only around several percentage points. Sobolewski declined to give further detail.
NEWS The publisher of the daily newspaper Mladá fronta Dnes will launch a free daily business newspaper, called E15, in late November, the company announced Oct. 29. E15 will be partially modeled on London’s City A.M. newspaper and should have an initial circulation of 50,000. The move could add pressure to an already tight print market, analysts say.
MILK The Jih farm cooperative will cancel its milk delivery deal with the Madeta dairy by March 2008 unless Madeta raises its purchase price, Hospodářské noviny reported Oct. 26. The cooperative is seeking 9.80 Kč (60 U.S. cents) per liter, while Madeta is offering 9.50 Kč. Jih provides 40 percent of Madeta’s daily milk needs, and says it can get much better prices in Germany.
STEEL Lakshmi Mittal, owner of ArcelorMittal Ostrava, has come to an agreement with the Czech Republic over the disputed privatization of Vítkovice Steel, Mladá fronta Dnes reported Oct. 25. Mittal had been seeking 25 billion Kč in compensation from the state. The parties have now agreed to form an expert committee, with representatives from the Finance Ministry and Mittal, which will barter an agreement.

INFLATION The Czech National Bank has raised its inflation forecast for 2008, with overall inflation expected to sit between 4.4 percent and 5.8 percent by September 2008, the bank announced Oct. 25. In its July forecast, the bank had projected inflation between 3.5 percent and 4.9 percent for the same month. The increase is attributed to higher regulated prices and tax rates, the bank said.

BUDGET Next year’s state budget passed its first reading in the Chamber of Deputies Oct. 23. The budget, with expenditures totaling 1.1 trillion Kč and revenues totaling 1 trillion Kč, for a deficit of 71 billion Kč, is an attempt to halt and reverse the trend of growing deficits, said Prime Minister Mirek Topolánek. The budget’s third and final reading is scheduled for Dec. 4.
ČEZ The government has sold a total of 1 percent of energy giant ČEZ as part of its planned partial privatization, the ČTK reported Oct. 23. The stocks, sold on the Prague Stock Exchange and almost wholly purchased by ČEZ itself, netted the government 7 billion Kč. The state plans to sell 7 percent of the company; its share prior to the sale stood at 67.61 percent.


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