The Prague Post Online: Business: Biz Week

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July 5th, 2008

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APPROVED The Anti-Monopoly Office has approved the merger of Raiffeisen stavební spořitelna and Hypo stavební spořitelna, Lidové noviny reported Feb. 5. The merger will create the third-largest building-and-loan society in the country, serving 1 million clients and an estimated value of up to 3 billion Kč ($170 million).

ČSA The sale of state-owned Czech Airlines could come before the privatization of Prague’s Ruzyně Airport, the weekly Euro reported Feb. 4, citing anonymous sources. The government’s adviser for the sale, Deloitte, will likely recommend selling the airline to an investor from outside the European Union, like Delta or China Southern, who would then use the airport as an international hub.

SAZKA Telefónica O2 has signed a contract with Bestsport, the owner of Prague’s modern Sazka Arena, to rename the stadium O2 Arena as of this March, the companies announced Feb. 4. The deal lasts for five years with the possibility of extension. Sazka regularly plays host to some of the country’s high-profile sporting and music events.

VIG Shares of the Vienna Insurance Group (VIG) began trading on the Prague Stock Exchange’s blue chip SPAD market Feb. 5. VIG, already listed on the Vienna Stock Exchange, owns Kooperativa, the second-largest insurance company in the Czech Republic, and Česká podnikatelská pojišťovna.

KARLÍN City Hall has chosen three finalists for the chance to develop the 20-hectare Rohanský ostrov property in Prague–Karlín, Hospodářské noviny reported Jan. 4. The finalists are Kosorcium Rohan (led by Sekyra), J&T and Avenzo Vice. The Karlín parcel is one of the most valuable pieces of undeveloped land left in Prague, with its development expected to bring up to 4 billion Kč to the city’s treasury.

JOBS Unemployment fell to its lowest level in 10 years during the last three months of 2007, the Czech Statistical Office announced Feb. 1. The unemployment rate stood at 4.9 percent, down 1.7 percentage points from the previous year. The Labor and Social Affairs Ministry, which uses a different methodology, said unemployment for the same period was 5.8 percent.

DIVIDENDS The European Commission (EC) is threatening to take the Czech Republic to the European Court of Justice over the country’s discriminatory policies on tax dividends, the EC announced Jan. 31. Local laws tax some dividends paid to foreigners more heavily than those paid to domestic firms, in violation of European Union law.

STEYR The government will give the Austrian firm Steyr Daimler Puch a second chance to deliver the 199 armored personnel carriers it had promised, Dow Jones reported Jan. 30. In December, the state said it was canceling its contract with Steyr, worth 798 million euros ($1.2 billion/20.7 billion Kč), because the contractor had failed to meet its technical specifications and delivery deadlines. Revived talks on the contract will continue until a March 5 deadline.

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