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July 7th, 2008
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INCENTIVES The Cabinet approved a bill that would repeal the investment incentives law, the government announced April 21. Rather than subsidizing investments in manufacturing and assembly plants, the governing coalition wants to support high-tech development and service centers. Because there is a skilled labor shortage, there is not much more room for large investors, Industry and Trade Minister Martin Říman said.

FOOD Food prices have stabilized after several months of rapid increase, Mladá fronta Dnes reported April 21. Milk and butter prices have fallen since December, while margarine, oil and rice are expected to rise, following worldwide trends. A basket of 50 basic food items cost 1,198 Kč in December, rose to 1,223 Kč soon after and leveled at 1,212 Kč in March.
ČEZ The state-controlled energy giant ČEZ is nearing the end of its stock buyback, the company said April 18. So far, the company has bought 9.61 percent of its shares on the Prague bourse at the cost of some 66 billion Kč. ČEZ plans to cancel most of the shares it has purchased, reducing its share capital and boosting the government’s majority control of the company.
ABROAD Thanks to the crown’s rise, more Czechs are returning home from working in Western Europe, Lidové noviny reported April 18. Bulgarians and Romanians, the newest European Union citizens, are willing to work for lower wages, the paper said. Living standards are also growing in the Czech Republic and, in some sectors, like IT, wages are close to those in Western Europe.
URAN The Australian company Uran Limited is wooing municipalities in the Vysočina region as it seeks to mine the nearby uranium deposits, Hospodářské noviny reported April 17. Should Uran win approval from the municipal authorities at Havlíčkův Brod and Jihlava, it would then go to the Environmental Ministry. The uranium deposits in the region are expected to be worth some 40 billion Kč.
AAA The used-car giant AAA Auto is preparing a major restructuring that will include the sale of a large portion of its new car division, the Czech News Agency reported April 16. The company, which has been traded on the Prague bourse since September, lost 120 million Kč last year; its stock price has dropped 35 Kč per share. AAA said it plans to be profitable again this year.
OSTRAVA Last year, apartment prices in the country grew fastest in Ostrava, north Moravia, the real estate firm King Sturge said April 21. Prices rose more than 50 percent in Ostrava; in second place was Hradec Králové, east Bohemia, where prices rose 41 percent. The price of a new apartment is still highest in Prague, costing some 58,000 Kč per square meter on average.
ALBANIA The Czech Republic and Albania signed an agreement to support bilateral trade during Prime Minister Mirek Topolánek’s one-day visit to the country April 18. Czech companies will likely have interest in Albania’s power, transport, infrastructure and mining industries. Thanks to communist-era ties, Albania uses almost exclusively Czech products on its railways, including its locomotives.


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