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November 23rd, 2008
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LOANS Russian consumer loans company Home Credit Finance Bank announced the largest non performing loans sale in its history July 25, Russian daily Vedomosti reported. The company, part of the PPF Group, co-owned by wealthiest Czech Petr Kellner, will offer bad assets totaling 1.7 billion Kč ($113 million) for sale, and may expect to receive between 20 percent and 30 percent of the claims’ nominal value, according to market estimates.

VIETNAMESE Largest Vietnamese telecommunications company VNPT launched operations in the Czech Republic Aug 1, Hospodářské noviny (HN) reported. The new company, called VNPT-Global Communication, will primarily target the local Vietnamese community, where it estimates a potential client base of 300,000.
TESCO In an effort to spread its British-style services to the Czech market, Tesco announced plans July 26 to introduce consumer credit cards here by next year. Tesco also plans to launch online grocery delivery at the beginning of 2009, becoming the first supermarket chain to offer such a service to local consumers.
DIGITAL Radio communications company České radiokomunikace shut down its analog broadcast service in west Bohemia July 28. An experimental digital service in cooperation with Czech Television (ČT) will replace it temporarily. All ČT channels will be broadcast via a public service multiplex, the company announced.
ELECTRICITY Household electricity prices of ČEZ customers will not increase more than 10 percent next year, the company’s general manager Martin Roman told HN July 28. The planned hike — an indirect consequence of ČEZ’s expansion as an electricity exporter on the European market — is partly a reaction to rising oil prices.
 
SIEMENS A German court convicted industrial giant Siemens ex-manager Rienhard Siekaczek of corruption after he admitted to setting up slush funds to pay bribes, the BBC reported. A number of other ex-Siemens staff are being investigated in a wide-ranging corruption and embezzlement probe.
OIL Despite verbal intervention by Prime Minister Vladimir Putin, Russian suppliers are still failing to deliver the contracted amount of oil to the Czech Republic, daily Právo reported July 26. At press time, the Industry and Trade Ministry had no information regarding the projected oil supply for August, spokesman Tomáš Bartovský said.
DISPUTE Billionaire David Beran lost a legal dispute over a 45 percent stake in steel conglomerate Vítkovice Holding July 29, the Czech News Agency reported. The Prague City Court ordered Beran to sell his stake — valued at several billion crowns — for 100 million Kč to stakeholder Jan Světlík, who will then own a 95 percent share in the company.
FOOD Biofuel production is responsible for up to 75 percent of the global hike in food costs, according to a July 29 World Bank report. Aside from directly affecting food crop production by taking up farmland, the planting of biofuel crops has lowered the production of staple food crops such as corn.


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