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November 23rd, 2008
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ACCORD Siemens representatives struck a deal with the Kovo Metal Workers Federation July 30, agreeing not to lay off any of its workers at railcar maker Kolejová vozidla before June 30, 2009, daily E15 reported. The company, which recently announced plans to shut down its Prague plant by next October, also pledged it would not sell the site to property developers.

FEES Local bank service fees are the fourth-highest in the European Union, the Czech News Agency reported Aug.5. The Czech banking market lacks a transparent and competitive environment that would allow citizens to orient themselves in the market, representatives of the minority Christian Democratic Party said.
TRUCKING Green Party Deputy Věra Jakoubková’s recent proposal to tighten truck travel restrictions does not have adequate support in the government, daily Právo reported Aug. 4. Trucking union leaders say the proposal, which aims to extend the existing travel ban to all highways and raise summer restrictions to 39 hours per week, would devastate the economy.
OUTSOURCING Textile maker OP Prostějov reduced its work force from 3,500 to 2,500 this year, and plans to lay off an additional 500 employees as a side effect of the strengthening crown, daily Hospodářské noviny (HN) reported Aug. 4. The company plans to outsource production of its lower-end products to countries including Vietnam, Turkey and China.
OIL After weeks of wavering supply, Russian oil deliveries to the Czech Republic have returned to their full level, Právo reported Aug. 2. Previously, the Cabinet agreed to increase the country’s stock of nuclear fuel to one year to decrease the risk of being cut off by Russian supplier TVEL, its sole provider.
CONFIDENCE Local mutual fund assets dropped 19 billion Kč in H1 2008, decreasing to 296 billion Kč, according to market analyst AKAT. Distrust in banking has also led Czechs to store a total 60 billion Kč “under the mattress,” or outside any financial institution, HN reported.
SURPLUS The Czech Republic reported an unexpectedly large June trade surplus of 13.9 billion Kč, HN reported Aug. 6. Exports rose 1.7 percent year on year while imports fell 1 percent. Analysts said June figures marked the start of a negative trend caused by lower export sales and economic decline in Western Europe.
TRAVEL Prague tourism in July fell 30 percent since last year, resulting in what some travel industry professionals call a catastrophe, Právo reported. The decline was partially caused by the level of services in the city, which don’t meet the “luxury” level of their prices, said Prague Tourism Agency spokesman Tomio Okamura.
ACQUISITIONS Three hundred companies were sold in the Czech Republic last year for more than 5 million Kč, according to Partner Richard Kovář of Redbaenk mergers and acquisitions specialists. The private-equity funds that drove the market are now pulling back, deflating the price bubble and resulting in the return of strategic investors, daily E15 reported.


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