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November 21st, 2008
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GEORGIA The operations of energy producer Energo Pro, which controls a majority of the energy market in Georgia, are functioning normally in the besieged country, co-owner Jiří Krušina told Hospodářské noviny (HN) Aug. 12. Three hundred of the company’s local workers at the energy plants — none of which is located near the conflict zones of Abkhazia and South Ossetia — have been drafted to the Georgian Army, he added.

STALLED The owners of automotive plant Bosh Diesel in Jihlava, east Bohemia, asked hundreds of workers to extend their vacation by several days for 70 percent pay Aug. 12 due to an expected drop in auto sales in Europe, MfD reported. The company expects further developments in September, when it will learn how its customers are affected by the market decline.
GLASS The 19 owners of glassmaker Jablonex Group voted to sell the company Aug. 8, daily Mladá fronta Dnes (MfD) reported. The company’s sales fell from 2.2 billion Kč to below 2 billion Kč since last year, forcing the company to confront the appreciating crown and increased Asian competition. The coin-minting unit remains the company’s strongest division, CEO Pavel Marek said.
FORECAST After lowering interest rates to 3.5 percent Aug. 8, the Czech National Bank cut its gross domestic product (GDP) forecast from 4.7 percent to 4.1 percent for 2008 and from 4.0 percent to 3.6 percent next year, HN reported. The crown reacted to the interest rate reduction by falling to 24.09 Kč/euro that day.
FREIGHT Rail freight transporter OKD Doprava purchased Viamont Cargo from the construction company Viamont, MfD reported Aug. 8. OKD Doprava will hold an estimated 4 percent of the local freight market as a result of the deal, while state-owned ČD Cargo will continue to hold 95 percent of the market.
GRAIN The Czech Statistical Office expects grain harvest to grow 7 percent since last year, the Czech News Agency (ČTK) reported. In their original estimates, statisticians expected the yield, which has grown to 6.8 million tons, to be 0.8 percent higher.
URANIUM Exploration preceding a planned uranium mining extension of the Dolní Rožínka mine in central Moravia will be completed in the first quarter of next year, weekly Týden reported Aug. 7. Diamo mining company CEO Jiří Jež estimates the expansion will cost 1 billion Kč. Private investors may participate in the project if bank financing is not available, he said.
ELECTRONICS Consumer electronics prices in the Czech Republic were the second lowest in the EU last year, according to an Aug. 6 report by European statistical office Eurostat. Local prices reached 92 percent of the EU average. However, this position is expected to change this year due to the appreciating crown, according to ČTK.
E-BANKING Internet banking-oriented mBank will collaborate with search engine Seznam.cz to launch mPeníze, a no-fee internet payment service, HN reported Aug. 12. mBank has gained 200,000 customers since its launch this January, and expects to sign up thousands more through mPeníze, which requires all users to be mBank customers.


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