FDI - Foreign direct investment (FDI) totaled $4.46 billion (110 billion Kc) last year, a year-on-year growth of 112 percent and one of the highest spikes in Europe. FDI in the European Union 15 dropped 40 percent last year, compared with a 70 percent increase in the 10 accession countries.

TENDER - CSOB, the largest Czech bank, has won a tender to buy the Hornicky´ PF pension fund from black-coal mining company OKD, according to media reports. CSOB bested rival Ceská sporitelna, among others, with a 233 million Kc ($9.5 million) bid for the fund, which has 19,000 clients and assets worth 1 billion Kc.

ACQUISITION - Modern Times Group of Sweden acquired 50 percent of GES Media Holding, thus securing control of Prima TV, the company announced Oct. 4. GES Media Holding paid 2.8 billion Kc for the stake and will now become TV Prima Holding.

LOANS - Banks increased lending to households by 9.4 billion Kc to 371.5 billion Kc in August, the Czech National Bank announced Sept. 30. Household debt has increased 93 billion Kc in the last year. In the same period, Czech companies borrowed 72.2 billion Kc.

OIL - A further increase in oil prices would lead to higher inflation and interest rates in the midterm, Zdenek Tu?ma, governor of the Czech National Bank (CNB), said Sept. 29. Tu?ma emphasized that the bank would make energy prices one of its central focuses.

INTEREST - In an expected move, the CNB decided to keep interest rates flat at a Sept. 29 policy meeting. Economic analysts, however, are predicting rates will increase next year. The CNB set interest rates at an all-time low of 1.75 percent in April.

INSURANCE - Telephone insurance company Callin, which is part of financial group PPF in cooperation with insurance company Ceská pojistovna, has started selling car insurance over the telephone. Brokering an insurance contract takes no longer than 10 minutes.

INVESTMENT - The government approved a Finance Ministry proposal changing the law on collective investment. The new law would differentiate between funds for individual investors and funds for qualified investors, which would replace four current funds, including risk capital and derivatives funds.