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December 4th, 2008
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April 26th, 2006 | Current Issue

Towering conflict
A real estate developer and civic groups face off over Pankrác's new look

Largest insurer considers an IPO
Analysts: Move signals first in a series of large PSE initial offerings

10 Questions
with Willy Ribbe
10 Questions

Movers & Shakers
Movers & Shakers

BRIEFS


  • OPENING -
    • The Bank of Tokyo-Mitsubishi UFJ, the largest bank in the world in terms of assets, announced the opening of its first branch in the Czech Republic at a ceremony in Prague April 24. The branch will be the bank's 27th office in Europe, the Middle East and Africa. It is a response to the growing demand of Japanese investors for banking services in the Czech Republic.

  • RELIEF -
    • President Vacláv Klaus signed an amendment April 21 to the law regulating the 2006 state budget that will allow the Cabinet to commit 5 billion Kč ($216.3 million) from state coffers to flood relief. The government declared a state of emergency until April 10 over the rising waters that for two weeks ravaged towns across the country.

  • APPOINTMENT -
    • Electricity giant ČEZ elected Zdeněk Pašák, director of human resources, to its board of directors April 20, according to media reports. He replaces Alan Svoboda, who stepped down a week earlier amid allegations of insider trading. Pašák started working at ČEZ last month.

  • TOURISM -
    • Tourists see Prague as the second most attractive city in Europe behind Paris, according to a recent survey of 2,500 people by the Stem/Mark market-research company. Prague is also perceived as an interesting destination by people who have never been to the Czech capital. Nine out of 10 respondents who had not yet visited Prague said they plan to.

  • MORTGAGES -
    • Czech banks reported a huge rise in mortgage loans in the first quarter, a trend economic experts say will continue until at least the end of 2007, as interest rates are expected to remain low. Hypoteční banka granted 6 billion Kč in mortgage loans in the first quarter, an increase of 133 percent. Česká spořitelna remains the market leader, making 6.2 billion Kč in mortgages in the first quarter.

  • STOCK -
    • Securities dealer Patria Finance has raised its target price for electricity giant ČEZ's stock to 1,030 Kč a share from 864 Kč a share and issued a "buy" recommendation. It had previously advised investors to hold the stock. Patria says ČEZ, the largest company in the Czech Republic, is likely to continue posting high revenue growth as energy prices continue to increase.

  • HYUNDAI -
    • South Korean automotive manufacturer Hyundai has decided to delay the ceremony laying the foundation stone of a car plant the company looks likely to build in Nošovice, north Moravia, because of an investigation into the lobbying practices of company executives, Korea Times reported April 24. The ceremony was scheduled for May 17. Hyundai has not rescheduled.

  • FUNDS -
    • The Czech Republic has not had much success distributing European Union Structural Funds but the situation is improving, according to the Regional Development Ministry. The government had distributed 2 billion Kč, or 4.1 percent of the money they have at their disposal from 2004–06, by the end of February. The ministry, however, says it aims to distribute 80 percent of the allocated money for the 2004–06 planning period.

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