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Banking & Finance Headlines

July 12th, 2006 | Current Issue

Banking on real estate
Česká spořitelna to launch new investment fund, first bank to enter this market

Cabinet releases 2007 budget
Preliminary draft becoming politicized after unclear elections

BRIEFS


  • MORTGAGES -
    • Banks saw a record growth in demand for mortgages this year on fears of rent deregulation and the planned hike in value added tax on the construction of new apartments, Hospodářské noviny reported July 7. In the first half of the year, banks gave out an estimated 30,000 mortgages, with the loan volume increasing 1.5 million Kč ($67,476).

  • TAXES -
    • The Finance Ministry launched July 3 a portal on its Web site designed to allow people to deal with tax authorities online. The portal, which will be up for three months testing, will enable some taxpayers to get detailed information about their taxes.

  • TRADE -
    • The foreign trade balance ended in a 0.6 billion Kč surplus in May, compared to a 0.2 billion Kč surplus in April, the Czech Statistical Office announced July 7. Analysts had predicted a surplus of 6.5 billion Kč. The country's trade economy is being driven by the export of machinery and transport equipment.

  • LOANS -
    • Českomoravská zaruční a rozvojová banka made 107 loans worth 450 million Kč to small and midsize companies (SMEs) in the first five months of the year. In the past, many small business owners have criticized Czech banks for being too reluctant to lend to SMEs.

  • BUDGET -
    • The state budget received a total of 469 billion Kč in June and the government spent 461 billion Kč by the end of the month, which is the deadline for income tax for corporate taxpayers. The budget surplus was 3.8 billion Kč higher than during the same period last year.

  • PROFIT -
    • Plzeň-based Škoda Transportation saw net profit quadruple to 402 million Kč last year and sales increase to 1.79 billion Kč, the company announced July 9. This follows a period of layoffs and a merger with two other companies. Škoda Transportation also won several lucrative contracts for modernizing Prague metro trains.

  • BONDS -
    • Hypoteční banka issued 2.5 billion Kč in mortgage bonds July 10, spokesman David Sahula said the same day. The bank has to date issued 33 mortgage bonds worth 62.6 billion Kč. The 32nd issuance had a maturity of 10 years.

  • RUBBER -
    • Rubber company Gumárny Zubří posted sales of 765 million Kč last year, a nearly 11 percent increase from a year before. Profit, however, dropped to 1.12 million Kč from 2.84 million Kč. Gumárny Zubří employs 770 people.

  • BROKER -
    • Patria Finance traded 57.4 billion Kč in securities in June, making it the largest broker on the Prague Stock Exchange (PSE). Česká spořitelna was second with 38 billion Kč, and Wood & Company was third with 36.5 billion Kč.

  • DEBT -
    • The country's external debt fell in the first quarter from 1.126 trillion Kč to 1.085 trillion Kč, or 35.7 percent of gross domestic product, according to data released by the Czech National Bank June 30. Economic analysts said the external debt remains stable and that there is no reason for concern.

  • FINE -
    • The Supreme Administrative Court has ordered insurance company Komerční pojištovná, a unit of the Societe Generale group, to pay a 3 million Kč fine for a data leak, the Aktualne.cz server reported July 10. In doing so, the court confirmed the fine ordered by the Office for Personal Data Protection over a leak of information concerning as many as 700,000 clients.

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