SUIT

State-run bailout agency ČKA will demand 500 million Kč ($22.2 million) from Swiss bank UBS because the bank refused all attempts at an out-of-court settlement, ČKA spokesman Jiří Pekárek said. The money disappeared from ČKA accounts in March 2005 due to several mistakes made by UBS, Pekárek said.

INVESTING

In recent years, Czechs have become increasingly interested in investing in funds, shares and life insurance, the Czech News Agency (ČTK) reported Oct. 31, World Savings Day. Household savings will reach some 2.5 trillion Kč in 2006, up 7.4 percent from 2005. People have been saving more while at the same time increasing their debt, the Czech National Bank told ČTK.

EARNINGS

Net earnings at the Czech unit of Dutch-based ING Bank fell to 186 million Kč in the first nine months of 2006, nearly half of the 367 million Kč it earned in 2005, the bank announced Oct. 31. Fees and commission income topped 263 million Kč, a decline of 1 percent against the same period last year. Net interest received also dipped 1 percent to 289.5 million Kč.

AWARDS

Česká spořitelna was named Bank of the Year in a MasterCard survey Oct. 25. Komerční banka ranked second and ČSOB third. Česká spořitelna CEO Jack Stack defended his position as Banker of the Year. The bank was also voted the most trustworthy, followed by eBanka and GE Money Bank. Raiffeisenbank was named the most dynamic bank of the year.

STARTUPS

The Czech Republic lags far behind other countries in the amount of time it takes to start a business, according to a World Bank report released Nov. 5. The country ranked 74 among 175, up 11 positions from 2005. Starting a business in the Czech Republic involves 10 steps, according to World Bank's statistics, while the average in the Organization for Economic Cooperation and Development countries is around six steps.

SURPLUS

September's foreign trade surplus beat market expectations, according to Czech Statistical Office figures released Nov. 3. The 7.5 billion Kč surplus was up 2.2 billion Kč against a year ago. In August, the country had a foreign trade deficit of 2.1 billion Kč.