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October 7th, 2008
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September 12th, 2007 | Current Issue

Easy money
Banks fight back against ATM fraud

BRIEFS


CROWN For the first time ever, the value of the crown dropped below 20 Kč to the U.S. dollar this past week, due to the dollar’s fall worldwide after the United States announced unpromising data on its labor market. Analysts expect the dollar to hover around the 20 Kč mark for the rest of the year.

MORTGAGES Banks are going to make a push to sign customers to fixed-rate mortgages before the end of the year, Hospodářské noviny (HN) reported Sept. 10. Mortgage interest rates are expected to rise next year thanks to the recently passed public-finance reforms. Komerční banka, Raiffeisenbank and GE Money Bank have said they will cut fees for customers who sign by the end of October.
IPO New World Resources, parent company of the coal miner OKD, will look to raise 300 million euros ($408 million/8.3 billion Kč) in an initial public offering on the Prague Stock Exchange later this year, Reuters has reported. The offering would be the largest in the exchange’s history. OKD’s net profit last year was 3.57 billion Kč.
ENERGY The price of electricity delivery in 2008 has risen 22 percent, to 54 euros per megawatt hour, since the launch of the Prague Energy Exchange this past July, HN reported Sept. 5. Those prices are approximately the same as in Germany. The exchange hopes trading will be spurred this week, when E.ON is expected to become the second large electricity supplier listed.
PENSIONS Employees will be able to divert a portion of their social insurance to private pension funds by 2010, according to the third part of reforms planned by Labor and Social Affairs Minister Petr Nečas. The move would reduce public pension payments up to 20 percent, Nečas said. The opposition Social Democrats say the plan will cause a shortage in the pension system.
AAA The Prague Stock Exchange has approved AAA Auto’s move to launch an initial public offering this month on the main market, the exchange said. The company will offer 19,533,663 shares listed at a maximum price per share of 2.25 euros. AAA Auto expects to raise 1.2 billion Kč from the IPO. Shares should start trading Sept. 24.

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