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December 4th, 2008
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November 21st, 2007 | Current Issue

Wafer thin
Czech claims on historic sweet draw criticism from Germany

Euro intro unlikely by 2012
PM Topolánek says earlier target dates would be 'irresponsible'

Regions threaten ČD with fines
Complaints seek accountability for late trains, broken contracts

Challenging times for Česká pošta
Postal service searches for identity in face of a liberalized market

Law eases prescription controls
Regulation creates new medicine category, standards for Internet pharmacies

Biz Events
Dates of Note

Diesel prices hit a record high
No sign rising costs will stop, analysts say

10 Questions
with Pavlína Kalousová
10 Questions

Movers & Shakers
ČEZ branch gets new chief
Movers & Shakers

BRIEFS


STEEL Tomáš Chrenek, the majority owner of Moravia Steel, has decided to remove the firm’s shares from the off-exchange RM-Systém, Lidové noviny (LN) reported Nov. 20. Chrenek said the move was in response to an uncomfortable increase in speculator interest. Analysts say it could be a first step toward squeezing out minority shareholders.

VGP The real estate developer VGP plans to launch an initial public offering (IPO) on the Prague and Brussels stock exchanges Dec. 7, the company announced Nov. 19. The firm expects to raise 50 million euros ($73.5 million/1.3 billion Kč) from the IPO, less than the 150 million euros initially expected. VGP specializes in developing office parks throughout Central Europe.
COAL Also expected to announce an IPO is New World Resources (NWR), which will be investing 300 million euros into mining equipment for its coal-mining subsidiary OKD, the company said Nov. 19. OKD is the largest black coal miner in the Czech Republic. NWR may announce its plan for an IPO in London and Prague within the next week.
DIGITAL Three of the six digital TV channels cleared to begin broadcasting Jan. 1 are facing financial troubles and may be delayed in starting up, Hospodářské noviny (HN) reported Nov. 19. The three channels in question are Febio, TV Pohoda and RTA. Z1, TV Barrandov and TV Óčko are likely to hit the New Year target.
ČEZ The dominant energy utility, ČEZ, posted a record profit of 8.7 billion Kč in the third quarter, up 59 percent from last year, LN reported Nov. 16. The company has raised its net profit forecast for the year to 41.4 billion Kč, fueled by higher electricity prices and positive returns from abroad.
BULLET The Czech and Bavarian transportation ministries plan to launch a high-speed rail line between Prague and Munich, Právo reported Nov. 15. If launched, the train would cut the six-hour ride between the cities nearly in half. The tracks between the two cities should be modernized by 2020, allowing speeds of up to 250 kilometers per hour.
DOMAIN The Cabinet voted down a proposal to amend the expropriation law Nov. 14. The bill aimed to increase the state’s power in acquiring land for public works projects, but Prime Minister Mirek Topolánek said the amendment would interfere with current property law. The proposal now goes back to the drawing table.
INGOSSTRAKH The Italian insurer Generali has purchased an indirect stake in Ingosstrakh, Russia’s second-largest insurer, HN reported Nov. 14. Generali purchased a controlling share of PPF Beta, the PPF Investments (PPFI) subsidiary that holds a disputed 38.5 percent stake in Ingosstrakh. PPFI is currently opposing a bid by Ingosstrakh’s majority owner to quadruple the firm’s capital, possibly reducing PPFI’s holdings.

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