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December 4th, 2008
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December 26th, 2007 | Current Issue

Looking out for the little guy
Law incorporates EU rules to increase consumer protections

Čedok under new management
U.S. owners promise to pump crowns into storied company

Parties divided over reform
Cabinet ready to take on pensions without ČSSD

Luxury magazines seeking new avenues
High-end publications compete for country's rising and aspiring rich

Zetor tractors plowing into Poland
As the Poles enlarge their farms Moravian tractors follow

BRIEFS


ŠKODA Once again Škoda Auto will take home record profits this year with its after-tax returns expected to reach 15 billion Kč ($839 million) up from 11 billion Kč in 2006 Hospodářské noviny reported Dec. 18. The company’s overall revenues rose from 203.6 billion Kč to 228 billion Kč. The automaker expects to produce 630000 vehicles this year with 20 percent of those produced abroad.

TESLA The Czech-Irish investment group Kilcullen Kapital Partners has purchased 97 percent of the Czech electronics producer Tesla the companies announced Dec. 17. Details of the transaction were not disclosed. Tesla produces broadcasting microwave and medical equipment and its well-known name is trademarked in some 80 countries worldwide.
GAMBLE The betting firm Fortuna has purchased Favorit the second-largest gambling company in Croatia the weekly Euro reported Dec. 17. The Favorit acquisition gives Fortuna 1600 branches throughout Central Europe making it the largest player in the region. Fortuna which has been growing steadily since it was purchased by the Penta investment group in 2004 expects its turnover to reach 10 billion Kč next year.
TRAFFIC Air traffic over the Czech Republic has more than doubled since 2000 the Czech News Agency reported Dec. 16. This year 635000 planes will fly over the country up from 308000 in 2000 according to the air traffic control company ŘLP. Growth peaked in 2004 bolstered by the arrival of more low-cost carriers and has slowed since.
NOMOS The financial group PPF has more than doubled its share in Russia’s Nomos Bank from 5.3 percent to 11.9 percent Mladá fronta Dnes reported Dec. 15. PPF reportedly paid 3.6 billion Kč for the shares. The company first bought a stake in Nomos this September and has approval from Russian authorities to eventually buy 100 percent of the bank.
SCRAPPED The Defense Ministry is in talks with the U.S. defense contractor General Dynamics over a $1.3 billion contract for 234 armored personnel carriers that the ministry canceled Dec. 11. The deal with the General Dynamics subsidiary Steyr Daimler Puch was one of the largest ever signed by the Defense Ministry when it was announced in 2006. The dispute will likely end in court.
TAXES The Czech Republic’s current method of distributing tax revenues among municipalities does not discriminate against small villages the Constitutional Court ruled Dec. 12. The large infrastructure demands of cities naturally require a higher share of the country’s revenues the court said. The ruling is a blow to a coalition of small towns that have been seeking increased state funding.
HOLIDAY One-third of managers in the Czech Republic would be willing to take a business call during Christmas dinner according to a survey released by Vodafone this month. Fourth-fifths of those surveyed would be willing to work some on Christmas Day while only 17 percent said they would be hard to reach or unavailable during the Christmas season.

WEDNESDAY JAN. 9

The Nordic Chamber of Commerce hosts a seminar offering tips and tricks on the government’s tax reforms which come into effect Jan. 1. The seminar will be held at Zlatnická 10 Prague 1 beginning at 9:00 a.m. For more information visit www.nordicchamber.cz.
THURSDAY JAN. 10
The American Chamber of Commerce hosts an HR seminar featuring Petr Draxler IBM’s country leader for human resources. The seminar will focus on talent and diversity management along with cooperation between universities and the private sector. The event takes place at IBM’s offices in Brno south Moravia. For more information visit www.amcham.cz.
MONDAY JAN. 14
The 15th Annual Infotherma international heating exhibition kicks off in Ostrava east Moravia lasting until Jan. 17. The fair will focus on green ways to heat small- and midsize buildings while increasing energy efficiency. The event is sponsored by the Industry and Trade Environment Agriculture and Regional Development ministries and last year drew 22000 attendees. For more information visit www.infotherma.cz.
THURSDAY JAN. 17
The Canadian Chamber of Commerce hosts a business breakfast with Jiří Paroubek former prime minister and chairman of the Social Democratic Party. More details when available can be found at www.gocanada.cz.
FRIDAY JAN. 25
The 13th Annual Tourism Expo in Olomouc central Moravia begins lasting until Jan. 27. The expo focuses on regional tourism in the country bringing together travel agencies destinations and transportation companies. For more information visit www.flora-ol.cz.

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