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October 13th, 2008
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January 9th, 2008 | Current Issue

Lean times
Mortgage market set to cool after fervid 2007

BRIEFS


THREAT The Czech National Bank (ČNB) is ready to intervene against the crown if it becomes too strong, Zdeněk Tůma, governor of the ČNB, told the Financial Times Deutschland in remarks published Jan. 7. Analysts approve of Tůma’s warning, believing the crown has become too strong, too quickly.

SALES Online holiday sales rose 50 percent in 2007 to 3.1 billion Kč ($174 million), Lidové noviny reported Jan. 7, citing NetTravel.cz. This represented a 25 percent share of the holiday sales market. Similar growth is expected this year, with experts expecting holiday sales to reach some 4.7 billion Kč.
SCAM Clients of Česká spořitelna (ČS) are being targeted by an e-mail hoax (known as a phishing attack) that asks for their login and password information for the bank’s online services, ČS announced Jan. 6. The bank recommends that any customers who have shared these details immediately suspend their online banking by calling 800 207 207.
MERGING Raiffeisenbank and eBanka will fully integrate their products and services by the third quarter of this year, Lidové noviny reported Jan. 4. The merger, which has not yet been approved by the Anti-Monopoly Office, will be the final step in Raiffeisenbank’s acquisition of eBanka, begun in October 2006.
FCRB Banka mezinárodní spolupráce (Bank of International Cooperation) is set to become the first Russian bank to enter the Czech Republic, Hospodářské noviny (HN) reported Jan. 4. The bank is owned by the First Czech-Russian Bank (FCRB), which has previously been denied a license to operate in the country.
STOCKS Expect growth on the domestic capital market to slow to between 5 percent and 10 percent, nearly half the rate seen in 2007, according to a survey released by HN Jan. 2. Experts polled by the paper recommended investing in real estate and blue-chip companies like ČEZ and Telefónica O2.

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