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September 7th, 2008
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February 27th, 2008 | Current Issue

Rising tide
Cities struggle to renovate sewage systems before EU deadline

ČNB adds board member
Possible departure of bank's governor shifts focus to deputies

Jelínek targets U.S. kosher market
Chilean acquisition secures firm's supply of pears, grapes

Harry Potter magic 'leaks' to hypermarkets
Publisher threatens retailer with lawsuit after books arrive early at Tesco stores

Biz Events
Dates of Note

10 Questions
with Linda Hanyková
10 Questions

Billa appoints COO
Movers & Shakers

BRIEFS


VOUCHERS The Cabinet has approved an amendment removing tax breaks on meal vouchers (stravenky) for employers, Právo reported Feb. 26. Companies will no longer be able to write off 55 percent of the vouchers’ cost. The bill will not remove all the tax benefits of the meal tickets, as neither employer nor employee would have to pay social taxes on the vouchers.

CROWN The crown has been the fastest appreciating currency in the world since the start of this year, according to a Bloomberg ranking. For the first time the crown surpassed the 25-euro mark during trading Feb. 22 while also hitting record highs against the U.S. dollar. The crown has firmed 6 percent against the euro in the past two months.
PROFITS Several large firms reported record profits this past week, including the dominant energy utility, ČEZ, and telecom, Telefónica O2. ČEZ saw its profits increase 49 percent compared to 2006, reaching 42.8 billion Kč ($2.5 billion). Telefónica O2 improved by 30 percent, to 10.4 billion Kč. Also reporting profits were the banks ČSOB and Komerční banka, at 10.8 billion Kč and 11.2 billion Kč, respectively.
EXPORT The government has approved the sale of the state-owned company Škodaexport to CEX, the Czech News Agency reported Feb. 25. CEX will pay 210 million Kč for the firm, which specializes in negotiating engineering and energy deals abroad worth billions of crowns. CEX is controlled by two companies in the ČKD engineering group.
EXCHANGE Currency traders are considering joining a lawsuit filed by one of the largest trading houses, Exchange, against ČSOB last summer, Mladá fronta Dnes reported Feb. 22. Exchange accused ČSOB of using bank account information to unfairly compete with currency exchanges and is seeking 326.5 million Kč in damages. ČSOB denies the accusations.
REINSURANCE The Vienna Insurance Group (VIG) will establish a reinsurer based in Prague, the firm’s CEO, Günter Geyer, announced Feb. 19. VIG, which is newly listed on the Prague Stock Exchange and owns the Czech insurers Kooperativa and ČPP, said the reinsurer should launch next year and could eventually have equity worth 1 billion euros ($1.47 billion/25.29 billion Kč).
LEGO The Danish toymaker Lego is retaking control of its Czech production and logistics facilities in Kladno from Flextronics, the companies announced Feb. 19. The changeover, set for March 1, will not affect the company’s 700 employees, as Lego already owns the facilities and equipment used for production.
CONDOMS The financial group J&T is selling its stake in the condom-maker Vulkan Intim Brands, the weekly Ekonom has reported. The sale, to the German firm CPR, has been planned for the past two years, J&T said, and production of the company’s Primeros condoms already takes place in Germany. Vulkan is Europe’s oldest producer of condoms, founded in 1909.

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