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October 12th, 2008
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March 19th, 2008 | Current Issue

Gone phishin'
Bank customers drowning in a tide of fraudulent e-mails

Crown deflates Škoda's profits
Despite exporter worries, automaker takes in stellar returns

Listed tax dodgers safe for now
Gov't resists asking Germany for leaked Liechtenstein list

Ministries going on selling sprees
State purges itself of excess properties in Prague city center

Consumer complaints to leave courts behind
Pilot project taps 'Italian' system to resolve retail disputes

Biz Events
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10 Questions
with Klaus-Dieter Beck
10 Questions

PPF promotes Horák
Movers & Shakers

BRIEFS


FREEZE The Czech National Bank wants to freeze any money the government receives from its next round of high-profile privatizations, the daily E15 reported March 18. The proposal would see any payment received for Czech Airlines, the postal operator Česká pošta or the brewery Budějovický Budvar put in a euro-holding account, which could help prevent further appreciation of the crown.

PENSIONS The first part of the pension reform passed its initial reading in the Chamber of Deputies March 12, clearing the way for two more months of debate before a final vote on the bill is expected. The controversial reform, pushed by the Civic Democrats, seeks to raise the retirement age to 65 by 2030 and help prepare the pension system for privatization.
GAINING Last year’s record economic growth boosted the country’s per capita purchasing power to 82 percent of the European Union average, the Czech Statistical Office announced March 14. In 2006, the Czech Republic was at 79 percent of the EU average, while Slovakia sat at 68 percent and Poland at 55 percent. The country could reach the EU average by 2020, analysts say.
RETAIL Penta Investments will purchase the Russian retail chain Semya for an estimated 2.4 billion Kč ($259 million), the weekly Týden reported March 17. Semya, which is currently owned by the billionaire Oleg Chirkunov, runs two hypermarkets and 24 supermarkets in the Perm region of Russia. Penta, a Czech-Slovak financial group, also owns the Polish retail chain Żabka, which it bought for 3.7 billion Kč, according to press reports.
TRUCKING The truck maker Avia Ashok Leyland plans to build a plant in Ukraine, Hospodářské noviny reported March 18. No further details are available and the company has refused to comment on the plans. Such a move would be a welcome sign for the company, which has lost money since 1999. India’s Ashok Leyland Motors purchased Avia in 2006.
CHAINS A bill aimed at preventing retail chains from abusing their position over suppliers to keep prices artificially low has moved to the Chamber of Deputies, the Czech News Agency reported March 17. The bill, backed by the opposition Social Democrats, would require retailers with turnover higher than 5 billion Kč to draw up ethical codes for relations with their suppliers, with large fines if the resulting code is violated.
FARMED Thanks almost entirely to EU subsidies, farmers’ profits nearly doubled last year reaching 13.7 billion Kč, Jan Veleba, president of the Agricultural Chamber, said March 13. Czech farmers received 23.5 billion Kč in subsidies last year, helping compensate for a steep rise in the price of crop production, which grew 32.2 percent; the price of animal production rose only 1.6 percent.
SOLAR The office park developer CTP Invest will spend 5 billion Kč placing solar panels on the roofs of its technology parks, the company announced March 14. The project, financed by the European Investment Bank, will take two years and should generate a total output of some 60 megawatts. Excess capacity will be sold to the electrical grid.

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