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November 22nd, 2008
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May 21st, 2008 | Current Issue

Cleared for takeoff
Spurred by European funding and Russian tourists, regional airports are on the rise

Market turmoil deflates pensions
Results still strong in face of global subprime losses

State won't extend truck ban
Logistics firms resist proposal for weekend travel moratorium

Levaruka catering to southpaws
Store is the country's first dedicated solely to left-handers

Biz Events
Dates of Note

10 Questions
with Muriel Anton
10 Questions

Insurer appoints director
Movers & Shakers

BRIEFS


SALES Retail sales declined for the first time in four years this March, Lidové noviny reported May 20. Sales fell 2.9 percent year on year to 1.27 trillion Kč ($79 billion), according to the Czech Statistical Office. Fewer workdays and colder weather contributed to the decline, which also reflects a fall in household spending stemming from high inflation, analysts said.

SICKNESS The previous sickness insurance law will take effect this July, Labor and Social Affairs Minister Petr Nečas announced May 15. Workers calling in sick will again receive 60 percent pay for their first three days of absence, rather than no pay, as has been the case since Jan. 1. The Constitutional Court has ordered a revised law to be drafted after it found the government’s reform unconstitutional.
REAL ESTATE Telefónica O2 has agreed to sell its portfolio of excess real estate for more than 4 billion Kč, the telecom announced May 15. O2, which acquired the previously state-controlled monopoly Český Telecom, will sell 632,000 square meters of commercial space to Bohemia Real Estate Investments. As part of the deal, a small portion of the buildings will be leased back to O2 on long-term contracts.
APPROVED The European Commission has approved a joint venture between the state-run utility ČEZ and Hungary’s MOL, the energy firms announced May 14. In December, the two companies agreed to invest 1.4 billion euros ($2.2 billion/34.8 billion Kč) in the project, which in its first phase will see the construction of two gas-fired power plants, one in Slovakia and one in Hungary.
NUCLEAR All 24 of the Czech Republic’s representatives in the European Parliament signed a document supporting the designation of nuclear power as an environmentally friendly energy source, E15 reported May 16. Environmentalists oppose the move on account of the dangers of radioactive nuclear waste. The document will be discussed at the European Nuclear Energy Forum in Prague May 22–23.
TENDER Škoda Auto has won a tender to supply the police with 3,500 new cruisers, the Czech News Agency reported May 15. The automaker’s bid was 1.1 billion Kč. Only three car companies competed for the tender, including Škoda’s owner, Volkswagen. France’s Renault submitted a bid of 2 billion Kč. Car manufacturers criticized the tender for its excessive and precise technical requirements.
RAPESEED Boosted by increasing interest in biofuels, exports of rapeseed grew seven fold last year, from 670 million Kč to 5 billion Kč, according to the Agricultural Association. Rapeseed is an essential ingredient for the production of biodiesel, which is in demand in Germany and other Western European countries.
BREWING The country’s largest brewer, Plzeňský Prazdroj, saw its profits grow 12 percent in 2007 to 3.88 billion Kč, the company announced May 19. Local sales grew 1 percent while exports grew 14 percent. Prazdroj is owned by the multinational brewer SABMiller, which has designated Prazdroj premium beer, Pilsner Urquell, as its flagship international brand.

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