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November 22nd, 2008
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September 10th, 2008 | Current Issue

Ready for takeoff
Czech Airlines' profits sweeten the pot for privatization

ECM to pursue Pankrác project
Despite court ruling, real estate developers cling to original plans

New brewery joins crowded field
First new brewery in three decades to open in Chotěboř

Biz Events
Dates of Note

10 Questions
with Daniel Hron
10 Questions

Stewart at PwC
Movers & Shakers

BRIEFS


TOURISM The percentage of tourists from EU-15 countries is dropping as more guests are coming from Central and East European countries, primarily Poland, Russia and the Baltic states. Tourists from West European countries accounted for 56 percent of all tourists in the Czech Republic in the first half of this year. In 2000, they made up 66.2 percent of the total. The decrease can be attributed to an economic slowdown in the West, analyst Jaromír Beránek told the Czech New Agency (ČTK).

IBM American Software giant IBM announced it will close its headquarters in Vienna and relocate to Prague where the company will supervise all of its activities in Central and Eastern Europe. The company is shifting its global strategy to fast-growing markets like the Czech Republic. Joining Prague as the company’s new headquarters will be Dubai, Moscow and Johannesburg.
ZENTIVA The Czech Republic’s largest pharmaceutical company, Zentiva, split last Thursday with executives and nearly 300 workers moving to the new company Zentiva Group. The move is for more transparent management and diversification of cash flow into the company. Zentiva has had two unsuccessful takeover bids in 2008, most recently from majority shareholder Sanofi-Aventis in July.
NEWSPAPERS Sales of daily newspapers fell 7.4 percent year on year to 1.51 million copies in July, according to the Czech Publishers Association. Seven out of nine dailies saw sales drop an average of 1.8 percent from June to July, a result of July being a holiday month, the Association said. Tabloids Aha! and Blesk were the exceptions, with June to July growth of 1.9 percent and 1.2 percent, respectively.
AIRPORT Half of Prague-Ruzyně Airport’s 32 restaurants are changing hands, the airport’s spokesperson told CTK Sept. 5. The airport approved the sale of shares of Fast Food Service (FFS) to Italian company Airline, Terminal & Business Catering Holding (ATB). FFS would not disclose details of the transaction, and former FFS board of directors member Petr Knazur told ČTK he ended his activities as a board member Sept. 4.
FRAUD The Prague City Court imposed a five-year prison sentence on former KPB Bank head Antonín Moravec Sept. 3. The ruling confirms his first sentence from 2006 that was canceled by the Prague High Court. He was found guilty Wednesday of fraud and causing the bank losses of 200 million Kč. The court found that as general director, Moravec provided a 191 million Kč loan to his company while knowing the company could not repay it.
CARS Secondhand car imports into the Czech Republic grew 11 percent year on year from January to August, exceeding new car sales by 66,020 units, according to the Automotive Industry Association. At the top of used-car imports was Ford with 22,679 units sold, Volkswagen with 19,205 and Škoda with 18,810. Twenty-eight percent of the imports were more than 10 years old.

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