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November 22nd, 2008
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September 17th, 2008 | Current Issue

Rooms to spare
Visitor numbers continue to grow, but not quickly enough to fill Prague's hotels

Defense spending raises questions
Tender-free purchase of Army vehicles prompts complaint

Absolut advantage for Jan Becher
Czech producer to distribute premium vodka domestically

Biz Events
News of Note

10 Questions
with David Scougall
10 Questions

Choleva joins Skanska
Movers & Shakers

BRIEFS


DEBT The national debt rose to 933.3 billion Kč ($54.7 billion) at the end of June from 860.1 billion Kč at the end of March, the Finance Ministry reported Sept. 15. State debt rose almost 90 billion Kč in 2007 and per capita debt has hit 90,000 Kč. Analysts told the Czech News Agency (ČTK) the debt is relatively low compared to neighboring countries but there could be a danger of it growing fast in the future.

EXPORTS Export prices fell 1.4 percent month on month in July and import prices were 1.3 percent lower, the Czech Statistical Office (ČSU) reported Sept. 12. Year-on-year exports fell 9.3 percent in the ninth straight decline. The ČSU cited the crown’s appreciation to the euro and the U.S. dollar as the reason.
BEER Beer imports grew a quarter year on year to nearly 0.18 million hectoliters in the first half of 2008, according to the ČSU. The majority of imports came from Poland, followed by Austria, Germany and the Netherlands. Imported beer has a 2 percent share in total Czech consumption.
ZENTIVA Sanofi-Aventis has requested an extension of its $1.7 billion bid for Czech generic-drug maker Zentiva from the Czech National Bank (ČNB). Zentiva’s management already rejected the offer in July. Sanofi is Zentiva’s largest shareholder with 24.9 percent. The ČNB will decide on Zentiva’s request in the next few days.
EURO Eighty-two percent of 211 Czech companies see the adoption of the euro as a necessary solution to problems caused by the fluctuating Czech crown, according to a poll conducted by the Confederation of Industry. Almost half of the companies are planning to curb investment and one-third are considering production cuts.
ECM Developer ECM will try to raise more than 102 million Kč through an issue of 250,000 new shares according to a Sept. 12 company press release. The new ordinary shares will be worth around 41.50 Kč as of Sept. 15. ECM hopes to improve its capital position with the issuance, after the company posted a 490.5 million Kč loss in the first half of 2008.
LEHMAN Investment firm Lehman Brothers, which declared bankruptcy this week, is an owner of T-Mobile in the Czech Republic through its stake in České Radiokomunikace. A spokesperson for Radiokomunikace told Mladá fronta Dnes the bankruptcy in the United States would not affect the Czech companies.
AIRPORT The company operating Prague’s Ruzyně Airport will eliminate 10 percent of jobs as of Dec. 1 as part of preparations for the privatization process, a spokesperson for Správa Letiště Praha told ČTK Sept. 11. The layoffs will affect nearly 150 staff members. Of the 240 canceled jobs, the remaining 90 have been unoccupied. The company will earmark 1 million Kč for a program to help the leaving employees find new jobs.

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