Czech President Václav Klaus says in an e-mail interview for Aktuálně.cz that western politicians failed to foresee the global financial crisis because they were preoccupied with global warming.
Chances are not many zoos in the world house a stack of disassembled cubist buildings. The two wooden houses, designed by renowned Czech cubist architect Josef Gočár in 1920, have been lying in storage at the lower end of the Prague zoo property since the 2002 flood. The zoo has been talking about reassembling and restoring the flood-damaged houses for years now, but apparently lacked the finances to do so. Things are finally looking up. Last month, the heritage department of the city council recommended that funds for repairing Gočár’s houses – estimated to amount to CZK 30 million – be incorporated into the city’s 2009 budget. Reconstruction could start next year, and, once complete, these unique structures would be
Czech energy producer CEZ (CEZPsp.PR: Quote, Profile, Research, Stock Buzz) may take part in the flotation of power producer and distributor Enea, the head of CEZ’s Polish operations said on Friday.
Czech broadcasting group Central European Media Enterprises has cut its earnings outlook for 2008 to USD370 million from an earlier forecast of USD425 million and trimmed its expectations for revenues to USD1.039 billion from USD1.1 billion due to the strengthening dollar.
Tension on the Czech money market has eased over the past week and market-making on the bond market could resume soon, central bank Vice-Governor Miroslav Singer said on Wednesday.
PPF Group, owned by Petr Kellner, one of the richest Czechs, is negotiating with Milan Janků’s development company ECM Group. According to information available to E15, PPF wants to acquire a significant share in the Pankrác projects City Tower and City Empiria, the biggest project of ECM Real Estate Investments (ECM REI). This way the company could obtain the necessary capital, which is so difficult to get on the market these days. Through his company ECM Group, Milan Janků has a 30% share in ECM REI. “PPF wants at least a 50% share in this project,” a source told E15. Interested in the skyscraper PPF is leasing several floors in two Pankrác buildings that are the focal point of ECM’s
The Czech banking system is sound and the economy is healthier than its Hungarian counterpart, but the country is still at risk of contagion from the global financial crisis, according toZdenek Tuma, the governor of the Czech central bank.
Interbank money loans among Czech banks have become much more expensive and are provided for only very short time periods. Decreased trust and cash at its highest value – that is what the Czech banking market looks like these days. Everyone wants to have as much cash in their balance as possible. That is what bankers told HN in an anonymous poll. To get a loan for longer than one day is basically impossible in the Czech Republic. Also the rate for money loans has been increasing. While before the crisis, banks loaned to one another at official interbank rate – the so-called Pribor – now they loan money for Pribor plus extra money. Moreover, these rates have jumped significantly.
The Czech property market has for the past years been associated with words like boom and record-high, but economic recession is expected to cause a slowdown or stagnation in the sector.
Iceland’s Straumur-Burdarás Investment Bank (SIB), backed by the country’s richest man, Björgólfur Thor Björgólfsson, opened its subsidiary in the Czech Republic after the financial crisis in Iceland.