Throughout the fall of 2021, prices of all baked goods in Czech supermarkets and bakeries are expected to rise at least by a few percentage marks. There are a number of reasons for this trend, mainly the rising cost of flour, transport and energy. The fact that bakers are demanding higher wages, since many other products are also getting more expensive, is at play too. This information was shared by bakers during the annual Days of Bread and the Bread of the Year competition, currently taking place in Pardubice. According to Petr Šedivý, the head commissar of the Bread of the Year competition, “As the price of wheat rises, millers increase the price, which ends up reflected in the priceContinue Reading

Out of the 165 states in total that are included in the research, the Czech Republic takes the 27th position on the list of economically free countries. Last year, the statistics presented somewhat better results for Czechia, which took the 24th place. As the number of participating countries is quite high and the data have to be submitted by each state, the report is usually released with a two-year delay. Thus, the mentioned numbers represent the year 2019. The Index of Economic Freedom has been measured annually since the year 1996. It takes into account five principal indicators: size of government, legal structure and property rights, access to sound money, freedom to trade internationally, regulation of credit, labour and business.Continue Reading

Original articles was posted here: Last week, Dean of the School of Business, Dr Stefano Cavagnetto, gave his keynote address at IBF’s annual Residential Real Estate Seminar in Prague. The seminar brought together leading professionals from residential and commercial real estate and construction, legal and accounting fields to examine the current state of the property market. Data Analysis Dr Cavagnetto presented research and data from the EU Commission showing the unprecedented impact that the pandemic has had across all sectors of business. After examining and discussing economic consequences the seminar narrowed it’s focus on the real estate sector and post-pandemic investment environment. Covering key areas Panelists represented key areas within property. Director of Lexxus Peter Višňovský presented on the strong Czech residential real estateContinue Reading

České dráhy, the primary Czech railway company, has reported a 217 million crown financial loss over the first half of this year. As well as in other transport businesses, people were much less likely to travel during the pandemic. Thus, the company estimates that it had about 9.5 million less customers on their routes than it could have had without the pandemic. Thus, even though the company’s cargo division is doing just fine, the transport provider as a whole has another period of financial loss in the books. For reference, they have lost a total of 4.1 billion crowns in the last year. They managed to save money, or rather lose less, through making budget cuts, such as shortening theirContinue Reading

The unemployment rate in the Czech Republic has lowered to 3,6% during August 2021. At this time of the year in 2020, unemployment was reaching 3,8%. The statistics from the Czech department of Employment Matters show that the number of unemployed individuals applying for jobs has decreased, while the number of work positions keeps increasing. The analysts estimated an opposite trend as the economic situation in Czechia is still somewhat inconvenient after the pandemic. The further development of unemployment will be determined by the coronavirus situation throughout the upcoming months, but the rate is expected to stay the same or lower due to new graduates filling out job applications. The highest unemployment rate of 5,4% was experienced by the Moravian-SilesianContinue Reading

The Akeso holding company, responsible for providing the second most private healthcare funded through public insurance in the Czech Republic, has increased its wages by an average of 16% throughout this year. That is 5% more money than what workers of public healthcare institutions could expect to receive from the government this year. On top of this, the company constructed 96 flats for its employees and takes care of their children in a dedicated day care facility. Since the holding plans to expand within the next few years, they are planning to attract even more healthcare professionals through higher wages and benefits. The businessman behind the company, Sotirios Zavalianis, shared that the difficult period associated with the covid-19 disease hasContinue Reading

The Czech tech start-up Iterait, which develops AI systems, has succeeded with its smart device Vividi, which collects completely anonymized information about customers, in Germany (specifically Saxony-Anhalt). Together with the local business partner – Infinite Devices – which they acquired thanks to close cooperation with the Czech Academy of Sciences and  the Deutsche Industrie- und Handelskammer (IHK), they jointly developed an application to monitor swimming pool attendance (due to Covid-19 government restrictions, German pools must meet their maximum occupancy). Their special cameras are already installed there. According to the available data, nothing similar exists in Europe yet.   The above-mentioned application counts the visitors of the swimming pool in the pool area without specific entrances – it is possible to enter along the entire length of the edgesContinue Reading

If you prefer to pay in stores by swiping the magnetic strip of your bank card through the machine, you will probably have to find a new way to pay pretty soon. One of the main producers of credit and debit cards, Mastercard, is planning to completely stop adding magnetic strips to their cards in the next 10 years. According to the company, the main reason for this is the fact that magnetic strips were added to cards as the first prototype of a faster way to pay. Now, there are the much more secure contactless payments through a microchip, which are harder to abuse or tamper with. Thus, the company views the swiping of a card as an obsoleteContinue Reading

The smart application Airbnb has caused a revolution in tourism. Thanks to it, flats that used to be inhabited by local inhabitants became mini-hotels. During a ‘short-term lease’, customers, usually tourists, would pay considerable amounts of money to stay in the property for just a couple of nights, without significant taxation. Thus, property owners could earn significantly more money for just a little less certainty that the property will be occupied. However, in tourist destinations like Prague, there is always someone looking for a place to sleep in. Now, the Prague city court made a decision, that is meant to destroy the tax loophole apps like Airbnb or have been abusing. This could destroy the whole business model ofContinue Reading

A manufacturing company has the potential to be one of the most lucrative business models you can follow, but it is also one of the most risk-intensive. This is because you will be required to commit a lot of capital up front, in order to pay for tooling, staff and the premises of your factory.  Furthermore, it is unlikely that you will be able to hit the ground running with sales, because any business takes time to find its feet and, more importantly, find its customers.  Unfortunately, time will be of the essence because the longer you are producing products that are left unsold on shelves, the more money is being flushed down the drain. Despite these challenges, however, youContinue Reading