NEWS
PM: Delayed elections would cause budget problems
Civic Democrat leader Mirek Topolánek vowed yesterday to push for a permanent constitutional amendment allowing elections to take place in early November, if the Constitutional Court fails to rule on MP Miloš Melčák’s complaint by 15 September. Caretaker PM Jan Fischer warned that even a one month delay on the national polls, originally planned for 9-10 October, would complicate the passage of the 2010 state budget.
Source: ČTK
Politicians ask public to indict Melčák
A number of politicians have called on members of the public to file charges against Miloš Melčák. “Any citizen of this country who has the right to vote may also file a charge against anyone if a priority has been undermined — by which I mean the elections,” Senate President Přemysl Sobotka (ODS) said.
Source: HN 1,2,3,4
Analysts: Average wage rise due to job cuts
New results from the Czech Statistical Office reveal the average Czech monthly salary was CZK 22,992 between April and July, showing annual growth of 2.8% after inflation. Analysts attribute wage rise mainly to increased sackings of low-income employees, adding that it is unlikely to boost consumption. With many former breadwinners now jobless, UniCredit Bank’s Pavel Sobíšek says households’ real disposable income will be “steady at best”. Patria Finance’s David Marek says the relatively low growth rate should cool inflation-related fears, helping the central bank to maintain the low interest rate.
Source: most Czech press
Czech footballers gear up to meet Slovakia
The first World Cup qualifying match will take place in Bratislava this Saturday. At stake is not only advancement to the next round but a jackpot of millions that FIFA divides among participating teams. According to Pražský deník, it is unlikely that Czech star Tomáš Rosický will play.
Source: most Czech press
Czechs cynical about recovery
Four fifths of Czechs rate the current economic situation in the country as “bad”, and only 17% believe it will turn around next year, according to results from a new Eurobarometer study. Czechs are also sceptical about changes in the EU and world economy next year.
Source: E15 5
Czech Gumball 3000 off to bumpy start
The second Diamond Race, an unofficial competition between luxury cars, got off to a poor start in Prague yesterday. Hospodářské noviny reports that after crossing the German border, 30 of 40 racers were detained by police while Právo put the figure at 34. Plzeň’s children’s charity Domino, which was to receive CZK 200,000 from the racers, declined the donation, saying race organisers were “hiding behind philanthropic acts.”
Source: most Czech press
Czech academics earn CZK 33,500 on average
An Education Ministry survey shows that the average monthly salary in Czech academia is CZK 33,500, including extra income from grants and international projects. Ondřej Hník from Charles University’s Faculty of Education says humanities academics earn far less than their counterparts in technical schools, adding that his faculty pays teachers CZK 19,000-26,000. Men still earn more than women in the Czech academy.
Source: ČTK
Repairs increase night traffic at Prague Airport
Twelve night flights will be relocated to an adjacent runway during 10-day repairs of the main runway at Prague Airport. Právo reports the increased night air traffic from 7 September is expected to affect Prague 6 neighbourhoods. Prague Mayor Pavel Bém and Prague 6 Mayor Tomáš Chalupa said, however, a greater risk was posed by the unemployment resulting if the airport ran into trouble.
Source: most Czech press
Five new ambassadors meet Czech president
Václav Klaus yesterday received new ambassadors to the Czech Republic from Chile, Germany, Thailand, the UK and Ukraine at the Prague Castle.
Source: ČTK
Soldiers air grievances online
Military staff unhappy about the planned redundancies of 2,800 servicemen and budget cuts within the national army have launched a website, problemyvarmade.cz, openly criticising the Defence Ministry.
Source: E15 4
BUSINESS
Czech investors turn out in record numbers
HN reports a massive rise in Czech stockmarket investors, with numbers swelling to 80,000 in the first half of 2009, including 10,000 newcomers. Major Czech brokers confirmed the influx of new clients even during the holidays, a trend they expect to continue; they added that around 50% of trading took place on foreign stock markets. The volume of traded shares on Prague Stock Exchange hit a record CZK 55 billion in August, up 43% from July.
Source: HN 15, 19
Tykač raises stake in Czech Coal
Czech Coal shareholders Petr Pudil and Vasil Bobela have sold a 1% stake in the company to co-owner financier Pavel Tykač, reducing their joint share to 50%. The sale raises Tykač’s stake in Czech Coal to 50%.
Source: most Czech press
Czech Railways plans upgraded fleet
Czech Railways has a seven-year plan to upgrade its current train fleet, aiming to decrease the average age of vehicles from 30 years to 15, according to the railway’s Managing Director Petr Žaluda. As of next year, up to CZK 8 billion annually will be invested in the renewal. The funds should come from the EU, which has already offered CZK 4 billion, as well as bank loans, revenues and asset sales.
Source: HN 1, 5
More toll payments point to market upswing
In a sign of the recovery of the freight market, heavy lorries accrued CZK 466 million in electronic motorway tolls this August, the highest result this year. Nevertheless e-toll revenue for the January-August period remains down 13% year-on-year.
Source: ČTK
RWE unrolls heating upgrade plan
Germany’s RWE, the dominant natural gas supplier in the Czech Republic, has unrolled a new scheme inviting customers who scrap their old gas boiler or heater to buy a new and more economical device at a discount from three selected suppliers.
Source: Právo 15
Car sales plunge 12.6% this year
Sales of passenger and light utility cars from January to August totalled 120,416 vehicles, down 12.6% from one year earlier according to figures from the national Car Importers Association.
Source: HN 16, Právo 15
Energo’s debts hit CZK 4.6bn
Creditors of the bankrupt company Moravia Energo have filed claims totalling CZK 4.6 billion. The firm’s assets, worth hundreds of millions of crowns, will be sold by the end of the year.
Source: ČTK
Penta nets 40% less in 2008
Czech-Slovak investment group Penta has reported a net profit of EUR 61.5 million for 2008, some 40% less than the previous year. Consolidated revenues grew from EUR 1.3 billion to EUR 1.9 billion over this period while Penta’s total assets rose from EUR 1.75 billion to EUR 2.3 billion.
Source: E15 8, ČTK
Slovak billionaire to launch Czech Poštová banka
Slovak investor Mário Hoffmann plans to open a branch of Poštová banka in Prague this year. The bank is a leader in consumer financing in Slovakia, however, its Czech branch will focus initially on corporate clients. Hoffmann was previously tied to allegations of corruption connected to a joint offshore project with investment group J&T.
Source: MfD A11
Speculation about Prazdroj CEO‘s exit
Plzeňský Prazdroj CEO Mike Short will leave his job following a promotion to the brewery’s parent company SABMiller in London, according to an official press release. HN reports on rumours connecting Short’s departure to his unsatisfactory performance and falling sales on the Czech market, or else to family problems.
Source: HN 15
Škoda unveils LPG-fuelled models
Škoda Auto has launched a new Škoda Octavia model running on liquefied petroleum gas (LPG), which will be available in both liftback and combi versions from CZK 419,900.
Source: ČTK, LN 14
