The state-owned Czech Export Guarantee and Insurance Corporation (EGAP) will have to restructure about CZK 10 billion (EUR360mn) worth of loans to Russian firms, Lidové noviny daily reported, citing EGAP spokeswoman Hana Hikelová. Most of the loans are denominated in euros and the Russian companies are now facing problems repaying their debts due to the depreciation of the ruble.Continue Reading

Czech President Milos Zeman scored an internet hit in May when footage showed him swaying and stumbling his way through an official ceremony at Prague Castle. Zeman’s aides claimed he was the victim of a virus, his critics sneered he was drunk. More worrying, perhaps, is that other recent actions by the new president suggest he might actually be drunk with power.Continue Reading

When the president and CEO of Westinghouse, the day after the conclusion of the Czech presidential election on January 27, states in public in Prague that the choice of prime contractor for the expansion of the Temelín nuclear power plant could never be fair for as long as the decision is treated as one between “east” and “west”, you can assume that he is worried.Continue Reading