The Prague Post
January 7th, 2009
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PRAGUE BOURSE The Vienna Stock Exchange bought a controlling stake in the Prague Stock Exchange Nov. 7 and will increase its share from 38 percent to 92.4 percent, the Vienna exchange said in a statement. The acquisition is the Vienna bourse’s third in Central and Eastern Europe since June as it tries to expand its holdings across the region. It currently has majority stakes in the Budapest and Ljubljana exchanges. The Prague bourse has 29 companies with a total market value of 40 billion euros ($51.6 billion/990 billion Kč).

EU Prime Minister Mirek Topolánek is against EU banking supervision, he told journalists Nov. 7 after an EU summit meeting to deal with the financial crisis. Several member countries have proposed creating a single European regulator of financial institutions to prevent further problems on financial markets. The EU decided at its last summit meeting that national regulators should have greater cooperation in the future.
INFLATION Year-on-year inflation in October was 6 percent, 0.4 percentage points lower than forecasted by the Czech National Bank (ČNB). The difference was attributed to food and fuel prices, a ČNB spokesperson told the Czech News Agency Nov. 10. The price levels remained the same since the previous month, as rising prices of tobacco products, natural gas, heat and water were offset by price dips in fuel, cars and certain foods.
DEBTS The state wants to cancel a majority of the remaining Russian debt to the Czech Republic, which comes from the socialist era, the daily Mladá fronta Dnes reported Nov. 7. Only one-third of the owed 1 billion Kč would become state budget revenues, an amount payable within six years. Czechoslovakia had invested in gas pipelines and refineries in the Soviet Union, to be repaid in oil and gas, but the disintegration of the USSR made this impossible.


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