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March 17th, 2010
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December 17th, 2008 | Archives

Full tank
Czech EU Presidency proposes new calculation for oil reserves to counter recent volatility

Škoda Auto to cut work shifts
Annual production to decrease 25 percent in light of financial crisis

Media hit by cuts in ad budgets
TV, Internet faring better than print and radio companies

Czech beer faring better abroad
Beer consumption down 2 percent while exports grow 4 percent

Kyoto credits to cut energy bills
Revenues from selling emissions credits will fund energy-saving programs

10 Questions
with Kamil Ziegler
10 Questions

Hilton changes heads
Movers & Shakers

BRIEFS


ČSSD The senior opposition Social Democrats (ČSSD) will propose that the food VAT rate be reduced from the current 9 percent to 6 percent for the next two years, according to Shadow Finance Minister Bohuslav Sobotka. The cut would boost domestic demand during the economic slowdown, he added. The plan would be part of a proposed package to help the economy next year, and includes a plan for euro adoption and support for exporters and smaller companies.

IT Eleven Czech IT firms ranked in the 2008 Deloitte Technology Fast 500 EMEA (Europe, Middle East and Africa) chart. Online package-holiday seller Invia.cz ranked 73rd among the 500 businesses that have the fastest rates of annual revenue growth. The companies on the chart had to generate revenue of at least 50,000 euros in 2003 and a minimum of 800,000 euros in 2006. They also had to be privately owned or publicly traded and based in one of the EMEA countries.
AGRICULTURE Czech farmers’ prices dropped 19.5 percent year on year in November, and, in October, the drop was 13.2 percent, according to the Czech Statistical Office. Plant products were down 26.6 percent in the same period, cereals down 36 percent and fruit down 53 percent. Analysts told the Czech News Agency the drops would leave room for price cuts, although nothing significant has been seen so far, and food prices at shops are almost 1 percent higher than last year.
EXPORTERS The government will give more support to exporters who have seen profits decimated by the global financial crisis, according to Industry and Trade Minister Martin Říman. The help would come in the form of more loans from the Czech Export Bank and insurance from export insurer EGAP. The total amount of help should be around 2.9 billion Kč ($146 million), he added.
PENSIONS Pensions will account for nearly one-third of expenditures in the planned 2009 Czech budget that was passed Dec. 11. Of every 1,000 Kč in the budget, 292 Kč will be paid out to pensioners. Health care will take out another 49 Kč for each 1,000 Kč. The budget has a planned deficit of 38.1 billion Kč, but that may end up much higher because of an economic recession, Finance Minister Miroslav Kalousek said.
TAXES Social insurance contributions will decrease 1.5 percent as of January, the result of a Dec. 10 bill passed by government. The cut will reduce state revenues by 18 billion Kč, which threatens an already-high planned deficit during a predicted economic slowdown next year. With the cut, people with a monthly income of 20,000 Kč will save 300 Kč.
TEMELĺN The first unit at nuclear power plant Temelín was reconnected to the power grid Dec. 13 after over four months due to a replacement of a quarter of fuel. The unit was scheduled to be running at full capacity by Dec. 16. The shutdown was initially planned for only two and half months, but was delayed due to technical defects, one of which was a damaged rotor blade in the turbine.

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