The Toyota-Peugeut-Citroen automobile plant (TPCA) in Kolin, east Bohemia, is in line to produce 300,000 cars per year; Russian President Vladimir Putin has indicated some of Russia's oil profits could be reinvested in the Czech Republic in areas of science and culture; Cesky telekom will merge with subsidiary Eurotel to form Telefonica O2.
TPCA at full production, plans to manufacture more than 300,000 cars per year
The Toyota-Peugeut-Citroen automobile factory or TPCA in Kolin, east Bohemia has released numbers revealing that after one year of operation, the plant is now in line to produce 300,000 cars per year. In its first year, the joint venture that assembles Peugeut's 107, Citroen's C1 and the Toyota Aygo produced roughly half that number. The plant says revenues for the first year stand at 600 million euros, but representatives declined to announce real profit figures. The company did say that 99 percent of cars were being produced for export, with TPCA President Satoshi Takae rueing slow sales in the Czech Republic. On Thursday TPCA also showcased its employee incentives and benefits plan as well as plans for further integration and development in the Kolin region. Asked whether TPCA would make changes to adapt to, for example, Hyundai's entering the market - to counter any threat of departure of newly-trained employees - Mr Takae indicated that he was not worried. He said TPCA would stay its current course.
"We have no intention of playing the money game - to compete with labour conditions. We'll just continue our way, meaning communication with the unions and our workers based on mutual trust. I think we need a little bit of time to communicate and understand each other, but the direction is not 'wrong'. So, we don't need to create special conditions to adapt to Hyundai or Skoda."
Russia to invest part of oil profits in Czech Rep
Fixed-line operator Cesky Telecom, subsidiary Eurotel, to merge as Telefonica O2
Central European Media Enterprises (CME) revenues rise 120 percent year-on-year
Czech Savings Bank expects its profits in 2006 to grow by more than 10 percent
According to non-audited results, Ceska sporitelna, the Czech Savings Bank, recorded a net profit of 9.13 billion crowns last year, up more than 12 percent from 2004. In 2006 the bank will accelerate revenue growth through loan and transaction volume growth, says the bank's chief executive Jack Stack. Stack also said that he does not think the Czech customer is over-indebted and that consumers and companies will be able to absorb a further growth in loans.