Czech Republic records highest ever budget surplus; Czech farmers opposed to selling their land to make way for Hyundai car plant; Czech Airlines lost 464 million crowns in first half of 2005; Norway's Telenor to exit the Czech and Slovak markets; OMV purchase of Aral filling stations confirmed; Half of Czech corporate R&D financed by foreign companies-UNCTAD; Imports of foreign wine up 28 pct y/y - local industry in 'crisis'
Czech Republic records highest ever budget surplus
The Czech Republic has recorded the highest budget surplus in its modern history. The Finance Ministry reported a budget surplus of 25.8 billion crowns ( over 1 billion US dollars) in the first nine months of this year, the best result since the country's independence in 1993. Finance Minister Bohuslav Sobotka said the performance was a result of the government's careful spending and increased tax receipts, notably because of a crackdown on the "grey" economy.
The trade account posted a. 1.9 billion crown deficit in August, for the first deficit of 2005. The figure reflects the import of Swedish-made fighter jets worth 5.9 billion crowns - and the rising price of oil and natural gas. Without the import of the Gripen fighter jets, there would have been a surplus of 4 billion crowns for the month of August.
Czech farmers opposed to selling their land to make way for Hyundai car plant
Czech Airlines lost 464 million crowns in first half of 2005
Norway's Telenor to exit the Czech and Slovak markets
OMV purchase of Aral filling stations confirmed
Half of corporate R&D financed by foreign companies
Nearly half of all corporate research and development in the Czech Republic is financed by foreign-owned companies, the United Nations Conference on Trade and Development said in its latest World Investment Report. In this respect, the UNCTAD report places the Czech Republic in fifth place behind Ireland, Hungary, Singapore and Brazil, according to the government agency CzechInvest.