Business briefs

CalPERS investment fund says Czech Republic is No. 2 in emerging market; Bank of Tokyo- Mitsubishi to open Prague branch to meet Japanese demand; EMV launches $45m arbitration case against the Czech state over TV3 license transfer; UK says 230,000 east European workers have registered for work there since EU expansion; Israeli vegetarian food producer Tivall to build $30m Czech factory

CalPERS investment fund says Czech Republic is No. 2 in emerging market

The California state public employees' investment fund known as CalPERS has released its ranking of emerging market countries. CalPERS controls a $4 billion portfolio and its rankings are closely watched by investment houses. It ranked the Czech Republic as having the second most attractive investment climate in the category. Hungary ranked first and Poland third, followed by Chile and Taiwan.

Bank of Tokyo- Mitsubishi to open Prague branch to meet Japanese demand

Bank of Tokyo-Mitsubishi is to open an office in Prague within two months' time to meet the growing demand from Japanese investors for localised banking services. The government agency CzechInvest said the bank informed it of plans to open a fully operational branch in 2006.

EMV launches $45m arbitration case against the Czech state over TV3 license transfer

EMV of Luxembourg this week launched an arbitration case against the Czech state with regard to the company's failed investment into TV3, a broadcast station. EMV is seeking $45 million for allegedly illegal actions taken by Czech governmental bodies, in particular the Radio and Television Council. The focus of the arbitration case is the broadcast council's refusal to transfer the TV3 license to a related company of EMV, and approval of a license transfer to another broadcaster, RTV Galaxie. The license then passed to a holding company that broadcasts the competing TV Prima station.

UK says 230,000 east European workers have registered for work there since EU expansion

Photo: European Commission

Since the expansion of the European Union last May, over 230,000 workers from the new member states have registered for work in the United Kingdom. More than half of the workers are from Poland, the UK government said. Included in the total are some 14,000 Czechs and 24,000 Slovaks. Most are employed in factories and on farms, or work in restaurants or in construction.

Israeli vegetarian food producer Tivall to build $30m Czech factory

The Israeli vegetarian food producer Tivall has announced it will build a new factory in the Czech Republic, at a cost of $30 million. Exports to Europe count for over half of the company's sales. It supplies major retailers like Tesco of the United Kingdom and Delhaize of Belgium, both of which operate in the Czech Republic. Currently, Tivall's production is handled entirely by a cooperative, or kibbutz, in Israel. The Czech factory will specialise in vegetarian hamburgers and other meatless patties.