Business roundup: Education minister voices support for 10 percent pay increase for teachers; Czech mortgage loans market surges in 2015; Court declares significant manufacturer Motorpal unable to meet debts; around 15 percent of Czech elderly people are faced with poverty.
Education minister voices support for 10 percent pay increase for teachers
Czech mortgage loans market surges in 2015
The total worth of mortgage loans offered last year came to a record 184 billion crowns, according to figures released by the Ministry for Regional Development. The number of clients taking out loans jumped to around 102,000. The main factor in the booming market was the low average interest rates on mortgages of around 2.14 percent. The mortgage loans total in 2014 came to around 143 billion crowns.
Fifteen percent of elderly facing poverty says survey
Court declares significant manufacturer Motorpal unable to meet debts
Brno regional court has declared the Jihlava-based diesel engine and auto parts producer Motorpal unable to meet its debts. The company is a player on world markets and employs around 1,300 in Jihlava and more at other plants in the Czech Republic. It is a world player on the market for fuel injection systems for diesel engines. A restructuring plan, which was reported to have the backing of most of the banks and companies owed money, was not accepted by the court. Motorpal is reported to owe around 800 million crowns. It’s annual turnover in 2014 was around 1.3 billion crowns.