Business News

Photo: Štěpánka Budková

In Business News: The National bank board at its regular meeting indicated all signs point to further improvement of the Czech economy; Trade Inspection Authority hands second-hand car giant AAA daughter company Mototechna Group 2.5 million crown fine; *New generation of Superbs to be unveiled in Geneva next March; Chelsea goalie buys sports marketing firm, according to daily.

National bank board says all signs point to further upturn in economy

Photo: Štěpánka Budková
The board of the Czech National Bank (ČNB) confirmed on Thursday that all signs - including a more rapid growth in wages – point to the continued improvement or strengthening of the Czech economy. The Czech News Agency cited the bank as agreeing that forex interventions introduced last year, seeing the Czech currency remain at around 27 crowns to the euro, were well-chosen. According to the records of Thursday’s meeting these are to remain in place until 2016. While the economy was largely stable domestically, the bank noted that it was not the case when it came to exports, where there was greater discrepancy.

Trade inspection authority hits second-hand auto dealer AAA company with fine

Illustrative photo: Jan Říha
The Czech Trade Inspection Authority has handed the second-hand car giant AAA’s daughter company Mototechna Group a 2.5 million crown fine for alleged misleading business practices, reports Czech daily MF Dnes. The authority criticised the company for charging dual prices for secondary services, charging customers paying in cash less than those who had opted for loans. The company defended the practice by saying it was internal policy and not up to the Inspection Authority to regulate. AAA’s daughter company was also criticised for allegedly failing to provide proper warranty information or to state clearly the final asking price or who the vehicle’s seller was. The decision is not binding and will be appealed by the firm.

Bio foods still far from first choice for most Czech consumers, poll suggests

Photo: archive of Radio Prague
A new poll commissioned by the Environment Ministry and conducted by the Median agency suggests there has been a slight increase among Czechs buying bio or organic food products. According to the survey, 4 out of 10 Czechs buy organic food occasionally. But the percentage sold remains negligible: a total of less than one percent of the overall market. The main reason cited was, most often, the price. The number of those aware of bio foods, meanwhile, increased from 92 to 99 percent since 2008. The number of families who buy bio products rose from 37 to 41 percent.

New generation of Superbs to be unveiled in Geneva next March

Illustrative photo: Škoda Auto
The Mladá Boleslav-based car maker Škoda Auto will launch the next generation of its flagship luxury sedan, the Superb, next March, head designer Jozef Kabaň said this week at the Paris Motor Show. The new Superb will be unveiled in Geneva. In Paris, the company presented its new line of Škoda Fabias, which will be available in 15 colours and is sportier in appearance than the previous models. Mr Kaban described the Combi as more elegant and the hatchback as more nervous in appearance. The Fabia is Škoda’s second-best selling car after the Octavia.

Daily: Chelsea goalie Petr Čech buys sports marketing firm

Petr Čech,  photo: Filip Jandourek
The business daily E15 reported on Friday that star football goaltender Petr Čech is entering the world of competitive cycling, albeit as a businessman, not as a competitor. According to the daily, the keeper is buying the company ČS MTB Team, a firm with 40 million crowns in revenues annually. The company was founded in 1994 and specializes in sports marketing and company races. It also runs a mountain bike racing series called Kolo pro život – Bike for Life. The company’s owners Roman Čermák and Tomáš Hykl declined to comment but will hold a press event on Monday where they will make an official announcement.