In this week’s edition of Business News: poor sales figures create fears of a deepening recession; dirty tricks allegations in the energy sector; the Yeti’s showroom debut; foreign tax havens lure Czechs; and foreigners desert local hotels.
Czech retail figures spark fears of deepening recession
Dirty tricks alleged over massive energy deal
The takeover battle was won by Czech-Slovak financial group J&T allied with dominant Czech electricity company ČEZ. Czech Coal has appealed to competition watchdogs in Brussels about the sale, one of the biggest Czech deals in the last decade.
Škoda Auto launches Yeti sales
The country’s biggest exporter, carmaker Škoda Auto, has launched sales at home and in Germany of its new small sports utility vehicle – the Yeti. Škoda is pinning high hopes on its first venture into this new segment of the market with around 20,000 Yetis to be produced a year. The cheapest model costs 360,000 crowns or around 19,500 dollars.
Foreign tax havens keep their appeal for Czech firms
Czech companies are increasingly making use of foreign tax havens to evade the local taxman. Figures from the financial information agency Čekia showed that 9,144 companies were making use of such havens by the middle of the year. That is a rise of just over 150 compared with the start of 2009. However, the trend appears to be slowing sharply. In 2008, 740 Czech companies set up in tax havens abroad for the first time.