Skoda Joyster makes its first appearance. High-end hotel business booms in Czech Republic. Orco buys office block in Prague. Telefonica O2 complaint rejected by Brno court. 2007 state budget drafted.
Skoda Joyster makes its first appearance
High-end hotel business booms in Czech Republic
According to data released by the Association of Tour Operators and Travel Agencies (ACCKA), the number of luxury, five-star hotels is growing rapidly in the Czech Republic, while the share of cheaper accommodation facilities is shrinking. Since 2004, seven new five-star and 13 four-star hotels have opened across the country. Market demand has met expectations: in the second quarter of 2006, five-star hotels registered the highest occupancy rate of all categories, at 68 percent, which is a growth of 5.7 percent over 2005. In 2001, there were only 10 five-star and 144 four-star hotels in the country, and by the end of 2005 those figures had increased to 34 and 252, respectively. About three-quarters of the high-end hotels in the Czech Republic are located in Prague, which is perceived as an attractive and safe destination for tourists.
Orco buys office block in Prague
Telefonica O2 complaint rejected by Brno court
2007 state budget drafted
Earlier this week, the Czech state budget draft for 2007 was introduced by the Civic Democratic cabinet. The government's financial plan includes a deficit of 91.3 billion crowns (over $4 billion US). While the government's plan to sell off seven percent of its 68 percent majority in power-producer CEZ is expected to yield about 31 billion crowns ($1.4 billion US), EU standards prevent income from the partial privatization to be included as revenue in the state budget. Thus, analysts say that this will leave the deficit higher than the draft budget suggests, bringing it closer to the initial estimate of 119 billion crowns ($5.3 billion US).