In Business News: Morgan Stanley is planning to invest around a billion US dollars in the Czech Republic; the Czech Republic is near the bottom of the EU charts in terms of number of wind power stations; excessive bureaucracy is costing Czech companies billions, says a business leader; the lottery and betting market grew significantly last year; and a Czech company is playing a part in the construction of the world's tallest building.
Morgan Stanley to make significant investments in Czech Republic
Czech Republic 18th in EU in number of wind stations
The Czech Republic ranks 18th in the EU in terms of number of wind power stations, according to figures released by Eurostat this week. Wind power accounts for just 0.1 percent of electricity produced in a country still very much reliant on coal - in fact 66% of Czech electricity comes from coal-powered stations.
Red-tape costing companies billions, says business leader
Excessive red tape is costing Czech companies billions of dollars a year, because they are required by law to report over 2,000 different activities to the relevant authorities, the head of the Czech Economic Chamber told Hospodarske noviny. Jaromir Drabek said applicants have to submit documents that are already available to state institutions, such as certificates from the land register. He also said officials take the longest permitted time to process applications.
Czech Republic has most hypermarkets per head in region
Lottery, betting markets record significant growth last year
The Czech lottery and betting market grew by over 7 percent last year, the Finance Ministry said this week. Czechs bet a record four billion dollars in 2005, with over half of that money going into slot machines. The only area of the betting industry to report a fall was casinos.
Sales of small cars rise steeply
Small cars are big business in the Czech Republic at the moment: sales of passenger cars in the smallest category increased by 60 percent year-on-year in the first quarter, according to figures released by the Car Importers Association. In contrast, the number of standard-class cars sold fell slightly. As for individual models, the best selling was the Skoda Fabia, followed by the Skoda Octavia and the Peugeot 206.