Hyundai contract to be signed soon. Energy company CEZ earns record profits. Czech airlines reports substantial losses. CSOB bank sees healthy economic results for 2005. Prague Stock Exchange deploys single index: PX. Distrainers on the rise. Distrainers on the rise. Skoda considering producing five-door Superb.
Hyundai contract to be signed soon
The daily Pravo reported on Friday that Industry and Trade Minister Milan Urban will sign a contract with Hyundai Motor next week about the company's construction of a factory in the North Moravian town of Nosovice. The contract is reportedly worth some 28 billion crowns, or about 1.2 billion dollars and the plant will employ some 3,000 people directly, while indirect jobs created by the plant could top 11,000. This in a region where unemployment is exceptionally high.
Energy company CEZ earns record profits
Czech energy giant CEZ announced a hefty profit this week of 22.3 billion crowns, or almost a billion dollars. The main reason for the record result for a Czech company is the growing price of electricity. Shareholders can be especially happy with the company, as the price of the stock more than doubled in the last twelve months.
Czech airlines reports substantial losses
CSOB bank sees healthy economic results for 2005
The CSOB bank, owned by Belgian bank KBC, reported profit increases of 17 percent this week, totaling about 333 million dollars. CSOB says that the record profit was mostly achieved thanks to increases in both retail and business clients.
Prague Stock Exchange deploys single index: PX
The Prague Stock exchange underwent an overhaul this week, as its two indexes, the PX-D and the PX-50 were combined into one index, the PX. The stock exchange said that the indexes were combined because of their close correlations and similarities. The new index will provide universal and easily understandable information about developments in stocks traded here in Prague.
Distrainers on the rise
Czech courts issued a record number of distrainers last year. A total of 270,480 repossession orders were issued in 2005, up 70 percent from the year before. The Bailiff's Association said that most of these orders come from utilities, municipal police, health insurers and even mass transport companies. Increasingly, the bailiffs are being called in to deal with petty debts.