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03/17/2009
Shares in the real estate developer Orco Property Group plunged when they resumed trading on the Prague Stock Exchange on Tuesday. At one point in morning trading the shares had shed 22.4 percent of their value, falling to around 81 crowns, before rallying somewhat. Trading in the shares were suspended on Monday at the request of the company. It afterwards announced that 2008 results would be delayed until the end of the month. Analysts expect Orco, one of the leading office, hotel and flat developers in the Czech Republic, to eventually declare a loss of around 2.65 billion crowns for last year.
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03/17/2009
Czech local authorities have voiced their opposition to environment ministry plans to push through an ambitious shake up of the country’s waste and recycling rules, saying they are poorly thought out and will be costly to implement. The Ministry of Environment has tabled a plan calling for obligatory recycling of plastics, paper, glass, metals, drinks cartons and bio-waste with households paying lower waste charges if they recycle more. The Union of Towns and Municipalities together with the Association of Regions have attacked the waste initiative and also called for higher rubbish removal charges to help fill their coffers.
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03/17/2009
Prague city council decided on Tuesday that it will go ahead alone and rebuild the gutted left wing of the landmark 19th century Art Nouveau Industrial Palace after it was gutted by fire in October last year. Rebuilding costs are estimated at around 1.5 billion crowns. Two-thirds of that will be spent on the devastated wing with the rest earmarked for other improvements. The council has been involved in negotiations with the company that rented the historic site, exhibitions organizer Incheba, to fund the renovation from insurance payments. It has now opted for the faster route of going ahead with reconstruction before wrapping up a deal with Incheba.
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03/17/2009
The government has approved 30 million crowns to help pay employees at glass works who have not been paid for several months by crisis-hit companies. Unions will help distribute the cash to the most needy cases. The aid comes ahead of an amendment to the current insolvency law which is aimed at tackling such situations in the future.
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03/17/2009
Czech football captain Tomáš Rosický faces being sidelined from the game even longer after sustaining a groin injury. The news dashes earlier expectations that the Arsenal mid-field star might be playing again by mid-March after a 14-month absence due to a nagging hamstring injury. He is unlikely now to be playing until the end of the month. The latest news dashes hopes Rosický might play in key upcoming World Cup qualification ties against Slovenia and Slovakia.
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03/17/2009
Slavia Prague have reached the semi-finals of the Czech ice hockey Extraliga, after coming from behind to beat Vítkovice 2:1 on Monday evening, thus taking the best-of-seven playoffs series 4:3 on games. Nearly 12,000 fans turned out for the match, which took place at Prague’s O2 Arena. Slavia now face Plzeň for a place in the finals, with Sparta and Karlovy Vary taking part in the second semi-final series.
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03/16/2009
The Czech government has approved a crisis package to help the country’s healthcare system. Health insurance companies had predicted that they would end this year with a deficit of 8 billion crowns (390 million USD). But on Monday, the government voted to increase the state’s payments to healthcare companies for children, students and pensioners. Health Minister Daniela Filipiová said that the package would pour some 7.8 billion crowns into the healthcare system by 2010. She added that the package had been unanimously approved. Ms Filipiová said that due to Czech health insurance companies’ financial reserves, the standard of healthcare in the Czech Republic had not so far been jeopardised.
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03/16/2009
Over 700 foreigners have so far made use of the Czech government’s scheme to repatriate those recently made redundant, an official from the Interior Ministry has said. According to Hana Malá, some 550 Mongolians have applied for a free air-ticket home and 500-euro cash payment, which the government has been offering jobless foreigners since February. The second largest group of foreign workers to make use of the scheme are those from Uzbekistan, Ms Malá said. Some 37 Vietnamese nationals have also applied to be sent home. The Czech government would like to repatriate 2,000 workers who have recently been made redundant over the next seven months. It has set aside some 60.7 million crowns (2.6 million USD) in a bid to encourage unemployed foreigners to return home.
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03/16/2009
Meanwhile, a Vietnamese national who protested against deportation by going on a hunger strike has been flown back to Hanoi, a spokesperson for the Czech Foreigners’ Police said on Monday. Le Kim Thanh was arrested in October for not having the appropriate documentation to work in the Czech Republic. The reason he didn’t have the correct papers was because his employer had made a mistake. A number of Czech NGOs and the Minister for Human Rights and Minorities Michael Kocáb have come out in defence of Mr Thanh, saying that the way he has been treated is extremely harsh given the circumstances. The Foreigners’ Police responded to the criticism by shortening the time Mr Thanh is barred from the Czech Republic from five years to one year.
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03/16/2009
The Chairman of the Supreme Court Josef Baxa said on Monday that his institution ruled against banning the far-right Workers’ Party earlier this month solely because the government did not provide sufficient evidence for the court to decide otherwise. On Sunday, Prime Minister Mirek Topolánek criticized the Supreme Court for not outlawing the extremist party, saying that it sent out ‘a negative message’. But on Monday, Mr Baxa responded that the case the government put forward for the banning of the Workers’ Party was ‘weak’. Mr Baxa said that the court’s decision was in no way political and that the court made the decision based solely upon the facts provided.
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