A brief overview of economic events expected in 2003
Click here for a brief overview of some of the important economy and business-related events expected to take place in 2003.
Some price changes are taking place right at the beginning of the year: gas prices are to rise by 4.2 to 6.7 percent, depending on the size of the client. On the other hand, electricity prices will drop by between 2 and 9 percent. Also, the consumer tax on cigarettes and alcohol will grow in the course of the year.
Some of the largest Czech breweries, such as Plzensky Prazdroj, Prazske pivovary, and Kralovsky pivovar Krusovice are to raise beer prices. At the same time, their smaller competitors are expected to establish the European Association of Small Independent Breweries.
A new Ministry of Information Technology has been set up, taking over some of the responsibilities of the transport ministry, such as the Czech national postal service and telecommunications, but will also be responsible for the Office for Public Information Systems. The main tasks of the ministry include simplifying public administration and official proceedings, promoting education, supporting computer technology, and drafting legislation concerning liberal telecommunications.
The Czech government factoring agency CKA is to launch a sale of another of bad loans from its portfolio. The agency has been taking over debts from Czech banks and companies to prevent their bankruptcy.
The cabinet is to make a final decision concerning the construction of the D47 motorway in Northern Moravia. There has been a controversy around a contract signed by the previous government with the Israeli company Housing&Construction. The company was awarded the contract without a public tender, and competitors say they could build the motorway much cheaper.
The parliament is expected to adopt a new law on fighting money laundering, one of the goals being to make the financing of terrorism more difficult.
The Czech Republic and Slovakia will cancel all standing restrictions in mutual trade.
The ministries of finance, transport and IT are to submit a new plan for the privatization of the dominant telecommunications operator, Czech Telecom. An attempt to sell Czech Telecom to a consortium of foreign investors led by Deutsche Bank failed before the end of last year because the government found growing demands by the buyer unacceptable.
Staying with telecommunications, Czech Telecom is to introduce number portability, which is the last step to full liberalization of the telecommunications market.
The warranty period has been extended from 6 months to two years as of January, in harmony with EU standards. Within the warranty period, customers will be able to choose whether they want a faulty product repaired or replaced. Previously, the law gave preference to repairs over replacements.
The national railway operator, Ceske drahy, is to transform itself into a joint-stock company as one of the steps leading to a liberalization of the railway transport. The company will then be divided into two - one providing transport services and the other managing the infrastructure.
A notable change concerning the Czech currency - the smallest coins, the 10- and 20-hellers are to be withdrawn from circulation at the end of May.
