Business News
Czech unemployment rate reaches 10.1 percent. Czech industrial production shows massive growth. The government to sell two profitable coal companies. Express courier DHL to move information-related operations from Britain and Switzerland to the Czech Republic.
Unemployment on the rise
The Czech Republic's unemployment rate rose to 10.1 percent of the workforce at the end of September from 10.0 percent at the end of the previous month. In September 2002, the jobless rate stood at 9.4 percent. Experts say the latest increase was mainly due to school leavers who enjoyed their last summer holidays before registering at labour offices in September.Industrial production grows
Czech industrial production rose by 8.0 percent year on year in August. Labour productivity grew by 12.6 percent. August's growth was partially affected by the low reference basis of August 2002 resulting from the devastating floods. The main contributors to the rise in industrial production included manufacture of transport equipment, chemicals, and refinery products.
Two coal mining companies up for sale
The Czech privatisation agency, the National Property Fund, is opening a tender to sell majority state stakes in two brown coal companies, Severoceske Doly and Sokolovska Uhelna. Revenue from the sale of the two profitable companies is expected to be around 100 million USD. The government holds a 55.4 percent stake in Severoceske Doly and 48.7 percent in Sokolovska Uhelna. Investors involved in natural gas or oil businesses either in the Czech Republic or in neighbouring countries are excluded from taking part in the tender. This also applies to coal firms in neighbouring countries. Brown coal is the Czech Republic's main energy resource. The government also plans to decide later this year on whether to sell its 49-percent stake in the black coal mining company OKD. The three mining firms together produce 46 million tonnes of coal a year.