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Czech Republic - Business News

Czech Republic not directly threatened by global crisis (07/10/2008)

Leading government officials and the head of the Czech National Bank went out of their way this week to reassure the public that the Czech economy would not be directly threatened by the global economic crisis. Prime Minister Mirek Topolánek, National Bank governor Zdeněk Tůma and Finance Minister Miroslav Kalousek said at a joint press conference that the government did not plan to amend its draft budget for 2009, even if the economy slowed down as a result of slower growth elsewhere in Europe. The finance minister said that the economy was healthy and could cope with a weaker performance, partly thanks to public finance reforms that have reduced corporate taxes.

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Czech Rep makes billions by selling its clean air (06/10/2008)

Environment Minister Martin Bursík signed a memorandum of understanding with Hideaki Kumazawou, Japanese Ambassador to the Czech Republic. That enables the Czech Republic to start trading with its "clean air" and earn dozens of billions of crowns. The Czech Republic does not have any difficulties to fulfill the Kyoto Protocol in which developed countries committed to decrease their greenhouse gas emissions.

The Czech Republic even exceeds its commitment. Countries that have a similar reserve can sell their saved exhaustion to countries that have been unable to fulfill their commitment.

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Prague attracts foreign firms, IBM and DHL including (23/09/2008)

Foreign firms are increasingly moving their headquarters to the capital city of the Czech Republic. Most recently, the US computer industry giant IBM plans to manage its activities in Central and Eastern Europe from Prague, informed Hospodářské noviny.

According to Hospodářské noviny, what IBM and other foreign companies like about the Czech Republic is its strategic location and knowledge Czechs people master. Adobe, DHL, or technology company Parker Hannifin have moved their seats to Prague long ago. "We opted for the Czech Republic because qualified and flexible workforce is available here, as well as reliable telecommunications web and good aerial connection," DHL's managing director of IT services Stephen McGuckin said.

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EU report: Czechs among hardest working Europeans (23/09/2008)

The latest report by the European Foundation for the Improvement of Living and Working Conditions sends out a clear message - while the former EU15 states work less and have more holidays, the new member states work much longer for less vacation.

The Eurofound report analyses the working time set by collective bargaining as well as actual working hours across the European Union and since the time it started to monitor social policy making across the EU in 2003, the wide gap in working time between the former EU15 states and the new member states seems to linger.

There is still a substantial gap in working time between the former EU15 member states and the majority of the new EU member states, according to the report...

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Unemployment down to record low in 11 years (23/09/2008)

The number of unemployed has decline down to 4.7 percent in a year-to- year comparison. It is a record low since 1997. The first quarter 2008 saw 93.4 thousand employed more than in the same period in 2007. In total, it was 4,958.3 thousand people. The general level of unemployment is lower in the Czech Republic on long-term basis than in the rest of the EU countries.

Although there are differences in measuring the employment between the ILO method and the one used by the Czech Labor and Social Affairs Ministry, there are declining tendencies evident in both of the methods. The unemployment rate as reported by the Labor Ministry was 6 percent in the first quarter 2008.

(The official website of the Czech Republic)

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