The Czech Republic’s economic standing within the European Union (EU) has weakened for the second consecutive year, according to the 2024 Prosperity and Financial Health Index. Compiled by Česká spořitelna and Europe in Data, the index reveals the Czech Republic now holds the 14th position, down from 12th in 2023 and 9th in 2022. While the Czech Republic boasts a diverse and complex industrial landscape, its economic performance is hampered by two key factors: low value added and persistently high inflation. The country recorded the second-highest inflation rate in the EU at 12%, surpassed only by Hungary at 17%. Food prices have emerged as a particular area of concern. Analyst Tereza Hrtúsová from Česká spořitelna points out that although the Czech Republic remains below the EU average price level for the overall consumer basket, the cost of essential items has risen significantly. Food prices have practically reached 97% of the EU average, with some items like sugar experiencing a year-on-year increase of nearly 40%. However, not all food prices have increased. Butter has seen the most significant price drop at 13%, followed by E-type cheese at 6%. On a more positive note, the Czech Republic regained its second-place position in...
The Czech Chamber of Deputies approved an amendment granting same-sex couples partnership rights akin to marriage, barring child adoption unless one partner is a biological parent. After months of sharp debate, a scaled-backed version of the bill made it through Wednesday’s vote. “The existing registered partnership institution is not satisfactory,” one of the bill’s sponsors, Josef Bernard, said in the debate. “It should be expanded, on that there is agreement in the lower house.” An opinion poll from the CVVM agency last year indicated that 58% of Czechs believed same-sex couples should have the right to marry, and even more said they should be allowed to adopt. Under the revised bill, joint adoption will be possible only if one of the partners is a biological parent. For children adopted by a same-sex partner, this would mean that they would have to go through the adoption process with the first parent, who would then receive full parental rights as an individual and then go through the same process again to be co-adopted by the parent’s partner. Jsme fér argues that such a process could cause psychological distress to the child and the whole family. It would also create an administrative burden...
Smartwings has become a fully Czech-owned company after Chinese state-owned CITIC Group sold its stake to local company Prague City Air. “On 20th February 2024, the purchase of 49.92% shares in Smartwings a.s. was finalized between the company Prague City Air s.r.o. as the purchaser and the company Rainbow Wisdom Investment Limited as the seller,” Smartwings spokeswoman Vladimíra Dufková said. She added that the carrier “thus returns back under the full control of Czech shareholders who now own 100% shares in both Smartwings and CSA Czech Airlines.” The announcement comes after Israir opted to suspend talks to purchase the 49.92% stake from the Chinese investor because of the geopolitical situation in the Middle East, a filing to the Tel Aviv Stock Exchange showed earlier this month. Israir valued the deal in 2022 at around EUR44 million euros. Smartwings and Prague City Air agreed not to disclose the purchase price of their transaction. The Chinese company acquired its stake in Smartwings back in 2016. The initial investor was CEFC Group but its stake was later taken over by CITIC Group after CEFC went bankrupt. Prague City Air also owns a 70% stake in Czech flag carrier CSA, with the other 30%...
Avalanches in Kyrgyzstan’s northern district of Ak-Suu killed three Czech citizens over the weekend, Stalbek Usubakunov, a spokesman for the Issyk-Kul regional police department said. According to Usubakunov, 19 other Czechs survived the avalanches on February 25. The bodies of the deceased were recovered and brought to a morgue in the city of Karakol. Authorities have not yet publicly released information about the identities of the victims. Avalanches in the mountainous area of Kyrgyzstan occur very often in late winter and spring. Czech foreign ministry spokeswoman Mariana Wernerova told AFP that three of the dead skiers were Czech nationals. “We can confirm that three Czech citizens have died in an avalanche on the border between Kyrgyzstan and Kazakhstan,” she said. Czech diplomats in the Kazakh capital Astana “are in touch with local authorities and the travel agency,” Wernerova added. Slovak foreign ministry spokeswoman Beatrice Szaboova said the fourth victim was Slovak. “Our embassy in Astana is following the case and… providing consular assistance,” she told AFP. A former Soviet country, Kyrgyzstan has for years been trying to invest in its still underdeveloped tourism sector, particularly in winter sports. It recently eased visa restrictions in a bid to attract more foreign...
Insider Monkey recently analyzed the twenty most challenging languages for English speakers to master, and the Czech language features among the top 10. Arabic, Mandarin Chinese, and Japanese are among the toughest languages for English speakers to learn, particularly due to their complex grammar, writing, and pronunciation systems. Moreover, Mandarin Chinese is also one of the most spoken native languages in the world. According to data from Ethnologue, it is spoken by over 1 billion speakers around the globe. Mandarin is also one of the most commonly spoken and official dialects of Chinese, spoken by approximately 80% of the Chinese population. To compile the list of the top 20 languages with the hardest grammar for English speakers, they used the Foreign Services Institute data on Foreign Language Training. Foreign Services Institute categorizes languages into 4 broad categories based on the number of class hours required to learn a language. For this article, we used Category 3 and Category 4, which require 1,100 and 2,200 class hours for English speakers to learn. The Foreign Services Institute does not give individual rankings for the languages. Therefore, they employed a consensus methodology to rank our languages. They shifted through the rankings of Berlitz,...
The Czech Republic will commemorate two years since the start of the war in Ukraine with meetings, marches, debates and concerts over the weekend. The Day for Ukraine will include a rally on Saturday in Prague’s Staroměstské Náměstí attended by President Petr Pavel, with a video message from Ukrainian President Volodymyr Zelenskiy. Events will also be held throughout the day in other Czech towns. Pavel will meet Ukrainian war refugees at Prague Castle on Friday, and will also take part in a debate on the anniversary of the start of the invasion. On Saturday, he will speak at the Together for Ukraine rally at Staroměstské Náměstí, organised by the European Congress of Ukrainians, People in Need, Million Moments for Democracy, and Memory of the Nation. The program for Saturday’s Day for Ukraine will begin in Prague with a concert for children and their parents at Forum Karlin. At 3pm the March for Ukraine will start from the statue of Taras Shevchenko at Kinsky square and continue to the monument to the victims of communism, and then via Charles Bridge to Staroměstské Náměstí, where a rally will begin at 4pm. In addition to Pavel, President Zelenskiy and Ukrainian First Lady Olena...
Around 1,300 Ukrainian refugees arrive in the Czech Republic each week, seeking safety from the ongoing conflict. While many have found employment, experts highlight a troubling trend: 61% are working in jobs below their skill level. Human Rights Commissioner Klára Laurenčíková revealed that over 382,000 Ukrainians fled to the Czech Republic since the war started. An impressive 120,000 are already contributing to the economy, but concerns arise due to the underemployment issue. Laurenčíková stresses the need for improved language education and faster recognition of foreign qualifications to bridge the skill gap. While most refugees have secured rental housing, a vulnerable group still lives in emergency shelters. Magdaléna Faltová from the Association for Integration and Migration emphasizes the importance of integrating refugees into the social support system to prevent hardship. A program launching mid-year will offer financial assistance for deposits and furnishing apartments, helping refugees transition from shelters to permanent housing. However, challenges persist in finding stable housing, impacting employment, education, and overall well-being. Ajhmal Khybari, head of the Czech UNHCR office, acknowledges the government’s efforts and emphasizes the need for continued support during global crises. The Czech Republic plans to introduce a national refugee plan this year, joining 11 other...
A Czech skier who indulged in excessive alcohol on the slopes of Valtellina (Italy) faces a hefty fine and a revoked ski pass. The incident, which occurred on February 17th, was recently reported by the Sondrio police headquarters. Local personnel dedicated to mountain safety and rescue were called to assist a skier who repeatedly fell on the notorious “autostrada” slope (“highway”). Upon reaching the individual, officers found him slumped and visibly intoxicated, exhibiting glazed eyes, a strong smell of alcohol, and difficulty communicating. He was then escorted to the station for an alcohol test, which confirmed a blood alcohol level (BAC) significantly exceeding the legal limit of 2.02 g/l. The officers fined the Czech man, who was in Livigno on holiday, for violation of the law regulating the activity and practice of sports on ski slopes: in this case, it provides for an administrative fine of up to 1,000 euros.
Prague is now the fourth richest region in the European Union by GDP per capita, ahead of cities like Brussels, Paris, and Berlin. “Prague holds the number four spot in the EU regional ranking for 2022, based on GDP per capita,” confirmed Petr Dufek, chief economist at Bank Creditas. While two Irish regions and Luxembourg currently hold the top positions, Dufek highlighted the stark contrast between Prague’s prosperity and the rest of the Czech Republic, with the capital boasting more than double the national GDP per capita. “Prague’s success stems in part from hosting the headquarters of many major companies,” explained Dufek. However, a concerning disparity is emerging within the country. “Over the past nine years, GDP per capita has grown significantly faster in Prague than in other regions, widening the gap,” he noted. For further perspective, Dufek compared Prague to its neighbor, Berlin. “In terms of purchasing power parity, Berlin’s GDP per capita is only 60% of Prague’s, while Germany as a whole remains 30% wealthier than the Czech Republic.” Bratislava “In 2013, Bratislava surpassed Prague,” Dufek revealed. “But the latest data paints a different picture, with Bratislava now trailing at 71% of Prague’s level. Its GDP per capita...
On Thursday last week (February 8th), the Czech National Bank lowered the inter banking rates by 0.5%, to what is now the lowest rates since June 2022. It was about time… In December, they lowered it 0.25% and now, with the lowering of 0.5% to the current rate of 6.25%, I think it sets a clear trend of lowering rates that I believe will continue until the end of the year. What does it mean in real life? Long story short, cheaper loans and less interest on savings accounts. With lowering the rates, the Czech National Bank wants to stimulate the flow of money into the economy, rather than encouraging people to let money sit in a bank account or avoid borrowing due to high interest rates. Lowering rates should mean the opposite to stimulate the economy Did the interest rates already drop? No, not yet but we can expect it very soon to happen. Right now (as of 13.2.2024) you can still find savings accounts which provide more than 6% on savings but I suspect it will not last for very long. Similarly, mortgage banks haven’t reacted to this recent lowering yet. It typically takes a few days or...
When dealing with a Czech real estate agency, you’ll likely come across the term ‘exclusive contract‘ (exkluzivní smlouva). It‘s important to understand the implications of these kinds of contracts and what you need to take into consideration before entering into one. In this guide, we’ll delve into the details of these contracts and give you insights into how to set them up correctly. Let’s get started. What is an exclusive contract? Essentially, an exclusive contract means that you, the seller, must cooperate only with the real estate agency with which you have entered into the exclusive contract, and for the entire period of the contract. Disadvantages of an exclusive contract Limited cooperation For the seller, this type of contract is a ‘bet on one card‘. If the real estate agency turns out to be incompetent, you cannot simply terminate your cooperation with them, because you are tied in until the end of the contract. This can be especially annoying if you are in a hurry to sell your property. Penalties and sanctions Any exclusive contract with a real estate agency will include various restrictions, sanctions, and penalties. These are intended to force the seller to maintain their cooperation with the...
The Czech Republic has experienced an unprecedented surge in temperatures, recording its warmest start to February in over a century. According to the Czech Hydrometeorological Institute (ČHMÚ), select stations saw an average temperature of 6.7°C in the first decade of February, a stark contrast to the nation’s coldest February on record in 1929, when temperatures plummeted to -15.4°C. However, meteorologists urge caution when interpreting this average. It only includes stations with at least 100 years of data, typically located at lower altitudes. Newer stations, particularly those at higher elevations or in mountains, are excluded due to shorter data gaps or inconsistencies. Despite this caveat, the past week has seen numerous daily temperature records shattered. Notably, a quarter of the 165 stations operational for at least 30 years saw new highs for February 9th, followed by a third setting records on Saturday, February 10th. Remarkably, three locations even climbed above 15°C. Sunday night brought another wave of warmth, with the vast majority of stations recording their warmest February night ever. Temperatures mainly ranged between 6 and 11°C, even in traditionally frosty areas, ensuring no frost settled anywhere in the country. The above-average daytime temperatures are set to continue this week, reaching...
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