Politics & Economics

Czech Koruna Reaches Its Strongest Point Against Euro in 15 Years

The Czech currency is now the strongest against the euro in over 15 years and the best versus the dollar in more than a year. On Wednesday, it gained 15 haléř against the euro, reaching 23.34 CZK / EUR, the lowest rate since the end of July 2008. The crown gained 27 haléř against the dollar, reaching 21.26 CZK / USD. It last traded higher versus the US dollar in February of last year. This is based on data from the Patria Online server. Since last autumn, when the rate to the euro was about 24.70 CZK / EUR and the rate to the dollar was much higher, the crown has been progressively rising against both major international currencies. The Czech crown achieved its highest level versus the euro since the summer of 2008 in February of this year. The Czech currency suffered a short-term decline versus the euro and the dollar in the first part of March this year, but it has since recovered. The Czech Labour Office published unemployment data today, according to which the share of people without jobs in the Czech Republic fell by two tenths of a percentage point to 3.7% in March compared to...

 by Prague Morning Apr 13, 2023

Czech Republic to Send Additional Military Aid to Ukraine

The Czech Republic plans to provide Ukraine with new military aid in the amount of almost $35 million. “The aid that we are planning together with the Chief of the General Staff, Karel Řehka, amounts to 600 to 700 million Czech crowns,” Jana Černochová said. These are military materials that are still in Czech depots and are not needed by the Czech army. “The army can really send them to Ukraine without harming its own defense capabilities,” Černochová noted. This statement was made by the head of the Czech defense department following her meeting with President Petr Pavel. It is reported that she handed him the list of aid that the Czech Republic has already sent to Ukraine. Černochová emphasized that, together with the Chief of the General Staff, they always ensure that the material sent to Ukraine can be replaced with something. The House of Commons of the Czech Republic also supported sending up to 15 employees of the Military Law and Order Service to Ukraine to assist in the investigation of war crimes in Ukraine. Czech military police officers will provide support to the International Criminal Court team investigating crimes in Ukraine. They will work mainly in Ukraine and possibly...

 by Prague Morning Apr 06, 2023

Prague Hosted Successful Caspian Energy Investment Forum 2023

On March 22, 2023, the first Caspian Energy Investment Forum, organized by the Caspian Energy Club and under the sponsorship and assistance of Financial Chain Corporation s.r.o. in Czech Republic, was held at the Hilton Prague. The event was attended by around 150 delegates from various industries and sectors. This forum, which received official support from the Embassy of Azerbaijan in the Czech Republic, the Embassy of the Czech Republic in Azerbaijan, the Embassy of Turkey in the Czech Republic, the Ministry of Energy in Azerbaijan, the Ministry of Industry and Trade of Czech Republic, CzechTrade, CzechInvest, AzPromo, and KOBIA, was aimed at promoting investment opportunities in Europe and the Middle East. The forum was seen as a success, with delegates exchanging business ideas and exploring new investment opportunities. Furthermore, the event was highlighted by the participation of high-level government officials from participating countries, who shared their insights on how to further strengthen economic collaboration and investment in the region. The purpose of the forum was to let the participants from Turkic countries and Czechia study possibilities for companies and organizations intending to invest and run businesses in Czechia, as well as evaluate investment opportunities for companies from Czechia in...

 by Prague Morning Apr 06, 2023

Czech Republic Replaces Russian Nuclear Fuel Imports with US Imports

The US company Westinghouse will supply both Czech nuclear plants with fuel, so the country can quit importing Russian nuclear fuel until the end of 2023. The Czech nuclear plant in Dukovany has used fuel from the Russian company TVEL, which is part of the Russian state holding Rosatom since the plant began operation almost 40 years ago. However, after the outbreak of war in Ukraine, Czech energy company ČEZ which operates the nuclear plant decided to replace the supplier for safety reasons. “Securing a Western supplier of fuel assemblies for Dukovany is a significant step not only for the Czech power industry but also for the entire Czech Republic. It is another significant strengthening of energy security,” said Daniel Beneš, the CEO of ČEZ Group. Czechia is not the only nuclear country that wants to replace Russian nuclear fuels, which are not subject to EU sanctions. Meanwhile, Slovakia’s largest electricity producer, Slovenské elektrárne (SE), is also selecting a new supplier of nuclear fuel. “We clearly need to have enough fuel from safe sources, which is why we are trying to move away from the Russian source as quickly as possible,” Slovak Prime Minister Eduard Heger said after his meeting...

 by Prague Morning Apr 04, 2023
Energy Prices czechia

Household Energy Tariffs Dropping in Czech Republic

Tariffs for electricity and gas for consumers in the Czech Republic, which grew sharply since early 2022, have begun to significantly decrease. The Czech E.ON company has revised electricity and gas tariffs for households since March 31. The tariffs on gas dropped most significantly, which will allow consumers who switch to them to save tens of thousands of crowns (many hundreds of dollars) per year. The cost of kWh for electricity in E.ON is 6.63 crown, including taxes. Competing companies offer households tariffs per kWh well above seven crowns. E.ON’s gas fell to less than two crowns (less than nine cents) per kWh. Thus, households will save an average of 1,800 crowns to 5,000 crowns per year on electricity, depending on whether they live in small apartments or cottages. The new gas tariffs will allow them to save much more annually. In the Czech Republic, E.ON offers the most attractive household energy tariffs among other energy companies operating in the country. “This (decrease of energy tariffs) is yet another proof of how well the recovery in the gas market is going,” an energy expert Jiri Gavor said. Meanwhile, according to him, the market price of gas isn’t expected to fall...

 by Prague Morning Apr 02, 2023

Czechia Disagrees with IOC Recommendation for Russian Athletes’ Return

Czechia disagrees with the International Olympic Committee recommending on Thursday that Russian and Belarusian athletes can compete in international competitions as neutral competitors. The recommendation published Tuesday by the International Olympic Committee (IOC) recommends that athletes with Russian or Belarusian passports must compete as Individual Neutral Athletes while suggesting that team sports should be banned for both countries. “I am disappointed with the IOC recommendation. We must not close our eyes to reality. Russian sport is centrally controlled from the Kremlin,” Czech Foreign Minister Jan Lipavský said. The IOC has not yet decided whether it will allow athletes from Russia and Belarus to participate in the 2024 Olympic Games in Paris and the 2026 Winter Olympics in Milan and Cortina d’Ampezzo. However, Lipavský is convinced they should be banned from all international sports events, including the Olympics. Meanwhile, the Czech Olympic Committee launched an expert group that must look into legal arguments to ensure Russian and Belarusian athletes do not participate in the upcoming Olympics. But political matters should not interfere with sports, said IOC President Thomas Bach. “If governments took over the decision of which athletes can participate in which competitions, it would be the end of world sport...

 by Prague Morning Mar 29, 2023

Czechs Protest Government Bid to Raise Retirement Age

Czech labor unions on Wednesday joined with opposition parties to protest the government’s proposed bid to raise the retirement age by four years to 68. Some 2,000 protesters gathered Wednesday in front of government offices in the capital Prague to voice their opposition to the plan. “We definitely don’t agree,” read a letter ratified at the gathering. “We will defend ourselves,” Roman Durco, the head of the KOVO labor union group that organized the rally told the angry crowd. Labor and Social Affairs Minister Marian Jurecka recently appeared to backpedal on the original pension reform proposal but his ministry said in a statement said that the retirement age raise remains on the negotiating table. The government has yet to finalize the pension reform plan it says is necessary to make the system viable. Leaders from opposition parties with and without seats in parliament took part in the demonstration, including Andrej Babis, the populist billionaire chief of the centrist ANO (YES) party, the anti-migrant Direct Democracy Party and the far-left Communist party. Andrej Babis, the former prime minister, called on unions to stage large protests, pledging his support. A recently approved plan in France raising the retire age from 62 to...

 by Prague Morning Mar 29, 2023

Finmex: Bitcoin Is Losing Momentum as Liquidity Pressure Is Mounting

The major cryptocurrency Bitcoin is losing momentum as its prices are seen to be close to their top for this year. Bitcoin prices surged in the middle of March amid a raging banking crisis in the United States and Europe. The market cap of Bitcoin has jumped by 65% to over $536 billion since the beginning of 2023, commented Martin Marsovsky, chief manager of Finmex Academy. The collapse of the start-up host in California, Silicon Valley Bank, happened because it failed to sustain its business due to a lack of liquidity. Soon after the crypto friendly Signature Bank was shut down by New York state regulators followed by Silvergate Capital Bank. Even after the dust is beginning to settle on this situation, there are still some major questions that need to be answered related to these shut downs. Federal Deposit Insurance Corporation (FDIC) announced that Flagstar Bank would acquire the assets of Signature Bank with the exception of $4 billion in crypto-related deposits. FDIC said it will dispose of these assets on its own, while it was rumoured that potential bidders had asked to buy the bank’s crypto assets, but were told they could not bid for this part of Signature’s business. Federal Home Loan Bank of San Francisco has allegedly forced Silvergate...

 by Prague Morning Mar 24, 2023

Czech Republic Extends Ban on Issuing Visas to Russians and Belarusians

The restriction will be in effect at least until March 31, 2024. The measure concerns both citizens of Russia and citizens of Belarus. The portal of the Czech Cabinet of Ministers states that until March 31, 2024, a ban on issuing visas and permits for long-term residence in the country to citizens of both countries. The ban also extended to Russians and Belarusians with other citizenship. They will not be able to apply for a Czech visa or residence permit, except for humanitarian and a number of special cases. The Ministry of Culture of the Czech Republic proposed the Foreign Ministry to expand the list of exceptions for trips that benefit the country from a cultural point of view. The proposal was rejected because it could contradict the directives of the European Union, and the Czech embassies would have problems with the interpretation of the vague term “benefit from a cultural point of view”. At the same time, the Vietnamese authorities are going to extend the visa-free stay in the country for Russian tourists from 15 to 30 days. Since the opening of the country to foreign tourists after the pandemic, the recovery of the tourism industry and the economy...

 by Prague Morning Mar 23, 2023

Czechia Calls for German Leadership in European Security

Czech President Petr Pavel has called on Germany to take on a leadership role in European security efforts that would inspire other countries as he visited Berlin on Tuesday. According to Pavel, Germany should take the leadership position and “initiating role” in several areas, including the economy, the security and military efforts and the reconstruction of Ukraine. “We are beginning to write a new chapter in European history, and I am convinced that a country like Germany can play a decisive role in this phase,” said Pavel after meeting his German counterpart Frank-Walter Steinmeier. His comments, however, come after weeks of intense pressure from European partners was needed for Berlin to lift its blockage of providing Leopard II tanks to Ukraine. Since the tanks are German-made, other countries or private companies willing to send them to Ukraine needed the German government’s approval. According to FAZ, the Czech president recommended speaking of German responsibility instead of leadership. There is often talk of “German leadership,” Pavel said, which would be a “sensitive issue” in some countries. He pointed out that his counterpart Steinmeier had spoken of German responsibility and said: “I would be happy if we could call that German responsibility.” “Germany can demonstrate its...

 by Prague Morning Mar 22, 2023

Czech Delegation of More Than 160 Officials and Experts to Visit Taiwan

Czech Chamber of Deputies Speaker Markéta Pekarová Adamová is scheduled to lead a delegation of more than 160 officials, reporters, and experts to visit Taiwan this weekend. It will be the biggest delegation to visit Taiwan since Czech Senate President Miloš Vystrčil visited Taiwan in 2020. The delegation’s itinerary also includes speaking at the legislature and attending a meeting on economic cooperation and a forum on net-zero cities. The Czechs’ centre-right government has sought to develop relations with Taiwan which has become one of the leading foreign investors in the EU member state. Newly elected Czech president Petr Pavel drew a sharp rebuke from Beijing in January after taking a call from Taiwanese President Tsai Ing-Wen, a clear shift from his predecessor’s attempts to win Chinese business. The Foreign Ministry says Taiwan and the Czech Republic are partners with similar principles and interactions between the two countries have been increasing. China, which claims Taiwan as its own, has called lower house speaker Marketa Pekarova Adamova’s planned trip, due take place on March 25-30 after a stop in South Korea, a “wrongful decision”. “From Taiwan’s perspective, this is the largest foreign visit in its modern history, and from our perspective it is the...

 by Prague Morning Mar 21, 2023

Prague Sees Growth in New Businesses Registered by Ukrainians and Russians

New statistics reveal the influx of self-employed Ukrainians and Russians within the Czech Republic over the course of 2022 and 2023. Between 2019 and 2021, 207 Ukrainian entrepreneurs registered a new business per month, while in 2022, the average grew to 710 per month. A similar trend is apparent with Russian entrepreneurs as well, with 63 businesses registered each month in 2022 – an increase from the 51 per month before the Russian invasion of Ukraine. These trends were reflected in recent analysis by the Czech Credit Bureau (CRIF). “The largest number of Ukrainians started business here from last August to November, when more than a thousand entrepreneurs of Ukrainian nationality started their activities every month. In some months, this was as much as 18 percent of the total number of new entrepreneurs in the Czech Republic. For January and February this year, the monthly average is already lower, i.e. 708, which is still a lot compared to the years before the war,” said Věra Kameníčková, CRIF analyst. Since March 2022, 15% of new businesses registered were in the manufacturing and construction industries, with nearly a third of these businesses founded and operated by Ukrainian entrepreneurs. Russian entrepreneurs on the...

 by Richard Golbeck Mar 19, 2023

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