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The Prague Post The Prague Post Readership Survey - 2005
, 2004
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BANKING & FINANCE HEADLINES

THE PRICE OF OVERSPENDING [Feb. 03, 2005]
High budget deficit may cost the country billions of crowns in EU subsidies

Investment lessons [Jan. 20, 2005]
New TV series aims to turn viewers into investors on PSE

Crossing frontiers to safeguard the new euro [Jan. 20, 2005]
Security company wins contract with Austrian banks

Playing With Numbers [Jan. 06, 2005]
The state claims to be decreasing annual expenditures -- opposition groups say it's just an accounting trick

The cost of getting to work [Jan. 06, 2005]


Left Behind [Dec. 16, 2004]
Almost three-fourths of Czechs say the privatization process of state-owned property after 1989 was unjust and benefited the few

Weak dollar brings U.S. bank to local market [Dec. 16, 2004]
KeyCorp to launch services in early 2005

Falling Like Leaves[Dec. 2, 2004]
Czech economy so far unfazed by declining dollar

CASHING IN ON CREDIT [Nov. 4, 2004]
Banks partner with popular brands to promote credit cards

Long overdue [Oct. 21, 2004]
Changes to regulations allow private pension funds to invest in foreign firms; state considers including private funds in public pension reform

All time high [Oct. 7, 2004]
Trading on Prague Stock Exchange hits 10-year record

Room to grow [Sept. 23, 2004]
Foreign financial firms poised to dive into new EU-member markets

Easy money [Sept. 9, 2004]
Police react to nationwide rise in popularity of bank robberies with special task force that aims to catch crooks redhanded

Let's make a deal [Aug. 26, 2004]
Investors are eyeing the equity market despite sporadic results

A World away [Aug. 12, 2004]
Jana Matesova is preparing to wrap up her highly successful six-year term at the World Bank in October

Global warming [July 29, 2004]
A maturing bond market is changing how debt and securities traders view the local landscape

Loans to smaller business increase [July 29, 2004]
Lender confidence and bank competition boost number of loans

Capital gains? [July 15, 2004]
Polish firm opens venture fund office, but a dearth of IPOs is likely to keep investment low

Clash of the Titans [July 1, 2004]
Financial giant PPF takes on CSOB over guarantees to bank

Keep the change [June 17, 2004]
Some banks are doing away with currency exchange commissions

Student loans [June 3, 2004]
Banks are betting incentives and offers on clients with bright futures

Bank shot [May 20, 2004]
Financial institutions join forces to lobby for new bankruptcy legislation

Banking on bonds [May 6, 2004]
Government hopes euro bond issue can help curtail debt


IN BRIEF

CROWN • The Czech National Bank (CNB) unexpectedly cut interest rates a quarter of a percentage point Jan. 28. The primary interest rate, or repo, fell to 2.25 percent Jan. 28. The move was an effort to weaken the crown, according to economic analysts. The Czech currency reacted immediately by falling 20 hellers to 30.25 Kc ($1.30) against the euro before experiencing a slight recovery. Following the cut, commercial banks began lowering mortgage rates.

GROWTH • The CNB cut its estimate for gross domestic product growth for this year from between 3.8 and 5.2 percent to 3.2 to 4.4 percent, CNB Governor Zdenek Tuma said Jan. 27. The bank's move was prompted by the strength of the crown, which could harm the economy if it continues rising, and concern that major EU economies might face economic slowdowns this year.

PROFITS • Ceska sporitelna announced 2004 net profit growth of 5.5 percent year on year to 7.7 billion Kc ($333.3 million). The increase was mainly the result of a higher operating profit and continued loan growth. In 2003 the bank posted a net profit of 7.3 billion Kc. Net interest income rose 10.5 percent to 5.8 billion Kc from 14.3 billion Kc the previous year, while the bank's operating profit rose 28 percent to 10.4 billion Kc from 8.1 billion Kc in 2003.

SUPERVISION • Greater influence and more involvement by supervisory boards of banks operating in the country were the recommendations of the World Bank. Although the banking sector is stable, it said, the respective powers of management and supervisory boards should be more clearly defined.

REPORT • Despite positive growth, the Czech economy has many weaknesses, according to a report by the European Commission released Jan. 27. Labor productivity is growing too slowly, and the government's efforts to decrease the budget deficit, while positive, are insufficient, according to the report.

LOSS • The Czech National Bank (CNB) recorded a 53.7 billion Kc loss in 2004, the highest ever, the bank said Jan. 31. The strong crown caused the loss by decreasing the currency value of the bank's reserves. The CNB is expected to stay in the red as the economy catches up with the rest of the euro zone in the coming years.

FUND • Akro mutual funds, formerly CS fondy, resumed trading Jan. 31. Trading was suspended Jan. 26 after a Prague district court ruled that the Czech Republic must pay CS fondy 2 billion Kc. The verdict is not effective yet, and the government intends to appeal the decision, said Marek Zeman, Finance Ministry spokesman.

Best of Prague 2005


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