March 14, 2012 / 7:33 AM / 6 years ago

Czech Republic - Factors To Watch on March 14

PRAGUE, March 15 (Reuters) - Here are news stories,
press reports and events to watch which may affect Czech
financial markets on Wednesday. 
    ALL TIMES GMT (Czech Republic: GMT + 1 hours) 
 
===========================ECONOMIC DATA========================	
    Real-time economic data releases................... 
    Previous stories on Czech data............ 
    Overview of economic data and forecasts......... 
    Updates on CEE currencies........................... 	
===========================EVENTS===========================	
    PRAGUE - The lower house of parliament to hold a session
(until March 23).	
    Related news: 	
      	
    PRAGUE - The Czech cabinet to hold a session
(www.vlada.cz/en/default.htm). News conference to follow.	
    Related news: 	
============================TOP NEWS==========================	
    OUTPUT ABOVE FCAST: Czech industrial output rose 3.2 percent
on an annual basis in January, just beating expectations and
accelerating from the previous month, statistics office data
showed.	
    Story: Related news: 	
    	
    PEGAS EARNINGS OUTLOOK: Czech synthetic textiles maker Pegas
Nonwovens is expected to post a 3.5 percent rise in
quarterly core profit due to dropping input prices, and higher
sales volumes boosted by a new a production line, a Reuters poll
showed. 	
    Story: Related news: 	
    	
    C/A PROPELLED BY FOREIGN TRADE: The Czech current account
showed a 14.18 billion crown ($758.58 million) surplus in
January, higher than analyst expectations of a 8.50 billion
crown surplus, the central bank (CNB) said.	
    Story: Related news: 	
    	
    CEE MARKETS: The Polish zloty fell 0.3 percent against the
euro on Tuesday after a much worse-than-expected current account
reading for January, while the Hungarian forint reacted little
to an EU decision to suspend aid to Hungary from 2013 for
failing to control its budget deficit.  	
    Story: Related news: 	
    	
    CEE POWER: Czech day ahead held steady on Tuesday as
forecasts for a rise in solar generation in the region offset a
predicted drop in wind generation levels while long-term prices
fell with carbon, traders said.	
    Story: Related news:   	
 ---------------------- MARKET SNAPSHOT ------------------------	
 Index/Crown Currency    Latest     Prev   Pct change Pct change	
                                    close    on day     in 2012	
 vs Euro        24.561     24.531    -0.12      3.85	
 vs Dollar         18.836     18.733    -0.55      4.54	
 Czech Equities    992.9      992.9       0.71      8.98	
 U.S. Equities 13,177.68  12,959.71      1.68      7.86	
 Pvs close or current levels vs prior domestic close at 1600 GMT	
==========================PRESS DIGEST=========================	
    BUDGET CUTS: Finance Minister Miroslav Kalousek is proposing
to scrap as of the next year the 24,000 crown ($1,300) annual
tax deduction for pensioners who continue to work. The proposal
is part of the plan to save 42.4 billion crowns to keep the
budget gap on target. 	
    The measure would mean an extra budget revenue of 2.5
billion crowns per year. As a compensation, retirees who earn
more than 840,000 crowns per year or receive more than 24,000
per month in pension benefits will not have to pay tax on their
pension, according to the proposal.	
    Labour Affairs Minister Jaromir Drabek aims to cut spending
by 3 billion crowns next year via tightening oversight over the
payments of the 80 billion crowns in welfare benefits.	
    Hospodarske Noviny, page 5 	
    	
    TAX HIKE: A planned rise of the value added tax rates to 15
percent and 21 percent as of next year from 14 percent and 20
percent now would bring the state coffers an extra income of
16.2 billion crowns in 2013, of which 9.9 billion would come
from raising the base, upper rate and 6.3 billion from raising
the lower rate, the paper reports, citing a finance ministry
document.	
    Hospodarske Noviny, page 5 	
    	
    RAIFFEISEN CHIEF ON CEE: Walter Rothensteiner, the head of
Raiffeisen Zentralbank, said the lender had temporarily
tightened lending conditions in the Czech Republic earlier this
year in a reaction to EU's requirements for higher capital
buffers. But those conditions were loosened again and the banks
wants to grow its lending activities in the Czech Republic.	
    Raiffeisen Group's loan-to-deposit ratio is at 120 percent
on average, which is a fairly normal level, Rothensteiner said.	
    He said he did not understand why some people talk about
increased risk when doing business in central and eastern Europe
as debt and deficit levels in those countries were only about
half of those in western countries.    	
    Hospodarske Noviny, page 15	
	
    Reuters has not verified the media reports, nor does it 
vouch for their accuracy.	
       	
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($1 = 18.6929 Czech crowns)	
	
 (Reporting by Prague Newsroom)

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