Prague

Czech coal miner NWR to buy 25 per cent in Ukrainian iron ore firm

Prague - Czech coal miner New World Resources (NWR) said Monday it plans to buy a 25-per-cent share in the Ukrainian iron ore pellet producer Ferrexpo from RPG Industries, NWR's majority shareholder.

The mining group said it will pay 163.3 million euros (220.1 million dollars) for the stake that RPG Industries bought earlier in October.

"We are taking advantage of a unique market opportunity to secure a significant holding in Ferrexpo at an attractive valuation," NWR's executive chairman Miklos Salamon said in a statement.

NWR said the acquisition will be fully funded from its cash position that stood at 668 million euros on June 30.

Counting begins in Czech regional and Senate elections

Prague MapPrague- Counting began in the Czech Republic's regional and Senate election Saturday as polling stations closed.

Czechs were picking 27 from 81 members of the upper house, the Senate, and governments of country's 13 regions.

Both the Senate and regional governments have been controlled by the senior ruling Civic Democratic Party of Prime Minister Mirek Topolanek.

Analysts expect Topolanek's party to lose its dominance, which could affect his rule and country's ratification of EU's reform Lisbon Treaty just months before the Czech Republic's presidency of the 27-member bloc.

Czech Republic votes in regional and Senate elections

Czech Republic votes in regional and Senate elections Prague - Czech voters Friday began casting ballots in regional and Senate elections that could shake up Czech Prime Minister Mirek Topolanek's rule and affect the country's ratification of the EU Lisbon Treaty.

The Czech Republic has been divided into 14 regions since 2000. Their governments have been since dominated by Topolanek's senior ruling Civic Democratic Party.

Prague, also a Civic Democratic bastion, is officially a region but its government is elected in a municipal election that last took place in 2006.

Czech government agrees to raise savings guarantees to 50,000 euros

Prague, CzechPrague - The Czech government approved a legislative proposal Tuesday that doubles savings guarantees to 50,000 euros (68,000 dollars) in a bid to prevent people from pulling out their money from Czech banks, officials said.

"This step should contribute to absolute confidence of savers in our system," Prime Minister Mirek Topolanek said.

The Czech Republic currently protects 90 per cent of retail bank deposits up to 25,000 euros.

Kundera denounced Western spy to Communists

Prague - Acclaimed Czech-born writer Milan Kundera turned in a Western agent as a student during the Stalinist era, leading to the man's imprisonment at a labour camp, a magazine reported Monday.

Police records show that Kundera, then a 20-year-old Prague film student, denounced a young Czech exile who was spying in his native country in 1950, the Respekt weekly said.

Kundera, who later gained fame as an anti-communist dissident and international acclaim for his novel The Unbearable Lightness of Being, told Czechoslovak police that a former military pilot who worked for Western intelligence after escaping to Germany was staying with a female friend at a dormitory, the report said.

Murky past troubles Czech politicians as elections near

Murky past troubles Czech politicians as elections nearPrague - A murky post-communist past of privatization deals and influence peddling is catching up with Czech politicians of all stripes as election season nears. But will it have an impact?

Late Thursday, a 55-year-old Prague hotelier fatally shot a 40-year-old businessman after what likely was a petty brawl at a posh downtown restaurant.

Remarkable enough in one of Europe's most charming capitals and a nation with little gun crime, the shooting reverberated because of its political connotation.

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