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Everything is currently at stake in the Czech Republic. About how long and painful inflation will be. About how drastically people feel the meaning of the hitherto unknown word stagflace. It decides on the future condition of the Czech economy, and thus also the domestic banking sector, which is tied to it with the umbilical cord. The future can be bright, as well as damn dark. “If we raise wages according to inflation and not productivity, we will never tame inflation. We have had such a situation before and we managed it, “says the head of Česká spořitelna Tomáš Salomon with hope.
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Mortgage owners, whose fixations end this year and did not take advantage of last year’s more favorable conditions, may be very surprised by the new amount of their installment. Banks will offer them a new rate of up to four percent when refinancing or refixing. For most households, this will mean a doubling of interest and an increase in the monthly payment by thousands of crowns. According to experts, some households will reach the limit of their family budget and will have a problem repaying their mortgages.
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Extreme weather fluctuations, unexpected overstepping of pilots and loads of hundreds of kilograms of weapons. Such challenges must be met by an engine designed to power hundreds of the European Union’s first ever military drones in the coming years. As the Italian Avio Aero won the Airbus tender together with GE Aviation, the Eurodron engine will be manufactured in the Czech division of GE Aviation. We therefore went to the plant in Letňany, Prague, to capture and describe the work on the machine that will power the first fleet of highly armed drones under the EU flag.
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The engine of the Czech economy is starting to falter and is calling for help from the state. The automotive industry lacks chips, wiring harnesses and other parts. Therefore, the production of cars not only in the Czech Republic, but in the entire European Union this year was well below its capabilities. The extensive domestic network of suppliers is shrinking orders at a time when it is facing a sharp rise in the prices of electricity, gas, raw materials and materials and strong pressure to increase wages in an era of rising inflation.
The SAWER air water production technology developed at CTU is close to the arms of the Czechoslovak Group (CSG) of billionaire Michal Strnad. Following the success of the EXPO in Dubai, where SAWER received the award for Best Innovation from an organization under the auspices of Dubai’s Sheikh Muhammad bin Rashid Maktum, the authors are looking for a company that will mass-produce the equipment. Czechoslovak Group competes for interest with companies from abroad.
The specter of a gas shortage is hovering over Europe. As early as May, most EU countries risk being disconnected from Russian sources. In addition to the production of electricity and heat, it will also affect industrial companies that use natural gas directly in production. In the Czech Republic, glassworks, cement plants, but also fertilizer producers and food producers are particularly at risk.
Last year, the semi-state CEZ Group committed itself to building renewable sources of up to six gigawatts by 2030, ie three times the Temelín power plant. In the first call of the Modernization Fund, it has already secured an investment subsidy for seventeen solar parks, in the second, probably May, it wants to surpass this number. In addition, CEZ admitted for the first time that it would like to help itself with the set “green” goal by building windmills. “It won’t be right away – in two, and probably in five years. But we will build something, probably in the lower tens of megawatts in total, ”estimates Jan Kalina, head of the Renewable and Classic Energy Division and a member of the ČEZ Group Board of Directors.
VIDEO: The Czech Republic’s plan to shut down gas supplies
The Czech Republic’s plan to shut down gas supplies • VIDEO Videohub
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The disputes subsided. The billion-dollar development project around the Nádraží Holešovice metro station will be the joint work of investors from the Karlín Group, CPI Property Group of billionaire Radovan Vítek and the Prague Transport Company (DPP), which will invest its land in it. Their company, Nové Holešovice, will be the first to reconstruct the northern vestibule of the station, over which it will build offices, shops and flats.
One of the most important companies in the video game business in the world will use the results of the development of the Czech Technical University in Prague in its software. The American Epic Games, which created the game hit Fortnite and is co-owned by the Chinese colossus Tencent, began testing the RealityScan application developed by the Slovak company Capturing Reality. The application can scan objects in the real world via a mobile phone and then convert them into three-dimensional virtual objects. This could revolutionize the creation of virtual content.
Within two years, EU regulation will probably come into force, which will have a significant impact on local companies operating in the field of virtual currencies. It mainly concerns crypto-exchange operators, exchange offices, bitcoinmats or token issuers. Experts talk about the effects on the market comparable to the situation when the regulation of non-bank lenders was introduced. Thus, the offer of services for Czechs will probably be significantly reduced, thanks to which virtual currencies can be exchanged for crowns in their native language. However, according to their drafters, the new rules should contribute, among other things, to fewer people hitting fraudsters.
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