Latest news with #Prague
Reuters
33 minutes ago
- Business
- Reuters
CEE ECONOMY Czech economy accelerates in first quarter on higher household spending
PRAGUE, May 30 (Reuters) - Czech economic output jumped by a faster-than-predicted 0.8% in the first quarter, the highest since late 2021, driven by a strong rebound in household spending and inventories, the Czech Statistical Bureau (CSU) said on Friday. The result marked an increase from a flash estimate of 0.5% expansion, and put year-on-year growth at 2.2%. The central European economy has been slow to recover from the COVID pandemic, which was followed by an inflation wave, high energy prices and weak demand in main trade partner Germany. A gradual rebound in real wages, as inflation waned, has been the main driver of the recovery. The CSU said household demand contributed 1.5 percentage points to the year-on-year expansion, followed by inventory adding 1.3 points, government spending with 0.4, while foreign trade and capital investments had negative contributions. "The year-on-year result is the best in nearly three years and was caused mainly by growing household spending," said Petr Dufek, chief economist at Banka Creditas. "The first quarter result lays the ground quite well for the full-year growth of roughly 2%." Chief Economist Pavel Sobisek of UniCredit CZ+SK said momentum would help the economy going forward but there would be negative effects of U.S. tariff policies. "That will undoubtedly cause fluctuations of growth and its overall reduction versus a situation of tariffs not being imposed," he said in a note. The crown was trading flat versus the euro at 24.945 .
Associated Press
an hour ago
- General
- Associated Press
Czech Republic accuses China of ‘malicious cyber campaign' against its foreign ministry
PRAGUE (AP) — The Czech Republic has accused China of being 'responsible' for cyberattacks against a a communication network of its Foreign Ministry, officials said on Wednesday. The Foreign Ministry in Prague said the malicious activities started in 2022 and targeted the country's critical infrastructure, adding it believed the Advanced Persistent Threat 31, or APT31, hacking group, which is associated with the Chinese Ministry of State Security, was behind the campaign. It was not immediately clear what specific information were seized or what damage was caused by the attacks. The Czech ministry said a new communication system has already been put in place. Foreign Minister Jan Lipavský said in a separate statement that his ministry summoned China's ambassador to Prague to make it clear to Beijing 'that such activities have serious impacts on mutual relations.' 'The government of the Czech Republic strongly condemns this malicious cyber campaign against its critical infrastructure,' the statement said. 'Such behavior undermines the credibility of the People's Republic of China and contradicts its public declarations.' The Chinese Embassy dismissed the Czech accusations as 'groundless.' It said China fights 'all forms of cyber attacks and does not support, promote or tolerate hacker attacks.' The United States denounced the Chinese activities and called on China to stop it immediately, the U.S. Embassy in Prague said in a statement. It said ATP31 previously targeted U.S. and foreign politicians, foreign policy experts and others. 'APT31 has also stolen trade secrets and intellectual property, and targeted entities in some of America's most vital critical infrastructure sectors, including the Defense Industrial Base, information technology, and energy sectors,' the embassy said. NATO and the European Union also condemned the attack and expressed solidarity with the Czechs. 'We observe with increasing concern the growing pattern of malicious cyber activities stemming from the People's Republic of China,' NATO said. 'This attack is an unacceptable breach of international norms,' Kaja Kallas, the EU's foreign policy chief, said. 'The EU will not tolerate hostile cyber actions.' In a separated cyberattack in 2017, the email account of then Czech Foreign Minister Lubomír Zaorálek and the accounts of dozens of ministry officials were successfully hacked. Officials said the attack was sophisticated, and experts believed it was done by a foreign state, which was not named then.
Reuters
18 hours ago
- General
- Reuters
Czech Republic cools on near-term move of Israel embassy to Jerusalem
PRAGUE, May 29 (Reuters) - The Czech Republic will move its embassy in Israel to Jerusalem "at the right moment", Prime Minister Petr Fiala said on Thursday, cooling the likelihood of a near-term move that the government had signalled after the 2023 Hamas attack on Israel. The Czech Republic has been a strong ally of Israel on the international scene, at times breaking ranks with EU allies in United Nations votes on Middle East affairs. After the October 2023 attack, Fiala said the embassy move to Jerusalem from Tel Aviv could come in a matter of months, but on Thursday he indicated the move was some way off. "Let's make it clear: The Czech Republic will move the embassy, because it is right, the question is not if but when," Fiala told a hearing in the upper house of the Czech parliament. He said the move should come at a time when Israel is not in a state of war with Palestinian militant group Hamas in Gaza, and ideally when the Abraham Accords, a series of normalisation agreements between Israel and Arab nations, are widened to include more partners. "Let's be a little patient, but at the same time ready to make this step as soon as the right moment arrives." The Czech Republic opened a diplomatic office in Jerusalem in 2021, a step that drew protests from the Palestinian Authority and the Arab League. It would be the second NATO country to move its embassy to Jerusalem after the United States, which did so in 2018 under the first Trump administration. It would be the first European Union state to move its embassy. Israel's government regards Jerusalem as the eternal and indivisible capital of the country, although that is not recognised internationally. Palestinians want East Jerusalem - which Israel captured in the 1967 Middle East war and later annexed in a move not recognised internationally - as the capital of a future Palestinian state.
Daily Mail
19 hours ago
- Business
- Daily Mail
Major travel company allows tourists to 'live like a Kardashian' with European private jet tour for under £600 a day
A major travel company has launched a new holiday that's designed to give holidaymakers the chance to 'live like a Kardashian'. Luxury Escapes' new European charter tour lasts for 25 days and will take holidaymakers to some of 'Europe's most sought after destinations'. But it's pretty exclusive as the 'Ultimate Europe' adventure will only be running once. The tour will take place on a Luxury Escapes chartered A320-200 aircraft stopping at private airport terminals at Prague, Bergen, San Sebastian, Porto, Marrakesh, Champagne, Sicily, Dubrovnik and Istanbul. Guests will enjoy 'all-inclusive local culinary experiences', including 'secret street food tours' and 'gourmet vineyard dinners'. Experiences include a trip on the Flam Railway through Norway's fjords and a stay at the Afagay Desert luxury camp in Morocco. In Sicily, guests will stay at a beachfront hotel in Taormina with a 'private beach surrounded by carved rock'. The exclusive tour also includes a stay at a vineyard hotel in the Champagne region which includes a vineyard tour and wine tasting with local producers. The 25-day adventure will end with a farewell celebration at the 'iconic' Ciragan Palace Kempinski Istanbul, a hotel located in a former Ottoman Imperial Palace. The tour will take place on a Luxury Escapes chartered A320-200 aircraft stopping at private airport terminals at Prague, Bergen, San Sebastian, Porto, Marrakesh, Champagne, Sicily, Dubrovnik and Istanbul But the premium adventure doesn't come cheap. The trip will set guests back £595.20 a day with the full tour costing from £14,384 per person. Set to depart on April 12 2026, the tour is described as a 'once-in-a-lifetime' experience. With just 140 spaces available, holidaymakers will need to move fast if they want to secure a place on this exclusive adventure.
Bloomberg
19 hours ago
- Business
- Bloomberg
Czech Election Frontrunners Prepare State Buyout of CEZ Utility
The Czech Republic's most popular political party pledged to seek full state ownership in power producer CEZ AS to boost energy security if it returns to government after elections due in October. The ANO group, headed by billionaire former Prime Minister Andrej Babis, is weighing three different paths to raise the government's ownership to 100% from 70%, the party's deputy leader Karel Havlicek said in an interview.
