Ales Michl News
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Hungary is heading toward joining the Czech Republic and Romania in a recession as austerity measures across Europe damp demand for exports and sap consumer spending.
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Czech Prime Minister Petr Necas warned snap elections may be held quickly if the smallest member of the three-party ruling coalition makes good on its threat to quit amid preparations to cut the budget deficit.
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Robert Fico, Slovakia’s next prime minister, pledged to bring the country in line with European Union efforts to fight the sovereign-debt crisis after toppling a government that held up the euro region’s rescue mechanism.
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Central and east European companies need to expand exports to Asia and the Americas as cutbacks in restocking inventories, the main driver of the region’s recovery, risk stalling growth in 2011, Raiffeisen Bank International AG said.
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Czech Property Investments AS became the country’s biggest acquirer of offices and retail buildings last year. In most cases, it was the only bidder.
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Rising oil prices driven by turmoil in North Africa and the Middle East may undermine eastern Europe’s economic recovery because industry in the former communist region is less energy efficient than in the west.
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Czech Premier Petr Necas will seek to resolve squabbling over Cabinet posts that threatens to strip his coalition government of its parliamentary majority as lawmakers prepare to debate bills overhauling public finances .
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The Czech central bank will probably keep its benchmark interest rate at a record low for a 14th month as the euro area’s debt crisis threatens the eastern European country’s economic recovery.
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In the rural eastern corner of the Czech Republic, residents of Frydek Mistek thought they were finally close to getting the new road they craved for 14 years.
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