September 14, 2012 / 6:26 AM / 7 years ago

Czech Republic - Factors To Watch on Sept 14

PRAGUE, Sept 14 (Reuters) - Here are news stories, press
reports and events to watch which may affect Czech financial
markets on Friday. 
    ALL TIMES GMT (Czech Republic: GMT + 2 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 - Finance Ministry to detail Q2 government debt
figures at 0700 GMT.
    Related news: 
==========================TOP NEWS============================= 
            
    CEE MARKETS: Central European currencies retreated on
Thursday as investors waited for comments from a key U.S. Fed
meeting, led by the forint of Hungary where the central bank's
governor confirmed a deep split among monetary policy makers. 
    Story: Related news: 

    CEE POWER: Central European spot power fell on Thursday on a
surge of wind power in the region as the price in Hungary
diverged slightly from the Czech Republic and Slovakia, traders
said.
    Story: Related news: 
==========================PRESS DIGEST==========================
    REBELLIOUS DEPUTIES: Six rebellious deputies of the Czech
ruling Civic Democratic party (ODS) who defected last week
during a vote on a crucial tax bill causing a political crisis,
unveiled their demands in a joint statement. 
    They want the value added tax rates (VAT) stay unchanged at
14 percent and 20 percent or merge at 17.5 percent as of next
year as assumed in the current law, rather than a 1 percentage
point increase in both rates assumed in the rejected bill.
    They want proceeds from privatisations, rather then tax
hikes, to finance the planned pension reform and church property
restitution. 
    Hospodarske Noviny, page 17
    
    CONFIDENCE VOTE: After the lower house of the parliament
voted down the package including a VAT increase needed to put
together the budget, Necas vowed he would submit the law again
and link it with a confidence vote in his government. 
    Most constitutional lawyers agree that the confidence vote
should be linked with an approval of the tax package in the
third reading. In this case, the cabinet would only need a
majority of present deputies.
    A smaller number of lawyers say it should be tied with the
vote overriding a potential Senate veto. The government would
then need an absolute majority of 101 votes.
    The communists want to block the vote on the package for
three months, which would mean the automatic fall of the
government. It would need the support of the main leftist party
the Social Democrats (CSSD). CSSD is considering it. However its
chief Bohuslav Sobotka said a three-month filibustering would
mean there would be no 2013 budget and his party did not want a
provisional budget.
    Pravo, page 4
    
    Reuters has not verified the media reports, nor does it 
vouch for their accuracy.
       
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 (Reporting by Prague Newsroom)
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