Czech economics increased

Posted by bara 25/07/2014 at 12h28

In the first quarter of this year, the gross domestic product was increased by 2.9%, that means by 0.4 percentage point more than it was expected in the previous estimate published on 4 June. According to the refined estimate, the gross domestic product (GDP) for the first quarter 2014 adjusted for price effects increased by 2.9%, year-on-year, and in the quarter-on-quarter comparison by 0.8%. The GDP development was positively influenced by increasing domestic and foreign demand as well as very low comparison basis of the last year.


Correction of the previous estimation year-on-year GDP growth from 2.5% to 2.9% caused mainly correct wrongly completed questionnaires and model calculations for statistically surveyed businesses with updated using administrative data on value added tax.

Historically the highest comparable GDP level was reached by the economy of the Czech Republic in the third quarter of 2008 right before impacts of the global financial crisis related to the fall of Lehman Brothers investment bank. Performance of the economy measured by q-o-q GDP changes underwent major fluctuations during the last five and half years. A sharp drop by 5.6% in total (that lasted for three quarters) was followed by gradual recovery by 4.8% in total (during 2 years). The second wave of recession that started in the third quarter of 2011 was longer (it lasted for 7 quarters), however, it was not so deep – the total decrease did not exceed 2.7%. Starting with the

In the sekond quarter of 2013, the economy is again growing, quarter to quarter; for the last four quarters it was by 2.9% in total and thus it is only 1.0% under the level of the maximum from the third quarter of 2008. The development during the last two quarters indicates that the GDP growth has been gradually accelerating.

no comments

Unification of consumer rights in the EU

Posted by bara 21/07/2014 at 12h07

The principle of unification of national legislation, which is controlled by the directive of consumer rights, prevents to members of EU if they want introducing new or retain existing different rules. Members of EU had included changes in consumer right to their legislation until 13 June 2014. From this date must be all these legal systems regulating relationships between consumers and traders in the entire EU put into effect. The reason for these changes in all EU countries are ensure a minimum standard of protection and also fully release the consumer market and ensure the same rules to all EU citizens. The bad implementation of changes means sanctions from EU.

Flag of the European Union

In the Czech Republic were the directives of consumer rights incorporated into the new Civil Code, which was revised after almost half a century and came into force in early 2014. The Czech Republic fulfilled the correct date changes, but the introduction of these changes contains a lot of mistakes. An example might be to eliminate the consumer's right of withdrawal from service contracts – Civil Code, the law does not give the consumer if the services were met before the deadline for withdrawal. However, the directive recognizes the right to cancel the contract until the time of service in full. The Czech Republic disregarded some of the rules. For example, the 30-day deadline for delivery of the goods, if this were not parties agreed delivery time. Furthermore Czech directive does not contain a right of withdrawal of subscriptions to newspapers and magazines. The fundamental error is to limit the automatic cancellation of the loan in the amount of five thousand during withdrawal, which are protected in the Czech Republic, those who have contracted a distance, but not to those who have concluded away from business premises.

no comments

Did you know about the possibility of retroactive payments?

Posted by bara 11/07/2014 at 08h28

In certain cases, this tool can mean only one chance to get your money from a dishonest merchant back. The condition is that the consumer paid his purchase by credit card on the internet. An example might be a bankrupt of Malév Hungarian Airlines. Passengers who paid for flights of the carrier by credit card, received their money overwhelmingly back. Those who pay for the services ordered by cash or bank transfer, were not so lucky.
credit cards
Bank tool called Postpay or chargeback is not original bank product, it is an additional service to the cards by Visa Europe and MasterCardEurope company to have a certain advantage for cardholders against consumers paying in cash. Most often, it is used when buying on the Internet and use transport goods on delivery. if a customer does not receive what ordered cash on delivery, he is dependent on the complaint process. If the trader does not communicate, help a court. However, if the customer paid by a card, he can requests the bank for assistance and demands the return of his funds using the retroactive payments. Basically, bank of consumer asks the merchant bank for the return of amount paid. This procedure can be used in case of problems when customer is buying on the internet in domestic e-shops or retailers in other EU countries. It helps in situations where the customer did not get what he paid or he was charged more money. Among other typical claims ending by chargeback are unpaid cash at an ATM, duplicate payments at merchants and other fraudulent payments via the Internet, flight cancellation, the customer who bought the tickets by card, additional billing transactions from merchants and counterfeit cards. The retroactive payment can also ask if the trader denied the right to withdraw from the contract or cannot meet its obligations due to insolvency. Banks are not required by law to carry out this retroactive payment. If customer has a problem, he should immediatelly contact his bank at first and request that retroactive payments. The application is suitable to support by documentation (copies of communication with the trader or confirmation of the fact that a trader was in bankruptcy). Number of chargeback keeps growing, which is associated with a higher frequency of use of credit cards.

no comments