Czech Republic - Factors To Watch on March 23

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NO ECONOMIC DATA RELEASE DUE ON FRIDAY

- For real-time economic data releases and market consensus forecasts, double click on the code in brackets:

[RTRS-LEN-CZ-ECI]

PHILIP MORRIS CR PROFIT WEAK

Unconsolidated net profit of cigarette maker Philip Morris CR dropped to 1.65 billion crowns ($78.95 million) in 2006 from 3.05 billion in 2005, below market expectations.

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"We expect a sharp drop in the stock ... Philip Morris keeps 100 percent pay out ratio, the dividend per share will drop to 600 crowns from last year's 1,112 crowns, versus expected 810 crowns," said Petr Bartek, analyst at Ceska Sporitelna, in a morning note to investors.

- For analysts' expectations of Philip Morris' earnings, double click on [ID:nL22311669].

CZECHS PLAN TO RESUME DEBT BUY-BACKS

The Czech Republic plans to re-launch buy-backs of outstanding state debt later this year, seeking to mirror the approach of other European Union countries in supporting market liquidity, officials said.

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OKD PARENT EYES IPO

New World Resources (NWR), the parent company of Czech black coal mining group OKD, is planning an initial public offering in Prague and London this autumn, its owner told the Web edition of Czech Business Weekly.

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GERMANY PUSHES 2009 DEADLINE FOR EU RENEWAL

A "Berlin Declaration" marking the 50th anniversary of the European Union on Sunday will call for the bloc to overhaul its creaking institutional structures by 2009, a partial draft seen by Reuters showed.

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POLL: RATES SEEN ON HOLD

The central bank will keep interest rates flat for several months before beginning to tighten policy, a Reuters poll showed.

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- For individual poll answers, click on [ID:nL21449308].

- For earlier interest-rate predictions, see [CNB/INT].

OPPOSITION NARROWS GAP

The leftist opposition Social Democrats narrowed the gap with the governing coalition, an opinion poll showed.

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- For most recent stories on Czech politics, double click on [RTRS-LEN-CZ-POL].

Overview of past economic data and market forecasts For Instant Views of key economic data click on [CZ/INSTANT] For summary of economic data and forecasts For diary of forthcoming Czech events [CZ/DIARY] For calendar of east European economic indicators [CONV/DIARY] TOP NEWS -- Emerging markets [TOP/EMRG] TOP NEWS -- Convergence watch [TOP/EAST]

For an economic indicator diary for the euro zone, the United States and other Group of Seven countries see

For real-time stock market index quotes click in brackets: Warsaw WIG20 Budapest BUX Prague PX

News editor of the day: Alan Crosby on +420 224 190 477; fax: +420 224 229 935

E-mail: prague.newsroom@reuters.com

Reuters Messaging: alan.crosby.reuters.com@reuters.net