Czech Republic - Factors To Watch on April 24

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ECM EARNINGS

Property group ECM Real Estate Investments releases 2006 results and hold an annual and extraordinary shareholders' meeting in Luxembourg.

[RTRS-LEN-CZ-ECMPsp.PR]

PHILIP MORRIS TO VOTE ON DIVIDEND

Cigarette maker Philip Morris CR holds an annual shareholders' meeting and is expected to vote on a proposal to pay dividends on last year's profits.

[RTRS-LEN-CZ-TABKsp.PR]

CEZ DIVIDEND, BUYBACK

Shareholders of CEZ , central Europe's largest power firm, approved a plan to buy back 10 percent of the firm's shares on Monday to cut capital and meet option scheme requirements.

[nL23519670] [nL17405598] [RTRS-LEN-CZ-CEZPsp.PR]

FISCAL DEFICIT

The Czech Republic expects to post a fiscal deficit of 4.0 percent of gross domestic product (GDP) this year, in line with earlier projections, the Finance Ministry said.

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FACTBOX ON GOVT'S TAX AND SPENDING PLANS....[ID:nL03553262]

MISSILE SHIELD

U.S. Defense Secretary Robert Gates invited Russia to become a partner in its missile defence activities on Monday but his hosts made clear they were still against a planned missile shield in Europe.

Washington says it wants to station elements of its shield in Poland and the Czech Republic to protect from missile attacks by so-called "rogue states" such as Iran or North Korea.

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REUTERS POLL: TELEFONICA O2 EARNINGS SEEN UP

First-quarter net profit is set to jump 8 percent year-on-year at Telefonica O2 Czech Republic as solid mobile revenue growth helped offset the costs of launching a cellular unit in Slovakia, a Reuters poll showed.

[nL2396305] [RTRS-LEN-CZ-SPTTsp.PR]

RESEARCH ALERT: CREDIT SUISSE CUTS TELEFONICA O2

Credit Suisse downgraded phone group Telefonica O2 Czech Republic to "underperform" from "neutral," citing market valuations and its expectations of a more difficult environment.

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EUROBOND ISSUE

The Czech Republic will raise at least 1 billion euros if it returns to international debt markets with a euro-denominated sovereign Eurobond issue later this year, Deputy Finance Minister Eduard Janota told Reuters.

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C.BANK TURNS MORE HAWKISH

A subtle shift in Czech central bank (CNB) chief's rhetoric towards a hawkish view on inflation is giving the CNB free hand to raise interest rates before July, earlier than markets have expected.

[nL1993581] [RTRS-LEN-CZ-CEN-PLCY]

In a Reuters poll among 17 CNB watchers taken after Tuma's comments, all predicted stable rates next week and only two mentioned the probability of a next rate hike in the second quarter. The rest stuck to the forecast of a 25 basis point rate increase no earlier than in July [CNB/INT].

REUTERS POLL ON INTEREST RATE FORECASTS......[ID:nL19109899]

C.BANKERS' RECENT REMARKS ON POLICY..........[ID:nL19132137]

FACTBOX ON C.EUROPE C.BANK MEETINGS..........[ID:nL23260415]

For overview of economic data and forecasts click on 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