Czech Republic - Factors To Watch on April 25

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GOVT BOND AUCTION

The Finance Ministry offers an inaugural, 8 billion crown tranche of the new 10-year benchmark government bond through an auction.

- For auction details and results, click on .

[RTRS-LEN-CZ-GVD-ISU]

KOMERCNI ON DIVIDEND

Lender Komercni Banka holds an annual shareholders' meeting to discuss a proposal to pay dividends. The board of directors has proposed a gross dividend of 150 crowns per share.

[nL18421428] [RTRS-LEN-CZ-BKOMsp.PR]

CABINET MEETING

Cabinet meets in a regular weekly session. No market-related items are on the agenda.

A news conference is tentatively scheduled for 10 p.m. (2000 GMT).

[RTRS-LEN-CZ-POL]

HIGHER PRICE TARGETS ON CEZ

Wood & Company has upgraded Czech power utility CEZ to "buy" from "hold" and raised its share price target to 1,250 crowns from 1,075 crowns.

[nL25564037]

ING Wholesale Banking has raised its 12-month target price on shares in Czech power utility CEZ to 1,032 crowns from 1,007 crowns.

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

PHILIP MORRIS DIVIDEND

Shareholders of Philip Morris CR approved a 600 crown dividend per share, in line with analysts' expectations. [nL24163789] [RTRS-LEN-CZ-TABKsp.PR]

ECM VALUE

Property firm ECM's net asset value surged 199 percent year-on-year to 195 million euros ($264.6 million) in 2006.

[nPRA001265] [RTRS-LEN-CZ-ECMPsp.PR]

UNIPETROL INVESTOR FILES SUIT

A lawsuit has been filed seeking to annul a contract between Czech downstream oil group Unipetrol and Poland's Anwil over the sale of chemicals plant Spolana, plaintiff and minority shareholder Goldenfrazil said.

[nL24221403] [RTRS-LEN-CZ-UNPEsp.PR]

ATLANTIK CUTS KOMERCNI

Atlantik FT has downgraded its long-term recommendation on shares in the biggest listed Czech lender Komercni Banka to "hold" from "buy" but held its target price at 3,893 crowns.

[nL24715262] [RTRS-LEN-CZ-BKOMsp.PR]

DEUTSCHE UPS ZENTIVA

Deutsche Bank raised its price target on generic drug maker Zentiva to 2,000 crowns from 1,500 and kept a 'buy' recommendation on the stock. The news helped drive the share price to all-time highs.

[nL24455180] [RTRS-LEN-CZ-ZNTVsp.PR]

GENERALI MULLS CZECH DEAL

Italy's Generali will discuss a possible agreement with unlisted Ceska Pojistovna, the largest Czech insurer, at an extraordinary board meeting on Thursday, sources familiar with the issue said.

[nL24210155] [RTRS-LEN-CZ-GASI.MI]

C.BANK ON FISCAL OVERHAUL

An overhaul of Czech taxes and spending proposed by the government amounts to a "promising first step" to achieve healthy public budgets, central bank (CNB) Vice-Governor Ludek Niedermayer wrote in a newspaper.

[nL24165693] [RTRS-LEN-CZ-GVD-PLCY]

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

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