Michal Kubala

The Czech Republic is moving closer to loosening its budget rules to boost spending, a move that critics say risks endangering the long-term stability of state finances in one of Europe’s most fiscally prudent states.

The Czech Republic plans its second-largest budget deficit on record next year as the government seeks to ramp up state investments.

Karel Havlicek, a long-time fan of Ronald Reagan’s economic policies now tasked with boosting Czech investments and growth, said the state is on a path to revive long-dormant asset sales.

Czech opposition parties called a no-confidence vote in the government over budget plans that post the country’s second-largest shortfall next year.

Support for ANO, the party of billionaire Prime Minister Andrej Babis, weakened in regional elections held across the Czech Republic, mainly in larger cities.

CSG NA acquired a 9.5% stake in MDA Space Ltd. as the European defense group moves into a sector billionaire owner Michal Strnad sees as “one of the fastest-growing parts of defense.”

Czech arms tycoon Michal Strnad is making his biggest push yet into the space industry.

Control of the Czech Senate will remain in the hands of the current opposition after Prime Minister Andrej Babis’s ANO party lost ground in the upper house.

Facing a housing crisis, the Czech capital is launching several projects backed by private investors that aim to turn former industrial areas into new homes and parks.

The Czech government backed a proposal to entrench the koruna in the nation’s constitution, potentially setting a political obstacle for future administrations seeking to adopt the European Union’s single currency.