Business

Czech Postal Service Ceska Posta worker transporting mail
Czech Post To Lay Off 1,500 Employees

The Czech Post plans to eliminate 2,371 jobs by 1 March next year, which means the dismissal of about 1,500 employees, as some of the positions are vacant. The state-owned company employs almost 29,000 people. The Minister of the Interior, Jan Hamáček, stated on Twitter that he wants an explanation of the plan. On Thursday, […]

Czech Tech Companies Dominate Deloitte Fast 50

Czech companies dominate the ranking of the 50 fastest growing technology companies in Central Europe. A record 21 Czech technology companies made the Deloitte Technology Fast 50 Central Europe 2020 list. The logistics startup DoDo came in second place, real estate rentals app UlovDomov.cz came in third, and FAVI furniture search engine is fourth. The […]

Czech Auto Production Falls 21%

Production of passenger cars in the Czech Republic fell by 21.4 percent to 937,033 vehicles in ten months. It is almost three percentage points lower than in three quarters. In October, despite the advent of the second wave of the coronavirus pandemic, production was higher for the first time since February, rising 2.8 percent year-on-year […]

Kretinsky Consolidates Power At Metro

Metro major shareholder Daniel Kretinsky has reached his goal with his takeover offer for the wholesale group: the Czech billionaire has acquired just over 40 percent of the ordinary shares after the end of his takeover offer. He has thus clearly exceeded the decisive threshold of 30 percent – and can buy additional Metro shares […]

Court Approves Sale Of Strunal Schönbach

The Regional Court in Pilsen has approved the sale of part of the assets of the insolvent Strunal Schönbach company. The leading European manufacturer of stringed musical instruments and guitars will be sold out outside the auction, the court ruled. However, its real estate, which has the highest accounting value, is not for sale yet. […]

CETIN Picks Ericsson For Czech 5G Network Rollout

The largest domestic owner of the telecommunications infrastructure, CETIN from the PPF Group, has concluded a contract for constructing the 5G network and the modernization of its existing mobile networks with Ericsson. The total value of the contract and the amount that CETIN will invest in the modernization of its mobile access network and the […]

Wirecard’s Creditors Claim At least 12.5 Billion Euros

Creditors of the bankrupt German company Wirecard have made claims for receivables worth at least 12.5 billion euros, a German court said Wednesday. Creditors raised their claims at a meeting with the company’s insolvency administrator in Munich, Reuters reported. Wirecard declared insolvency in June when it turned out that it lacked about 1.9 billion euros, […]

Volkswagen To Invest 1 Billion Euros In Slovak Plant

The Volkswagen Group is investing approximately 500 million euros in its Bratislava factory to produce a new generation of Škoda Superb and Volkswagen Passat models. According to the carmaker’s Slovak division. Production of the Škoda Superb and Volkswagen Passat, which will begin in Slovakia in 2023, will not require expanding the Volkswagen plant in Bratislava. […]