Business

Microsoft ČR Profits Up 4% To CZK 176 Million

Microsoft s.r.o., the company’s Czech subsidiary profits grew by four percent to CZK 176 million in the fiscal year ending June 30. Revenues fell by 4 percent to CZK 1.78 billion. The subsidiary remits all profits to the parent company Microsoft in Redmond. Cloud services, which include Office 365, Azure, Dynamics 365, and Microsoft 365, […]

GFG Alliance To Invest 750 Million Euros In Liberty Ostrava

GFG Alliance wants to invest 750 million euros in its Liberty Ostrava steel plant over the next ten years. Part of the investment will be to build a new hybrid furnace, the first of its kind in Europe. The rolling mills will also undergo significant modernization. “We want to support Liberty Ostrava on its way […]

Budweiser Budvar Reports Record Sales of CZK 3 Billion

Budweiser Budvar National Corporation increased beer production by less than five percent to a record 1,679 million hectoliters last year, with total sales exceeding CZK 3 billion for the first time. The business results of the enterprise, which falls under the Ministry of Agriculture, are mainly driven by exports. Budvar beer can be purchased in […]

Financial Chart
Czechoslovak Group Buys FMG

Michal Strnad’s Czechoslovak Group bought ammunition manufacturer FMG. The sale is valued in the hundreds of millions of crowns. This is the company’s first investment in Western Europe. FMG (Fábrica de Municiones de Granada) will take over from the Slovak conglomerate General Dynamics, part of CSG focused primarily on ammunition production. FMG employs 60 permanent […]

Max Aicher Buys Pilsen Steel

The bankruptcy court and Vnesekonombank have approved Pilsen Steel’s sale to Max Aicher. The company assumes control of Pilsen through its holding company Max Aicher Pilsen. Which it formed in the Czech Republic at the beginning of February. The sale price remains private. ‘The court grants the insolvency trustee permission to monetize the business. Its […]

Kretinsky EPH Group
EPH To Issue €200 Million In Bonds

Billionaire Daniel Kretinsky’s EPH plans to issue five-year bonds worth €200 million, which may increase to €300 million.  It will be one of the most significant bond issues on the Czech market, says Tomas Pfeiler of Cyrrus brokerage. The bond underwriters are J&T Banka, Beska sporitelna, Komercni banka and UniCredit Bank.  A public offer is […]

Airbus Reports Loss Due To Bribery Settlement

Airbus suffered a €1.4 billion annual loss in 2019 after agreeing to pay record penalties for bribery. The European aerospace group reached settlement agreements with the UK, France, and the US to close a four-year-old bribery investigation. Airbus agreed to pay a record total of €3.6 billion in fines. The company also lost €1.2 billion […]

Avast Headquarters
Avast Under Investigation For Selling User Data

The Czech Office for Personal Data Protection (DPOI) has opened an investigation into Avast over its sale of users’ private data.   “At the moment we are collecting information on the whole case. There is a suspicion of a serious and extensive breach of the protection of users’ personal data. Based on the findings, further steps […]