Business

Daniel Kretinsky and Patrik Tkac
Vesa Equity Investment Ups Its Stake In French Retailer Casino

Private equity firm Vesa Equity Investment increased its holdings in French retail group Casino to 5.64 percent from 4.63 percent. Mr. Kretinsky and Mr. Tkac secured the additional shares via Vesa Equity Investment on 17 January. Since September, Křetínský and Tkáč have had a 4.63 percent share in a French company and now have increased […]

Crown Hits 7 Year High Against Euro

The Czech crown strengthened by six cents to the euro to 25.11 CZK / EUR on Wednesday, the strongest in seven years. CNB board member Vojtech Benda said the central bank expects the crown to strengthen further, albeit not as strongly as in 2008 and 2009 Against the dollar, the Czech currency strengthened by 11 […]

Debt Hits 1.8 Trillion In Q3

Czech government debt grew by CZK 5.4 billion to CZK 1.7835 trillion last year. However, the debt ratio fell by 1.91 percentage points to 31.97 percent of gross domestic product (GDP). According to data published today by the Czech Statistical Office. Compared to the second quarter, debt fell by CZK 33.8 billion, and the debt […]

Cyberattacks A Growing Risk For Czech Companies

Twenty percent of Czech companies were hit with Cyberattacks in 2019, according to a report by The Czech Statistical Office. An increase of approximately 20 percent over 2018. The majority of were DDoS attacks which seek to overwhelm server capacity by sending a large volume of fake requests to servers to force them offline. Hackers […]

Czech Economic Growth Slows

The Czech economy slowed year-on-year growth to 2.5 percent in the third quarter. It grew by 2.8 percent in the second quarter. Quarterly GDP growth also slowed to 0.4 percent from 0.6 percent in the second quarter. The Czech Statistical Office reports. Previous figures on economic developments in the third quarter were released by statisticians at the […]

OKD HQ
OKD Appoints New CEO

OKD’s Board of Directors has appointed Radim Tabasek CEO, replacing Michal Herman effective 7 January 2020. Mr. Tabasek joined OKD in 1990 and, except for four years as a mining inspector in Ostrava, has been with the company until now. He has held positions at OKD as Director for Restructuring, Director for Reclamation and IT, […]

Pilsen Steel To Cut Workforce By 90%

Pilsen Steelworks will layoff 477 employees in January. Forty-seven workers will remain on the payroll. The German group Max Aicher acquired Pilsen, which is in bankruptcy. Most workers from Pilsen Steel, who have not been employed for over a year and only received part of their wages, have found work elsewhere. On 4 December, the […]

Czechia 7th Largest Exporter Of Fireworks In 2019

The Czech Republic is the seventh-largest exporter of fireworks in the world. Fireworks exports in 2019 were valued over 10 million dollars. In the Czech Republic, a large number of companies sell the most dangerous pyrotechnics due to lax regulations. Among European countries, the Czech Republic has the most companies that sell fireworks from the […]

OKD HQ
OKD Resumes Operations Following Hack

OKD has resumed mining operations in its mines in Karviná, which closed on Monday after hackers took down the company’s computer network. The resumption of mining was possible after the creation of a separate internal computer network necessary for security. OKD created a fully functional separate network during the Christmas holidays in cooperation with external […]