Czech Airlines Technics (CSAT), a Prague Airport subsidiary, seized two Czech Airlines (CSA) ATR aircraft on Tuesday over unpaid debts. CSA’s parent company Smartwings Group has declared the detention of aircraft illegal and is preparing to take legal action. The airline had to cancel flights due to the situation. The carrier is currently under an […]
The Czech National Bank left interest rates unchanged today. The primary interest rate, on which the interest rate on commercial loans is derived, remains at 0.25 percent. The CNB improved its forecast of economic development this year while worsening its estimate for next year. Newly, it expects economic growth of 2.2 percent this year and […]
In January, sales of new passenger cars on the Czech market fell by 22.7 percent year on year to 14,794. The market was negatively affected by coronavirus measures. Dealers have reported the lowest car registrations since 2014, according to the Association of Car Importers. The first is the Škoda brand with 5,731 registered passenger cars, […]
The economy in the Czech Republic experienced a record decline in 2020 amid the coronavirus pandemic. The preliminary figures from the Czech Statistics Office released on Tuesday show that the Czech economy contracted by 5.6% last year compared with the previous year. It is the worst result for the economy since the split of Czechoslovakia […]
Czech billionaire Petr Kellner’s investment company defended the terms for its proposal to take over Moneta Money Bank AS, rejecting criticism from some shareholders that the plan was disadvantageous for the Prague-traded lender. PPF Group NV is “strongly committed” to combining Moneta with its Czech financial assets, said Jean-Pascal Duvieusart, a PPF shareholder and chief executive officer […]
Skatlop will become the new owner of the Ostrava company Vítkovice Heavy Machinery (VHM). The company won the public auction when it offered the highest price. He will pay over 1.2 billion crowns for it. The creditor committee and the secured creditors have already agreed to the auction result, so there is nothing to prevent […]
MONETA Money Bank’s management board said on Friday that an offer from PPF was in line with the Czech bank’s interests and that a tie-up with PPF’s Air Bank could bring tangible benefits. PPF, owned by Czech billionaire Petr Kellner renewed an attempt to gain majority control of MONETA a week ago, seeking a two-pronged […]
Goldman Sachs has increased its holding in Czech MONETA Money Bank to 10.45% from 3.22% amid a takeover offer by a Czech investment group, a regulatory filing with the Czech central bank showed. The increase comes after PPF Group PPF, owned by Czech billionaire Petr Kellner, offered to buy out as much as 29% of […]
The mining company Sokolovská uhelná is looking to acquire T-Watt, an electric power transmission, distribution & marketing company, which is owned heirs of the late businessman Martin Ulčák. The transaction has yet to be approved by the Antimonopoly Office, which reported it on its website. Sources say the company’s takeover may lead to a reduction […]