China’s state-owned CITIC Group is in negotiations to sell off its 49.9 percent stake in the Czech aviation group Smartwings. The Chinese company has been unwilling to make a capital injection into the struggling airline. “They don’t want bankruptcy, but their willingness to pour more money into the company is minimal. And now they are […]
Prime Minister Andrej Babiš says Škoda cars are the best product of the Volkswagen Group. But Babis believes that this fact bothers some within parent company VW Group’s top management. Babiš says he will discuss the matter on Friday with the new Chairman of the Board of Directors of Škoda Auto, Thomas Schäfer. “I promote […]
Global smartphone sales fell 20 percent year-on-year to 295 million devices in the second quarter according to Gartner’s latest report. “Restrictions on travel, business closures, and more careful spending on surplus goods during the pandemic led to a second quarterly decline in smartphone sales in a row,” said Gartner analyst Anshul Gupta. However, he pointed […]
Smartwings and CSA from the Smartwings Group today filed a petition with the Municipal Court in Prague to declare an extraordinary moratorium under the Lex COVID-19 law. The announcement of an extraordinary moratorium is to protect both Smartwings and CSA when the revenues of both companies have dropped dramatically. Simultaneously, according to communication, companies will […]
Innogy Ceska republika, increased its sales by 2.7 percent year-on-year to CZK 2 billion in 2019 and tripled its net profit to CZK 19.6 billion, thanks to the sale of a half stake in Czech Grid Holding. The innogy group in the Czech Republic has been affected by the transformation at the European level in […]
Daniel Křetínský has become the largest shareholder in the British Post Royal Mail through Vesa Equity Investment, with a 13 percent stake in the company. Vesa, controlled by Křetínský and Slovak financier Patrik Tkáč, became the largest shareholder in the company after Schroder Investment Management Fund, trimmed its 15% stake last week. Royal Mail faces […]
The OKD mining company lost CZK 861 million in 2019 as its production volume fell by 1 million tons to 3.6 million tons of coal, iDNES reports. According to the company, the losses are due to the decline in coal prices. “From $210 per tonne of coking coal, prices dropped to $140 per tonne during […]
Liberty Ostrava brought Blast Furnace No. 2, back online today after temporarily idling it in April due to a drop in demand caused by the coronavirus pandemic. During the almost four-month outage, the company performed CZK 44 million worth of repairs and maintenance on the blast furnace. “The temporary shutdown of the furnace has allowed […]
Mladá Fronta, the bankrupt publishing company, is up for auction. Interested parties will be able to register until 2 September to bid on the publisher. The starting price is CZK 36 million based on an assessment, and the minimum bid is CZK 100,000. “This is an important, positive decision resulting from negotiations with all interested […]