Žatecká teplárenská (ZT) has been ordered to pay CZK 2 million for committing EU subsidy fraud. In 2016 ZT, falsified an EU subsidy application for a CZK 80 million project. The EU subsidy covered 85 percent of the costs, and the State Environmental Fund (SEF) paid the remainder of the balance. The Ústí nad Labem […]
Škoda Auto’s new chairman, Thomas Schäfer, wants to focus on the electrification and digitization of the company’s vehicles. He says its the key to remaining competitive, and he wants the company’s products to meet customers’ wishes. Schäfer stated this in his first letter to employees. “In the near future, cars will be electric and fully […]
The Czech Telecommunication Office (ČTÚ) today launched a tender in which it will distribute radio frequencies for fast 5G mobile networks in the 700 MHz and 3400 to 3600 MHz bands in the form of an electronic auction. The Office informed about it in a press release. The auction itself will take place in the […]
The Czech Republic’s foreign trade surplus grew by CZK 17.6 billion year-on-year to CZK 34.1 billion in June, the highest growth on record for the month. The Czech Statistical Office attributes the trade surplus to the decline of imports. “Foreign trade in goods in June recorded the historically highest trade surplus in the month under […]
The volume of retail sales in the Czech Republic declined by two percent year-on-year in June, according to seasonally adjusted figures released by the Czech Statistical Office. “Revenues from fuels and food decreased year-on-year, while revenues from the sale of non-food goods increased by almost five percent. Higher sales were recorded in stores with household […]
The Czech National Bank kept interest rates unchanged Thursday. The main interest rate, on which the interest rate on commercial loans is based, thus remains at 0.25 percent. According to CNB Governor Jiří Rusnok, a change in the CNB’s interest rates is unlikely by the end of the year. “I do not think that anything […]
In the first seven months, sales of new passenger cars fell by 23.6 percent year on year to 114,799 vehicles. According to the Association of Car Importers, despite the sharp decline, the market has been gradually recovering in recent months, with sales falling by 9.3 percent in July. The first is the Škoda brand with […]
Strunal Schönbach s.r.o, a leading manufacturer of musical instruments in Luby, Czech Republic, is going out of business. The company, which sold string instruments, has been struggling since the beginning of the year. Although it managed to find a solution in the form of a reorganization, the coronavirus pandemic and the global decline in sales […]
Thomas Schäfer, the former top manager of Volkswagen in South Africa, was elected the new Chairman of the Board of Directors of Škoda Auto today. The newly elected Chairman of the Board of Directors will replace Bernhard Maier. Fifty-year-old Schäfer will take over the position of head of Škoda Auto from today. Analysts expect that […]