Shimano Czech Republic s.r.o, plans to expand production after winning a CZK 46 million investment incentive from the government. The bicycle components manufacturer will invest CZK 185 million in its factory, adding twenty new jobs in the Moravian-Silesian Region. The investment incentive is the first to be approved after a change in legislation last year. […]
The head of the Škoda Auto Czech Republic, Luboš Vlček, is stepping down in September. He will be replaced by the current head of sales on the Czech market, Jiří Maláček. Vlček will remain with Škoda and be responsible for the Škoda brand’s activities in Western Europe. Vlček has been with Škoda Auto and the […]
Vítkovice Heavy Machinery (VHM) is bankrupt. The company’s assets, which have been in bankruptcy since March 19, will be sold off. The company recently withdrew a proposal for reorganization. “The proposal for reorganization does not have the support of key creditors. As a result of the COVID-19 crisis, the state of the VHM’s economy deteriorated […]
The Czech government approved on Monday a plan to give an interest-free loan to majority state-owned utility CEZ to push down the cost of building a new nuclear power station it wants to replace the country’s ageing coal and nuclear plants. The Czechs have been adamant about keeping nuclear power despite a shift to renewable […]
OKD’s disastrous response to the COVID-19 outbreak in their coal mines had a devastating effect on the local economy. One business says they lost CZK 20 million, and the state and OKD are to blame, Aktuálne reports. Tourism in the Moravian-Silesian Region has been hit hard due to the COVID-19 outbreak. People are afraid to […]
Sokolovská uhelná (SUAS) ended 2019 with a loss of CZK 331 million, although its revenues rose slightly to almost CZK 6.6 billion. Sokolovská uhelná reported a before-tax loss of CZK 419 million last year. The negative financial result was caused by a write-off of CZK 655 million for the value of equipment that will cease […]
Seznam has partnered with Huawei to preinstall the Czech internet company’s apps on Huawei phones. Huawei will offer Seznam’s List services, including news and search, on its AppGallery store. “Huawei and Seznam.cz have agreed on partnerships and cooperation in many areas. Seznam.cz, as a major developer of many mobile applications in the Czech Republic, supports […]
E.ON will sell its Innogy energy group in the Czech Republic to MVM Group. The companies did not disclose the price of the transaction. The company is the largest gas distributor in the Czech Republic, with 1.2 million gas customers and 0.4 million electricity customers. According to estimates, the value of the business in the […]
Trinecke Zelezarny, in 2019 had its worst year since the 2008 financial crisis. The company’s net profit plummeted 82% in 2019 to CZK 610 million. Revenues from the sale of products, goods, and services fell by two billion to CZK 38.4 billion. Trinecke Zelezarny blames last year’s challenging market situation for its poor performance. The […]