Czech automakers saw March revenues decline 50 billion crowns. While their suppliers lost 17 billion crowns due to production shutdowns in response to the coronavirus epidemic. Car production fell 36 percent in March for a first-quarter decline of 11 percent, according to the Czech Automotive Industry Association. All three domestic automakers halted production in mid-March. […]
Rainbow Wisdom Investment a subsidiary of China’s state owned CITIC Group exercised options to become the majority owner of Jaromír Soukup’s Medea Group with a 57 percent stake. The acquisition opens the way for the Chinese state firm to influence Czech media. Who are dependent on the advertising revenue that is given to them by […]
Skoda Auto will donate 100 Škoda Octavias to social and medical aid agencies in the Czech Republic. “During the corona pandemic, ŠKODA is focusing on providing fast, simple and effective aid. Therefore, we are supporting all those who are now particularly dependent on mobility, and are going to donate 100 OCTAVIAs worth around 85 million Czech […]
Liberty Ostrava is temporarily shutting down blast furnace 2 because of lower demand due to coronavirus. The company will reduce pig iron production by 20 percent. The shutdown affects 400 employees. The unions disagree with shutting down the blast furnace for several months and are concerned about the company’s future. The company says the shutdown […]
Toyota Peugeot Citroën Automobile (TPCA) has extended its production shutdown. Production lines should restart in Kolin on Monday, 4 May. Production was initially set to resume Friday, 17 April. The company halted production on 18 March due to coronavirus. During the outage, employees will be compensated by a combination of 85 percent of salary. About […]
Hyundai’s Nošovice factory resumed production today. It is the first large company in the Czech Republic to go back to work after a three-week shutdown due to the coronavirus. Initially the factory will operate on two shifts instead of the regular three. The company is taking extra precautions to ensure employee safety. The plant will be disinfected […]
EP Infrastructure (EPIF), a subsidiary of Daniel Kretinsky’s EPH, released its 2019 financial results showing an increase in EBITDA of 13.1 percent to EUR 1.61 billion. The company’s consolidated revenues grew by 12.7 percent to EUR 3.48 billion. “The 2019 results are particularly gratifying as the successful M&A activities at the end of 2018 were […]
Hyundai Nošovice will resume production 14 April, after a three-week shutdown. The company will initially operate two shifts instead of the usual three. Production in Nošovice was discontinued due to the coronavirus pandemic on 21 March and will resume 14 April. Hyundai is the first major automaker in the Czech Republic to resume operations. Skoda […]
The Czech lower house voted on Wednesday to allow the central bank to buy a wider selection of assets in the market from a bigger range of counterparties, expanding the bank’s toolkit. The Czech National Bank has sought the legal change for years although its approval was hastened as the coronavirus crisis hammers the country’s economy amid a lockdown […]