Czech retail sales growth slowed to 3.4% year-on-year in October from 7.3% in September. Sales for sale of non-food goods and food grew by 4.5% and 3.1%, respectively, while the sale of automotive fuel decreased by 0.3%. Usually the highest sales growth rates are in online retail, but here too the pace slowed falling to 16.8% […]
US Treasury Secretary Steven Mnuchin called on all countries to suspend their plans to introduce a so-called digital tax. So that the Organization for Economic Cooperation and Development (OECD) can reach an international agreement on the matter. The Czech Republic is planning to introduce a digital tax. In a letter to the OECD, Mnuchin underscored […]
Facebook has acquired Prague based VR game developer Beat Games. Facebook is doubling down on virtual reality, buying the developers behind one of VR’s biggest games. The Prague based development studio joins Facebook’s Oculus Studios VR game development team. Oculus stated Beat would remain in Prague and operate independently. Oculus Director of Content Mike Verdu […]
Financial advisor Rothschild & Co. was sued in the U.S. for allegedly helping the Czech property billionaire Radovan Vitek secretly acquire controlling shares in a real-estate development company in what a New York hedge funds says amounted to a $1 billion fraud. Rothschild helped Vitek quietly take control of Luxembourg-based Orco Property Group so the billionaire could strip it of its […]
Vaclav Klaus Interview Vaclav Klaus, former president, and prime minister, talked to e15.cz about the economy, privatization, and his new book. Thirty years after the Velvet Revolution, Vaclav Klaus looks back at that time of rapid transformation of the country and economy. “The earth has become incredibly rich. But people take it for granted.” Privatization “We had […]
Petr Kellner’s Home Credit announced it has canceled its planned initial public offering on the Hong Kong Stock Exchange. “Home Credit Group is announcing that due to market conditions it has decided not to continue the process towards a global stock offering of its wholly-owned subsidiary Home Credit NV on the Hong Kong Stock Exchange,” […]
CEZ and European Metals Group (EMH) reached a conditional agreement on a strategic partnership. CEZ will acquire a 51 percent stake in Geomet, EMH’s Czech subsidiary. Which owns mining rights worth EUR 34.06 million (Kc870.4 million). Due diligence must still be carried out. Also, the deal must be approved by the shareholders. CEZ announced its […]
Daniel Kretinsky’s Czech Media Invest announced that they have no interest in acquiring shares in Mediaset. Two Italian newspapers reported CMI’s interest in Mediaset in their Sunday editions Reuters reports, excerpt below. “No interest in buying Mediaset shares,” CMI board member Daniel Castvaj said, adding there had been no talks with Mediaset. Both Mediaset and […]
The introduction of a 7 percent digital tax for large online businesses such as Facebook and Google has been approved by the government today. According to estimates of the Ministry of Finance, the tax could bring five billion crowns a year to the state budget. The law is expected to come into effect next year. […]