The Czech economy growth slowed to 2.5 percent in Q3 compared to the previous quarter, gross domestic product (GDP) increased by 0.3 percent, the lowest since the Q1 of 2016. According to data from the Czech Statistical Office (CSO). In the second quarter, the Czech economy showed year-on-year growth of 2.8 percent and a […]
Prague international airport is expanding to accommodate growing passenger demand. Vaclav Havel Airport will expand Terminal 2 by 2028 at the cost of CZK 16 billion, Prime Minister Andrej Babis said in a press conference Wednesday. Over the next 30 years, the airport plans to invest CZK 55 billion in improvement projects. Such as […]
Inflation held at 2.7% in October, inline with estimates according to data released by the Czech Statistical Office. Consumer prices in October increased 0.5% over September. Due to a price increases in ‘food and non-alcoholic beverages’ and in ‘clothing and footwear.’ Consumer prices increased by 2.7% in October as in September, year-on-year. Year-on-year inflation […]
Attorneys for Citibank and New World Resources (NWR) filed proposals with the court for CZK 16 million in attorney fees in their recent win against the OKD insolvency administrator. White & Case, lawyers for NWR, are demanding CZK 2.3 million in attorney fees, travel, and other costs. Meanwhile, BHH, lawyers for Citibank, seeks […]
The Czech Central Bank left interest rates unchanged. The board voted to keep the benchmark rate at 2 percent. The decision mirrors the stance applied by rate setters in the European Union‘s eastern wing and contrasts with easing steps taken by the U.S. Federal Reserve and the European Central Bank. Central European growth has […]
Nošovice car manufacturer Hyundai has cut production. Every second Monday until the end of this year, its employees will be home with a 70 percent salary. The company is responding to a decrease in car sales by reducing production. The plant is still operating above its production capacity. “We keep the pace of production, […]
PPF Group’s net profit grew 160 percent year-on-year to CZK 14.6 billion (EUR 573 million) in the first half of this year when the company earned CZK 5.6 billion (EUR 220 million) in the same period last year. The Group’s total assets increased this year by five percent to Kc1.2 trillion (EUR 47.3 billion), the […]
PPF Group sold a 25% stake of Telenor CEE’s Hungarian holdings to Antenna Hungária. Thus enabling Telenor Hungry to merge and leverage both companies core competencies. The deal created a joint holding venture. PPF Group holds a 75 percent stake. While, Antenna Hungaria has the remaining 25 percent. “This transaction will strengthen our […]
Kretinsky’s EPGC to be largest shareholder in Metro AG Daniel Kretinsky and Patrik Tkac’s EP Global Commerce (EPGC) group increased its shares in Metro AG to 29.99 percent. As a result, they are now Metro’s largest shareholder. EP Global Commerce exercised call option EPGC exercised a call option to buy 44,950,974 ordinary […]