Almost three years after the initiation of insolvency proceedings against OKD, Zdeněk Bakala, the mining company’s former owner, has weighed in on its collapse. Zdeněk Bakala, former OKD majority owner, will not enter the proceedings determining the validity of the Citibank company’s claim. It is in the conclusion of a statement that Bakala sent […]
Czech state-run power group CEZ said Tuesday it had raised both profits and sales in the first quarter on higher power prices and increased output in its two nuclear plants, AFP reported. Net profits rose by 14 percent against a year ago to 8.3 billion koruna (322 million euros, $362 million) and sales jumped by 12 percent […]
April inflation came in below expectations at 2.8% year-on-year, driven by a decline in prices of alcoholic drinks. The slowdown was no surprise as inflation had been expected to decelerate gradually after hitting a peak of 3% in March. April inflation slowed due to alcoholic beverages The main reason behind weaker price growth […]
The Czech government has approved a national strategy for artificial intelligence (AI), in order to further develop AI and put the Czech Republic on the map of the most innovative hubs in Europe, together with France, the United Kingdom and Germany. “A few months ago, I started work on turning the Czech Republic into […]
Czech mobile operators have until 2024 to launch their 5G networks, pending completion of the government’s auction of 5G-suitable frequencies planned for later this year. “I expect the spectrum for 5G will be awarded and divided in 2020 after an auction in 2019. These carriers will have until 2024 to roll out 5G for […]
Shares of Czech banks were down on Monday a day after Prime Minister Andrej Babiš (ANO) unveiled a plan to ask banks to pay 10 to 20 percent of their dividends into a new state development fund. Mr Babiš said in a televised interview on Sunday that his centre-right government is seeking new revenue […]
Czech banks should pay up to 20% of their dividends into a new state development fund, Prime Minister Andrej Babis said on Sunday, as his government sought new revenue streams against a backdrop of slowing growth. The country’s banks have been strong profit drivers for their mostly Western parents, with their combined earnings rising […]
Tesla is gradually expanding its presence in Europe and they are adding locations in Czech Republic and Iceland. The automaker is already covering most of Europe, but there are still many smaller European auto markets where Tesla is not directly selling and servicing its vehicles — mainly in Eastern Europe. In the Czech […]
The Czech central bank raised interest rates to the highest in a decade as a persistently weak koruna adds to inflationary pressure. After leading Europe with five hikes last year, the bank raised its benchmark a quarter-point to 2 percent on Thursday. At the previous three meetings, it kept rates unchanged as Brexit, trade wars, […]