The latest Czech National Bank (ČNB) stress tests about how the banking sector would weather an economic crisis gives banks the all clear based on the high capital reserve cushion they have amassed. Even in a crisis sparked by debt-burdened euro-zone countries, banks' reserves would not fall below minimum levels, it says.
Long-promised but slow in arriving, Finance Minister Miroslav Kalousek (TOP 09) has pledged to deliver on his idea of issuing state bonds aimed at the Czech public during the last quarter of the year. Banks and the stock exchange might handle the pilot project at first, but Kalousek sees huge demand eventually being dealt with through the country’s extensive Czech Point information counters.
Fortuna Entertainment Group (FEG), the Prague- and Warsaw-listed fixed-odds betting operator, posted solid year on year growth in the second quarter of 2011 but below market expectations, analysts said Thursday. FEG, which has operations in Poland, the Czech Republic, Slovakia and Hungary, said it recorded a consolidated net profit for the first half of 2011 of €8.6 million, a 19.1% y/y increase.
Pegas Nonwovens, the Prague-listed Czech producer of textiles used in hygiene products and health care, reported second-quarter 2011 results on Thursday that fell short of market expectations on all levels, analysts said.
A record individual gold purchase on Friday was already surpassed on Monday; such has been the Czech Mint’s experience of the worldwide rush into gold. The producer of gold commemorative coins and medallions is now looking for new ways to tap into the latest gold rush.
Czech state-controlled power company ČEZ said Tuesday its 40 percent year-on-year drop in second-quarter net profit to Kč 6.74 billion — well below market expectations — mainly stemmed from lower power prices, additional taxes and foreign exchange losses, along with one-off gains in 2010.
The Czech Mint reports unprecedented interest from individuals in gold coins. Brokers offering gold acquisitions on foreign markets are also seeing a surge in demand. On Monday, August 8, gold hit a high of $1,770 an ounce (31.1 grams) for the first time. The Czech Mint is offering gold ingots from 1 gram, currently costing Kč 1,532, up to a kilogram at almost Kč 1 million. On Monday, the mint was offering 1 ounce ingots for Kč 32,827 (around $1,954).
Czech energy concern ČEZ will be replaced in the Warsaw Stock Exchange’s WIG20 blue-chip index by Polish mining company Jastrzębska Spółka Węglowa (JSW), the bourse's management board has announced. The change will be affective following the trading session on September 16.
KIT digital, the cloud-based software solutions and services provider for multi-screen video management and delivery listed in Prague and on the Nasdaq, has reported second quarter 2011 results showing a 40 percent year on year (y/y) increase in revenue and 30 percent increase in operating EDITDA.
The Prague Stock Exchange’s PX Index dropped 6 percent on Monday closing at 1027 points — its lowest level in two years on a day which saw record loses for several titles traded on the exchange. Trading volume reached Kč 3.2 billion compared to the average over the past year of Kč 1.3 billion.