Three Prague councils that placed hundreds of millions of crowns with Key Investments now look unlikely to see any of their cash returned soon — the controversial brokerage has lost its license to trade in securities. The district councils may be stuck with illiquid bonds and a lot of questions for the mayors (including the current Environment Minister) who pushed through the rash investments.
The Ministry of Agriculture has paid for an almost fairly tale video explaining why Czech pigs are not making their way to the local market starring the minister himself. The video is meant to explain the sector's problems with the number of Czech pigs halving since 1995.
Prague-listed petrochemicals group Unipetrol, the largest refiner in the Czech Republic, announced first quarter 2011 results Friday showing net profit up 50 percent year on year at Kč 464 million, in line with market expectations.
Bermuda-based media company Central European Media Enterprises (CME) saw net revenue of $172.8 million in the first three months of 2011, a 20.3 percent increase over the same period last year. Operating income before depreciation and amortization (OIBDA) for the first quarter rose to $14.2 million from $841,000 in 2010.
Czech venture capital firm Credo Ventures has announced an investment of around €1 million into Prague-based Cognitive Security, a provider of state-of-the-art network security solutions for both corporate and small and medium-size business markets.
Czech bank Komerční banka (KB) has received the GTR Best Deals 2010 award from UK-based magazine Global Trade Review for the bank’s export credit for the financing of infrastructure and supply of special equipment and services in Azerbaijan. KB is the only Czech bank to win the award for three times.
The good news from a German Chamber of Commerce and Industry survey is that an overwhelming number of investors see the Czech economic situation as ‘good’ or ‘satisfactory.’ But the downside is that 30 percent of respondents said they would not invest here again if given the option. Meanwhile, neighboring Slovakia’s star is on the rise.
A 2.98 percent stake worth in Czech downstream oil group Unipetrol worth Kč 999 million ($59.18 million) exchanged hands in a block trade of shares on Tuesday, the Reuters news agency reports the Prague Stock Exchange (BCPP) website showed.
International insurance brokerage giant Marsh has taken the rare step of taking a stake in a Central and East European company. It has brought 15 percent of Czech brokerage Insia in a bid by both companies to grow their market shares. The cooperation has also been described as a launch pad for expansion in Poland, Hungary and Italy.