The Slovak Poštová banka, controlled by the financial group J&T, is buying up the loans of the chemical plant Spolchemie, the most valuable undertaking of parent company Via Chem Group, from Czech banks. Any transfer of Spolchemie’s property would significantly affect Via Chem Group’s creditors, i.e. Prague 6 and Prague 10, whose blithe politicians set off down the path of risky investment with the dodgy brokerage Key Investments a few years ago.
Completed in time for the Ice Hockey World Championships in 2004, the 02 Arena (originally the Sazka Arena) multifunctional indoor sports and entertainment complex in Prague reportedly cost Kč 7.2 billion to build. The project proved to be the financial downfall of the lottery firm Sazka – and auditor Ernst & Young says now it’s worth just Kč 1.57 billion.
Czech Coal says current contract prices of coal for municipal heating companies in the Czech Republic are too low and it wants a larger share of profits. Meanwhile, the heating companies charge that the miner is abusing its monopoly position, consumers will face considerably higher bills, and the rise in prices will threaten the viability of the industry.
The Z1 news channel is ceasing broadcasts at 00:00 on Tuesday, Jan. 23. The sudden announcement by the channel’s owners, the J&T group, comes despite the fact that Z1’s advertising revenues increased on the year in 2010.
When the Finance Minister categorically ruled out PPF from bidding in the multi-billion crown nationwide “eco-tender,” for the most part the decision was not welcomed in the ranks of the Civic Democrat Party (ODS) – the senior member of the governing coalition. Could the new Environment Minister, Tomáš Chalupa (ODS), who has ties to PPF, help the group become a contender?