Markets & Finance

ČEZ sell-off of coal-fired plant(s) ‘satisfies’ EC, may draw new bidders

Brian Kenety — Wed, 27 Jun 2012 09:59:10 +0000

News that Prague-listed utility ČEZ will sell one or two coal-burning power plants with a capacity of 800–1,000 MW in a bid to end a European Commission probe into suspected anti-competitive behavior — in line with plans to divest from carbon-emitting power generation capacity — has been welcomed by the markets.

Czech regulator may not auction off 800 MHz frequency

Brian Kenety — Wed, 20 Jun 2012 09:34:49 +0000

The Czech Telecommunications Office (ČTÚ) has reportedly backtracked on plans to auction off the 800 MHz frequency — the most suitable spectrum to build a nationwide fourth-generation network and easiest way to introduce a fourth mobile operator in the country.

Prague bourse launches START for small caps

Brian Kenety — Thu, 07 Jun 2012 13:51:57 +0000

The Prague Stock Exchange (BCPP) has established a loosely regulated market for small caps, called START, which aims to attract small- and medium-sized companies with lower reporting and listing requirements than needed for companies trading on the main market PX Index.

Miner NWR production, sales, and price figures described as positive

Chris Johnstone — Mon, 16 Apr 2012 10:52:18 +0000

Central European hard coal and coking coal miner and producer New World Resources (NWR) announced first quarter production and sales figures and second quarter prices which have been greeted as positive by some analysts.

Czech ministry hails ruling against EC agricultural fine

Chris Johnstone — Thu, 29 Mar 2012 15:14:53 +0000

A long-running legal battle between Czech ministries and the European Commission over high agricultural goods surpluses run up by the country before joining the EU has resulted in a court victory for Prague. The Czech Republic can now seek the return of the €12.287 billion fine which has already been paid.

Czech UniCredit Bank’s profits down 62 pct due to Greece

Tom Jones — Wed, 28 Mar 2012 10:17:47 +0000

The Czech branch of Italian UniCredit Bank on Wednesday reported a net profit of Kč 1.115 billion for 2011, down 62 percent on the previous year. At the same time the bank said that if it had not been for the write-off of Greek bonds, its net profit would have risen by over 11 percent to Kč 3.35 billion.

Czech fund Penta bids for 40 pct stake in Polish retailer EM&F

Brian Kenety — Tue, 13 Mar 2012 14:17:02 +0000

Czech fund Penta Investments has offered to buy 40% of Polish retailer Empik Media & Fashion (EM&F) for 410 million zlotys as part of a deal with the retailer’s man shareholder, Eastbridge, to jointly manage the group, with the intention to delist the company from the Warsaw Stock Exchange.

Former Czech bank governor to advise Brussels on bank reforms

Chris Johnstone — Wed, 29 Feb 2012 12:00:29 +0000

Former Czech National Bank (ČNB) governor Zdeněk Tůma has been appointed to a top advisory post to help the European Commission map out its future measures regarding the banking sector in the 27 EU member states.

Fin Min seized Kč 808 mln in ‘dirty’ money in 2011

Tom Jones — Tue, 07 Feb 2012 16:44:20 +0000

The Finance Ministry announced Tuesday that in 2011, its Financial Analysis Unit (FAÚ) blocked Kč 808 million of “laundered” money, i.e. funds suspected of being diverted to avoid taxation and illegally-gained funds. The FAÚ said it received 1,970 reports of suspicious transfers of money, 83 more than in the previous year.

ČEZ contracts BNP Paribas to search for Temelín financing partner

István Léko — Fri, 03 Feb 2012 17:04:49 +0000

The French bank BNP Paribas has won a tender called by ČEZ to find a partner to finance the Kč 200 billion expansion of its Temelín nuclear power plant — if the Czech state-controlled power producer decides not to go it alone, Czech Position learned from a trusted source within the domestic energy sector.

Shares in Czech anti-virus software firm AVG tank in NYSE debut, despite solid fundamentals

Brian Kenety — Fri, 03 Feb 2012 13:51:22 +0000

Czech-founded AVG Technologies, the “freemium” Internet and mobile security software group best known for its anti-virus products, had a rather inauspicious start to its first day on the New York Stock Exchange (NYSE) — falling by 16% at the opening from its initial public offering price (already set at the bottom of the expected $16-$18 range). By the closing bell, AVG s

Czech anti-virus firm AVG sets IPO price

Brian Kenety — Thu, 02 Feb 2012 10:00:38 +0000

Czech-founded Internet and mobile security software group AVG Technologies — due to begin trading on the New York Stock Exchange on Thursday —has set the pricing of its initial public offering of 8.0 million ordinary shares at $16.00 per share (the low end of the $16-$18 range initially announced).

Czech economy to stagnate or grow marginally in 2012

Tom Jones — Tue, 31 Jan 2012 17:30:22 +0000

In its latest quarterly macroeconomic forecast, the Czech Ministry of Finance says the Czech economy should stagnate or grow by up to 0.2% in 2012. The ministry, however, warns that due to the highly uncertain situation in the eurozone, the forecast is tentative and thus a downward revision is quite possible.

Czech economy to grow slightly, VAT rates to stay

Tom Jones — Mon, 30 Jan 2012 10:34:26 +0000

Speaking on a political talk show on Sunday, Czech Minister of Finance Miroslav Kalousek (TOP 09) appeared comparatively upbeat about the prospects for the Czech economy in 2012. In early January, he spoke of expecting to adjust government spending plans to accommodate a 2 percent decline in growth; now his ministry forecasts growth of several tenths of a percent.

Czech central bank returned to profit in 2011

Tom Jones — Thu, 12 Jan 2012 10:46:34 +0000

Preliminary results for 2011 released by the ČNB on its website show the Czech Republic’s central bank ended 2011 with an operating profit of Kč 35.2 billion. In 2010 the ČNB incurred a loss of Kč 9.7 billion.