Lukáš Novotný

Czech energy regulator conducting ‘deep’ audit of RWE Transgas

Lukáš Novotný — Thu, 15 Mar 2012 13:23:56 +0000

The Czech Energy Regulatory Authority (ERÚ) announced on Wednesday that it is conducting wide-ranging audits of so-called “sector suppliers”, or natural monopolies – providers of heating, electricity and gas which are subject to regulation by the office.

FinMin Kalousek’s law which everyone ‘sh**s on’ heads to cabinet

Lukáš Novotný — Tue, 17 Jan 2012 18:20:01 +0000

Minister of Finance Miroslav Kalousek (TOP 09) has fulfilled one of the points of the coalition government’s strategy to fight corruption and on Wednesday the government will discuss the bill drawn up by his subordinates aimed at introducing manger's responsibility and internal audits in the public sector.

Will Swiss verdict on MUS rob Pavel Tykač of Czech Coal?

Lukáš Novotný — Fri, 09 Dec 2011 16:51:18 +0000

A little more than a week ago, Czech media were filled with speculation that billions of crowns connected with the privatization of Czech mining company Mostecké uhelné společnosti (MUS) — and currently frozen in Swiss bank accounts —might be returned to MUS’ successor, Czech Coal.

Pension fund fees: in other countries, they do it cheaper

Lukáš Novotný — Thu, 12 May 2011 08:09:25 +0000

The level of fees that second-pillar pension funds will be able to charge for managing deposits will have a big impact on depositors. As little as one-tenth of a percentage point shaved annually from a deposit represents a loss of tens or even hundreds of thousands of crowns for a future pensioner.

Penta sells energy firms

Lukáš Novotný — Mon, 02 May 2011 16:53:43 +0000

The Czech-Slovak investment group Penta has sold its 100 percent stake in the energy machining company TES Vsetín and engineering company MEZservis to equity firm Advent International for an undisclosed amount. The deal is pending approval by the Czech and German anti-monopoly offices.

Sisák selling off empire

Lukáš Novotný — Thu, 21 Apr 2011 12:36:21 +0000

Key assets belonging to the bankrupt chemical firm Setuza, and indirectly to the Via Chem Group, are up for sale, the daily Mladá fronta Dnes (MfD) reported. The assets include a pressing plant and refinery for edible oils and well-known brands such as Ceresol, Lukana, Vegetol and Mýdlo s jelenem. The sale is also of importance to the administrations of Prague 6, 10 and 13, which have hundreds of millions of crowns tied up from financing of Via Chem Group debt.

Billionaire Babiš mulls political debut

Lukáš Novotný — Fri, 15 Apr 2011 15:34:08 +0000

Head of the Czech-based agro-chemical empire Agrofert Holding and one of the richest businessmen in the country, Andrej Babiš, says he is weighing up going into politics because he is so disenchanted with the state of the country.

“When I see the mess here, I cannot exclude the possibility that I will become engaged in politics,” Babiš said in an interview with the weekly Ekonom. The man whose wealth is estimated at around Kč 18 billion said he was still not certain which party he might back.

Pension parameters ‘not attractive enough’

Lukáš Novotný — Fri, 15 Apr 2011 13:52:13 +0000

Association of Pension Funds (APF) President Jiří Rusnok maintains that under the current circumstances APF’s members would not want to take part in the pension reform. Even the financial officer of AXA penzijní fond, Mojmír Boucník, said that after their experiences abroad his shareholders won’t rush into the Czech Republic.

In both Poland and Slovakia the pension reforms didn’t meet expectations and they recorded loses. But is this merely a threat or pressure on the Ministry of Finance to improve the conditions for the pension funds?

Andrej Zaťko joins the board at J&T Banka

Lukáš Novotný — Thu, 07 Apr 2011 09:45:26 +0000

Andrej Zaťko, the head of private banking at J&T Banka for the Czech Republic and Slovakia, was named a new member of board of directors of the financial group as of April 4. J&T’s board will now have a five-member composition; in addition to Zaťko, it includes Patrik Tkáč, Igor Kováč, Josef Spišiak and Štěpán Ašer.

Zaťko, 33, is also a member of the Slovak branch’s bank management and serves as a proxy. He has held various positions at J&T since 1997.

How much savings will pension funds swallow up?

Lukáš Novotný — Mon, 28 Mar 2011 09:57:08 +0000

The fees for administering the planned pension funds will be a key issue that decides the long-term benefit of the government’s pension reforms. The Finance Ministry on March 23 published material for public discussion that gave the first indication of the options on how and how much the private funds can make on managing future pensioners’ money.