The Czech Republic stands to lose around CZK 1.8 billion after an insolvency administrator rejected all of its claims against Viktoriagruppe, a company that administered some of the country’s strategic oil reserves in Germany but went bankrupt last September. The Czech side is threatening legal action.
The Czech-Slovak investment group Penta wants to go ahead with its plan to transform Letiště Vodochody into a second international airport serving the Czech capital. However, the Czech state does not seem to be in favour of the project, which would compete with the state-owned Václav Havel Airport in Ruzyně.
Czech entrepreneurs are increasingly investing in companies outside their country’s borders, the business daily Hospodářské noviny reported on Monday, citing a 2014 mergers and acquisitions report by consultants EY. The main reason for the trend is the fact that domestic banks are offering bigger and cheaper loans.
Czech Railways has launched its own real estate website which should help the firm sell property the state-owned company no longer needs. On offer will be land, family homes, and even former trackside stations, which may be of interest to train lovers and not just. The attraction must be high: online visitors for at least part of Thursday were not able to get through, after the website was down.
The Czech Republic continues to have the highest beer consumption per head in the world. However, the domestic market has stagnated and only an increase in exports prevented Czech breweries from recording a fall in total production in 2014, according to figures just released by the Czech Brewing and Malting Association.
A dispute has broken out after a deputy minister of finance, Martin Pros, called on the Czech National Bank to investigate possible manipulation of an important reference rate in domestic banking. The central bank has dismissed the suggestion, while Finance Minister Andrej Babiš has criticised the official’s move.
President Miloš Zeman and Prime Minister Bohuslav Sobotka have stressed the need for the Czech Republic to push ahead with plans for the adoption of the euro. At their meeting on Wednesday they said it was time for the country to adopt a time-frame and proceed in meeting the set convergence criteria. However, Finance Minister Andrej Babiš and central bank governor Miroslav Singer oppose the initiative arguing that in view of the eurozone’s problems the question of euro adoption is premature.
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