Ceske Pojistovny, the countrys largest pension fund by number of clients, said its profit fell by 42% on the year to CZK 655mn (EUR 25.1mn) in the first nine months of 2011, CTK newswire reported. Despite the lower profit, the company kept its leading position with 1.16mn clients. Ceske Pojistovnys assets declined by 7.5% y/y to CZK 58.6mn as of end-September 2011. The company is owned by PPF Holding, a 51/49 joint venture of Italian Generali and Czech PPF Group. The aggregate profit of all pension funds in the Czech Republic decreased by an annual 14% to CZK 3.2bn. The reason for the decrease is the weaker performance of the securities portfolio and the higher marketing costs connected to the planned pension reform, Broker Consulting analyst Jan Lener said. |
Social Democrats (CDDS), the major Czech opposition party, proposed next year's general and European elections to be held on the same day, CTK news agency reported. CSSD leader Bohuslav Sobotka ... more
The Czech unit of UK retailer Tesco faces a fine of up to CZK 3mn (EUR 116,000) for selling beef lasagne containing undeclared horsemeat, Radio Prague reported. The state-run Agricultural and Food ... more
The upper house of the Czech parliament, the Senate, voted on March 20 a constitutional amendment to limit the immunity of lawmakers and constitutional judges, Radio Prague reported. Out of the ... more