Czech Republic

Czech CEZ’s Turkey-listed JV restructures $854mn loan with Yapi Kredi Bank

Akin Nazli in Belgrade November 12, 2019

Markets, meanwhile, draw breath as Erdogan prepares for November 13 White House meeting with Trump. Betting is that the two strongmen will reach an accommodation.

Moscow has the second highest road rage score in the world

Ben Aris in Berlin November 12, 2019

Mister Auto released a survey of which cities in the world are the best and worst to drive in that found Moscow has the second highest road rage index in the world, after only Ulaanbaatar.

Czech retail sales at 7.3% growth y/y in September

bne IntelliNews November 12, 2019

Non-adjusted Czech retail sales increased by 7.3% year-on-year in September from 3.7% in August. The month-on-month seasonally adjusted sales in retail trade went up by 0.7%, according to the Czech Statistics Office data published on November 7.

IIF: 2020 the climate super-year

Institute of International Finance November 11, 2019

The growing importance of environmental, social and governance (ESG) performance to investors (and ultimately to voters) is one of the most important forces shaping the new global economy. CO2 emissions must peak next year or we are in trouble.

30 YEARS OF TRANSITION: CEE makes enormous progress but held back by governance issues

Clare Nuttall in Glasgow November 9, 2019

If half of the governance gap between Central Europe and the G7 countries was closed, income convergence would be brought forward by almost a generation, says EBRD chief economist Beata Javorcik in an interview with bne IntelliNews.

30 YEARS OF TRANSITION: The East-West convergence in numbers

Clare Nuttall in Glasgow November 9, 2019

30 years after the fall of the Berlin Wall the new EU members haven’t yet caught up with Western Europe — but they are drawing level with the Southern European states that were battered by the international economic crisis.

CEE monthly bond wrap: Bond issues in Eastern Europe pick up strongly in October, but activity subdued in Central Europe

Ben Aris in Berlin November 8, 2019

Bond issuers from Eastern Europe were active in October with 18 bonds issued worth a total of $4.5bn of which two-thirds of the value and 14 out of the 18 were Russian bonds, according to data provided by CBonds.

30 YEARS OF TRANSITION: A profound crisis of trust in democracy

Denitsa Koseva in Sofia November 7, 2019

Report from the Open Society Foundations reveals a “robust spirit of dissent, and a readiness to challenge those in power” as shown by mass anti-corruption protests in the Czech Republic, Romania and Slovakia.

30 YEARS OF TRANSITION: Central European automakers prepare for an electric future

Clare Nuttall in Glasgow November 6, 2019

Since the first years of the transition period, Central Europe started to emerge as a major manufacturing destination for Europe’s automotive industry. Now the industry is adapting to a new generation of technologies.

PPF Group of richest Czech Kellner posted a profit increase of 160% y/y in 1H19

Nelly Tomchikova in Prague November 6, 2019

PPF Group of Czech billionaire Peter Kellner reported net profit growth of 160% year-on-year to CZK14.6bn (€573mn) in 1H19, compared to CZK5.6bn (€220mn) the company earned in 1H18

30 YEARS OF TRANSITION: The Czech Republic divided by freedom since 1989

Nelly Tomcikova in Prague November 5, 2019

Six social classes have emerged in the Czech Republic in the three decades since the Velvet Revolution of 1989, and the education system is freezing the current status quo rather than helping social mobility.

Czech manufacturing PMI still contracting in October, firms slash workers, confidence falters

Nelly Tomchikova in Prague November 5, 2019

Despite a slight increase in IHS Manufacturing Purchasing Managers Index (PMI) in the Czech Republic to 45.0 in October from 44.9 in September, the data signalled a further deterioration in the Czech manufacturing sector health

Central Europe shrugs off Western Europe’s slowdown

Ben Aris in Berlin November 4, 2019

Western Europe is rapidly sliding into recession, but after a five-year-long boom, Central Europe is holding out.

Czech-Slovak billionaires Kretinsky and Tkac become the largest shareholders in Metro AG

Nelly Tomchikova in Prague November 4, 2019

EP Global Commerce Group (EPGC) of Czech billionaire Daniel Kretinsky and Slovak investor Patrik Tkac increased their share in German retailer Metro AG to 29.99% by acquiring 7.3% of Haniel ́s shares, becoming Metro ́s largest shareholder

Czech PPF Group sold quarter of its stake in Hungarian Telenor

bne IntelliNews November 1, 2019

PPF Group of the richest Czech Petr Kellner sold a 25% stake in the Hungarian radio communications company Telenor, which includes Telenor Hungary and Telenor Real Estate, to Antenna Hungaria.

Slowdown on the cards for Central Europe as economic sentiment plunges

bne IntelliNews October 30, 2019

The European Commission’s Economic Sentiment Indicators (ESIs) turned south across Central Europe in October, suggesting the economies of the region will slow down from here as a miasma descends.

IIF: IMF meetings, not as bad as you think

Elina Ribakova Deputy Chief Economist of the Institute of International Finance et al October 27, 2019

Investors and policymakers finished the International Monetary Fund (IMF), World Bank annual general meetings in October on a more positive note than expected.

Bulgaria’s competition watchdog bans sale of CEZ’ assets to Eurohold

Denitsa Koseva in Sofia October 24, 2019

Czech utility's second attempt to offload its Bulgarian assets is blocked by regulator, which warns deal would cause a "significant deterioration" of market competition.

Czech Uber, Bolt and Liftago taxi drivers under inspection of Tax Administration

bne IntelliNews October 24, 2019

The Czech Tax Administration have introduced controls and checks on taxi drivers using the shared-economy platforms Uber, Botl and Liftago, to detect fraud related to non-payment of income tax, value added tax and road tax