Czech Republic

CEZ, the Czech electric company, proposed a dividend of 47 crowns ($2.11) for each share on Thursday. This is 80% less than last year's profit. It was also lower than a previous payout 52 crowns. Dividends are paid out at a rate of 60 to 80 percent of net profit, which is the typical payout for the company. CEZ's shares closed at 1,194 crowns on Wednesday and are up 30% over the last year. CEZ reported earlier this year a 9% decline in the 2024 adjusted net profits to 31.8 billion crowns. It confirmed on Thursday its outlook for the...

By Martin Vladimirov Czechia, on April 7, has the infrastructure, reserves and access to other suppliers that it needs to stop importing Russian oil. Three years after Russia's invasion of Ukraine on a large scale, the Czech Republic has continued to delay a strategic shift despite viable alternatives. According to a Center for the Study of Democracy analysis, Czechia imported Russian crude oil worth 1.5 billion euros in 2024. The volume was down 30% compared to 2023. However, this wasn't due to a proactive strategy to phase out Russian crude. It was mainly the result of 3 major disruptions in...

By Martin Vladimirov Czechia, on April 7, has the infrastructure, reserves and access to other suppliers that it needs to stop importing Russian oil. Three years after Russia's invasion of Ukraine on a large scale, the Czech Republic still delays this strategic change, despite having viable alternatives. According to a Center for the Study of Democracy analysis, Czechia will import 2.7 million tonnes of Russian oil in 2024. This is estimated at 1.5 billion euros. This is a 30 percent decrease in volume from 2023. However, this was not the result of a proactive policy aimed at phasing out Russian...

The Czech energy group EPH is controlled by billionaire Daniel Kretinsky. As part of its efforts to diversify access to funding, the company announced that it raised its first Japanese lending facility worth 80 billion Japanese yen (527 million dollars). EPH announced in a Monday statement that the so-called Samurai Loan matures in Febuary 2030, and will pay an interest margin 160 basis points above the Tokyo overnight average (TONAR) rate. The loan was coordinated by SMBC Group. In a press release, Vice-Chairman Pavel Horsky stated that "we are pleased to have raised our first Samurai loan. This is an...

Czech Republicbased turbine producer Doosan Skoda Power launched a preliminary public offering on Monday, seeking to raise 2.53 billion crowns ($ 105. million) by offering up to a 3rd of its shares in a Prague. listing. The company, whose supreme moms and dad is South Korea's Doosan. Corp, serves consumers including energy groups CEZ. , EPH and Orlen, and earned a profit of 559.3. million crowns on revenue of 4.8 billion crowns in 2023. The offer will consist of existing and brand-new shares, with the. price range set at 220-260 crowns per share, the company said. Last rates is expected...

Agents of European Union countries failed on Friday to approve a 15th package of sanctions on Russia, that included an extension for the Czech Republic to import Russian oilbased items coming mainly through Slovakia, diplomats said. Two member states blocked the passage over an argument about extending the time provided to European business disinvesting from Russia, diplomats said. EU members will come back to the package later. The plan also includes sanctions on tankers carrying Russian oil. Within the plan was a debate on extending an EU exemption allowing the Czechs to continue importing diesel and other products originated from...

The Czech Republic expects to end consumption of Russian oil in July next year after an upgrade to a transalpine pipeline enables it to ramp up shipments from the west, the deputy chairman of the state pipeline company MERO stated on Thursday. The nation currently sources half its oil requires from Russia but has actually been seeking to end those purchases following Russia's. invasion of Ukraine in 2022 and an EU restriction on the majority of imports of. Russian oil. The Czech Republic anticipates to start increasing shipments of. petroleum from the west in the 2nd quarter of next year...

An offer agreed in 2023 for Czech billionaire Pavel Tykac's Sev.en Global Investments to take a 51% stake in coal miner Coronado Global Resources from the Energy & & Minerals Group (EMG) has actually failed as a. regulative due date ended, the companies included said on. Tuesday. Metallurgical coal miner Coronado Global Resources. has 3 mining complexes in Australia and the United States. and has annual coal production of 16 million metric heaps. EMG has ended the agreement because of certain. conditions not being satisfied by the Outside Date (including. receipt of Foreign Financial investment Regulatory Board regulative. approval), EMG...

A Czech billionaire who turned a local energy company into an international business empire after the fall of the Berlin Wall is now banking on selling lotto tickets in locations like Chicago and London to drive worldwide growth. Karel Komarek, the second-richest Czech behind the widow of Petr Kellner and ahead of deal maker Daniel Kretinsky, is pushing lottery operator Allwyn as a flagship for his KKCG financial investment group, telling : Development in lottery-led entertainment is definitely crucial to our broader group technique. Allwyn is currently Europe's greatest lotto operator, running nationwide plans in Italy, Austria, Greece and elsewhere....

Russian energy giant Gazprom faces various legal battles with European purchasers and transmitters of Russian gas, as an outcome of the political fallout following the Kremlin's decision to send its soldiers into Ukraine in 2022. Gazprom has actually launched procedures at Russia's St Petersburg and Leningrad Area Arbitration Court, threatening the European companies with fines if they continue lawsuits outside Russia. Nevertheless, some European business have actually stated that did not acknowledge the court's authority. Following are numerous essential legal cases: RUSSIAN COURT PROCEDURES * Gazprom in March 2024 lodged a claim of more than $900. million versus Polish companies...

Following are the top stories on the business pages of British newspapers. has not verified these stories and does not vouch for their precision. The Times - Columbia Threadneedle Investments, which holds about 5% of Royal Mail owner International Circulation Provider, believes that the deal of 370 pence a share by Czech billionaire Daniel Kretinsky underestimates the postal services group. - Sony Music is in talks to acquire Queen's music brochure, that includes hits such as Bohemian Rhapsody and We Will Rock You, in what might be one of the biggest offers of its kind to date. The Guardian -...

The following are the top stories on the business pages of British newspapers. has not verified these stories and does not vouch for their precision. The Times - Beatrice Offshore Windfarm Limited, a wind farm backed by SSE, the London-listed energy group, has actually agreed to pay 33.1 million pounds ($ 42.2 million) in redress after Ofgem found that it had charged excessive rates to decrease its output. - Ithaca Energy's veteran Executive Chairman Gilad Myerson stepped down on Tuesday, as the company announced a new line-up of executives to lead the company after the closing of its purchase of...

The Czech Foreign Ministry proposes raising the central state budget deficit for 2026 to 286 billion crowns (13,65 billion dollars) by increasing spending on nuclear power and defence. In a late-night release on Sunday, the ministry announced that it had sent the draft budget to the government. The government will debate the proposal before presenting it to the lawmakers in September. The deficit is nearly 19% higher than the gap planned for 2025 of 241 billion crowns. This includes an increase in defence spending from 2% to 2.35%, which was originally scheduled for this fiscal year. Around 18 billion crowns...

Petr Fiala, Czech Premier, said that France's EDF has gone very far to appeal against the Czech Republic's choice of South Korea's KHNP as the contractor for a multibillion-dollar nuclear power project. This is impacting the security of the country. This month, the Czech government stepped up their rhetoric against EDF’s challenge as they seek to protect the largest energy investment in the country. The investment is a crucial part of the plans to replace coal-fired power plants and nuclear units that are getting older. EDF has won an injunction from a Czech court this month, preventing the signing of...

The court ruled on Tuesday that a Czech court had blocked a subsidiary CEZ, the main electricity company in the Czech Republic, from signing a contract worth at least 18 billion dollars with South Korea's KHNP for the construction of a new nuclear plant. This was until the court resolved a complaint brought by EDF France as the loser bidder. EDF has filed a complaint with the Czech Competition regulator UOHS after it denied its appeals regarding a tender for two nuclear reactors. The Czech government which owns a majority of CEZ had planned a contract signing between KHNP and...

The following are the top stories in the Financial Times. Reuters has not validated these stories and does not guarantee their accuracy. Headlines - Rolls-Royce sells stake in small nuclear endeavor to Czech energy group - HSBC chief states east-west department will not lead to 'any. split' - Vivendi activist urges shareholders to oppose break-up. plan - S&P downgrades Thames Water debt even more into 'junk'. area Overview - Rolls-Royce has actually sold a 20% stake in its small. nuclear reactor business to Czech electrical energy manufacturer CEZ - HSBC CEO Georges Elhedery said that the plan to. divide its...

The Czech antimonopoly workplace UOHS has actually received appeals from France's EDF and U.S. group Westinghouse over a multibilliondollar nuclear tender, a. representative stated on Tuesday. The Czech government in July chose South Korea's KHNP to. develop 2 new nuclear power systems, and possibly more, picking. it over EDF. Westinghouse was not welcomed to the last round of. the tender. EDF did not instantly discuss its appeal. Westinghouse stated in a declaration it had actually appealed on the. premises that KHNP did not have a licensing agreement to export. its reactors which are based on Westinghouse innovation. That has been...