Czech Republic

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...

Slovakia's Prime Minister Robert Fico stated on Friday he will talk about plans to develop a new nuclear power system during a see to South Korea as the government sounds out prospective bidders. Slovakia is wanting to construct a new nuclear power system of up to 1,200 megawatts (MW) at its Jaslovske Bohunice plant. The economy and finance ministries are because of send strategies to the federal government by the end of October. In July, Slovakia's. neighbour the Czech Republic picked South Korea's KHNP over. French group EDF to build brand-new nuclear power blocks. Fico said he hoped his check...

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...

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...

Greek Prime Minister Kyriakos Mitsotakis has actually urged the European Union to lower prices as soon as possible, which he identified a crucial political challenge ahead of European parliamentary elections. Anger at falling living standards is shared by countless Europeans and is expected to damage assistance for mainstream parties in the June 6-9 elect the 720 lawmakers of the EU assembly. In a May 18 letter to European Commission President Ursula von der Leyen, the Greek conservative leader stated that inflation had actually highlighted issues in the performance of the markets which led to disparities in rates of essential items...

Severni Energeticka, part of the Sev.en energy group, will suspend mining at its CSA website and lay off 485 workers by July, the Czech brown coal miner stated on Thursday. The business is because of decide on terminating operations at the mining site in the coming months. It has actually said previously it expected CSA's closure in between 2024 and 2026. Mining will be ended in a controlled manner in the next few months, Severni Energeticka Chief Executive Petr Lenc stated. For now it is an suspension of mining. If a requirement appears for our coal in electricity or heat...

The following quotes, mergers, acquisitions and disposals were reported by 1930 GMT, on Thursday: ** Niagara Energy is releasing a quote to purchase up to the entirety of shares in Enel Generacion Peru, a South American power generation subsidiary of Italian utility Enel, the Lima stock market stated in a statement. ** U.S. fund Elliott Management and Japan's SoftBank Group are set to merge their Italian bad loan businesses in a cash-and-shares deal, SoftBank-backed doValue said, as the industry combines to weather tough times. ** SilverBow Resources shareholder Riposte Capital backed Kimmeridge Energy Management's most current buyout offer that valued...

Independent professionals looking into the financial needs of Thyssenkrupp's steel business have actually taken a favorable view on its capability to continue as a going concern, Germany's Der Spiegel publication reported on Sunday. Citing educated sources, Der Spiegel reported that the steel company has financial security for at least for 2 years. There was no instant remark from Thyssenkrupp Steel when called . In September, Thyssenkrupp commissioned two external reports to take a deep take a look at the steel business's short- and long-term monetary health and needs. Previously this month, Thyssenkrupp said it had documented the value of its...

Spanish steelmaker Celsa has sold its mills in Britain and Norway to Se.ven GI, the Czech mutual fund said on Thursday, validating an earlier report on news site El Confidencial. A spokesperson for Se.ven GI, owned by billionaire Pavel Tykac, decreased to state just how much the fund had actually spent for the assets after El Confidencial, citing market sources, said the cost tag was 600 million euros ($ 632.10 million). Celsa, Spain's biggest privately owned industrial group, has been working on offering its foreign possessions considering that February under a restructuring strategy. However, its Polish system, its biggest foreign...

Reserve banks stay eager purchasers of gold to diversify their reserves for financial or strategic factors, agents of 3 central banks told the London Bullion Market Association's annual conference in Miami on Monday. Raised need for gold from reserve banks underpinned the rate of the non-yielding gold when the worldwide interest rates were high in 2022-2023 and after that decreased with this year's 28%. spot gold price rally. China's reserve bank kept back on buying. gold for a 5th straight month in September. In spite of the gold rally, representatives of reserve banks of. the Czech Republic, Mongolia and Mexico...

Thyssenkrupp called Ilse Henne as chairman of its steel department's supervisory board on Thursday as part of a management shuffle at the system after the previous leadership departed in the middle of a deepening dispute over the future of the steel company. Henne prospers Sigmar Gabriel, who revealed he was stepping down last month in addition to several other members of Thyssenkrupp Steel Europe's (TKSE) management and supervisory boards. The move developed a major management vacuum at a time when Germany's top steelmaker urgently requires a brand-new service plan. At the core of the clash is the concern over how...

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...

Czech billionaire Daniel Kretinsky has continued with his buying spree this week with a deal through financial investment automobile EP Group to take the owner of Britain's Royal Mail private. Kretinsky, 47, a former investment bank attorney who built among Europe's biggest energy groups, Energeticky a Prumyslovy Holding ( EPH), has actually been diversifying into retail, media and other areas. His net worth stands at $9.4 billion, according to Forbes. Kretinsky operates through different financial investment lorries, including EP Group and VESA Equity Investment. The latter has actually a. portfolio valued at more than 3 billion euros ($ 3.24 billion),....

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 -...

Thyssenkrupp will merely contribute funding to its steel division needs to the German corporation agree on a 50:50 joint venture for the unit with Czech billionaire Daniel Kretinsky, it said on Wednesday. The German group prepares to close a sale of 20% in the department to Kretinsky by the end of September while talks over the sale of an extra 30% in Thyssenkrupp Steel Europe ( TKSE) continue. Thyssenkrupp said that it would continue to finance the steel department for the time being after the sale of the 20%. stake in the steel to Kretinsky has actually been completed by...

A Czech court upheld on Wednesday a moratorium on financial obligation owed by significant steelmaker LIBERTY Ostrava, and the company has actually pledged to provide a finished restructuring plan to lenders by the end of next week, a. regional court representative said. The choice provides the business, which utilizes around 6,000,. breathing space to convince lenders, including its main energy. supplier, to back a restructuring plan that aims for the restart. of the firm's blast heating system that has been idle considering that October. The moratorium was declared on Dec. 21 for three months. The company, which operates in the...

Liberty Steel, which is owned by commodities tycoon SanjeevGupta has reached an accord with major creditors following the raising of capital. This agreement paves the way for restructuring its British business. Liberty is part Gupta’s family conglomerate GFG Alliance. The company has refinanced its steel, aluminum and energy businesses after its financier, supply chain financing firm Greensill filed for bankruptcy in March 2021. A statement stated that the capital increase included a $350m bond issued by one of their Australian units via Jefferies, and a term loan of $350m asset-backed from BlackRock and Silver Point Finance. The creditor agreement will...

The Czech steelmaker Liberty Ostrava plans to reduce costs by 200 millions euros ($218.4million) and production by over half as part of a restructuring plan designed to restart its idled blast-furnace, the daily Hospodarske Noviny announced on Monday. On February 28, a regional court spokesperson said that the company had committed to deliver to creditors a complete restructuring plan by the end last week after the court upheld the moratorium on its debt. Liberty Ostrava's spokesperson confirmed that the company began presenting its restructuring plans to creditors on Sunday. However, the group didn't disclose any details in their statement. The...

Significant Czech steel maker LIBERTY Ostrava is making a takeover offer for TAMEH Czech, an insolvent energy manufacturer to whom it owes millions of dollars, to deal with a crisis that has actually hobbled both companies, a supervisor at the steel maker stated. LIBERTY momentarily shut down its only operating blast heater in October amidst weak need. It sent out most of its 6,000 workers home and entered a three-month debt moratorium in December pending restructuring efforts. TAMEH, which declares over 2 billion crowns ($ 85.55 million). in past-due financial obligations from LIBERTY, shut down materials and declared. insolvency. Resolution...