Thursday, 28 May 2020

Bloomberg

Macy's attracts Czech billionaire investor after share drop

Bloomberg |
12 May 2020

Czech billionaire Daniel Kretinsky took a stake in Macy's Inc. and plans to engage management on ways to improve performance of the struggling U.S. retailer. Kretinsky's Vesa Equity Investment amassed a 5% holding in Macy's for strategic investment purposes, according to a securities filing. The purchase makes him one of the company's top five shareholders, according to Bloomberg data.

CR fears historic drought threatening harvest, water supplies

Bloomberg |
30 April 2020

The Czech Republic is facing the worst drought in its modern history that's threatening to seriously damage harvest and limit the availability of drinking water, a cabinet minister said. The rain and snowfall has been declining in the past decade, while rising average temperature has led to periods of drought in the land-locked central European country. This year, the combination of almost no snowfall and warm winter resulted in a "catastrophic" situation, according to Environment Minister Jiri Brabec.

After bout with coronavirus, Czech billionaire finds new targets

Bloomberg |
14 April 2020

Locked at home in self-isolation after testing positive with coronavirus in the middle of March, Czech billionaire Daniel Kretinsky spent 12 hours a day on the phone running his businesses. He still found time to scour around for new investments as markets around the world tumbled.

Czech central bank rebuffs Prime Minister's attack on rate hikes

Bloomberg |
5 March 2020

The Czech central bank pushed back against billionaire Prime Minister Andrej Babis's criticism of its efforts to curb inflation with higher borrowing costs. The surprising February rate increase, the only one globally this year, prompted a rebuke from Babis, who said such moves are boosting banks' earnings while hurting the economy during a slowdown.

World gets first rate hike of 2020 with surprise Czech move

Bloomberg |
7 February 2020

The Czech Republic unexpectedly became the world's first country to raise interest rates this year, but policy makers quickly signaled the increase would be the last. The central bank raised the benchmark by a quarter-point to 2.25% on Thursday, their first hike since May and the ninth increase in two-and-a-half years.

Avast plunge exposes frailty of Prague's dormant stock market

Bloomberg |
4 February 2020

The Czech stock market just had its worst week in years, and it's mainly because of a company that didn't even plan to be traded there. A privacy scandal at Avast Plc wiped out more than a fifth of the Prague-based software maker's value last week, dragging the PX Index of 12 stocks down 6.2%. That was the worst slump among benchmarks worldwide after Hong Kong.

Czech lottery owner Sazka asks EU to probe gambling tax

Bloomberg |
27 January 2020

Sazka Group has urged the European Commission to investigate a Czech tax on lotteries that it says unfairly grants a state subsidy to other gambling services.

Now AI can deliver the perfect head for your beer

Bloomberg |
15 January 2020

A startup with an AI-platform that controls the flow of beer from the keg to the tap -- and set the amount of foam -- plans to expand into the U.K. and Czech Republic. Pubinno, founded in Istanbul in 2015 before relocating to San Francisco, expects its valuation to increase to USD 30 million after its latest investment round, from USD 20 million previously, said Can Algul, a co-founder of the company.

Billionaire Czech PM faces more heat over conflict of interest probes

Bloomberg |
7 January 2020

The Czech Republic's PM is coming under increasing pressure over allegations of conflict of interest, which last year triggered the country's biggest anti-government protests in three decades. A European Commission audit said that Andrej Babis maintained control over his chemical, farming and media business empire, which continued to receive funds from the EU's budget after he took power in 2017, news website Neovlivni.cz reported Monday, citing a person with knowledge of the findings.

Czech rate-hike drive may be over for a year, rate setter says

Bloomberg |
11 December 2019

Czech interest rates could stay where they are for another year as global risks cloud the outlook for the export-oriented economy, a senior central banker said. Unlike monetary easing deployed by the U.S. Federal Reserve and the European Central Bank, Czech policy makers are among the few in Europe discussing whether or not to raise borrowing costs.

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