Tuesday, 11 August 2020

Bloomberg

Looking past virus chaos, Czechs signal rate hikes next year

Bloomberg |
7 August 2020

With countries around the world pledging more monetary assistance for their virus-stricken economies, a record government spending spree and resilient inflation may allow the Czech central bank to raise borrowing costs as early as next year.

Inflation binds Czechs after fast rate cuts

Bloomberg |
6 August 2020

While the coronavirus continues to crush consumer demand and prompt central bankers to vow more action to help their economies, policy makers in a country bordering the euro area see their anti-pandemic work as essentially done for now.

Virus helps Czech billionaire leader go on a spending spree

Bloomberg |
10 July 2020

The Czech Republic's billionaire prime minister is turning the coronavirus crisis into an opportunity to roll out an investment firehose he's been dreaming about since taking power. Andrej Babis has overseen one of Europe's most successful campaigns to overcome the initial wave of Covid-19. Now he's trying to pull the economy out of recession before the economic fallout risks undermining his popularity before 2021 elections.

Czech cabinet feuds over bill seen as helping tycoon premier

Bloomberg |
3 June 2020

The Czech government approved a draft law that critics say may help obscure ties between the country's billionaire prime minister and his business empire as he faces a conflict-of-interest probe. The allegations are the biggest political burden for Andrej Babis and have complicated ruling of his minority administration since he won the 2017 election.

How a bet on China's consumers is backfiring for richest Czech

Bloomberg |
1 June 2020

Petr Kellner's push into China was meant to turbo-charge one of eastern Europe's biggest fortunes. Instead, the Czech billionaire saw a listing of his consumer lender collapse, followed by a fight to contain the impact of the coronavirus pandemic. That has cost him USD 2.5 billion since January, with mounting questions about what's next for his Asian expansion.

The Prague angel offering salvation for Macy's and Foot Locker

Bloomberg |
29 May 2020

Across the U.S., sales are cratering, bankruptcies are on the rise, and unemployment has hit unprecedented levels. Yet even as the coronavirus pandemic wreaks havoc on American malls and main streets, a billionaire from Prague sees something in the wreckage: bargains.

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.

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