What you (didn’t) miss: Škoda Auto scrapes cars, rates are rising, Vítek sells property …

The lack of some components, mostly chips, further forces Škoda Auto to park a large number of unfinished cars on parking areas. In the most critical phases of the year, the number of such cars approached the limit of fifty thousand, currently the Mladá Boleslav carmaker has about fifteen thousand of them shut down. As it is necessary to transport tens of thousands of unfinished cars from production plants to parking areas and back to assembly, in some cases the cars were damaged. And so much so that the carmaker had to scrap some of the cars. Skoda also reports an attempted theft on parking lots.

Photo gallery: This is how production stopped at Škoda Auto this year

On Wednesday afternoon, the Czech National Bank again raised the key interest rate significantly by one percentage point to 3.75 percent. This is more than expected by analysts, who predicted an increase of 0.75 percentage points. “The CNB Council assessed the risks as significantly pro-inflationary, which requires faster growth in interest rates than the bank’s forecast assumes,” the head of the central bank, Jiří Rusnok, explained the decision. This is the third above-standard rate increase this year. Experts agree that although this step will put pressure on mortgages, for example, this is the right and essentially inevitable solution.

The real estate company CPI Property Group, which is controlled by the entrepreneur Radovan Vítek, sold the property for 700 million euros (ie 17.7 billion crowns). The company said it was part of a previously announced plan to sell assets worth up to a billion euros to reduce the debt burden. The CPI is disposing of, for example, the building in which Generali Česká pojišťovna is located. In the third quarter, it also agreed to sell the BB Centrum E building, which serves as ČEZ’s headquarters in Prague. The real estate group also sells the Géčko shopping center in České Budějovice, as well as real estate in Germany, Hungary and Italy.

On Monday, Moneta Money Bank shareholders agreed to merge with PPF’s banking division, which includes Air Bank, Czech and Slovak Home Credit and Benxy. At the same time, the General Meeting approved the financing of the transaction, ie an increase in the bank’s share capital for the subscription of new shares. Through the acquisition, Moneta will acquire from the PPF Group one hundred percent of the shares of the Air Bank Group for a purchase price of CZK 25.9 billion. The merger will create the third largest bank on the Czech market after Česká spořitelna and ČSOB, according to the number of clients.

Europe is in an energy trap before Christmas, and gas prices and, in some countries, electricity continue to rise dramatically. The combination of winter, instability in the supply of strategic raw materials from Russia, reactor shutdowns in France and weaker wind turbine performance are to blame. The weather forecast is not optimistic, so there are fears of power outages on the continent. Liquefied gas is a hope. You can find an analysis of the topic and other important news from the business on the E15.cz website

The new Fial government does not receive a very nice gift under the tree, at least not from international financiers. The American company BlackRock, the world’s largest asset manager, warns global investors against lending to the Czech cabinet. This is despite the fact that the interest on the Czech government’s debt now exceeds the interest on the Slovak government’s debt, most significantly in history.

The Czech National Bank raised the base rate again for the third time at a faster pace than usual. This time, the central bank decided to grow by 100 basis points to 3.75 percent. Thus, some banks reacted quickly by improving the conditions for savings accounts. What rates do they offer now?


Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.