Škoda Auto, the biggest car maker in the Czech Republic, said 2016 net profit climbed by 34 percent to 25.7 billion crowns. Company turnover for last year was around 10 percent higher at 370 billion crowns. The car maker delivered 1.127 million cars in 2016, more than a quarter of those were destined for China where deliveries totalled 317,000 cars.
The state-owned energy giant CEZ saw its net profit fall by 29 percent year-on-year to CZK 14.6 billion in 2016, according to figures released by the company on Tuesday. The decline in profits has been attributed to low energy prices and temporary shutdowns at CEZ’s power stations. The company has proposed paying out a dividend of CZK 33 per share. In the last four years CEZ paid out CZK 40 a share.
Prime Minister Bohuslav Sobotka will meet with President Miloš Zeman on Thursday this week to inform the head of state about his nominee for the post of Minister of Industry and Trade. There is speculation the person in question could be Deputy Minister Jiří Havlíček or the chairman of the Administration for State Reserves, Pavel Švagr. Social Democrat MP Milan Urban, who held the post in the past, has also been listed in the media as a possible choice.
Chassix, a precision casting and machining solutions supplier, plans to establish a greenfield plant in Ostrava, Czech Republic, according to a company press release. The facility, which will cast aluminum chassis and powertrain components for passenger cars, will be the company's first casting foundry, and third plant in Europe. It should be operational in early 2018 and accounts for an investment of about 50 million US dollars. Chassix Ostrava is expected to generate approximately 350 skilled jobs in the region.
Lower house deputy Milan Urban is a hot candidate for the post of industry minister vacated following the dismissal of Jan Mladek, the daily Mlada fronta Dnes reported, citing three independent sources. Mr. Urban himself refused to confirm the news, telling journalists they would have to wait until Monday. Government spokesman Martin Ayrer said the prime minister was still due to meet with potential candidates. Milan Urban served as industry minister in the years between 2003 and 2006 under three successive prime ministers.
Czech car-maker Škoda Auto is set to cooperate with India’s Tata Motors in developing vehicle concepts for the India and overseas market. After months of talks, representatives of Volkswagen, Škoda Auto and Tata Motors said on Friday they had signed a memorandum of understanding to explore a strategic partnership in India that would lead to the launch of new vehicles by Tata Motors. According to the press release, Škoda Auto will take the lead of the project on behalf of the Volkswagen Group.
Construction plans for a controversial six-story apartment building in Prague 1 dubbed "the Marshmallow House" have gotten the green light, spokeswoman for the local city council Veronika Blažková confirmed. The project first received approval in 2015, but then stalled after Prague City Hall and the Culture Ministry got involved. Some critics opposed construction of the design on the grounds that the building looked like marshmallow faces and the fact that individual units were depicted in pastel colours. Investor Praga Progetti e Investimenti will have to launch construction by June of this year, as a two-year deadline has been running uninterrupted since the project was initially approved.
And then there were two. That at least appears to be the final outcome of canvassing for a strategic investor to take over the Czech Republic’s last hard coal mining company, OKD. The mining company, the biggest employer in the Moravia Silesia region with around 11,000 employees, has been the subject of insolvency proceedings since last year.