Saturday, 5 September 2020


Junior ruling party sets ultimatum for staying in cabinet

Bloomberg |
16 July 2019

The Social Democrats set a final condition for staying in the government, prolonging a political crisis that has brought the ruling coalition to the brink of collapse. The party said Monday it will leave the minority cabinet unless President Milos Zeman appoints their nominee for culture minister. A potential coalition breakup would be a blow for PM Andrej Babis. But the departure of his junior partner wouldn't automatically trigger early elections.

Czech billionaire claims first round in fight with New York fund

Bloomberg |
1 July 2019

Czech property billionaire Radovan Vitek is claiming victory in the first round of a transatlantic legal fight with New York hedge fund Kingstown Capital Management, which alleges he engineered a USD 1 billion fraud scheme.

Czechs shun Eurobond market as USD 6.5 billion repayments loom

Bloomberg |
21 June 2019

As its emerging-market peers flock back to the foreign debt markets, the Czech Republic has a plan to significantly curb its Eurobond sales after successfully testing an alternative route to global investors.

Global gloom not enough to deter top Czech hawk on rate hike

Bloomberg |
14 June 2019

The Czech economy warrants higher interest rates as domestic price pressures outweigh the effects of a global slowdown, according to central banker Vojtech Benda.

Billionaire Czech premier hits back at EU scrutiny

Bloomberg |
6 June 2019

Czech billionaire prime minister criticized the European Union for an audit that found him in a conflict of interest, calling the draft an attempt to destabilize the nation he runs. Under increased pressure, Premier Andrej Babis has shifted his rhetoric from having a pro-European attitude to a sharp criticism of the bloc that is scrutinizing his ties to business conglomerate Agrofert. "I will certainly ask Mr. Juncker how it's possible that he has such incompetent auditors," Babis told reporters on Wednesday.

It's 'permanent donations' instead of tax as Czechs target banks

Bloomberg |
5 June 2019

After a raft of countries across eastern Europe put the squeeze on banks to help fill gaps in their budgets, the Czech Republic is taking a different approach: asking for "permanent donations" from their annual income.

Hitler's henchman, Klimt's muse and a Czech castle in ruins

Bloomberg |
27 May 2019

Its heyday ended when the Nazis invaded. Now a chateau near Prague has a chance of a revival if a mystery buyer has deep enough pockets.

Czech banks avoid new tax by yielding to premier's fund plan

Bloomberg |
21 May 2019

Czech banks have agreed to contribute a modest portion of their profits to a national development fund to avoid a threat of special taxes that earlier afflicted their eastern European peers. Prime Minister Andrej Babis said on Monday he wants the units of Société Générale, Erste Bank, KBC and UniCredit to jointly pay an initial CZK 6 billion to the proposed fund in 2020 that would help finance public-investment projects. He wants others to join in as contributors later.

This is the best way to tax Google and Facebook

Bloomberg |
6 May 2019

The Czech Republic proposes the highest digital tax rate in Europe so far and a focus on targeted advertising.

Police suggest charging Czech PM with fraud

Bloomberg |
18 April 2019

Czech police recommended charging PM Andrej Babiš, the country's second richest man, for suspected fraud following a probe into the alleged misuse of EU funds. The probe against Babiš, who rose to power by attacking the political establishment and campaigning against Muslim refugees, focuses another spotlight on the EU's eastern wing, a region that's been rocked by scandal. Babiš rejected the allegations on Wednesday, denouncing them as "an organized plot" designed to ruin his political career.

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