Czech broadcasting group Central European Media Enterprises has cut its earnings outlook for 2008 to USD370 million from an earlier forecast of USD425 million and trimmed its expectations for revenues to USD1.039 billion from USD1.1 billion due to the strengthening dollar.Continue Reading

PPF Group, owned by Petr Kellner, one of the richest Czechs, is negotiating with Milan Janků’s development company ECM Group. According to information available to E15, PPF wants to acquire a significant share in the Pankrác projects City Tower and City Empiria, the biggest project of ECM Real Estate Investments (ECM REI). This way the company could obtain the necessary capital, which is so difficult to get on the market these days. Through his company ECM Group, Milan Janků has a 30% share in ECM REI. “PPF wants at least a 50% share in this project,” a source told E15. Interested in the skyscraper PPF is leasing several floors in two Pankrác buildings that are the focal point of ECM’sContinue Reading

Interbank money loans among Czech banks have become much more expensive and are provided for only very short time periods. Decreased trust and cash at its highest value – that is what the Czech banking market looks like these days. Everyone wants to have as much cash in their balance as possible. That is what bankers told HN in an anonymous poll. To get a loan for longer than one day is basically impossible in the Czech Republic. Also the rate for money loans has been increasing. While before the crisis, banks loaned to one another at official interbank rate – the so-called Pribor – now they loan money for Pribor plus extra money. Moreover, these rates have jumped significantly.Continue Reading