Tag: Czech

Czech Central Banker Finds Comfort in Inflation as Virus Soars

(Bloomberg) — As central banks around the world expand their help to economies hit by the coronavirus pandemic, Czech policy makers can sit tight and let inflation do its work.

After cutting interest rates the most in the European Union this year, the Czech central bank is probably done with easing, Deputy Governor Tomas Nidetzky said in an interview on Monday. It should keep the benchmark at 0.25% for at least a year before considering raising it, he said, as resilient price growth will support a recovery from a virus-triggered recession.

While a resurgence in coronavirus cases is darkening the outlook for the export-reliant economy, the government is keeping unemployment low and propping up household spending, for now. That’s one of the reasons for inflation running above the tolerance range set by the central bank, which has signaled the next move will likely be a hike.

a screenshot of a cell phone: Stubborn Prices

© Bloomberg
Stubborn Prices

Read More

Veolia Speeds up the Development of Its Energy Business in the Czech Republic and Will Operate the District Heating Network in Prague’s Right Bank

Regulatory News:

Through its subsidiary Veolia Ceska Republika, Veolia (Paris:VIE) has signed an agreement to take over Pražská Teplárenská (PT), a subsidiary of the Czech company Energetický a Průmyslový Holding a.s, which runs the district heating network in Prague’s Right Bank. The Veolia Group already operates the network in Prague’s Left Bank so this transaction will strengthen its position in energy services in the Czech Republic and will eventually represent annual revenue for the Group estimated at €230 million.

The network operated by PT is currently the largest heating network in the Czech Republic. Covering 550 kilometers and with more than 400 employees, it supplies heating to 230,000 homes, municipal installations and tertiary-sector premises on a daily basis.

Veolia’s takeover of PT marks a further stage in the development of heating networks in the Czech Republic. It will also consolidate the Group’s historical connection with the city of

Read More