In Business News this week: Czech National Bank makes second highest monthly forex intervention in August; Two ČEZ managers accused of licensing fraud; Grandi Stazioni loses lease of Main Railway Station in Prague; Transport of crude oil reserves from Germany may be at risk; Škoda Auto to extend working week in Kvasiny:
Czech National Bank makes second highest monthly forex intervention in August
Czech trade rebounds in August to 13.8 billion crown surplus
The Czech trade balance in August recorded a surplus of 13.8 billion crowns (around 511 million euros). That compares with a deficit of 1.7 billion in the same month a year earlier. The biggest factors in the turnaround were higher exports of machinery and cars and lower spending on imported oil and other fuels. The trade surplus with other EU countries reached 47.9 billion crowns. The surplus so far this year runs to 146.6 billion crowns, a 55 billion crown advance on the first eight months of 2015.
Two ČEZ managers accused of licensing fraud
Grandi Stazioni loses lease of Main Railway Station in Prague
Grandi Stazioni has lost its 30-year lease of the Main Railway Station in Prague, where it was supposed to complete a general reconstruction by October 2016. The original deadline, in 2013, was repeatedly extended and Czech Railway Infrastructure Administration has rejected a request for another two-year extension. It has officially requested that Grandi Stazioni vacate the premises.
Transport of crude oil reserves from Germany may be at risk
The Czech company FAU which was to guarantee the transport of Czech oil reserves from Germany is deep in debt and may face insolvency proceedings, Czech Radio reported on Thursday. According to the company’s lawyer, Alfred Šrámek, the start of bankruptcy proceedings would put the operation at risk. FAU was to transport over 80 million liters of crude oil from the storage facility of the bankrupt Viktoriagruppe company in Germany’s Krailling, a process expected to take between six and eight months. The transfer was delayed by a drawn out dispute between the Czech State Material Reserves Administration and Viktoriagruppe's insolvency administrator Mirko Mollen over the ownership of the crude oil. The Czech Republic was later given the go ahead to proceed with the transport.