News

The Czechoslovak Group (CSG), owned by businessman Michal Strnad and focusing mainly on the arms industry, is offering shares worth about €3.3bn (almost CZK 80.2bn) on the Euronext stock exchange in Amsterdam, CSG said on its website.

The subscription period will run from Tuesday to Thursday, with trading scheduled to start on Friday. The shares are intended for institutional investors. The company plans to use the proceeds from the sale of shares for further development.

CSG is one of Europe's leading manufacturers of artillery ammunition. It had been expanding in this sector even before Russia's invasion of Ukraine in 2022. According to data from the Stockholm International Peace Research Institute (SIPRI), CSG is the fastest-growing European company on the global arms market in terms of annual sales growth. In the first three quarters of last year, CSG increased its revenues by 82.4 percent year on year to €4.49bn (about CZK 109bn).

Czech Environment Minister Petr Macinka (Motorists’ Party), who also serves as Minister for Foreign Affairs, told Czech Radio that he wants to cut funding for NGOs that promote climate and environmental education in schools, citing the opportunity to save money. Dozens of organisations warn that, without financial support, they may be forced to scale back activities and/or lay off staff.

Macinka said public finances are “so dire” following the previous government’s term that some NGOs may need to “find another livelihood.” The extent of the planned cuts to environmental education grants has not yet been confirmed.

Most of the affected NGOs focus on educating pupils, teachers, and the public about ecology, nature conservation, and climate change. Last year, the ministry awarded grants to 25 projects, providing one to four million crowns per project.

Czech Prime Minister Andrej Babiš said he hopes the dispute over Greenland can be resolved through diplomacy, speaking in a video posted on social media ahead of his departure for Davos, where he is attending the World Economic Forum. He stressed that Greenland is clearly part of Denmark and noted that, as Denmark and the United States are NATO allies, the issue should be addressed through dialogue. Babiš added that threats are counterproductive and that the matter should be handled through standard diplomatic channels.

US President Donald Trump has been pressuring Denmark to relinquish Greenland and has threatened to impose 10 per cent tariffs on several European countries from early February over their support for Copenhagen.

Babiš said he expects progress to be made during discussions in Davos, which will also be attended by Trump and NATO Secretary General Mark Rutte.

He also commented on his recent purchase of a globe, which drew online jokes, explaining that Greenland appears larger than it actually is on flat maps.

The annual Šediváčkův Long dog sled race gets under way this evening in Deštné in the Orlické Mountains. Considered one of the toughest dogsledding events in Europe, the race has attracted more than 100 competitors from 12 countries.

Most are mushers racing with dog sleds, while others compete on cross-country skis with one or two dogs, or on fat-tyre mountain bikes.

The main course covers more than 300 kilometres over five stages. A shorter, four-stage route measures 200 kilometres. Racers are expected to reach the finish on Saturday.

Because of a thaw, organisers moved parts of the course to higher elevations, where around 30 centimetres of snow remain.