The Prague Stock Exchange deepened its losses on Wednesday, with the PX index falling by 0.71 percent. The Brno investment group DRFG is acquiring an eighty percent stake in the German company GP-Projekte, which builds optical networks. The Ministry of Finance has launched the final round of negotiations regarding the state budget for next year. The Czech Republic has the second lowest inflation rate in the entire European Union. The agricultural fair "Země živitelka" (Land Provider) is starting in České Budějovice.
The Prague Stock Exchange deepened its losses after two days of moderate declines. The PX index fell by 0.71 percent to 2,769.35 points. Shares of the energy company ČEZ, the banking group Erste, and the arms manufacturers CSG and Colt were down. Commercial Bank shares ended in positive territory. The Czech crown strengthened against both major global currencies.
The telecommunications division of the Brno investment group DRFG Investment Group is acquiring an eighty percent stake in the German company GP-Projekte, which focuses on building optical networks. DRFG announced the acquisition in a press release on Wednesday. The company did not disclose the amount of the investment. This transaction expands the group's presence in the German telecommunications market, where there is growing demand for high-speed optical infrastructure.
The Ministry of Finance has launched the final round of negotiations with administrators of individual budget chapters regarding the level of their expenditures in the draft state budget for next year. The ministry will submit the draft to the government at the end of August. Minister of Finance Alena Schillerová announced that she is advocating for a deficit lower than this year's.
The Czech Republic has the second lowest inflation rate in the European Union. The harmonized inflation rate in July reached 1.1 percent, significantly below the EU average of 2.9 percent. Only Sweden reported a lower inflation rate, according to Eurostat.
In České Budějovice, the largest agricultural fair in the Czech Republic, "Země živitelka," is starting today. This year's fifty-second edition will focus on connecting modern technologies with agricultural practices. The fair will be opened by Prime Minister Andrej Babiš, Minister of Agriculture Martin Šebestyán, and Governor of the South Bohemian Region Martin Kuba. Last year, the event attracted a record number of over 132,000 visitors, and the traditional national harvest festival will take place on Saturday, August 22nd.
ČSOB plans to implement a technical shutdown of its internet and mobile banking services this weekend. The unavailability will begin on Friday, August 21st at 4:00 PM and last until Sunday, August 23rd at 4:00 PM. Card payments in stores and ATM withdrawals will not be affected.
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