Czech industrialist Michal Strnad bought 14 percent of shares in Italian tyre manufacturer Pirelli for nearly 24 billion crowns, becoming the company's third largest shareholder. The government merged the CzechTrade and CzechInvest agencies into a new institution called CzechBusiness, which from 1 August will offer companies a single partner for business support and international expansion. The Czech economy grew by two percent year-on-year in the second quarter. The Senate approved an increase in the parental allowance to 400,000 crowns. Revolut is today opening funds focused on private markets to Czech users.
Czech industrialist and investor Michal Strnad bought a 14 percent stake in Italian tyre manufacturer Pirelli through his company Lumina Crown, becoming the third largest shareholder in the Italian company. Strnad's firm purchased the shares from Chinese company Sinochem, which thereby reduced its stake in Pirelli. According to an estimate by Reuters, based on data from the Milan stock exchange, the acquisition cost Strnad's company 987 million euros, nearly 24 billion crowns.
The government merged the CzechTrade and CzechInvest agencies into the new state agency CzechBusiness, which from 1 August will offer Czech companies, investors and startups a single partner for development ranging from innovation to international expansion. Minister of Industry and Trade Karel Havlíček stressed that this is not a simple merger of two offices, but the creation of a new model of support that will be clearer and better connected.
The Czech economy grew by 0.4 percent quarter-on-quarter and 2.0 percent year-on-year in the second quarter of this year, according to a preliminary estimate from the Czech Statistical Office. The result confirms the solid performance of the domestic economy and comes at a time when it is facing higher interest rates from both the CNB and the ECB.
The Senate approved an increase in the parental allowance from the current 350,000 to 400,000 crowns for children born from 1 January next year. For twins and multiples, the allowance will rise from 700,000 to 800,000 crowns. The legislation now goes to the president for signature.
Revolut is today opening funds focused on private markets to Czech users through the European ELTIF 2.0 format. The platform has partnered with investment houses Apollo, Ares, Hamilton Lane and Partners Group, which together manage assets exceeding 2.8 trillion dollars. These are products that until now were available only to institutional and very wealthy investors.
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