The Partners financial group is entering the German market through a partnership with Scala Finanzgruppe and plans to invest up to €75 million there over the next five years. Sokolovská uhelná returned to operating profit, but this did not offset the overall loss of 125 million crowns. Prime Minister Babiš promised that the state budget deficit would remain well below 400 billion crowns next year. Revolut will make funds focused on private markets available to Czech users from July 31st. Mortgage rates have been rising for the fourth month in a row, and the wave of refinancing of fixed-rate mortgages taken out last year has only just begun.
The Partners financial group has formed a strategic partnership with the German company Scala Finanzgruppe to build an advisory firm in Germany. The company plans to invest up to €75 million, or over 1.8 billion crowns, in acquisitions of advisory firms over the next five years. Germany is the third foreign market for the group after Slovakia and Romania, and it is also the largest financial advisory market in Europe. Scala Finanzgruppe manages several German advisory brands, with BSC Die Finanzberater being the strongest, serving more than 30,000 clients, mainly in Bavaria. Peníze.cz
Sokolovská uhelná reported a total loss of 125 million crowns last year, significantly less than the previous year, when the loss reached 2.1 billion crowns. Profit before tax, interest and depreciation was positive at 490 million crowns, and revenue increased from 5.3 to 5.7 billion crowns. The sister company SUAS GROUP ended with a slight profit. The group is undergoing a transformation in response to its shift away from coal and is seeking new sources of income in renewable energy and the chemical industry.
The state budget deficit next year will be well below 400 billion crowns, according to Prime Minister Andrej Babiš. A more precise estimate of the deficit will be possible after the August macroeconomic forecast is processed, said Finance Minister Alena Schillerová after a meeting with the prime minister. The government also reaffirmed its commitment to allocate two percent of GDP to defense by 2027.
Revolut will make funds focused on private markets available to Czech users from July 31st. These are investment products that have been previously only available to institutional and very wealthy investors. The new offering expands the range of investment options for small investors on the British fintech platform.
Mortgage rates have been rising for four months in a row, following interest rate increases by both the Czech National Bank and the European Central Bank in June. This year, fixed-rate mortgages totaling over 460 billion crowns will expire – mainly loans taken out in 2020 to 2022, when rates were around 3.3 percent. Many households will therefore experience a noticeable increase in their monthly payments in the coming months.