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CEZ Holds Annual General Meeting, Economic Sentiment Gauges Deteriorate

CZECHIA
  • Czechia's majority state-owned energy utility CEZ will hold its annual general meeting, with shareholders set to vote on a record-breaking dividend proposal submitted by the Ministry of Finance, which countered the CZK117/share proposal offered by the Board. It is expected that the Ministry's CZK145/share dividend proposal will be accepted, given that it owns around 70% of all shares. Komercni Banka remind that Wednesday will be the last day of trading with the right to this dividend.
  • Economic veteran Zdenek Drabek told Seznam Zpravy that the CNB's monetary policy is disproportionately affecting small and medium-sized enterprises and argued that the central bank should do more to fight inflation expectations. The economist added that the CNB should not have explicitly anchored the exchange rate.
  • Sentiment among Czech businesses and consumers weakened in June, with the aggregate confidence index deteriorating to -2.6 from 1.4 prior. The CZSO said that there was a significant increase in the share of consumers expecting the deterioration of the overall economic situation in the Czech Republic in the next twelve months.
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