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CEZ Shares Tumble, Cabinet Approves Austerity Measures

CZECHIA
  • The PX index tumbled this morning on the back of heavy losses suffered by shares in majority state-owned energy utility CEZ, which started trading without the right to a record CZK145/share dividend. The Board of Directors initially proposed a dividend of CZK117/share, but the Finance Ministry (which controls around 70% of the company) proposed to boost payouts.
  • The Cabinet approved its fiscal consolidation package yesterday, but the STAN party said that some technical adjustments may still be implemented during the debate in the Chamber of Deputies.
  • President Petr Pavel is expected to appoint Marek Vyborny as the new Agriculture Minister today.

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