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ZLATOVNA ECONOMIC NEWS
A quick look at what's new in the world of economic policy, finance and precious metals.

Economy: ČNB plans to increase the share of stocks in foreign exchange reserves, will strengthen the share of American stocks. SAO: The introduction of European directives had no significant impact on tax collection from companies. Ifo: German companies have the fewest orders since the financial crisis 15 years ago. BBC: German manufacturers warn of a threatening collapse in their industry. The Nobel Prize in Economics was won by scientists for their research into the influence of institutions on prosperity. Industry and foreign trade in the Czech Republic improved in September, construction weakened. The Agel healthcare group increased sales to a record CZK 27.4 billion last year. Analysts: Nobel laureates showed the importance of institutions for prosperity. Business activity in the eurozone surprisingly deteriorated significantly in November. Prices in industry slowed down year-on-year growth in September, while prices in agriculture moderated the decline. A chip development center has started operating in Brno in cooperation with Taiwan. Inflation in Britain fell to 1.7 percent in September, the lowest since spring 2021. Inflation accelerated to 2.8 percent in October, analysts expect it to grow further. Inflation in Hungary accelerated to 3.2 percent, remaining above the central bank's target. SAO: The contribution of money to increasing employment of the disadvantaged cannot be evaluated. PAQ Research proposes a change in income tax, which it says would help low-income earners. The CNB Bank Board also considers a weaker crown to be an inflation risk. Dun & Bradstreet: GDP growth in Eastern Europe should be 3.0 to 4.5 percent this year.

Stock exchanges: BBC: Gold rush sparked an ecological disaster in Ghana. Saudi Arabia has negotiated investment agreements aimed at mining for billions. Economist: Gold investors made around ten percent in real terms since Covid.

Finance: HN: PPF bought Šmejc's stake in the Home Credit group for 5.6 billion crowns. The Genesis Growth Equity Fund I bought a majority stake in the Slovak company TechPlasty. Survey: Three-quarters of Czechs prefer cashless payments. Česká spořitelna increased its net profit to CZK 19.4 billion in three quarters. According to the head of the City, London lost 40,000 jobs in the financial sector due to Brexit. Swiss bank UBS returned to profit in the third quarter, exceeding estimates. ECB warned of a bubble in stocks related to artificial intelligence. Expert: If there are no changes in the healthcare sector, the availability of care will decrease. The Russian Central Bank raised the base interest rate to a record 21 percent. The Czech National Bank fined UniCredit Bank for not exchanging damaged banknotes. South Korea's central bank lowered interest rates for the first time in more than four years. Survey: Only 15 percent of people plan to spend more money on Christmas gifts than last year. Norway's largest bank DNB will take over Swedish investment bank Carnegie. Čupr issues bonds worth three billion CZK through Rohlik.cz Finance II. Moody's raised Cyprus's rating by two notches, it is in category A for the first time since 2011. Survey: Two-thirds of Czechs are trying to value their money, 41 percent are investing. Index: The average Czech investor in funds earned 8.65 percent this year. Volkswagen's sales fell in the quarter, Moody's lowered the company's rating outlook. New HSBC boss changes corporate structure, CFO will be a woman for the first time. Hungary's central bank left the base interest rate at 6.50 percent. Association: Non-banking companies provided CZK 150 billion this year, six percent more year-on-year. ECB reduced interest rates by a quarter of a percentage point, deposit rate is at 3.25 percent. Analysis: Lagging European capital markets threaten competitiveness. PPF Group's net profit fell by 10.6 percent in the first half of the year to CZK 16 billion.