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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: The German economy will show zero growth this year, estimates the Ifo Institute. The Czech Republic's GDP grew by 0.6 percent in the second quarter, according to analysts it is still held back by industry. CZSO: The savings rate of Czech households fell slightly last year to 19.6 percent. Moody's: The largest number of Russian-owned companies in the EU is registered in the Czech Republic. IfW: The German economy will continue to decline this year. Survey: The heads of the largest British companies have record incomes last year. Dun & Bradstreet: The number of unreliable VAT payers has increased this year. The Japanese economy grew significantly faster than expected in the quarter. Analysts: Wage growth fell short of expectations, high-income earners are growing faster. CNB: Czech household debt rose to almost CZK 2.32 trillion in July. The average wage in the Czech Republic rose by almost four percent in real terms in the second quarter. The CNB cut the interest rate to 4.5 percent, worsening the economic outlook. Kateřina Klosová will lead the board of directors of the Czech branch of Dun & Bradstreet. Unemployment in Britain unexpectedly fell to 4.2 percent, wages are growing more slowly. The inflation rate in Germany slowed to 1.9 percent in August. Analysts: Store sales in June exceeded market estimates, but the recovery is gradual. The budget deficit will be a maximum of CZK 231 billion next year, the state will not abolish the windfall tax. Inflation in the US was the lowest in more than three years in July. Inflation in China surprisingly accelerated to 0.5 percent, producer prices are falling. Analysts: June slump in construction points to big problem in industry. Saudi oil revenue to fall more than expected this decade, IMF says. Deloitte survey: Companies are using AI in customer service and marketing. According to the Ministry of Finance, the average wage in the Czech Republic could exceed CZK 54,000 within three years. Analysis: Purchasing power of Eastern European countries is gradually catching up with the West. Reuters: China faces rising obesity due to economic problems and automation.

Stock markets: Wood Mackenzie: Replacing China in copper supplies is unfeasible. BHP and Ludnin buy copper miner Filo for 4.5 billion Canadian dollars.

Finance: It is time to cut interest rates, the head of the US central bank said. The Hungarian central bank has suspended interest rate cuts. Reuters: More and more ECB officials are leaning towards a September interest rate cut. Analysis: Germany remains by far the largest net payer in the EU. Gold and cocoa have become more expensive on the markets this year, while cotton and wheat have become cheaper. The six largest banks in the Czech Republic have seen their net profit rise by six percent this year to CZK 39.5 billion. FT: Fintech company Revolut is preparing to sell shares for up to $500 million. UniCredit Bank: Wealth is concentrated in men's accounts. The Japanese central bank has raised the base rate to 0.25 percent. Belgian bank KBC's profit fell by four percent, and it also fell in the Czech Republic. Creditas has bought an office building project in Prague's Karlín district from Sekyra Group. The Russian central bank has raised the base rate by two percentage points to 18 percent. The net profit of the ČSOB group in the first half of the year increased by two percent to CZK 9.5 billion. The Jet Investment group sold the Třebíč-based Tedom group to the Japanese Yanmar Group. Of the commodities on the markets this year, gold and cocoa became more expensive, while cotton and wheat became cheaper. UniCredit Bank: The disadvantage of investing in residential real estate has decreased. Analysts: The most advantageous investments include funds with quality bonds. The CNB imposed a fine of CZK 1.8 million on Fondee for errors in providing services.