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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: Analysts: June slump in construction points to major problem in the sector. Czech industry continues to slump, down 3.4 percent year-on-year in June. Survey: Bosses of the largest British companies had record incomes last year. Prices in industry in the Czech Republic accelerated growth, while prices in agriculture slowed down. CZSO: Czech household savings rate fell slightly to 19.6 percent last year. Goldman Sachs analysts have increased the probability of a recession in the US to 25 percent. Exports from Germany accelerated their decline in June, but industrial production increased. Survey: Electricity and gas are still the dominant energy sources for Czech companies. Study: 400 entrepreneurs went bankrupt in July, the fewest this year. Czech construction industry continues to decline, its year-on-year decline accelerated to 10.2 percent in June. CZSO: Industry and construction continued to decline year-on-year in June, trade remained in the black. PwC: The number of mergers and acquisitions in the Czech Republic was the lowest in six years in the first half of the year. The average wage in the Czech Republic increased by almost four percent in real terms in the second quarter. Analysts expect a slowdown in the decline in the CNB's base interest rate. Analysis: The purchasing power of Eastern European countries is gradually catching up with the West. The budget deficit will be a maximum of CZK 231 billion next year, the state will not abolish the windfall tax. Reuters: China faces a rise in obesity due to economic problems and automation. Czech GDP grew by 0.6 percent in the second quarter, according to analysts, it is still held back by industry. Sentix: Investor confidence in the eurozone economy has fallen again, it is the lowest since January. Dun & Bradstreet: The number of unreliable VAT payers has increased this year. Study: Companies have lost the ability to come up with real innovations.

Stock exchanges: Oil prices closed at their lowest levels since mid-June. The Czech National Bank bought almost six tons of gold in the second quarter, holding 41.49 tons. Aluminum packaging manufacturers Ball Aerosol in Velim saw their profit rise to 566 million CZK last year.

Finance: Analysis: Banks are reducing interest rates on savings accounts, the highest generally below five percent. Survey: 55 percent of people in the Czech Republic manage to save regularly, more than a year ago. Analysts: New mortgage rules may not make early repayments more expensive. The British central bank has reduced the base interest rate by a quarter of a point to five percent. Registry: Czech debt rose by 6.7 pct in the 2nd quarter to 3.44 trillion CZK. Insurance company: Damage to agricultural land due to frost and hail will reach two billion CZK. Global outage affected 8.5 million Windows devices, Microsoft estimated. Investors will buy back part of Revolut shares, valuing the company at $45 billion. Banking association worsens this year's economic outlook, expects growth of 0.9 pct. The Hungarian central bank has reduced the base interest rate to 6.75 percent. In the 1st half of the year, 4.12 million people had supplementary pension insurance, 100,000 fewer than last year. The Chinese central bank surprisingly reduced the base interest rate to 1.70 percent. Czech banks were not affected by the outage, the stock exchange and nuclear power plants were also unaffected. Belgian bank KBC's profit fell by four percent, and it also decreased in the Czech Republic. The market value of Buffett's Berkshire exceeded a trillion dollars. UniCredit Bank: Wealth is concentrated in men's accounts. Index: Mutual funds generally continued to make money for investors in July. The Czech National Bank imposed a fine of CZK 1.8 million on Fondee for errors in providing services. Analysis: Germany remains by far the largest net payer in the EU. The time has come to lower interest rates, said the head of the US central bank. Of the commodities on the markets this year, gold and cocoa have become more expensive, while cotton and wheat have become cheaper.