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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: Exports from Germany accelerated their decline in June, but industrial production increased. Analysis: The purchasing power of Eastern European countries is gradually catching up with the West. Analysts: Retail sales in June exceeded market estimates, but the recovery is slow. Survey: The heads of the largest British companies had record incomes last year. Study: The number of entrepreneurs in the Czech Republic is decreasing, there were 4,041 fewer in the first half of the year. The Czech Republic's foreign trade showed a surplus of CZK 29.3 billion in June, up year-on-year. The Czech construction industry continues to decline, its year-on-year decline accelerated to 10.2 percent in June. The Japanese economy grew significantly faster than expected in the quarter. CZSO: Industry and construction continued to decline year-on-year in June, trade remained in the black. Dun & Bradstreet: The number of unreliable VAT payers increased this year. Prices in industry in the Czech Republic accelerated growth, while in agriculture they slowed down the decline. Inflation in the US was the lowest in more than three years in July. The Czech National Bank lowered the interest rate to 4.5 percent, worsening the economic outlook. Analysts expect a slowdown in the decline in the CNB's base interest rate. Survey: Electricity and gas are still the dominant energy sources for Czech companies. The budget deficit will be a maximum of CZK 231 billion next year, the state will not abolish the windfall tax. Inflation in China surprisingly accelerated to 0.5 percent, production prices are falling. PwC: The number of mergers and acquisitions in the Czech Republic was the lowest in six years in the first half of the year.

Stock markets: Oil prices closed at their lowest levels since mid-June. Wood Mackenzie: Replacing China in copper supplies is impractical. Gold prices are at a record high, reaching above USD 2,482 per troy ounce this morning. Ball Aerosol aluminum packaging manufacturers in Velim reported a profit of CZK 566 million last year.

Finance: UniCredit Bank: The disadvantage of investing in residential real estate has decreased. Belgian bank KBC's profit fell by four percent, and it also fell in the Czech Republic. The Hungarian central bank lowered the base interest rate to 6.75 percent. The Office of the Competition and Consumer Protection has authorized SAB Financial Group to purchase a controlling stake in Trinity Bank. Insurance company: Damage to agricultural land due to frost and hail will reach CZK 2 billion. JPMorgan Chase significantly increased its profit in the quarter, while Wells Fargo's fell. The six largest banks in the Czech Republic have seen their net profit rise by six percent this year to CZK 39.5 billion. Komerční banka's profit fell by more than a fifth to CZK 6.3 billion in the first half of the year. China has cut another key interest rate in an effort to support the economy. Banks provided mortgages worth CZK 23.8 billion in July, up 109 percent year-on-year. Bain Capital to buy financial software supplier Envestnet for USD 4.5 billion. Sky News: Who will pay for the world's worst IT outage? Investors will buy back some of Revolut's shares, valuing the company at USD 45 billion. In the first half of the year, 4.12 million people had supplementary pension insurance, 100,000 fewer than last year. FT: The shipyard that built the Titanic is fighting for survival; it is an emergency loan. Analysts: The most advantageous investments include funds with quality bonds. The British central bank has reduced the base interest rate by a quarter of a point to five percent. Registers: Czech debt increased by 6.7 percent in the 2nd quarter. to CZK 3.44 trillion. The banking association has worsened this year's economic outlook, expecting growth of 0.9 percent. Buffett's Berkshire Hathaway increased its profit by 15 percent to USD 11.6 billion. Banks provided mortgages for CZK 24.2 billion in June, the most since March 2022. The global outage affected 8.5 million Windows devices, Microsoft estimated. Survey: 55 percent of people in the Czech Republic manage to save regularly, more than a year ago.