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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 Czech Republic's foreign trade showed a surplus of CZK 13.6 billion in May, up year-on-year. Analysts: The development of agricultural producer prices gives hope for cheaper food. Analysts: The CNB Bank Board will continue to cut rates, the question is how significantly. Analysts expect a slowdown in the decline in the CNB's base interest rate. Analysts: Czech industry fell the most significantly in May since September last year. Coface: Czech companies are among the worst in the region in publishing financial statements. CNB: Czech household debts to banks rose to CZK 2.293 trillion in May. Study: Seven percent more entrepreneurs went bankrupt year-on-year in the first half of the year. IMF warns of the impacts of generative artificial intelligence on the labor market. Study: 342 companies went bankrupt in the Czech Republic in the first half of the year, four more than a year ago. State debt increased by 96.2 billion crowns to 3.207 trillion crowns in the first half of the year. Germany is still at risk of a gas shortage due to extreme cold, the INES association warned. Football fans in Germany must expect sold-out hotels and full trains. Analysts: May foreign trade results fell short of market expectations. CNB: Czech Republic's foreign debt rose by 230.6 billion to 4.853 trillion CZK in the first quarter. Analysts: June's reduction in inflation to the CNB's target is surprising, the crown weakened.

Stock exchanges: Producers of aluminum packaging Ball Aerosol in Velim saw their profit rise to 566 million CZK last year. BHP and Ludnin buy copper miner Filo for 4.5 billion Canadian dollars. The Czech National Bank bought almost six tons of gold in the second quarter, its holdings now stand at 41.49 tons.

Finance: According to its boss, the Polish central bank will not cut interest rates again until 2026 at the earliest. Moneta bank's net profit in the first half of the year rose by 9.1 percent to CZK 2.7 billion. Bain Capital will buy financial software supplier Envestnet for USD 4.5 billion. Index: Mutual funds generally continued to make profits for investors in May. The Russian central bank recommends that companies avoid sanctions using cryptocurrencies. UniCredit: Central and Eastern European economies will grow by 2.7 percent this year. The Swiss central bank has cut its base rate by a quarter of a point to 1.25 percent. The financial literacy of Czechs has not changed according to the Czech Banking Association index. The Czech National Bank has fined Fondee CZK 1.8 million for errors in providing services. The Bank of Japan has increased the base rate to 0.25 percent. As expected, the ECB has left the base interest rate at 4.25 percent. Index: Almost half of productive Czechs are now repaying mortgages, loans or credits. The profit of Russia's Sberbank could be a record again this year, said the CFO. The Russian Central Bank has increased the base interest rate by two percentage points to 18 percent. Reuters: Central bankers in Central Europe are concerned about rapid wage growth. KB has signed a memorandum aimed at buying out the remaining stake in SGEF CR.. Sky News: Who will pay for the worst IT outage in the world?. CNB: Banks' net profit in the first quarter increased by 22 percent to CZK 25.9 billion. US bank Goldman Sachs more than doubled its profit in the second quarter. Banks provided mortgages worth CZK 24.2 billion in June, the most since March 2022. US banks passed the Fed's stress tests and would survive a sharp decline in real estate. Two members of the CNB bank board disagreed with a new reserve for banks. KKCG will issue bonds worth at least five billion crowns. Komerční banka's profit fell by more than a fifth in the first half of the year to CZK 6.3 billion. Allianz Trade: The world economy should grow by 2.8 percent this year and next. The Office for the Protection of the Rights of Persons with Disabilities has authorized SAB Financial Group to purchase a controlling stake in Trinity Bank.