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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 inflation rate in Turkey accelerated to 64.9 percent in January, a slowdown was expected. Analysts: Inflation is to blame for last year's retail slump, recovery confirmed in December. Chamber: Trade between the Czech Republic and Germany fell by two percent last year to CZK 2.83 trillion. The inflation rate in Britain remained at four percent in January, growth was expected. A record 282,658 entrepreneurs closed their businesses last year; the reason is the data box. Study: In 2023, 12,897 companies were added in the Czech Republic, a thousand fewer than the year before. Survey: Most Czechs expect prices to grow faster than people's incomes. Analysis: The number of mergers and acquisitions of Czech companies fell by 43 percent last year to 80. The Czech National Bank lowered the base interest rate to 6.25 percent, the crown weakened. The Ministry of Finance expects economic growth of 1.2 percent this year, inflation of 3.1 percent. Analysts: Last year's decline in construction production is a reflection of the state of the Czech economy. Stanjura: The government should not set a date for the introduction of the euro before the elections. According to the central bank, the recovery of the German economy is being delayed. The inflation rate in Poland fell significantly in January, reaching 3.9 percent. The inflation rate in Hungary continues to fall rapidly, reaching 3.8 percent in January. Sales in retail trade fell by 4.1 percent year-on-year last year. Customs officers collected CZK 162.3 billion in taxes last year, CZK 2.9 billion less year-on-year. IMF Managing Director Georgieva: The global economy is heading for a soft landing. The IMF has improved its estimate of this year's global economic growth to 3.1 percent. Industry in the Czech Republic fell by 0.4 percent last year, which is the worst result since Covid. Inflation slowed to 2.3 percent in January, welcomed by Fiala and Michl, the opposition is critical. IMF: The Middle East economy is being held back by Israel's war with Hamas and lower oil production. Survey: 29.8 percent of Czech companies encounter obstacles in the EU market.

Stock exchanges: Demand for gold rose by three percent last year to a record 4,899 tons. Chinese companies are investing seven billion dollars in mining infrastructure in Congo. The value of global markets with emission allowances rose to a record last year.

Finance: Russian banks had record profits last year thanks to loan growth. Bloomberg: Renáta Kellnerová is changing the face of PPF, turning the group more towards the West. Analysts: Interest rate cuts will not have an immediate impact on the recovery of the real estate market. Banks provided mortgages worth CZK 13 billion in January, double the year-on-year figure. Hungary's central bank cut its base rate by three-quarters of a point to 10 percent. Germany's Deutsche Bank saw its profit fall by 28 percent in the quarter, preparing layoffs. According to the head of the Italian central bank, the ECB should soon start cutting interest rates. JPMorgan Chase is planning one of the largest branch expansions in several years. Retail investors have been withdrawing from European real estate funds for almost a year. Index: Mutual funds made investors a profit in January, equity funds two percent. The Russian Central Bank will stop publishing information on monetary policy. Allianz Trade: The risk of companies being unable to repay their obligations decreased worldwide last year. The Fed did not change interest rates; its reduction is conditional on certainty that inflation is falling. Association: Non-banking companies provided 13 percent more money last year. Analysis by Port: Banks are starting to take the decrease in CNB rates into account in savings accounts. Komerční banka's net profit fell by 11.4 percent year-on-year last year to CZK 15.6 billion. Italian banking group UniCredit increased its profit by almost 54 percent last year. Survey: More than half of Czech couples consider household income to be joint. Czech Export Bank doubled its pre-tax profit to CZK 1 billion last year.