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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: Businessmen appeal to government to remove obstacles to strategic investments. Bundesbank: German economy likely to stagnate again in third quarter. Survey: 60 percent of companies skeptical about Czech economic development. Analysts: The period of decline in average real wages is the longest in the history of the Czech Republic. CNB foreign exchange reserves fell by 16.4 billion euros in July year-on-year. Czech foreign trade ended in a surplus of 18.2 billion crowns in June. The budget deficit fell to 194.6 billion crowns at the end of August. Moody's: Due to persistent high inflation, global economic growth will slow down. According to the Ministry of Finance, Czech GDP will fall by 0.2 percent this year, with annual inflation at 10.9 percent. The inflation rate in Turkey is again increasing significantly, reaching 58.9 percent. Consumer confidence in the US has fallen, but inflation expectations have improved. Inflation in Germany slowed to 6.4 percent in August according to the EU methodology. Inflation in the eurozone remained at 5.3 percent in August, with growth expected to moderate. After data revisions, the US economy grew less than expected in the quarter. Survey: Companies want to lay off workers on a contractual basis due to upcoming changes. Chamber of Commerce: Lack of workers threatens strategically important projects. Budget execution should not depend on dividend withdrawals, says the opposition. Survey: One in ten companies perceives the impact of the crisis on their business as very significant. The CNB Bank Board perceives the risk of premature interest rate cuts. UN: Damage caused by the spread of invasive species amounts to approximately USD 423 billion annually.

Stock exchanges: Russian mining giant Alrosa will open a new diamond mine in the Russian Far East. Oil is falling due to concerns about the Chinese economy and a stronger dollar. Interfax: Lukoil is requesting permission to buy back shares from foreign investors. Gas for the European market is becoming more expensive again due to planned strikes in Australia.

Finance: The six largest banks in the Czech Republic saw their profits fall by CZK 2.5 billion year-on-year to CZK 37.1 billion. WSJ: Visa and Mastercard are preparing to increase fees for merchants. Hypoindex: The average mortgage rate fell to 6.19 percent at the beginning of August. Comparator: Ten bond issuers have gone bankrupt in a year and a half, or 1.7 percent. The net profit of the ČSOB group fell by six percent in the first half of the year to 9.5 billion crowns. The Russian Raiffeisenbank is introducing a fee of 1,000 USD for transfers in dollars to Russian accounts. Renáta Kellnerová and her family now own the entire PPF investment group. The Air Bank group's net profit fell by 28 percent this year to 1.244 billion CZK. China unexpectedly reduced some interest rates on loans to support the economy. Powell: It is uncertain whether interest rates are high enough to curb inflation. The S&P agency has lowered the Casino chain's rating deeper into the speculative zone. The Turkish central bank unexpectedly raised the base interest rate to 25 percent. Slovaks are expecting higher mortgage payments, most households can handle it, according to the authorities. S&P downgrades Casino chain, suggests likely bankruptcy. Insurance companies collected 84.7 billion CZK in premiums this year, up 5.7 percent year-on-year. Russian Sberbank to pay three billion rubles in extraordinary tax to budget. Analysis: Only one percent of Czechs have financial assets over five million CZK. Moody's downgrades several American banks. Central bankers' symposium in Jackson Hole begins, Powell's speech awaited. Hungarians withdraw money from banks en masse and buy government bonds due to inflation. Survey: 81 percent of Czechs are worried about the consolidation package.