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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: Dako-CZ achieved a record net profit of almost 440 million CZK last year. Unemployment in the EU remained at 5.9 percent in June, one of the lowest in the Czech Republic. The Czech National Bank worsened the economic outlook, expecting GDP growth of 0.1 percent this year. The inflation rate in Turkey resumed growth in July, to 47.83 percent. Analysts: Industry is going through a recession, which is only being mitigated by strong car production. AI will be the biggest bubble of all time, believes the director of Stability AI. Unemployment fell further to 3.4 percent in June, the labor market remains overheated. Czech state debt exceeded three trillion crowns for the first time in the first half of the year. Analysts: The labor market remains overheated, the economic slowdown has not been reflected. Inflation in Britain slowed to 7.9 percent in June, a weaker decline was expected. Inflation in Slovakia fell to 10.8 percent in June, the lowest in more than a year. Inflation in the eurozone fell to 5.3 percent in July, according to a flash estimate. Analysts: Inflation is falling thanks to the comparative base, its decline will slow down. Survey: One in ten companies perceives the impact of the crisis on their business as very significant. The Czech National Bank slightly improved its estimate of the public finance deficit to 3.8 percent of GDP. Kyocera AVX Components' net profit increased year-on-year to 171 million crowns. The US economy surprisingly accelerated growth to 2.4 percent in the second quarter. CRIF study: 333 bankruptcies of entrepreneurs were declared in July, the lowest this year. The decision of the Czech National Bank Board on the stability of interest rates was unanimous.

Finance: A supporter of the introduction of the euro defended the seat of the governor of the Bulgarian central bank. Broker Consulting's revenues increased by 5.7 percent last year to 2.8 billion crowns. UBS will pay a fine of 388 million USD due to Credit Suisse's misconduct in the Archegos case. Someone won 117 million euros in Hamburg, almost three billion crowns. S&P agency downgraded the Casino chain's rating deeper into the speculative zone. Hypomonitor: Mortgage volume was the highest in June since summer 2022, rates fell. The Fed raised interest rates by 0.25 percentage points, as expected. Most EU banks would be able to handle a sharp economic downturn, according to the stress test. Analysts: The reluctance to accept card payments may be an attempt to reduce levies. SAB Finance had a pre-tax profit of 100.1 million crowns in the first half of the year. Revolut to suspend cryptocurrency activities in the United States. Australia's central bank to be led by a woman for the first time. Analysts expect the CNB to keep its base interest rate at seven percent. Survey: Czechs continue to shift savings from current accounts to savings accounts. WSJ: Europeans are facing a new reality they haven't experienced in decades - they are getting poorer. Komerční banka's profit in the first half of the year fell by 2.9 percent year-on-year to CZK 8.1 billion. The British central bank raised the base interest rate to 5.25 percent, as expected. The interest rate hike cost British households more than two trillion pounds. Raiffeisenbank's net profit fell by 21 percent to CZK 2.37 billion in the first half of the year. Hypoindex: The average mortgage rate fell to 6.24 percent at the beginning of July. CNB: Czech banks and insurance companies are quite resilient to the deterioration of the economy. PayPal launches its own stablecoin pegged to the dollar. KB survey: Over two-thirds of Czechs now pay exclusively cashless. Moneta's net profit in the first half of the year fell by 13.7 percent year-on-year to CZK 2.5 billion. Turkey will limit the use of credit cards, wants to reduce the outflow of foreign exchange abroad. Goldman Sachs has a 62 percent lower profit due to write-offs and lower trading volume.