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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: Retailers' sales in June fell by 4.1 percent year-on-year, the rate of decline slowed. Unemployment in the EU remained at 5.9 percent in June, one of the lowest in the Czech Republic. The IMF improved its estimate of global economic growth, but inflation will fall more slowly. AI will be the biggest bubble of all time, believes the director of Stability AI. Dako-CZ achieved a record net profit of almost 440 million CZK last year. CVVM: Inflation is perceived as unacceptable by the most people in the past 30 years. Singer: The cause of the Czech economy's lack of growth is also its connection with Germany. The Czech National Bank has worsened the economic outlook, expecting GDP growth of 0.1 percent this year. The Czech National Bank: Debts of Czech households with banks rose to 2.21 trillion CZK in June. Prices of main fuels in Slovakia continued to fall last week. Czech national debt exceeded three trillion crowns for the first time in the first half of the year. FT: Chinese companies' interest in mergers and acquisitions in the US is the lowest in almost 20 years. Inflation in Slovakia fell to 10.8 percent in June, the lowest in more than a year. Survey: Economic activity in the eurozone is weakening faster than expected. Inflation in Germany resumed its decline in July, falling to 6.5 percent. Goldman Sachs: In addition to China, India may also overtake the US economy by 2075. WIIW: Central and Eastern Europe needs a new economic model. Unemployment fell further in June to 3.4 percent, the labor market remains overheated. Study: The number of bankruptcies of companies and entrepreneurs fell year-on-year in the first half of the year.

Stock markets: Bloomberg: Exxon in talks with Tesla, VW and other automakers about lithium supplies.

Finance: WSJ: Europeans are facing a new reality they haven't experienced in decades - they are getting poorer. Chinese developer Evergrande reported a loss of CZK 1.7 trillion in two years. Reuters: Broker eToro will sell shares on the secondary market for $120 million. Czechoslovak Group issued bonds for CZK 4.5 billion, half more than planned. Renáta Kellnerová wants to prepare children to take over the reins at the PPF group. JPMorgan increased its profit by 67 percent, Wells Fargo also has a higher profit, Citi's profit fell. Analysts: The reluctance to accept card payments may be an attempt to reduce contributions. Hypomonitor: Mortgage volume was highest in June since summer 2022, rates fell. The British central bank raised the base interest rate to 5.25 pct, as expected. Hypoindex: The average mortgage rate fell to 6.24 percent at the beginning of July. UBS will pay a fine of 388 million USD due to Credit Suisse's misconduct in the Archegos case. Partners' unconsolidated revenue in the first half of the year increased by 17.1 percent to 1.9 billion CZK. SAB Finance had a pre-tax profit of 100.1 million CZK in the first half of the year. CNBC ranked the Czech company Spendee among the 200 best fintech companies in the world. The earnings of London investment bankers fell last year due to lower bonuses. Trinity Bank's gross profit rose by 37 percent to 427 million CZK in the first half of the year. Survey: Czechs continue to shift savings from current accounts to savings accounts. ECB raises base rate by a quarter of a percentage point as expected. Sberbank posts record quarterly profit of 380.3 billion rubles. British bank HSBC more than doubled its half-year profit thanks to high interest rates. According to the governor, the Polish central bank could cut interest rates in September. A supporter of the introduction of the euro defended the seat of governor of the Bulgarian central bank. UN: Global public debt rose to a record 92 trillion USD last year. Deutsche Bank's quarterly profit fell by 27 percent, but exceeded expectations. Turkey raised interest rates again, the base rate rose to 17.5 percent.