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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: Chamber of Commerce: Lack of workers threatens strategically important projects. Inflation in Britain slowed to 7.9 percent in June, a weaker decline was expected. CVVM: Inflation is perceived as unacceptable by the most people in the past 30 years. Most Czechs continue to fear poverty due to inflation, but there have been slight decreases year-on-year. The Czech National Bank has worsened the economic outlook, expecting GDP growth of 0.1 percent this year. Czech state debt exceeded three trillion crowns for the first time in the first half of the year. The inflation rate in Turkey resumed growth in July, to 47.83 percent. The Czech National Bank's foreign exchange reserves fell by 16.4 billion euros year-on-year in July. Czech foreign trade ended in a surplus of 18.2 billion crowns in June. Analysts: Industry is going through a recession, which is only mitigated by strong car production. Eurozone inflation in July fell to 5.3 percent according to a quick estimate. FT: Chinese companies' interest in mergers and acquisitions in the US is the lowest in almost 20 years. CNB did not change the interest rate, ended the intervention regime to support the crown. The crown weakened by tens of halers after the CNB's decision to end interventions. The CNB's bank board's decision on interest rate stability was unanimous. Inflation in Germany resumed its decline in July, falling to 6.5 percent. Analysis: Despite the decline in Europe, the Czech Republic still had the ninth highest inflation in July. Russia will begin testing the use of a digital ruble among consumers.

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

Finance: Allianz Trade still expects the global economy to recover in the middle of next year. UBS will pay a fine of 388 million USD due to Credit Suisse's misconduct in the Archegos case. CNB: Czech banks and insurance companies are quite resilient to the deterioration of the economy. Raiffeisenbank's net profit fell by 21 percent in the first half of the year to 2.37 billion CZK. Société Générale returned to profit in the second quarter. S&P downgraded the Casino chain to speculative grade. Sberbank reported a record profit of 380.3 billion rubles for the quarter. Moody's downgraded several US banks. Interest rate hikes cost British households more than two trillion pounds. KB survey: Over two-thirds of Czechs now pay exclusively cashless. Revolut to suspend cryptocurrency activities in the United States. Pan Gongsheng was appointed as the new governor of the Chinese central bank. Payment company PayPal launched its own stablecoin pegged to the dollar. Analysis: The volume of issued corporate bonds rose to CZK 11 billion in May. Association: Non-banking companies provided 5.5 percent more money in the first half of the year. SAB Finance had a pre-tax profit of CZK 100.1 million in the first half of the year. Broker Consulting's revenues increased by 5.7 percent last year to CZK 2.8 billion. Turkey raised interest rates again, the base rate rose to 17.5 percent. JPMorgan increased its profit by 67 percent, Wells Fargo also has a higher profit, Citi's profit fell. Chinese developer Evergrande reported a loss of CZK 1.7 trillion in two years. Trinity Bank's gross profit rose by 37 percent to CZK 427 million in the first half of the year. A supporter of the euro has defended the seat of the governor of the Bulgarian central bank. Goldman Sachs has a 62 percent lower profit due to write-offs and lower trading volume. ECB officials have signaled that the end of interest rate increases in the eurozone is approaching. The Russian central bank will not buy foreign currencies until the end of the year. Slovaks are facing higher mortgage payments, most households can handle it, according to the authorities.