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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 US economy surprisingly accelerated growth to 2.4 percent in the second quarter. Analysts: The development of Czech industry is very uncertain in the coming months. Survey: Clients asked 80 percent of companies to extend the invoice payment period. The state collected CZK 644.3 billion in taxes in the first half of the year, 12.5 percent more than last year. Analysis: Investments in artificial intelligence are falling in Europe, while they are growing significantly in the US. The IMF has improved its estimate of global economic growth, but inflation will fall more slowly. One of the rules for mortgage applications is being relaxed from today. Bloomberg: Putin's economic forum shows Russia's deepening isolation. Inflation in Hungary fell to 20.1 percent in June, a larger decline was expected. Prices of main types of fuels in Slovakia continued to fall last week. Study: In the first half of the year, the number of bankruptcies of companies and entrepreneurs decreased year-on-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. The Czech Republic has the highest reduced VAT rate from neighboring countries. OECD warns of the negative impacts of the massive use of artificial intelligence. Analysts were surprised by the increase in food prices, they are concerned about inflation next year. Goldman Sachs: In addition to China, India may also overtake the US economy by 2075. Most Czechs continue to fear poverty due to inflation, but their number has decreased slightly year-on-year. The CNB has been less adept at following the recommendations of its apparatus under Michle, analysts believe. Year-on-year inflation in May was 11.1 percent, month-on-month prices rose by 0.3 percent.

Stock exchanges: The Ministry of Environment returned the documentation of the impacts of manganese mining near Chvaletice for revision. The miners' parade in Jihlava recalled the history of silver mining in the city. Bloomberg: Interest in solar panels limits the supply of silver. IEA: The shift to clean energy increases demand for critical metals.

Finance: Trinity Bank's gross profit rose by 37 percent in the first half of the year to 427 million crowns. Deutsche Bank's quarterly profit fell by 27 percent, but exceeded expectations. Analysis: The volume of issued corporate bonds rose to 11 billion crowns in May. UN: Global public debt rose to a record $92 trillion last year. Hypomonitor: Mortgage volume was highest in June since summer 2022, rates fell. Reuters: SoftBank is considering listing its PayPay payment division on the US stock market. Analysis: The commodity index fell by a tenth in the first half of the year, with the exceptions of sugar and gold. The largest Swiss bank UBS has completed the takeover of rival Credit Suisse. The financial literacy of Czechs has not changed, according to the Czech Banking Association index. Bloomberg: Large banks are using artificial intelligence to transform the world of finance. According to the governor, the Polish central bank could cut interest rates in September. JPMorgan increased its profit by 67 percent, Wells Fargo also has a higher profit, Citi's profit fell. The Russian central bank increased its base interest rate to 8.50 percent, surprising the market. The Australian central bank will be led by a woman for the first time. Goldman Sachs has a 62 percent lower profit due to write-downs and lower trading volume. UBS will pay a fine of 388 million USD due to Credit Suisse's misconduct in the Archegos case. The earnings of London investment bankers fell last year due to lower bonuses. The increase in interest rates deprived British households of more than two trillion pounds. Czechoslovak Group issued bonds for 4.5 billion CZK, half as much as planned. As expected, the ECB increased the base interest rate by a quarter of a percentage point. Analysts: The reluctance to accept card payments may be an attempt to reduce contributions.