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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: ČNB: Czech household debts to banks rose to 2.19 trillion crowns in April. CZSO: Traditional culture in the Czech Republic lost more than 3.7 billion crowns during Covid. China's central bank surprisingly lowered the key interest rate to 1.90 percent. Presidential advisor: The involvement of the Senate in the appointment of the CNB board is being debated at the Castle. The budget deficit deepened in May to a record 271.4 billion crowns. Fiala: The government will soon approve an anti-bureaucratic package for entrepreneurs. The compromise proposal on the US debt ceiling awaits its first test in Congress. The economy will grow by 0.3 percent this year, and will accelerate next year, a survey by the Ministry of Finance showed. The Association of Local Governments does not agree with the change in the distribution of tax revenues. Congo is preparing to sign a cooperation agreement with China in infrastructure and mineral extraction. The Turkish Central Bank will be led by a woman for the first time - Hafize Gaye Erkanová. The Czech Republic is entering a wage inflation spiral, says CNB Bank Board member Holub. CNBC: Companies are increasingly returning production from abroad to places closer to consumption. The number of dollar millionaires in the Czech Republic increased last year, their assets decreased, Capgemini said. Survey: 73 percent of people believe they will have to reduce their expenses in retirement. Fed chief: Risks are more balanced, June decision on rates is unclear. This year's Absurdity of the Year is the VAT that a company must pay when donating an item. Prime Minister Fiala will meet with CNB Governor Michl and members of the Bank Board today. Conditions in the manufacturing industry worsened in May, for the twelfth time in a row. PPF Group's net profit fell by 49 percent last year to CZK 3.36 billion. According to scientists, the future of production is artificial intelligence and virtual reality. Last year, the state collected CZK 790 billion in taxes, up by CZK 90 billion year-on-year. Survey: 95 percent of Czechs are worried about their financial situation due to inflation. AP: Foreign companies are finding it difficult to leave Russia. SAO: More than CZK 48 billion paid as compensation for Covid served its purpose. The economy's performance in the quarter was slightly weaker than the Czech National Bank expected. Chamber: Cutting back on excessive bureaucracy for entrepreneurs is ineffective. Zlín police have charged nine people and 14 companies with tax evasion after a raid on Tuesday. Negotiations to avert US insolvency stall, continuation uncertain. CNB: Banks' net profit rose by CZK 32.3 billion year-on-year to CZK 102.6 billion last year. Hungary's central bank has begun easing monetary policy.

Stock exchanges: Geomet acquires land for lithium processing plant from Cínovec. French company Imerys will mine lithium from a large deposit in Britain. Fiala: The draft law on corporate transformations is general, does not concern a specific company. The miners' parade in Jihlava recalled the history of silver mining in the city.

Finance: Credit Suisse is to pay almost a billion dollars to the former Georgian prime minister. UN countries have pledged $1.5 billion for Sudan, Guterres is concerned about violence. The largest Swiss bank, UBS, has completed the takeover of rival Credit Suisse. Biden and McCarthy agree to raise US debt ceiling. AP: Impact of US default would be felt by countries around the world. Survey: One in five women make independent decisions about household finances and assets. Commerzbank almost doubles net profit in the quarter thanks to higher interest rates. France issues international arrest warrant for longtime head of Lebanon's central bank. Berlin government sees German military as pillar of Europe's conventional defense. Bloomberg: Big banks are using artificial intelligence to transform the world of finance.