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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: US inflation fell to a two-year low of 4.9 percent in April. Analysts say the Czech National Bank's decision not to change interest rates is not surprising. The Hungarian central bank has begun easing monetary policy. The Fed, as expected, raised its base rate by a quarter of a percentage point. Czech National Bank: Czech household debt to banks rose to 2.16 trillion crowns in March. At a conference in Ostrava, entrepreneurs will seek a way out of the economic crisis. Foreign investors hold a record volume of Czech government bonds. Michl: Annual inflation should fall below ten percent within three months. Fiala: The government is now making more of a contribution than it did in the previous two. The head of the Polish central bank hopes to be able to start cutting interest rates this year. The European Commission has improved its estimate of Czech economic growth, and inflation is expected to be significantly higher. Year-on-year inflation slowed to 12.7 percent in April, while food prices fell month-on-month. The Czech Republic has an opportunity to contribute to Europe's energy security in lithium, Fiala said. The G7 finance ministers' talks were overshadowed by disputes over the United States' debt ceiling. The Czech National Bank fined Fair Credit Czech loan provider Fair Credit Czech three million crowns. According to statistics, the German economy stagnated in the first quarter. The Vysočina region had 285 million higher tax revenues in the first quarter than last year. The Taiwanese economy fell the most in the first quarter since 2009. The pace of industrial production growth accelerated in March, while construction continues to fall. Former Czech National Bank Vice Governor Tomáš Nidetzký has been heading the National Development Bank since May. Analysts: Foreign trade was affected by energy prices and the recovery in the automotive industry. The General Meeting of the Confederation of Industry today elected Jan Rafaj as the new president. Foreign investment in Germany is stable, but may be threatened by incentives from the US. France will allocate half a billion euros annually for tax breaks for so-called green investments. The Czech National Bank improved the economic outlook, but increased the estimate of annual inflation. Experts disagree on whether the Czech National Bank should use interest rates to combat the impact of the deficit. Investments in commercial real estate in Europe were the lowest in 11 years until March. Survey: 95 percent of Czechs are worried about their financial situation due to inflation. Kofola is shocked by the proposal to increase VAT to 21 percent, the director said.

Stock exchanges: The price of gold exceeded 2,000 USD per ounce this week, close to a record. Fiala: The draft law on corporate transformations is general, does not concern a specific company. Central banks are buying gold in record volumes, and there is interest in the Czech Republic as well. The price of gold has exceeded 2,000 USD per ounce, close to a record.

Finance: BNP Paribas doubled its profit in the quarter thanks to the sale of its American division. Commerzbank almost doubled its net profit in the quarter thanks to higher interest rates. First Republic shares weaken after news that the company is heading for receivership. The third major bank in the US has closed in two months, the authorities have closed First Republic. On the last weekend of April, Sberbank CZ loan clients switched to Česká spořitelna. Survey: 12 percent of Czechs have saved ten times their monthly household income. Shares of US regional banks weaken before the start of trading. The average interest rate on corporate loans is 8.9 percent, close to the maximum. ČSOB survey: Most companies are satisfied with the current exchange rate of the crown to the euro. Index: Most mutual funds made a profit for investors in April. Trinity Bank will pay shareholders 378.2 million crowns in dividends. Survey: The average Czech saves more than the rest of Europe and has less debt.