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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: Havlíček (ANO): The government is also responsible for inflation, it did not use fiscal tools. Investment in commercial real estate in Europe was the lowest in 11 years until March. Taiwan's economy fell the most in the first quarter since 2009. Analysts say the CNB's decision not to change interest rates is not surprising. Cross-border payments for online purchases will probably be recorded. Ajay Banga will be the new head of the World Bank. Experts disagree on whether the CNB should use rates to combat the impact of the deficit. The CNB improved the economic outlook, but increased the estimate of full-year inflation. The trend of gradual departure from the US dollar continues to strengthen in the world. The Wine Union does not agree with the proposal to introduce a tax on still wines. The IMF has worsened its estimate of this year's global economic growth to 2.8 percent. Czech national debt increased to a record 2.997 trillion crowns in the first quarter. Investor confidence in the eurozone economy unexpectedly returned to decline in May. Winkelmann Group invests 110 million euros in Slovakia, will employ 450 people. New members of the CNB bank board were in favor of rate stability in March. The CNB fined ING Bank for violating the anti-money laundering law. ZEW: Investor and analyst confidence in the German economy unexpectedly deteriorated. According to statistics, the German economy stagnated in the first quarter. CNB: Czech household debts to banks rose to 2.16 trillion crowns in March. The CNB did not change rates, Michl warned of the pro-inflationary effect of the budget. IMF: Czech economy to shrink by 0.5 percent this year, grow by 2 percent in 2024. Analysts: Confidence in the economy suggests that the Czech Republic has already overcome the recession. The Fed, as expected, raised the base interest rate by a quarter of a percentage point.

Stock exchanges: Milada and Radek Bláh created a bouquet with 118 flowers made of pure gold. Central banks are buying gold in record volumes, there is interest in the Czech Republic as well. Golden Gate retailer's sales increased by 23 percent last year to CZK 6.5 billion. Reuters: Will metal recycling help maintain the net zero emissions target?. Index: Commodity prices fell by five percent this year, with natural gas falling the most.

Finance: UniCredit Bank in the Czech Republic and Slovakia increased its net profit by 19 percent this year to CZK 2.2 billion. BNP Paribas doubled its profit in the quarter thanks to the sale of its American division. The Fed approved the merger of Swiss banks Credit Suisse and UBS in the United States. The CFIG financial group's net profit increased by 29 percent last year to CZK 76 million. Vacancies in the financial sector in London decreased by almost a third. Credit Suisse recorded a large outflow of assets in the first quarter. First Republic shares weaken after the news that the company is heading for forced administration. American banks JPMorgan, Wells Fargo and Citi have higher profits thanks to higher interest rates. The largest Swiss bank UBS's quarterly profit fell by 52 percent to USD 1 billion. The administrator of Sberbank CZ sold all the bank's corporate bonds for CZK 718 million. The head of Credit Suisse bank apologized to shareholders for the depreciation of their assets. Česká spořitelna completed the purchase of Sberbank CZ loans, paid CZK 41.05 billion. Deutsche Bank increased its profit by eight percent in the quarter thanks to higher interest rates. The average interest rate on corporate loans is 8.9 percent, close to the maximum. Association: Banks are closing bank accounts of companies that deal with cryptocurrencies. Bank of America increased its profit in the quarter, while Goldman Sachs earned less. The government approved a tightening of the law against money laundering.