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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: Analysts: CNB will not raise rates again, will start cutting rates in August at the earliest. The Slovak Central Bank has downgraded its GDP growth outlook, expects higher inflation. The volume of mergers and acquisitions was the lowest in more than a decade in the first quarter. The new members of the CNB Bank Board were in favor of rate stability in March. The state budget ended in a record deficit of 166.2 billion crowns in March. IMF: The Czech economy will fall by 0.5 percent this year, and grow by 2 percent in 2024. CNB: The Czech Republic's foreign debt fell by 65 billion to 4.454 trillion CZK last year. The IMF has downgraded its estimate of this year's global economic growth to 2.8 percent. The new member of the NRB Board of Directors will be former CNB Vice Governor Nidetzký. The Czech Republic will show interest in a loan of at least 68 billion CZK from the EC, the government will still decide on the amount. Economist: An increase in the basic VAT rate to 23 percent would bring about 24 billion CZK to the budget. The Chamber of Commerce represents a strong business self-government, said Dlouhý. Czech Statistical Office: The public finance deficit fell to 3.6 percent of GDP last year, government debt rose. Explosia Pardubice achieved a record pre-tax profit of 198 million CZK last year. March inflation was slightly above the CNB forecast, food prices rose faster. Lagarde: The ECB will take decisive action to push inflation back to two percent. The Swiss Central Bank raised interest rates, despite the crisis surrounding Credit Suisse. The CNB fined Fio Bank one million CZK for reporting errors. The Fed, as expected, raised the base rate by a quarter of a percentage point.

Stock Exchanges: Amateur gold miner finds gold-bearing rock worth 3.5 million CZK in Australia. Argentina's mining exports rose by the most in a decade last year thanks to lithium. Reuters: Will metal recycling help maintain net zero emissions target?. Mileva heat pump manufacturer Acond completes hall for half a billion CZK.

Finance: Hindenburg: Payment firm Block, now led by ex-Twitter boss, enabled fraud. European bank shares fall sharply, Credit Suisse takeover fails to calm markets. EU approves UBS-Credit Suisse merger for now, still waiting for formal application. White House calls for stricter rules for regional banks after banking sector turmoil. Analysts: Current problems of some banks are different from those of the 2008 crisis. The head of Credit Suisse apologized to shareholders for the depreciation of their assets. The deadline for questioning the sale of Sberbank CZ loans to Česká spořitelna expires. Flagstar Bank will take over deposits and loans from bankrupt Signature Bank. The head of Saudi bank SNB resigned after a failed investment in Credit Suisse. Swiss bank UBS will take over rival Credit Suisse for three billion francs. German authorities have fined Wirecard's auditor half a million euros. Charles Schwab shares have experienced their worst monthly decline since 1987. Small banks in the US have recorded a record drop in deposits after the collapse of SVB. Česká spořitelna has completed the purchase of Sberbank CZ loans, paying CZK 41.05 billion. Media: UBS will probably buy rival Credit Suisse for more than USD two billion. Russian Sberbank reported a profit of 350.2 billion rubles in the first quarter. Hello bank! will gradually end in the Czech Republic, starting today it will stop providing new products. Index: Most mutual funds made money for investors in March. Hartenberg bought a textile company from Babiš's trust funds in Tábor, holds 70 percent. Hindenburg: Payment company Block, now led by the ex-head of Twitter, enabled fraud. The government approved a tightening of the law against money laundering. The banking crisis in the US is not over yet, the head of JPMorgan Chase warned.