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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 inflation rate in Argentina exceeded 94 percent, the fifth highest in the world. CZK 108 billion was paid out from the IROP program in the ending period, 72 pct of the total amount. The Czech Republic is the only EU country whose state debt increased in the third quarter last year. Economists from Goldman Sachs have improved the outlook for the eurozone, they no longer expect a recession. The EBRD invested a record 13.1 billion euros last year, part of which is going to Ukraine. The British central bank raised interest rates to four percent, the highest since 2008. Cross-border payments for online purchases will be recorded in order to combat fraud. The inflation rate in France surprisingly fell to 5.9 percent in December. Global economic growth will slow to 1.9 percent this year, the UN estimates. The number of banknotes and coins in circulation increased last year, but their value fell. The BDI industry association expects the German economy to contract by 0.3 percent this year. Analysts: Industry grew the least since July in November, thanks only to car production. Allianz: Cyberattacks and disruptions remain the biggest risks for companies. According to Pavel, pension and tax reforms are necessary, they need to be explained to people. The Senate committee did not support breaking banking secrecy due to the OLAF investigation. Deloitte: The Czech Republic is facing a recession due to the energy crisis, GDP will fall by 1.1 percent. Partners have promised Africa $30 billion to develop food production. The Czech National Bank could raise rates in the event of a large price increase in January. Markets underestimate ECB's determination to continue raising rates, warns Governing Council member. EU and Czech residents are most concerned about rising living costs, Eurobarometer says. Lagarde: Eurozone economic outlook has improved despite high inflation. PwC: 73 percent of CEOs expect global economic downturn this year. Dun & Bradstreet: Number of unreliable VAT payers rose by 13 percent last year. British economy surprisingly grew in November, boosted by football. Analysts: November's decline in construction output does not indicate a crisis in the sector. Indian businessman Adani's empire continues to lose value rapidly after indictment. In Slovakia, the number of personal bankruptcies increased by almost 12 percent last year. Czech National Bank improves economic outlook, expects GDP to decline by 0.3 percent this year.

Stock markets: BASF and Eramet plan nickel and cobalt processing plant in Indonesia. NWT creditors report claims worth almost 1.682 billion crowns. Analysts: Gold rose 18 percent in three months, three percent in crowns. World Gold Council: Central banks bought the most gold last year since 1967. The price of gas for the European market fell below 70 euros per megawatt hour.

Finance: ČSOB: Banks provided mortgages worth 163 billion CZK last year, 40 percent of the volume in 2021. Banks: The share of problematic bank loans to households fell further. Austria's Raiffeisen Bank International sharply increased its profit last year. WHO needs 2.54 billion dollars this year, facing a large number of crises. Russia's largest bank Sberbank's profit fell by 76 percent last year due to sanctions. PayPal plans to lay off 2,000 people, about seven percent of its workforce. Survey: 35 percent of Czechs have investment experience. Bloomberg: Goldman Sachs plans to lay off about 3,200 employees. New York State charges founder of cryptocurrency lending firm Celsius with fraud. US authority extends Sberbank CZ's exemption from sanctions, sales can continue. Former CNB governor Jiří Rusnok will be an advisor to the Allianz board of directors from February. Deutsche Bank increased pre-tax profit by 68 percent last year to a 15-year high.