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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: Inflation exceeded market expectations, analysts say it is close to peaking. In September, 53 corporate bankruptcies were declared in the Czech Republic, the third lowest number this year. Central banks bought a record 399 tons of gold in the quarter. The Confederation of German Industry called for a one-year postponement of global corporate taxation. Czech household debts to banks rose by 8.5 billion to 2.12 trillion CZK in August. The Polish central bank surprisingly left the base interest rate at 6.75 percent. Analyst: The Czech National Bank supported the koruna exchange rate by 59 billion CZK in August, less than in July. Grocers called on the government to solve the energy crisis. Coface: World economic growth should fall below two percent next year. The Konzum Ústí nad Orlicí cooperative slightly increased its profit to 24 million crowns last year. Analysts have doubts whether the so-called windfall tax will yield the expected 85 billion CZK. Analysis: The number of bankruptcies rose in the third quarter year-on-year by a tenth to 172. Inflation rose to 18 percent in September, and according to the Czech National Bank and analysts, it is nearing its peak. The Washington Post: Labor productivity in the US has fallen and no one knows exactly why. According to the central bank, the German economy is probably on the verge of a recession. The Ministry of Finance will propose a 60 percent tax on extraordinary profits for banks, refineries and miners. Three Americans have won the Nobel Prize in Economics for their research on banks and financial crises. World Bank President: Help with energy bills for everyone is too expensive. Experts do not have much faith in the estimated yield of the tax on extraordinary profits. Unemployment in the Czech Republic remained at 3.5 percent in October, and is likely to rise in the coming months. Analysts: The situation on the labor market is deteriorating, unemployment will slowly rise. The Czech National Bank has worsened its estimate of the development of the Czech economy, predicting inflation at 15.8 percent. The Confederation of Industry: Companies need a unified European solution to the energy crisis. According to analysts, the Czech economy is entering a recession. The Australian central bank has raised interest rates to a nine-year high of 2.60 percent. Unions consider the new tax an open attack on mining and energy companies. The IMF has worsened its estimate of the growth of the Czech economy for this year to 1.9 percent. German economic experts expect a milder recession than the government next year. The Chamber of Deputies has approved the parameters of the budget for next year with a deficit of CZK 295 billion. The Chinese economy accelerated its growth rate to 3.9 percent in the third quarter. Prime Minister: EC will not allow unilateral preferential treatment of German industry. Study: In October, the number of corporate bankruptcies fell, while business bankruptcies rose. Truss defended the economic plan, which caused the British pound to weaken sharply.

Stock exchanges: Analyst: The stock exchange price of gas has increased by 120 percent this year, precious metals have become cheaper. France wants to open one of the largest lithium mines in Europe by 2027. The price of gas for the European market has fallen below 100 euros per MWh for the first time since June.

Finance: Banks: The share of problematic bank loans in the Czech Republic stopped falling in September. Sberbank administrator will negotiate the sale of loans exclusively with Česká spořitelna. MF: MEPs have approved the final version of the regulation on the regulation of cryptocurrencies. Credit Suisse bank plunges into losses, will increase capital by four billion CHF. Expobank CZ, which was bought by Banka Creditas, will be renamed Max banka. The British government will cancel almost all planned tax cuts that worried the markets. A Lebanese woman was fined and banned from traveling for a bank robbery. Česká spořitelna and Komerční banka reported significant profit growth in three quarters. According to sources, Swiss Credit Suisse is working on a possible capital increase.