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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: IMF downgrades Czech economy growth forecast for this year to 1.9 percent. Bank of England begins temporary unlimited purchases of government bonds. IMF downgrades global growth outlook for next year. According to central bank, German economy is likely on the brink of recession. Beijing delays economic data release at Communist Party congress. Fed raises key interest rate as expected, highest since 2008. MPs to begin discussing next year's state budget proposal. Foxconn CZ ended last year with a loss of CZK 282 million, sales fell to CZK 78 billion. Bank of England raises interest rates despite expected economic recession. Inflation exceeds market expectations, analysts say it is near its peak. The Swedish central bank has increased the main interest rate the most since 1992. The Konzum Ústí nad Orlicí cooperative increased its profit slightly last year to 24 million crowns. Millions of Britons are looking for a second job due to the rising cost of living. According to the head of German employers, the crisis will not be overcome without state intervention. The Czech National Bank will issue a thousand-crown note with an overprint for the 30th anniversary of the currency separation. Zeman and local governments welcome the energy price cap, economists expect higher costs. Nobel laureates have pointed to the fragility of banks and the need for regulation. The Australian central bank has increased the interest rate to a nine-year high of 2.60 percent. The Slovak central bank expects a decline in the Slovak economy next year. The Hungarian central bank has increased the interest rate to 13 percent, surprisingly significantly. The Ministry of Finance will propose a 60 percent tax on extraordinary profits for banks, refineries and miners. Informal meeting of European finance ministers and governors continues in Prague. The British central bank begins temporarily unlimited purchases of government bonds. Stanjura: Despite the pandemic and the effects of the war, fiscal discipline cannot be neglected. The Chinese economy accelerated its growth rate to 3.9 percent in the third quarter. Fiscal Council: There is no motivation to consolidate finances after the relaxation of rules. The Chinese economy has returned to growth, but further steps by the government raise concerns. The Polish central bank surprisingly left the base interest rate at 6.75 percent. The British finance minister promises that he will be able to restore the confidence of financial markets. The CNB Council today left the rate to protect the credit market unchanged. Confederation of Industry: Companies need a unified European solution to the energy crisis. CNB: Banks' net profit increased by CZK 23.6 billion to CZK 54.6 billion in the first half of the year. Survey: Unavailability of raw materials affects 70 percent of Czech companies.

Stock exchanges: The price of gas for the European market fell below 100 euros per MWh for the first time since June. Bruegel: European governments have allocated 500 billion euros to help energy consumers. France wants to open one of the largest lithium mines in Europe by 2027.

Finance: MF: European MPs have confirmed the final version of the regulation on the regulation of cryptocurrencies. The British government will cancel almost all planned tax cuts that worried the markets. Analysts: Time is not favorable for investments, real estate can bring a nice appreciation. A member of parliament came to a Beirut bank with supporters to withdraw frozen money. Sberbank administrator will negotiate the sale of loans exclusively with Česká spořitelna. Expobank CZ, which was bought by Banka Creditas, will be renamed Max banka. Credit Suisse shares are falling sharply, having already lost a record 60 percent this year. Study: Global banking revenues will grow by more than six percent annually. Lebanese woman fined and banned from traveling for bank robbery.