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ZLATOVNA ECONOMIC NEWS
A quick look at what's new in the world of economic policy, finance and precious metals.

Economics: Three Americans win Nobel Prize in Economics for research into banks and financial crises. IMF downgrades Czech economic growth forecast for this year to 1.9 percent. Nobel laureates point to banks' fragility and need for regulation. King Charles III to appear on British banknotes by mid-2024. Fed raises key interest rate as expected, highest since 2008. According to German employers' chief, crisis will not be overcome without state intervention. Matovič: EU finance ministers agreed today on a CZK 5 billion loan for Ukraine. Konzum Ústí nad Orlicí cooperative slightly increased profit to CZK 24 million last year. Hungary's central bank raised interest rates to 13 percent, surprisingly significantly. In September, 53 corporate bankruptcies were declared in the Czech Republic, the third lowest number this year. Foreign investors hold 27.1 percent of Czech government bonds. Inflation rose to 18 percent in September, and according to the CNB and analysts, it is nearing its peak. Eurochambres: The energy crisis must also be addressed by capping energy prices. Business unions: The Czech Republic should not copy German solutions to the energy crisis. Analysts: August's increase in unemployment signals an approaching recession. Confederation of Industry: Companies need a unified European solution to the energy crisis. Czech household debts to banks rose by 8.5 billion to 2.12 trillion CZK in August. The IMF has again worsened the outlook for global economic growth for next year. The CNB will issue a thousand-crown note with an overprint for the 30th anniversary of the currency separation. In the first round, the Chamber of Deputies supported an increase in this year's deficit to CZK 330 billion. Eurometaux: The energy crisis is an existential threat to metal production in Europe. CNB: Banks' net profit rose by CZK 23.6 billion in the first half of the year to CZK 54.6 billion. The company of the Pilsen Region is nanoSPACE from Domažlice, the self-employed is woodcarver Karel Tittl. Reuters: German bakers are burning with rising energy prices. The Swiss Central Bank has ended the era of negative interest rates in Europe. The company of the year in the Karlovy Vary Region is a wig seller, the self-employed is a violin maker. Year-on-year inflation reached 17.2 percent in August, the growth rate slowed down after about a year. The company of the year in South Moravia is an engineering plant in Śląskie, the self-employed is a blacksmith. Budget Council: After the relaxation of rules, there is a lack of motivation to consolidate finances. Grocers have called on the government to address the energy crisis. Zeman and local governments welcome the energy price cap, economists expect higher costs. Foxconn CZ ended last year with a loss of CZK 282 million, sales fell to CZK 78 billion. The Polish central bank surprisingly left the base interest rate at 6.75 percent. Stanjura: Despite the pandemic and the effects of the war, fiscal discipline cannot be neglected. The Ministry of Finance will propose a 60 percent tax on extraordinary profits for banks, refineries and miners.

Stock exchanges: Analyst: The stock exchange price of gas has increased by 120 percent this year, precious metals have become cheaper. Bruegel: European governments have allocated 500 billion euros to help energy consumers.

Finance: Expobank CZ, which was bought by Banka Creditas, will be renamed Max banka. Sberbank administrator to negotiate loan sale exclusively with Česká spořitelna. Credit Suisse shares are falling sharply, having already lost a record 60 percent this year. MF: European MPs have approved 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. A Moscow court has accepted the bankruptcy declaration of the Russian division of Google. Analysts: Time is not favorable for investments, real estate can bring a nice appreciation. A Lebanese woman was fined and banned from traveling for a bank robbery.