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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: EU ministers will discuss solutions to unforeseen events in Prague. Germany is preparing another package of inflation relief for residents worth 65 billion euros. Bartoš: EU cohesion funds can provide money for projects threatened by price increases. Analysts: August's increase in unemployment signals an approaching recession. The Swiss Central Bank has ended the era of negative interest rates in Europe. Prague will give city halls 265.95 million CZK to help families threatened by inflation. According to the Chamber of Commerce, the current economic crisis is worse than the pandemic. Austrian: If the EU finds agreement, it may lead to calm in energy markets. Czech household debts to banks rose by 8.4 billion to 2.11 trillion CZK in July. CNB: Banks' net profit rose by CZK 23.6 billion to CZK 54.6 billion in the first half of the year. Queen Elizabeth II was among the richest people in the world. Iceland's central bank raised its base interest rate to a six-year high. ZEW: Investor confidence in the German economy fell in August due to inflation. Stanjura: Despite the pandemic and the effects of the war, fiscal discipline cannot be neglected. Real wages fell by 9.8 percent, according to analysts, people have become the poorest since the founding of the Czech Republic. The Czech Republic is the fastest-indebted country in the EU, warns the SAO. Vinyl producer GZ Media is considering moving part of its production outside the Czech Republic due to energy. An informal meeting of European finance ministers and governors continues in Prague. Inflation in Hungary has risen to 15.6 percent, mainly food prices are rising. The strongest Slovak government movement proposed to increase taxes and introduce a new one. Business unions: The Czech Republic should not copy German solutions to the energy crisis. The Chamber of Deputies supported an increase in this year's deficit to CZK 330 billion in the first round. The Turkish Central Bank shocked financial markets by significantly reducing interest rates. Study: The number of corporate bankruptcies was among the highest this year in August. Association: Companies are fighting for survival due to energy prices, immediate government assistance is needed. States can also use money from EU funds to solve the energy crisis, said Bartoš. The CNB Council today left the credit market protection rate unchanged. The Fed raised the base rate as expected, the rate is the highest since 2008. Síkela: The government will discuss options for a state energy trader on Wednesday. Fiala: The Czech Republic and Poland have renewed cooperation on the Stork II gas pipeline. The state and local governments spent CZK 12.6 billion on the refugee crisis at the end of July. Eurochambres: The energy crisis must also be addressed by capping energy prices. The Budget Forecast Committee says the Ministry of Finance's forecast is optimistic. Analysts: The European Central Bank's rate hike will increase pressure on the crown. Purchasing Managers' Index: Conditions in industry worsened in August. The Czech Republic is the fastest-indebted country in the EU, warns the National Audit Office.

Stock exchanges: The Russian company Alrosa is again selling large quantities of diamonds, especially to India. Rio Tinto will buy the remaining stake in Canadian Turquoise Hill for USD 3.3 billion. The price of electricity on the Prague Stock Exchange exceeded EUR 1,000 per megawatt-hour today. Bruegel: European governments have allocated EUR 500 billion to help energy consumers.

Finance: Association: The popularity of savings fell sharply in the third quarter. A man who forced the payment of money by raiding a bank was freed in Lebanon. New Hypoindex: The average mortgage rate fell for the first time since May 2021. The European Commission officially ended the tightened supervision of Greece's economy. Comparator: Almost a third of bonds on the Czech market are risky.