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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 Icelandic central bank has raised its key interest rate to a six-year high. European finance ministers and governors will meet in Prague on Friday and Saturday. Activity in the eurozone business sector deepened its decline in August. Year-on-year inflation reached 17.2 percent in August, the growth rate slowed down after about a year. Association: Small rural stores are closing due to expensive energy, the situation will worsen. CNBC: Economists differ in their views on the long-term development of the Russian economy. States can also use money from EU funds to solve the energy crisis, said Bartoš. The Hungarian central bank has raised its key interest rate by a percentage point to 11.75 percent. Business unions: The Czech Republic should not copy German solutions to the energy crisis. The banking association has improved its estimate of Czech economic growth this year to 2.4 percent. Austrian: If the EU finds agreement, it could lead to calm in energy markets. According to the Chamber of Commerce, the current economic crisis is worse than the pandemic. According to Goldman Sachs, inflation in Britain could exceed 22 percent next year. Germany is preparing another package of inflation relief for its citizens worth 65 billion euros. Central Bank: Banknotes with the Queen's image remain legal tender. Analyst: The Czech National Bank increased support for the crown to CZK 246 billion in July. Agency: Investor interest in commercial real estate in the Czech Republic is growing, up 25 percent last year. The Czech National Bank Council today left the credit market protection rate unchanged. Bartoš: EU cohesion funds can provide money for projects threatened by price increases. Analysts: August unemployment increase signals approaching recession. CNB: Banks' net profit rose by 23.6 billion to 54.6 billion CZK in the first half of the year. Czech household debts to banks rose by 8.4 billion to 2.11 trillion CZK in July. The leader of the Italian League party wants 30 billion euros for companies due to expensive energy. Analysts: Czechs became poorer in the second quarter than in the country's history since 1993. While Britain counts change, we count victims, said Olena Zelenská. ZEW: Investor confidence in the German economy fell in August due to inflation. Prague will give city halls 265.95 million CZK to help families threatened by inflation. In the opening round, the Chamber of Deputies supported increasing this year's deficit to 330 billion CZK. Inflation in Hungary has risen to 15.6 percent, mainly food prices are rising. The Vysočina region has hundreds of millions more in tax revenues, while costs are also rising. The Czech Republic is the fastest-indebted country in the EU, warns the SAO. Síkela: The government will discuss the options for a state-owned energy trader on Wednesday. The Ministry of Finance's forecast is optimistic according to the Budget Forecast Committee. The Czech Republic is the fastest-indebted country in the EU, warns the SAO. Solomon will submit a package of proposals to the government to reduce the administrative burden.

Stock exchanges: European energy prices are falling because the EU plans to intervene in the crisis. Rio Tinto will buy the remaining stake in Canadian Turquoise Hill for 3.3 billion USD. Analyst: Gas has risen in price by 170 percent this year, oil by 30 percent, precious metals have become cheaper. The price of electricity on the German stock exchange exceeded 500 euros per megawatt hour for the first time.

Finance: Index: Financial literacy of Czechs has improved slightly this year. Media: JPMorgan wants to move from Frankfurt to London due to concerns about electricity shortages. New Hypoindex: Average mortgage rate fell for the first time since May 2021. Mortgage rates rose to 5.4 pct, volume fell by more than a third month-on-month. Moscow court accepts bankruptcy declaration by Google's Russian division. ČSOB survey: Innovation is still lacking in the Czech Republic.