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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: Year-on-year inflation has accelerated again, but analysts say the slower pace was a surprise. According to the German government, anti-Russian sanctions are effective and are harming Russia more than the EU. The Icelandic central bank has raised the base interest rate to a six-year high. The Argentine central bank has raised the base interest rate to 69.5 percent. Solomon will submit a package of proposals to the government to reduce the administrative burden. Association: Small rural shops are closing due to expensive energy, the situation will worsen. FT: The European office market faces the biggest test since the financial crisis. Inflation in Turkey rose to 79.6 percent in July, the highest in 24 years. The strongest Slovak government movement has proposed raising taxes and introducing a new one. The Turkish central bank has shocked financial markets by significantly cutting interest rates. Companies in the EU ceramic industry are looking for a way to survive the strong rise in energy prices. Crystal Bohemia glassworks increased its turnover to 1.4 billion crowns last year. Analysts: Bad weather threatens the rice harvest, its price may increase inflation. Activity in the eurozone manufacturing industry has fallen for the first time in two years. The Vysočina region has hundreds of millions more tax revenues, while costs are rising. CNBC: Economists differ in their views on the long-term development of the Russian economy. Association: Companies are fighting for survival due to energy prices, immediate government assistance is needed. The Ministry of Finance's forecast is optimistic, according to the Budget Forecast Committee. Czech households' debts to banks increased by 8.4 billion to 2.11 trillion crowns in July. According to Goldman Sachs, inflation in Britain could exceed 22 percent next year. Analysts: Czechs became poorer in the second quarter at the highest rate in the country's history since 1993. Activity in the eurozone business sector has fallen due to high inflation. The introduction of the euro in the Czech Republic is now disadvantageous and unrealistic, agreed Vystrčil and Havlíček. Czech household debts rose by 18.3 billion to 2.102 trillion crowns in June. Car manufacturers report lower demand in Europe and North America. Bartoš: EU cohesion funds can provide money for projects threatened by price increases. The Czech National Bank left the base interest rate at seven percent, inflation is expected to reach around 20 percent. While Britain counts change, we count victims, said Olena Zelenská. Senator Chalánková proposed constitutionally enshrining the right to cash payments. According to one of the bankers, the eurozone needs another significant increase in interest rates in September. The government approved an amendment to the 2022 budget with a deficit of CZK 330 billion. States can also use money from EU funds to solve the energy crisis, said Bartoš.

Stock exchanges: Analysts: Commodities have been getting cheaper recently, but they have increased significantly this year. The price of electricity on the Prague Stock Exchange exceeded 1,000 euros per megawatt hour today. The Russian company Alrosa is again selling a large number of diamonds, especially to India. Analyst: Gas has become more expensive by 170 percent this year, oil by 30 percent, precious metals have become cheaper. European energy prices are falling because the EU plans to intervene in the crisis.

Finance: Generali's operating profit increased by 4.8 percent thanks to the growth of life insurance. Mortgage rates rose to 5.4 percent, volume fell by more than a third month-on-month. A man who forced a bank robbery to pay off his debts was released in Lebanon. The European Commission has officially ended its stricter supervision of Greece's economy. Chinese banks are now taking on record debt due to rising losses from bad loans. PPF's 2021 annual report focuses on business and non-profit activities. The largest Swiss bank, UBS, increased its quarterly profit, but it fell short of estimates. Česká spořitelna's net profit rose by 67 percent in the first half of the year to 11 billion crowns.