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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: Study: In the Czech Republic, bankruptcies of companies and entrepreneurs decreased in seven months of the year. Fitch agency downgraded Belarus' foreign currency debt rating to limited default. China unexpectedly lowered interest rates after weak static data for July. Purchasing Managers' Index: Conditions in industry worsened in August. The Hungarian Central Bank increased the base interest rate by a percentage point to 11.75 pct.. The government approved the amendment to the 2022 budget with a deficit of CZK 330 billion. British companies are turning away from China, says the head of the Confederation of British Industry. The introduction of the euro in the Czech Republic is now disadvantageous and unrealistic, Vystrčil and Havlíček agreed. The Icelandic Central Bank increased the base interest rate to a six-year high. Low river levels threaten Berlin's plans to boost energy security. Eurozone business activity deepened its decline in August. According to Goldman Sachs, inflation in Britain could exceed 22 percent next year. ZEW: Investor confidence in the German economy fell in August due to inflation. Eurozone manufacturing activity fell for the first time in two years. Analysts: Bad weather threatens rice harvest, its price may increase inflation. The state and local governments spent CZK 12.6 billion on the refugee crisis at the end of July. Central bank chief: German inflation may rise to 10 percent, recession looms. Inflation in Germany accelerated again in August to 7.9 percent after two months. Australia raised its main interest rate by half a percentage point. Association: Companies are struggling to survive due to energy prices, immediate government help is needed. Germany debates whether households or companies will bear the burden of the gas outage. The Russian Central Bank surprisingly lowered the base interest rate to eight percent. The IMF has worsened the outlook for global economic growth for this year and next. Senator Chalánková has proposed constitutionally enshrining the right to cash payments. Agency: Investor interest in commercial real estate in the Czech Republic is growing, by 25 percent last year. Car manufacturers report lower demand in Europe and North America. Association: Small rural stores are closing due to expensive energy, the situation will worsen. The Washington Post: Ukraine is also losing raw material deposits in the war. According to the Chamber of Commerce, the current economic crisis is worse than the pandemic. FT: The European office market faces the biggest test since the financial crisis.

Stock exchanges: AP: Angola mined a 170-carat pink diamond, the largest in 300 years. Ukrainian company Naftogaz presented a new plan to postpone payments. The price of electricity on the Prague stock exchange exceeded 1,000 euros per megawatt-hour today. Analysts: Commodities have been getting cheaper recently, but have risen significantly this year. Rio Tinto to buy the remaining stake in Canada's Turquoise Hill for 3.3 billion USD. European energy prices are falling as the EU plans to intervene in the crisis.

Finance: Mortgage rates rose to 5.4 percent, the volume fell by more than a third month-on-month. A man who forced a bank robbery to pay off his debts was freed in Lebanon. Index: Financial literacy of Czechs improved slightly this year. Expert: The largest creditor of Sberbank cz is the Financial Market Guarantee System. The European Commission has officially ended its tightened supervision of Greece's economy. Google Play will allow some developers in Europe to use competing payment systems. Bank of America and Goldman Sachs have lower profits, investments were unsuccessful. June brought a slight increase in deposits of residents, a significant decrease in companies. Société Générale fell into losses due to its exit from Russia.