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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: According to one of the bankers, the eurozone needs another significant interest rate hike in September. Fitch agency downgraded Belarus' foreign currency debt rating to limited default. The Argentine central bank raised the base interest rate to 69.5 percent. The introduction of the euro in the Czech Republic is now disadvantageous and unrealistic, Vystrčil and Havlíček agreed. The Russian central bank surprisingly lowered the base interest rate to eight percent. The Czech Republic is the fastest-indebted country in the EU, warns the National Audit Office. The number of corporate bankruptcies in England and Wales is at its highest since 2009. Association: Companies are fighting for survival due to energy prices, immediate government assistance is needed. Online supermarkets are solving the sale of food in installments, allowing deferred payment. Australia raised its main interest rate by half a percentage point. Czech household debt rose by 18.3 billion in June to 2.102 trillion crowns. Wienerberger and Heluz rely on the amendment to the regulatory levels in the gas crisis. The state and local governments spent 12.6 billion CZK on the refugee crisis at the end of July. FT: The European office market faces the biggest test since the financial crisis. Crystal Bohemia glassworks increased its turnover to 1.4 billion crowns last year. The Vysočina region has hundreds of millions more in tax revenues, while costs are rising. Analysts: Bad weather threatens the rice harvest, its price may increase inflation. British companies are turning away from China, says the head of the Confederation of British Industry. CNBC: Economists differ in their views on the long-term development of the Russian economy. Activity in the eurozone manufacturing industry fell for the first time in two years. China unexpectedly cut interest rates after weak static data for July. The Turkish central bank shocked financial markets by significantly cutting interest rates. A company from Kyjov in the Hodonín region produces biodegradable material from waste and mycelium. Chinese export growth surprisingly accelerated in June. Analysts: Year-on-year inflation will probably rise further due to energy prices. Foreign investors have been reducing the volume of Chinese bonds in their holdings for five months now. The South Korean central bank raised interest rates the most since 1999. Study: In the Czech Republic, bankruptcies of companies and entrepreneurs decreased in the first seven months of the year. Agency: Investor interest in commercial real estate in the Czech Republic is growing, last year by 25 percent.

Stock exchanges: The price of electricity on the German stock exchange exceeded 500 euros per megawatt hour for the first time. Demand for gold increased by 12 percent in the first half of the year to 2,189 tons. Ukrainian company Naftogaz introduced a new plan to postpone payments. Analyst: The price of gold in dollar terms is at this year's minimum. Russian company Alrosa is again selling large quantities of diamonds, especially to India. Analysts: Commodities have been getting cheaper recently, but they have increased significantly this year.

Finance: Index: Financial literacy of Czechs has improved slightly this year. Mortgage rates rose to 5.4 percent, volume fell by more than a third month-on-month. Société Générale plunged into a loss due to its exit from Russia. Generali's operating profit rose by 4.8 percent thanks to growth in life insurance. Economists: The decline in the mortgage market will continue in the coming months. Online broker Robinhood Markets will lay off 23 percent of its employees. Cryptocurrency firm Celsius files for bankruptcy protection from creditors. Bank of America and Goldman Sachs report lower profits, investment slumps. Chinese banks are now in record debt as bad loan losses mount. The European Commission has officially ended its enhanced supervision of Greece's economy.