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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: Activity in the eurozone business sector deepened its decline in August. Association: Small rural shops are closing due to expensive energy, the situation will worsen. Inflation in Turkey rose to 79.6 percent in July, the highest in 24 years. The introduction of the euro in the Czech Republic is now disadvantageous and unrealistic, Vystrčil and Havlíček agreed. While Britain counts change, we count victims, said Olena Zelenská. Senator Chalánková proposed constitutional enshrining the right to cash payments. Activity in the eurozone manufacturing industry fell for the first time in two years. Companies in the EU ceramic industry are looking for a way to survive the strong rise in energy prices. The IMF has worsened the outlook for global economic growth for this year and next. The government approved the 2022 budget amendment with a deficit of CZK 330 billion. The Hungarian Central Bank increased the base interest rate by a percentage point to 11.75 percent. The Turkish Central Bank shocked financial markets by significantly reducing interest rates. Czech household debts rose by CZK 18.3 billion in June to CZK 2.102 trillion. Germany is debating whether households or companies will bear the burden of a gas outage. Central bank chief: German inflation may rise to 10 percent, recession looms. Inflation in Germany accelerated again in August after two months to 7.9 percent. Activity in the eurozone business sector has fallen due to high inflation. Bartoš: EU cohesion funds can provide money for projects threatened by price increases. EU ministers will discuss solutions to unforeseen events in Prague. Association: Companies are struggling to survive due to energy prices, immediate government assistance is needed. The state and local governments spent CZK 12.6 billion on the refugee crisis at the end of July. Car manufacturers report lower demand in Europe and North America. Analysts: Foreign trade deficit deepens imports of expensive raw materials. CNBC: Economists differ in their views on the long-term development of the Russian economy. The Washington Post: Ukraine is also losing raw material deposits in the war. According to one banker, the eurozone needs another significant interest rate increase in September. Japanese GDP grew by 2.2 percent in the second quarter thanks to private consumption. According to the German government, anti-Russian sanctions are effective and harm Russia more than the EU. ZEW: Investor confidence in the German economy fell in August due to inflation. Online supermarkets are solving the problem of selling food in installments, allowing deferred payment. The Ministry of Finance's forecast is optimistic, according to the Budget Forecast Committee.

Stock Exchanges: European energy prices are falling because the EU is planning to intervene in the crisis. Rio Tinto will buy the remaining stake in Canada's Turquoise Hill for 3.3 billion USD. Analyst: Gas prices have risen by 170 percent this year, oil by 30 percent, precious metals have fallen in price. Demand for gold increased by 12 percent in the first half of the year to 2,189 tons. Ukrainian company Naftogaz has introduced a new plan to postpone payments. The price of gold is at a more than one-year low, interest rates in the eurozone are expected to move.

Finance: Economists: The decline in the mortgage market will continue in the coming months. Google Play will allow some developers in Europe to use competing payment systems. Financial institutions paid 716 million crowns more to the Guarantee System year-on-year. Komerční banka's profit in the first half of the year increased by 60.3 percent year-on-year to 8.4 billion. Generali's operating profit increased by 4.8 percent thanks to the growth of life insurance. The largest Swiss bank UBS increased its quarterly profit, but it fell short of estimates. June brought a slight increase in household deposits, a significant decrease in companies. Česká spořitelna's net profit increased by 67 percent in the first half of the year to 11 billion crowns.