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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: Rubikonfin receives securities dealer license from Czech National Bank. Fitch downgrades Belarus' foreign currency debt rating to limited default. China's economy shrank by 2.6 pct in Q2, more than expected. Czech household debt rose by 18.3 billion to 2.102 trillion crowns in June. British companies are turning away from China, says Confederation of British Industry chief. OECD: Global corporate tax reform could come into effect in 2024. The Russian Central Bank surprisingly lowered the base rate to eight percent. The government approved an amendment to the 2022 budget with a deficit of 330 billion CZK. Foreign investors have been reducing their holdings of Chinese bonds for five months. Crystal Bohemia glassworks increased its turnover to 1.4 billion crowns last year. The state and local governments spent 12.6 billion crowns on the refugee crisis at the end of July. The Washington Post: Ukraine is also losing raw material deposits in the war. The IMF has worsened the outlook for global economic growth for this year and next. Activity in the eurozone manufacturing industry has fallen for the first time in two years. Analysts: Year-on-year inflation will probably rise further due to energy prices. Agency: Investors' interest in commercial real estate in the Czech Republic is growing, by 25 percent last year. The Vysočina Region has hundreds of millions more in tax revenues, while costs are also rising. ZEW: Investors' confidence in the German economy fell in August due to inflation. A company from Kyjov in the Hodonín region produces biodegradable material from waste and mycelium. Japanese GDP grew at a rate of 2.2 percent in the second quarter thanks to private consumption. Argentina's central bank raised its base interest rate to 69.5 percent. Iceland's central bank raised its base interest rate to a six-year high. The Czech Republic is the fastest-indebted country in the EU, warns the National Audit Office. Analysts: Bad weather threatens the rice harvest, its price may increase inflation. Study: The number of personal bankruptcies fell by a tenth to 7,468 in the first half of this year. Analyst: The Czech National Bank doubled the support for the crown to CZK 174 billion in June. Analysts: The foreign trade deficit is deepening the import of expensive raw materials. South Korea's central bank raised interest rates the most since 1999. The introduction of the euro in the Czech Republic is now disadvantageous and unrealistic, Vystrčil and Havlíček agreed.

Stock exchanges: The Russian company Alrosa is again selling large quantities of diamonds, especially to India. AP: Angola unearths 170-carat pink diamond, largest in 300 years. Gold demand up 12 percent in first half to 2,189 tons. Ukrainian company Naftogaz presents new plan to defer payments. Analyst: Gold price in dollar terms is at this year's low.

Finance: Mortgage rates up five percent, volume down 8 percent month-on-month to 19 billion. Expert: Sberbank cz's largest lender is the Financial Market Guarantee System. The European Commission has officially ended its tightened 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. Index: Financial literacy of Czechs has improved slightly this year. The largest Swiss bank UBS increased its quarterly profit, but it fell short of estimates. Bank of America and Goldman Sachs have lower profits, investments did not do well. The Financial Stability Board will propose global rules for regulating cryptocurrencies. A man was freed in Lebanon who forced a bank robbery to pay him money. Financial institutions paid 716 million crowns more to the Guarantee System year-on-year.