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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: The introduction of the euro in the Czech Republic is now disadvantageous and unrealistic, agreed Vystrčil and Havlíček. The ECB's climate stress test showed that banks are at risk of losses of 70 billion euros. Japan's GDP grew in the second quarter at a rate of 2.2 percent thanks to private consumption. Australia raised its main interest rate by half a percentage point. The Vysočina region has hundreds of millions more in tax revenues, while costs are also rising. Millions of rupees were found in the presidential palace during a protest in Sri Lanka. Analysts: Year-on-year inflation will probably increase due to energy prices. The anniversary of Tomáš Bata's death will be commemorated in Zlín with exhibitions and Bata publications. Global corporate debt has fallen for the first time in eight years. China unexpectedly cuts interest rates after weak July data. British companies are turning away from China, says head of Confederation of British Industry. Czech National Bank: Qubix Investment is not licensed to provide investment services in the Czech Republic. Senator Chalánková proposed constitutionalization of the right to cash payments. Agency: Investors' interest in commercial real estate in the Czech Republic is growing, by 25 percent last year. Activity in the eurozone's business sector has fallen due to high inflation. The new Czech National Bank Board met for the first time and divided its powers. Study: In the Czech Republic, bankruptcies of companies and entrepreneurs decreased in the first half of the year. Study: The number of personal bankruptcies fell by a tenth to 7,468 in the first half of this year. Foreign investors have been reducing the volume of Chinese bonds in their holdings for five months now. The Russian Central Bank surprisingly reduced the base interest rate to eight percent. German opposition leader Merz proposes plan to combat inflation and energy crisis. FT: European office market faces biggest test since financial crisis. Analysts: Czech National Bank used 86 billion CZK from foreign exchange reserves to defend the crown in May. Year-on-year inflation accelerated again, but analysts say the slower pace was surprising. OECD: Global corporate tax change could come into effect in 2024. China's economy shrank by 2.6 percent in the second quarter, more than expected. Government approves 2022 budget amendment with a deficit of 330 billion CZK. ECB wants to favor green companies when buying corporate bonds. Chinese export growth surprisingly accelerated in June. Czech National Bank leaves key interest rate at 7 percent, expects inflation to reach around 20 percent.

Stock exchanges: Gold demand rose 12 percent to 2,189 tons in the first half of the year. AP: A 170-carat pink diamond was mined in Angola, the largest in 300 years. Analysts: Commodities have been falling in price recently, but they have risen significantly this year. Analyst: The price of gold in dollar terms is at this year's minimum. The price of electricity on the German stock exchange exceeded 500 euros per megawatt-hour for the first time.

Finance: Internet broker Robinhood Markets will lay off 23 percent of its employees. Cryptocurrency lending firm Celsius has filed for bankruptcy protection from creditors. Česká spořitelna's net profit rose 67 percent to 11 billion crowns in the first half of the year. Switzerland's largest bank UBS increased its quarterly profit, but it fell short of estimates. Chinese banks are now in record debt due to rising losses from bad loans. Index: The average Czech investor in funds lost 11.6 percent in the first half of the year. EU is preparing to expand sanctions against Sberbank, wants to punish the Night Wolves as well. Bank of America and Goldman Sachs have lower profits, investments were not successful. PPF's annual report for 2021 focuses on business and non-profit activities. A man was freed in Lebanon who forced the payment of money by robbing a bank.