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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: Australia has increased the main interest rate by half a percentage point. Older banknotes expired today, they can be exchanged. The Czech National Bank left the basic interest rate at seven percent, inflation is expected to reach around 20 percent. Analysts: The Czech National Bank in May allocated CZK 86 billion from foreign exchange reserves to defend the crown. Study: In the Czech Republic, bankruptcies of companies and entrepreneurs decreased in the first seven months of the year. Fitch has worsened the assessment of global government debt. Australia has increased the main interest rate by half a percentage point. Senator Chalánková proposed constitutionally enshrining the right to cash payments. The Russian Central Bank surprisingly reduced the basic interest rate to eight percent. Czech household debts increased by CZK 18.3 billion to CZK 2.102 trillion in June. South Korea's central bank raised interest rates the most since 1999. Analysts: Year-on-year inflation will likely rise further due to energy prices. Czech National Bank: Qubix Investment is not licensed to provide investment services in the Czech Republic. Czech National Bank: Household deposits in banks rose slightly by CZK 3.5 billion in May. UBS: Eurozone heading for stagflation, economic growth will almost stop this year. Crystal Bohemia glassworks increased its turnover to CZK 1.4 billion last year. Inflation in Switzerland rose to its highest level in 29 years in June. The number of corporate bankruptcies in England and Wales is at its highest level since 2009. Global corporate debt has fallen for the first time in eight years. Argentina's central bank has raised its base rate to 69.5 percent. Year-on-year inflation has accelerated again, but analysts say the slower pace was surprising. Courts declared 341 bankruptcies this year, 41 fewer than a year ago. Activity in the eurozone business sector has fallen due to high inflation. The new CNB bank board met for the first time and divided its powers. British companies are turning away from China, says the head of the Confederation of British Industry. The Polish central bank has raised the base interest rate to 6.5 percent. Analysts: Bad weather threatens the rice harvest, its price may increase inflation. The government has approved an amendment to the 2022 budget with a deficit of 330 billion CZK. Germany is debating whether households or companies will bear the burden of a gas outage. The IMF will reduce its estimate of global economic growth, a recession cannot be ruled out in 2023. Czech household debts to banks increased by 16.7 billion CZK in May to 2.084 trillion CZK.

Stock exchanges: Analyst: The price of gold in dollar terms is at this year's minimum. AP: A 170-carat pink diamond has been mined in Angola, the largest in 300 years. Gazprom will not pay dividends for the first time since 1998, the company's shares have weakened sharply. The prices of precious metals are not growing this year, food and oil have risen in price by up to tens of percent. Analysts: Commodities have been getting cheaper recently, but they have still risen significantly this year.

Finance: Index: The average Czech investor in funds lost 11.6 percent in the first half of the year. Komerční banka's profit in the first half of the year increased by 60.3 percent year-on-year to 8.4 billion. Mortgage rates rose to 5.4 percent, the volume fell by more than a third month-on-month. Cryptocurrency lending firm Celsius has filed for bankruptcy protection from creditors. PPF's 2021 annual report focuses on business and non-profit activities. Bank of America and Goldman Sachs have lower profits, investments have not been successful. Mortgage rates rose to five percent, volume fell by 8 percent month-on-month to 19 billion. Google Play will allow some developers in Europe to use competing payment systems. Generali's operating profit rose by 4.8 percent thanks to growth in life insurance.