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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: Car manufacturers report lower demand in Europe and North America. The Russian Central Bank surprisingly lowered the base interest rate to eight percent. The introduction of the euro in the Czech Republic is now disadvantageous and unrealistic, agreed Vystrčil and Havlíček. Inflation in Switzerland in June rose to the highest level in 29 years. Analysts: Year-on-year inflation will probably rise further due to energy prices. Czech households' debts to banks rose by 16.7 billion to 2.084 trillion CZK in May. The new CNB Bank Board met for the first time and divided its powers. Activity in the eurozone manufacturing industry fell for the first time in two years. Foreign investors have been reducing the volume of Chinese bonds in their holdings for five months now. Analysts: Bad weather threatens rice harvest, price may increase inflation. Millions of rupees found in presidential palace during protest in Sri Lanka. Year-on-year inflation accelerated again, but analysts say the slower pace was surprising. Analysts: In May, the Czech National Bank used CZK 86 billion from foreign exchange reserves to defend the crown. Chinese export growth surprisingly accelerated in June. Global corporate debt fell for the first time in eight years. The ECB's climate stress test showed that banks are at risk of losses of EUR 70 billion. Analysis: 91 percent of companies did not publish their financial statements for last year on time. The anniversary of Tomáš Bata's death will be commemorated in Zlín with exhibitions and Bata publications. The World Bank's chief economist doubts that a global recession can be avoided. Analyst: In June, the Czech National Bank doubled its support for the crown to CZK 174 billion. Germany reported a foreign trade deficit for the first time since 1991 in May. Glassworks Crystal Bohemia increased its turnover to 1.4 billion crowns last year. ČNB: Qubix Investment is not authorized to provide investment services in the Czech Republic. IMF lowers global economic growth forecast, recession cannot be ruled out in 2023. Older banknotes expire today, they can be exchanged. China's economy shrank by 2.6 percent in the second quarter, more than expected. Hungary's central bank unexpectedly raised its base rate to 7.75 percent. Senator Chalánková proposed constitutionally enshrining the right to cash payments. OECD: Global corporate tax reform could come into effect in 2024. CNB Governor Michl: Reducing inflation will be a priority. Analysts: Foreign trade deficit deepens imports of expensive raw materials.

Stock exchanges: Precious metal prices are not growing this year, food and oil prices have increased by tens of percent. Analyst: The price of gold in dollar terms is at this year's minimum. Switzerland has limited imports of Russian gold, reflecting signs of co-financing of the war. AP: A 170-carat pink diamond has been mined in Angola, the largest in 300 years. The price of gold is at a more than annual low, interest rates in the eurozone are awaited.

Finance: Google Play will allow some developers in Europe to use competing payment systems. Šmejc: As head of the PPF group, I am more willing to connect with partners in transactions. PPF's annual report for 2021 focuses on business and non-profit activities. The largest Swiss bank, UBS, increased its quarterly profit, but it fell short of estimates. Chinese banks are now taking on record debt due to rising losses from bad loans. Bank of America and Goldman Sachs have lower profits, investments have not been successful. Komerční banka's profit in the first half of the year increased by 60.3 percent year-on-year to 8.4 billion. Česká spořitelna's net profit in the first half of the year increased by 67 percent to 11 billion crowns. Online broker Robinhood Markets will lay off 23 percent of its employees.