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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, Vystrčil and Havlíček agreed. Global corporate debt has fallen for the first time in eight years. The new CNB Bank Board met for the first time and divided its powers. Germany is debating whether households or companies will bear the burden in the event of a gas outage. Fitch has downgraded the global sovereign debt rating. UBS: The eurozone is heading towards stagflation, economic growth will almost stop this year. Fitch has downgraded Belarus' foreign currency debt rating to limited default. Inflation in Switzerland rose to its highest level in 29 years in June. Scholz: The EU will decide on a ban on the import of Russian gold, participation in the G20 is open. Senator Chalánková proposed constitutional enshrining the right to cash payments. CNB: Qubix Investment is not authorized to provide investment services in the Czech Republic. Foreign investors have been reducing the volume of Chinese bonds in their holdings for five months. Car manufacturers report lower demand in Europe and North America. Analysis: 91 percent of companies did not publish financial statements for last year on time. ECB wants to favor environmentally friendly companies when purchasing corporate bonds. Study: The number of personal bankruptcies fell by a tenth to 7,468 in the first half of this year. The government approved an amendment to the 2022 budget with a deficit of CZK 330 billion. A company from Kyjov in the Hodonín region produces biodegradable material from waste and mycelium. This year, the courts declared 341 company bankruptcies, 41 fewer than a year ago. UN: Rising living costs are pushing millions into extreme poverty. Millions of rupees found in presidential palace during protest in Sri Lanka. G7 summit supports Ukraine and prepares further anti-Russian sanctions. Germany reported its first foreign trade deficit since 1991 in May. Wienerberger and Heluz rely on amendment on regulatory levels in gas crisis. Activity in the eurozone manufacturing industry fell for the first time in two years. IMF lowers global economic growth forecast, recession cannot be ruled out in 2023. Colombian and Venezuelan entrepreneurs prepare to open border. Activity in the eurozone business sector has fallen due to high inflation. CNB Governor Michl: Reducing inflation will be a priority. German opposition leader Merz proposed a plan against inflation and energy crisis. Czech household debt rose by 18.3 billion to 2.102 trillion crowns in June.

Stock markets: Gazprom will not pay dividends for the first time since 1998, the company's shares weakened sharply. Switzerland has limited imports of Russian gold, reflecting signs of co-financing the war. Demand for gold increased by 12 percent in the first half of the year to 2,189 tons. Ukrainian company Naftogaz presented a new plan to postpone payments. Analysts: Commodities have been getting cheaper recently, but they have become significantly more expensive this year.

Finance: Mortgage rates rose by five percent, the volume fell by 8 percent month-on-month to 19 billion. EU is preparing to expand sanctions against Sberbank, also wants to punish the Night Wolves. June brought a slight increase in deposits of residents, a significant decrease in businesses. Cryptocurrency lending firm Celsius has filed for bankruptcy protection from creditors. 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. Šmejc: As head of the PPF group, I am more willing to connect with partners in transactions. Expert: Sberbank cz's largest creditor is the Financial Market Guarantee System. Chinese banks are now taking on record amounts of debt due to the growth of losses from bad loans.