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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: Inflation rose to 16 percent in May and will continue to rise, the ninth highest in Europe. BBC: A gathering of the Russian elite is being held in St. Petersburg against the backdrop of the war against Ukraine. Powell: The Fed will not let the American economy slip into a higher inflation regime. The G7 countries want more sanctions against Russia, which may affect gold and energy prices. According to the association, including heating plants in the sectoral tax would jeopardize their modernization. The ECB wants to favor green companies when buying corporate bonds. Germany reported a foreign trade deficit in May for the first time since 1991. Fitch downgraded the rating of global government debt. The World Bank's chief economist doubts that a global recession can be avoided. CNB: Household deposits in banks increased slightly by CZK 3.5 billion in May. The G7 summit supported Ukraine and is preparing further anti-Russian sanctions. The Polish central bank increased the base interest rate to 6.5 percent. The introduction of the euro in the Czech Republic is now disadvantageous and unrealistic, agreed Vystrčil and Havlíček. Inflation in Switzerland rose to the highest level in 29 years in June. Analysts: Year-on-year inflation will probably increase further due to energy prices. Czech household debts to banks increased by CZK 16.7 billion in May to CZK 2.084 trillion. Chinese export growth surprisingly accelerated in June. The Hungarian central bank unexpectedly increased the base interest rate to 7.75 percent. Analysis: The negative real yield on bank deposits will not change even if the CNB increases its rates. CNB: Qubix Investment is not authorized to provide investment services in the Czech Republic. Rubikonfin has received a securities dealer license from the CNB. Manufacturers: Battery and hydrogen trains are the future on non-electrified lines. Study: In the Czech Republic, bankruptcies of companies and entrepreneurs decreased in the first half of the year. The CNB left the limits for providing mortgages unchanged. The České Budějovice bishopric deepened its loss, which is due to the repairs of monuments. UBS: The Eurozone is heading towards stagflation, economic growth will almost stop this year. OECD: The global change in corporate taxes could be in effect from 2024. Komerční banka was fined CZK 7.5 million by the CNB for violating mortgage rules. The CNB left the limits for mortgages and the credit market protection rate unchanged. The Swiss central bank raised interest rates for the first time in 15 years. In Poland, about 3,000 shops have already gone bankrupt this year, the most in five years. Drink less tea, the Pakistani government, which is dealing with the economic crisis, urged citizens. Sri Lanka will give civil servants an extra day off so they can grow food. A company from Kyjov in the Hodonín region produces biodegradable material from waste and mycelium. Scholz: The EU will decide on the ban on the import of Russian gold, participation in the G20 is open. The G7 countries are moving towards a ban on the import of gold from Russia, the EU may also join.

Stock exchanges: Oil adds over four percent due to concerns about Russian supplies and a weak dollar. The price of gold is at a more than one-year low, interest rate movements in the eurozone are awaited. Switzerland has limited the import of Russian gold, reflecting signs of co-financing the war.

Finance: Bank of America and Goldman Sachs have lower profits, investments did not work out. 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. Šmejc: As head of the PPF group, I am more willing to connect with partners in transactions. Cryptocurrency lending company Celsius has filed for bankruptcy protection from creditors. The largest Swiss bank UBS increased its quarterly profit, but it fell short of estimates.