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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 Czech National Bank Council may increase the base interest rate by up to seven percent, according to estimates. Courts have declared 341 company bankruptcies this year, 41 fewer than a year ago. Chinese export growth surprisingly accelerated in June. The České Budějovice bishopric has deepened its loss, which is due to repairs to monuments. Prognos: Interruption of Russian gas supplies would plunge the German economy into recession. Analysis: The negative real yield on bank deposits will not change even if the Czech National Bank increases interest rates. Germany reported a foreign trade deficit for the first time since 1991 in May. The G7 summit stood by Ukraine and is preparing further anti-Russian sanctions. Inflation in Switzerland rose to its highest level in 29 years in June. May inflation was 1.1 percentage points higher than the CNB estimated. The anniversary of Tomáš Bata's death will be commemorated in Zlín with exhibitions and Bata publications. Inflation rose to 16 percent in May and will continue to rise, it is the ninth highest in Europe. The head of the German opposition Merz proposed a plan against the inflation and energy crisis. The Hungarian central bank unexpectedly increased the base interest rate to 7.75 percent. The Czech Republic's foreign debt rose to 4.665 trillion crowns in the first quarter. Czech household debts to banks rose by 16.7 billion to 2.084 trillion CZK in May. Sri Lanka will give state employees an extra day off so they can grow food. The new CNB bank board met for the first time and divided its powers. The CNB left the limits for providing mortgages unchanged. Business activity in the eurozone has deteriorated sharply due to inflation. Komerční banka was fined CZK 7.5 million by the Czech National Bank for violating mortgage rules. Analysts: Year-on-year inflation will probably increase due to energy prices. G7 countries want further sanctions against Russia, they may concern gold and energy prices. Czech National Bank: Household deposits in banks increased slightly by CZK 3.5 billion in May. Czech National Bank is examining the Ministry of Finance's announcement of a proposal to pay a higher dividend for CEZ shares. Fitch has downgraded the rating of global sovereign debt. Study: Britain is becoming a more closed economy due to Brexit. Analysis: 91 percent of companies did not publish their financial statements for last year on time. IMF will reduce the estimate of global economic growth, a recession cannot be ruled out in 2023. OECD: Global corporate tax reform could come into effect in 2024. ECB climate stress test shows banks at risk of 70 billion euros in losses. CNB: Qubix Investment is not licensed to provide investment services in the Czech Republic. ECB to end asset purchases at the end of June, leaving base rate at zero for now. Fitch agency downgrades Belarus' foreign currency debt rating to limited default. UN: Rising cost of living pushes millions into extreme poverty. US inflation unexpectedly accelerated to 8.6 percent in May, highest since 1981.

Stock markets: Precious metals prices are not rising this year, food and oil prices have risen by tens of percent. Oil gains over four percent on concerns about Russian supplies and weak dollar. Gazprom will not pay dividends for the first time since 1998, the company's shares have weakened sharply.

Finance: The number of dollar millionaires in the Czech Republic increased by 6.9 percent last year to 32,200. The Financial Stability Board will propose global rules for regulating cryptocurrencies. Index: The average Czech investor in funds lost 11.6 percent in the first half of the year. Mortgage rates rose by five percent, the volume fell by 8 percent month-on-month to 19 billion. Google Play will allow some developers in Europe to use competing payment systems. Cryptocurrency company Celsius has filed for bankruptcy protection from creditors.