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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 Hungarian central bank unexpectedly raised the base interest rate to 7.75 percent. The Czech Republic's foreign debt rose to 4.665 trillion crowns in the first quarter. Komerční banka was fined 7.5 million CZK by the Czech National Bank for violating mortgage rules. Sri Lanka will give state employees an extra day off so they can grow food. The inflation rate in the eurozone rose to a record 8.1 percent in May. The Czech National Bank Council may, according to estimates, increase the base interest rate to up to seven percent. The Czech National Bank is examining the Ministry of Finance's announcement of a proposal to pay a higher dividend for ČEZ shares. Fitch downgraded the rating of global sovereign debt. Germany reported a foreign trade deficit for the first time since 1991 in May. The Czech National Bank left the limits for providing mortgages unchanged. The volume of debt collection agencies fell by 150 million to 21.05 billion CZK last year. The Australian central bank raised interest rates by 0.5 percentage points, the most in 22 years. Study: Britain is becoming a more closed economy due to Brexit. Colombian and Venezuelan entrepreneurs are preparing to open the border. The Slovak central bank has worsened its economic growth estimate, expecting higher inflation. According to the association, including heating plants in the sectoral tax would jeopardize their modernization. Ukraine has more than doubled the basic interest rate to 25 percent. Shares in Budapest are falling after the announcement of the extraordinary tax, especially banks. Czech household debts to banks increased by 16.7 billion to 2.084 trillion CZK in May. Manufacturers: Battery and hydrogen trains are the future on non-electrified lines. 51 company bankruptcies were declared in the Czech Republic in May, seven fewer than in April. The crown strengthened slightly today after the appointment of three new members of the CNB Bank Board. The Slovak Central Bank warned of the vulnerability of companies in repaying loans. G7 countries are moving towards a ban on gold imports from Russia, the EU may also join. G7 countries want further sanctions against Russia, they may affect gold and energy prices. UBS: The Eurozone is heading towards stagflation, economic growth will almost stop this year. In the new programming period, the Liberec Region wants subsidies for events worth 1.2 billion CZK. The Accolade Group is investing over 1.5 billion CZK in Spain, newly in Seville. IMF will reduce the estimate of global economic growth, a recession cannot be ruled out in 2023. Powell: Fed will not let US economy slip into higher inflation. Czech National Bank: Bank deposits rose slightly by CZK 3.5 billion in May. G7 summit supports Ukraine and prepares further anti-Russian sanctions. Courts have declared 341 companies bankrupt this year, 41 fewer than a year ago. BBC: Russian elite gathering in St. Petersburg against the backdrop of war against Ukraine. The new Czech National Bank Board met for the first time and divided its powers. Analysis: The negative real yield on bank deposits will not change even if the Czech National Bank increases interest rates.

Stock markets: Gazprom will not pay dividends for the first time since 1998, the company's shares have weakened sharply. Citigroup: Oil will be more expensive this year and next year, contrary to original assumptions.

Finance: Index: The average Czech investor in funds lost 11.6 percent in the first half of the year. People from banks and technology companies are more likely to leave for fintech start-ups. The head of German DWS will resign, the authorities suspect her of deceiving investors. Seznam News: Tykač has the consent of the Czech National Bank to increase his stake in Moneta to 20 percent. Deutsche Bank will stop issuing cash over the counter in most branches. The French bank BNP Paribas is interested in the Dutch ABN Amro, writes Reuters. Šmejc: As the head of the PPF group, I am more willing to connect with partners in transactions.