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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: British economic growth slowed to 0.8 percent in the first quarter. The Czech National Bank imposed a fine of CZK 2.5 million on the credit company Acema Credit Czech. ZEW: Investor confidence in the German economy fell less than expected. The ECB confirmed plans to end asset purchases in the third quarter. Analysis by Portu: Large banks are in no hurry to increase interest rates on savings accounts. Union: The current crisis can strengthen Europe, it should not disrupt functioning systems. The Czech National Bank Council decided today to intervene in the foreign exchange market against the weakening of the koruna. According to economists, the appointment of Michl as the governor of the Czech National Bank may indicate more significant changes. The rise in loan costs is bringing back memories of the debt crisis in some EU countries. Aleš Michl will be the new governor of the Czech National Bank from July, he wants rate stability. The Czech National Bank has legally revoked the banking license of Sberbank CZ. The Fed raised the base interest rate by half a percentage point, the most in 22 years. The volume of debt collection agencies fell by 150 million to 21.05 billion CZK last year. Olomouc scientists have developed a nanomaterial that will help reduce energy costs. The growth of business activity in the eurozone slowed in May, but remains strong. From next year, it will not be necessary to know the recipient's account number to send money. FAO: Russians spend twice as much on food as before the invasion. Inflation in the US slowed to 8.3 percent in April, but is close to a 40-year high. Consulting firm Dun & Bradstreet downgraded the Czech Republic's rating and worsened the outlook. The US economy surprisingly fell, but domestic demand is high. Analysts: Inflation will rise to 15 percent, so the CNB will probably raise rates. Inflation in the EU has reached a record 7.8 percent, the Czech Republic has the third highest. Commodity prices are rising, food prices have increased by tens of percent this year, oil by half. Business sentiment in Germany has stabilized after the March slump. The inflation rate in the eurozone rose to a record 8.1 percent in May. The economy grew by 4.8 percent in the first quarter, the rest of the year will be worse. Inflation in Slovakia has accelerated to 11.8 percent, the highest since June 2000. Bloomberg: The US economy could surpass China in growth this year for the first time since 1976. Britain has imposed sanctions on representatives of the Russian army, including the commander from Buč. IIF: Global debt rose to a record $305 trillion in the first quarter. Russia paid off its debt early today to avoid default. The Russian Central Bank cut its base interest rate and signaled further cuts. Ukraine more than doubled its base interest rate to 25 percent.

Stock exchanges: Demand for silver rose last year to the highest level since 2015 and will continue to grow this year. The coronavirus has deprived Jablonec glass and jewelry manufacturers of half of their sales. The deposits that ČEZ must make on the stock exchange reached 100 billion crowns in March.

Finance: Kooperativa and Česká podnikatelská pojišťovna became the insurance companies of the year. IFIS fund has started buying up receivables from the Czech Sberbank. Port survey: 47 percent of Czechs can save no more than CZK 2,000 per month. SMBC will become the second largest aircraft lessor by taking over rival Goshawk. The Czech National Bank will open a new visitor center on May 21. Former Czech National Bank Governor Tůma has become a member of the Association of World Central Bankers. Société Générale CEO Frédéric Oudéa will step down next year. Citizens' deposits in banks fell by CZK 26 billion month-on-month in March. The head of German DWS will resign, authorities suspect her of deceiving investors.