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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 Polish central bank improved its outlook for full-year GDP. Sales in services fell by 12 percent in the third quarter. The koruna strengthened against the euro to CZK 26.27, reacting to tax changes. 5,502 applications for CZK 2.5 billion were submitted for the COVID accommodation program. The Japanese economy emerged from recession, growing at its highest rate since 1980. European Innovation Day will focus on technological talents. Dlouhý: The parameters of the anti-epidemic system will make business impossible. CRIF: The fewest companies will be created in the Czech Republic this year since 2014. The growth of business activity in the eurozone has stopped due to the virus. Think-thank IDEA proposed a tax change that would be more economical for the budget. 83 percent of companies felt the negative consequences of the epidemic, Ipsos found. The Slovak economy grew by double digits after the previous decline. According to estimates, the annual inflation in October fell below three percent. Analysts: Lower unemployment is due to the season and government support. Bisnode: This year, the same number of companies will disappear as last year, when it was a record. The foreign trade surplus increased year-on-year to 34.4 billion CZK. Ministry of Education, Youth and Sports: The Czech Republic will gain access to one of the fastest computers in the world.

Stock exchanges: Gold miner Endeavour will buy competitor Terang for 2 billion USD.

Finance: Komerční banka's profit fell by 45 percent in three quarters to 6.1 billion CZK. Moneta's net profit fell by 38 percent in three quarters to 1.9 billion CZK. IIF: Global debt will rise to a record 277 trillion due to the virus USD. ÚOHS: Česká spořitelna can buy Sparkasse. MF called on non-bank loan providers to help clients. ECB: Bank profits will remain weak for now, restructuring is needed. CNB left rates unchanged and improved this year's GDP development estimate. Australia reduced the base interest rate to a minimum due to coronavirus. ČSOB's net profit fell by 57 percent this year to CZK 6.3 billion. FSB Committee: JP Morgan is no longer the most important bank in the system. CNB worsened the outlook for public finances this year and next year. Commerzbank has fallen into losses due to Covid and restructuring. HN: ČSOB will eliminate 170 jobs at branches. Partners: Average October performance of mutual funds was negative. Banks are limiting branch opening hours due to coronavirus. Euler Hermes: The pandemic negatively affected 54 percent of European companies. Golden Gate CZ's sales increased by 110 percent to three billion CZK. The four largest banks' profits fell by 21.5 billion to 24.5 billion CZK. Banks in Slovakia's profits fell by 37 percent to 313 million euros by September. The Turkish central bank significantly increased the base interest rate. Raiffeisenbank's net profit fell by 53 percent this year to 1.7 billion CZK. Hypoindex: The average mortgage rate in October fell for the seventh time in a row. Société Générale, the owner of Komerční banka, has a loss by September. The most absurd bank fee is the fee for authorization SMS. Survey: The interest rate is the most important for a savings account. Banking Association: The share of non-performing loans is at a record low. PayPal increased its profit by 121 percent, helped by the coronavirus.