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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: Euler Hermes: The number of insolvencies in the world in 2021 will increase by 31 percent. The foreign trade surplus increased year-on-year to CZK 34.4 billion. Unemployment fell to 3.7 percent, but growth is expected by the end of the year. The US economy grew at a record pace of 33.1 percent in the quarter. According to analysts, inflation will remain below three percent for the rest of the year. Long: The parameters of the anti-epidemic system will make business impossible. The South Korean economy returned to growth in the third quarter. Sales in services fell by 12 percent in the third quarter. CRIF: There are 24,000 companies in the Czech Republic that do not pay VAT reliably. The German economy grew sharply, the government improved the outlook. The growth of business activity in the eurozone has stalled due to the virus. Think-thank IDEA has proposed a tax change that is more economical for the budget. Economic sentiment in Slovakia has risen, but the pandemic is again affecting it. Year-on-year inflation in October is estimated to have fallen below three percent. EU countries have not yet shown interest in the credit half of the crisis fund. Analysts: Czech industry performed best in September since February.

Stock exchanges: In 2021, the price per troy ounce of gold will not exceed USD 2,000 on average. Bloomberg: Canadian company wants to mine "green" gold in Iceland.

Finance: Mortgage bank: The mortgage market will reach a record CZK 230 billion this year. Allianz's quarterly profit surprisingly increased. Association: Banks ready to help clients affected by the pandemic. Australia has reduced the base interest rate to a minimum due to coronavirus. Analyst: The price of gold will be 2.5 times higher by the end of the decade. CNB survey: Banks report tightening lending to companies. CNB left rates unchanged and improved this year's GDP forecast. PPF Group plunged into a loss of CZK 10.32 billion in the first half of the year. ČSOB's net profit fell by 57 percent this year to CZK 6.3 billion. S&P surprisingly improved the outlook for Italy's credit rating. Partners received a CNB license to operate a pension company. Japan's SoftBank has a record profit thanks to the sale of assets. Household debts with banks rose to CZK 1.831 trillion in September. Survey: The interest rate is the most important factor for a savings account. Moneta's net profit for three quarters fell by 38 percent to CZK 1.9 billion. Companies have more money in bank deposits than they owe for the third month. American Express credit card issuer's profit fell sharply. Bank loans fell by 120 billion to 6.07 trillion CZK in September. Reuters: Spanish bank Santander will cut 4,000 jobs. Goldman Sachs will hire more women in senior positions. PayPal increased its profit by 121 percent, helped by the coronavirus. RegioJet received a loan guarantee of 375 million CZK. Banking Association: The share of non-performing loans is at a record low. The banking association estimates that the economy will decline by eight percent this year. A company from the Bohemia Energy group buys supplier Energie ČS. Spanish bank BBVA will sell PNC's American activities for 11.6 billion USD. Société Générale, owner of Komerční banka, has a loss until September.