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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: CRIF: There are 24,000 companies in the Czech Republic that do not pay VAT reliably. The South Korean economy returned to growth in the third quarter. CRIF: The number of corporate and business bankruptcies fell in October. The decline in Japanese exports slowed significantly in September. The Moore CR Group took over the Brno company Audit - Daně. Moravian-Silesian companies do not plan to close operations due to coronavirus. Euler Hermes: The number of insolvencies in the world in 2021 will increase by 31 percent. Reuters: Interest in special EU bonds is at a record high. The US economy grew at a record pace of 33.1 percent in the quarter. Goldman Sachs predicts a decline instead of growth for the eurozone. The growth of the Chinese economy accelerated to 4.9 percent in the third quarter. EU countries have not yet shown interest in the credit half of the crisis fund. Foxconn CZ's profit decreased by 120 million to 658 million crowns last year. BR Group's operations are complicated by Covid-19, but production is being ensured. Ministry of Education, Youth and Sports: The Czech Republic will gain access to one of the fastest computers in the world. Confidence in the German economy has deteriorated due to the virus and Brexit.

Stock exchanges: In 2021, the price per troy ounce of gold will not exceed 2,000 USD on average. World Gold Council: Demand for gold is the weakest in 11 years.

Finance: Banks have confirmed the Ministry of Finance's readiness to deal with the postponement of repayments individually. Banks: Clients are visiting branches less, interest in online services is growing. UniCredit Bank in the Czech Republic and Slovakia saw its profit fall by 45 percent in three quarters. A company from the Bohemia Energy group is buying the supplier Energie ČS. Komerční banka's profit fell by 45 percent in three quarters to CZK 6.1 billion. Hypoteční banka: The mortgage market will reach a record CZK 230 billion this year. The Czech National Bank has worsened the outlook for public finances this year and next year. The Bundesbank has called on German banks to prepare for a wave of insolvencies. Almost two-thirds of Czechs are actively using modern payment methods. Morgan Stanley has significantly increased its profit thanks to trading. Schillerová: The Ministry of Finance will not propose another blanket moratorium on loan repayments. HSBC's profit fell by 35 percent to $3.1 billion. Australia has reduced its base interest rate to a minimum due to the coronavirus. Deutsche Bank surprisingly returned to profit in the quarter. Slovak banks' profit fell by 37 percent to EUR 313 million by September. Allianz insurance company's quarterly profit surprisingly increased. Banks are limiting branch opening hours due to coronavirus. Switzerland's largest bank UBS doubled its quarterly profit. UN: Foreign direct investment fell by 49 percent in the first half of the year. World Bank to provide USD 12 billion for a vaccine for developing countries. IFIS filed for insolvency against the owner of Arca Capital. Erste Group's profit fell by almost half. Hypoindex: The average mortgage rate in September fell for the sixth time in a row. 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. The G20 group extended the deferral of payments for poor countries. PPF Group suffered a loss of CZK 10.32 billion in the first half of the year.