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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: Proposal: Part of future EU employment money will go to transport. EU countries have not yet shown interest in the credit half of the crisis fund. Survey: More than a quarter of companies do not have deferred payments. CRIF: There are 24,000 companies in the Czech Republic that do not pay VAT reliably. SB: Coronavirus may plunge 150 million people into extreme poverty. Analysts: The second wave of the pandemic has stopped the recovery from the 3rd quarter. The Nobel Prize in Economics was won by Americans Milgrom and Wilson. Bloomberg: The virus has dragged a record number of large companies into losses in the US. Economists: Thanks to the new Nobel laureates, auctions are common. According to analysts, inflation will continue to fall. The US economy grew at a record pace of 33.1 percent in the quarter. Investor confidence in the eurozone economy has fallen for the first time in six months. Analysts: Industry was unpleasantly surprised, September should be better. Year-on-year inflation fell to 3.2 percent in September, and is likely to continue to fall. Moravian-Silesian companies do not plan to close operations due to coronavirus. Survey: Most smaller companies in Europe have existential fears. Switzerland has improved its outlook for this year's economic development.

Stock exchanges: Metal processor Saker's sales fell to CZK 2.321 billion last year. World Gold Council: Demand for gold is the weakest in 11 years. The US is imposing tariffs on aluminum sheets from 18 countries.

Finance: JP Morgan increased its profit, while rival Citigroup earned less. Andorra joined the International Monetary Fund. Hypoindex: The average mortgage rate fell for the sixth time in a row in September. Most funds have lost money this year, with stocks averaging four percent. Association: Banks ready to help clients affected by the pandemic. Russia's largest bank Sberbank sharply increased quarterly profit. Central banks are appealing to governments to continue pumping money. Bundesbank has called on German banks to prepare for a wave of insolvencies. Household debts with banks rose to 1.831 trillion crowns in September. IFIS has filed for insolvency against the owner of Arca Capital. The largest Saudi Arabian bank will strengthen its position by taking over a competitor. The banking association estimates that the economy will fall by eight percent this year. HSBC's profit fell by 35 percent to $3.1 billion. Morgan Stanley buys asset manager Eaton Vance for $7 billion. Komerční banka is acquiring the financial company Roger. Deutsche Bank surprisingly returned to profit in the quarter. Bank loans rose by 13 billion in August to 6.19 trillion CZK. CNB survey: Banks report tightening lending to companies. American Express credit card issuer's profit fell sharply. Almost two-thirds of Czechs actively use modern payment methods. G20 group extends repayment deferral for poor countries. Association: Interest in repayment deferral is declining, Czechs are starting to pay off loans. Loan provider Zonky has become part of Air Bank. Banks have confirmed to the Ministry of Finance their readiness to deal with repayment deferral individually. Bohemia Energy Group company buys Energie ČS supplier.