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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: EBRD expects a more significant economic downturn in the countries where it operates. Production of a wood processing sawmill in Štětí was officially launched. Scientists from CzechGlobe oppose the claim that warming will help the economy. The average company spends 223 hours a year on paperwork, less than last year. GLP is building an industrial zone in Ostrava for more than a billion crowns. Confidence in the German economy has deteriorated due to the virus and Brexit. Investor confidence in the eurozone economy has fallen for the first time in six months. The decline in the US economy was milder in the quarter than expected. Bloomberg: The virus has dragged a record number of large companies into losses in the US. Analysts: The industry was unpleasantly surprised, September should be better. Škoda Auto once again paid the most in income tax to the state last year. Collection agencies: Debtors' payment morale has not deteriorated this year. Moravian-Silesian companies do not plan to close operations due to coronavirus. French Vinci offers 5.2 billion euros for part of Spanish ACS. Americans Milgrom and Wilson win Nobel Prize in Economics. According to institutes, the recovery of the German economy is slowing down. The British economy grew less than expected in August.

Stock markets: The price of gold fell to a two-month low. Central banks' gold reserves increased by 5,000 tons in a decade. The US is imposing tariffs on aluminum sheets from 18 countries.

Finance: EY: 7,500 jobs in the financial sector left Britain due to Brexit. Bundesbank urged German banks to prepare for a wave of insolvencies. VZP: Interest in flu vaccination has increased by a third in eight years. The Hungarian Central Bank surprisingly increased the deposit rate. Non-bank credit companies have rules for clients in moratorium. Bank loans increased by 13 billion in August to 6.19 trillion CZK. Andorra joined the International Monetary Fund. Association: Interest in deferring payments is falling, Czechs are starting to pay off loans. Survey: 70 percent of Czechs have experience with installment purchases. Morgan Stanley bank significantly increased its profit thanks to trading. Airlines in the US will cancel more than 30,000 seats without further state aid. Banks received 401,000 applications for deferring payments as of September 18. Millions of bank accounts were added in Latin America during the pandemic. Finemo.cz: Approximately 400 seniors have used a reverse mortgage in five years. Analysts: The price of gold has increased by a quarter this year, silver by a third. American bank Citigroup must pay a fine of $400 million. IMF: Africa needs $1.2 trillion to overcome the impacts of Covid. JPMorgan will pay $920 million for market manipulation. Fed extends restrictions on banks' dividend payments and share buybacks. The largest Saudi Arabian bank will strengthen its position by taking over a competitor. Komerční banka is acquiring the financial company Roger. Home Credit has suffered a loss of CZK 16.8 billion due to the pandemic. The British central bank is considering negative interest rates. Survey: An unexpected event has befallen 80 percent of Czechs in five years. ECB intensifies work on a digital euro.