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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 growth of confidence in the Czech economy slowed significantly in August. The company Isolit-Bravo earned 106 million crowns last year. CRIF: In July, 946 trading companies were added to the Czech Republic. Hartmann-Rico will not produce respirators in the Czech Republic, but in Germany. GfK: The mood of German consumers has worsened for September. Analysts: Retail trade stagnated in June, a decline is expected this year. The German economy fell by 9.7 percent in the second quarter. The financial administration accepted 2.75 million tax returns, less than last year. Bundesbank: A vaccine may be needed for the economy to fully recover. The Turkish economy fell by the most in a decade due to coronavirus. The Italian economy fell by a record 12.8 percent in the quarter. Czech share in space events is growing, over 60 companies have participated. Over 31,000 self-employed people started their businesses in the Czech Republic in the first half of the year. The Ministry of Finance sold bonds for five billion CZK, interest was significantly higher. Expert: The collapse of the construction industry is the worst result in seven years. The EU economy fell by a record 11.7 percent in the second quarter. Chamber: Some companies are concerned about the mission to Taiwan. BBC: Argentines are worried about the quarantine, which has been going on in parts of the country for five months. WTO: World trade will fall by 13 percent this year due to coronavirus.

Stock exchanges: FT: Aramco will reduce expenses to have 75 billion USD for dividends. Russia plans investments in expanding production of precious metals. Gold breaks records, weak dollar and support for the economy help.

Finance: RB: GDP decline will be the deepest since the transformation, will not exceed six percent. According to the vice governor, the Czech National Bank will tolerate inflation above its target. The Czech National Bank left rates unchanged, worsened the estimate of economic development. CNB note: Behind the price increase is an effort to compensate for the loss of income. Survey: A third of households lost part of their income during the pandemic. Goldman Sachs reduced its reported profit due to the dispute over the 1MDB fund. Raiffeisenbank's net profit fell by 52 percent to CZK 1.3 billion. Buffett bought shares in five major companies in Japan. RBP will contribute two million for widespread testing in companies. VIG insurance company expects a fifth drop in profit due to write-offs. Powell: The Fed will change its approach to inflation, focus more on employment. Foreign investors hold the most Czech bonds since 2017. British central bank: Economy will recover more slowly. Four major Chinese banks have the biggest drop in profits in a decade. ČSOB's net profit fell to CZK 3.5 billion in the first half of the year. EY: Czechs are starting to worry about their finances, income has fallen by a third. APS's sales rose by one percent last year to CZK 1.2 billion. The number of payment cards in the Czech Republic increased by 200,000 to 12.9 million. Jiří Schneller was added to the board of directors of the Czech Export Bank. The Czech National Bank left the reserve for protecting the credit market at 0.5 percent. Household debts with banks rose to CZK 1.809 trillion in July. Quarterly profit of banks in the US fell again by 70 percent due to coronavirus. Seven percent of Slovak households face the risk of financial difficulties.