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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: WTO: World trade will fall by 13 percent this year due to coronavirus. CVVM: Czechs' views on the economic situation are improving again. Deutsche Bank has improved its outlook for this year's global economic development. BBC: Argentines are worried about the quarantine, which has been in place for five months in parts of the country. Economists would rather end the Antivirus program sooner than later. OECD: The economies of member countries fell by a record in the second quarter. CZSO: 60 percent of entrepreneurs experienced the impacts of the coronavirus crisis. Ifo: German companies expect to return to normal in 11 months. Analysts: Retail trade stagnated in June, a decline is expected this year. The German economy fell by 9.7 percent in the second quarter. Railway Authority: Railway audit will be completed in the fall. Retail in the Czech Republic is heading for a full-year decline, according to analysts. Confederation of Industry: The pandemic has reduced companies' income, profits and orders. Survey: Companies will temporarily limit investments, investing more in IT and online. The EU economy fell by a record 11.7 percent in the second quarter. The tax authorities received 2.75 million tax returns, less than last year. Hartmann-Rico will not produce respirators in the Czech Republic, but in Germany. Income tax after the abolition of the super gross wage may be from 15 to 19 percent. Analysts: Data from industry is positive, but the decline will continue. GfK: German consumer sentiment has worsened in September.

Stock exchanges: Russia plans to invest in expanding precious metals production. FT: Aramco to cut spending to have $75 billion in dividends.

Finance: ČNB leaves rates to five banks to cover systemic risk. Powell: Fed will change approach to inflation, focus more on employment. Survey: A third of households lost part of their income during the pandemic. Analyst Kovanda has become the chief economist of the Czech Trinity Bank. CNB note: The rise in prices is an attempt to compensate for the loss of income. APS revenues increased by one percent last year to CZK 1.2 billion. CRIF: The debt of the Czech population increased by 143 billion to CZK 2.52 trillion. Raiffeisenbank's net profit fell by 52 percent to CZK 1.3 billion. Trinity Bank's net profit rose to CZK 31 million in the first half of the year. Komerční banka's profit fell by 38.5 percent in the first half. UniCredit Bank in the Czech Republic and Slovakia saw its profit fall by half in the first half. RBP will contribute two million for widespread testing in companies. MF: The volume of money on the financial market rose to 6.9 trillion CZK last year. Seven percent of Slovak households face the risk of financial difficulties. RB: The GDP decline will be the deepest since the transformation, it will not exceed six percent. Commerzbank's profit fell by a fifth in the quarter, it expects a loss next year. Wirecard has agreed to sell its activities in Brazil. The Czech National Bank has worsened the outlook for public finances this year and next year. Goldman Sachs has reduced its reported profit due to the dispute over the 1MDB fund. EY: Czechs are starting to worry about their finances, income has fallen by a third. The New Zealand central bank has expanded its bond purchase program. According to the vice-governor, the Czech National Bank will tolerate inflation above its target. Insurance company VIG expects a fifth drop in profit due to depreciation.