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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: Analysts: Foreign trade in June ended above expectations. OECD: The economy of member countries fell by a record in the 2nd quarter. The company Isolit-Bravo earned 106 million crowns last year. Japanese exports continued to decline significantly in July. Czech Statistical Office: 60 percent of entrepreneurs experienced the impacts of the coronavirus crisis. Expert: The collapse of the construction industry is the worst result in seven years. Ifo: German companies expect to return to normal in 11 months. Over 31,000 sole traders started business in the Czech Republic in the first half of the year. Survey: Companies will temporarily limit investments, invest more in IT and online. The Ministry of Finance sold bonds for five billion CZK, interest was significantly higher. Analysts: Retail trade stagnated in June, a decline is expected this year. CVVM: Czechs' views on the economic situation are improving again. WTO: World trade will fall by 13 percent this year due to the coronavirus. CRIF: 946 new trading companies were added in the Czech Republic in July. The Swiss economy fell by a record 8.2 percent in the quarter. The German economy fell by 9.7 percent in the second quarter. Council: Without further adjustments, budget proposals threaten public finances. GfK: German consumer sentiment worsened in September. A tenth of 86 South Bohemian companies had a fifth of their sales due to the virus.

Stock exchanges: Russia plans investments in expanding precious metals production. Gold breaks records, weak dollar and economic support help.

Finance: ČNB left the reserve for credit market protection at 0.5 percent. ČNB worsened the outlook for public finances this year and next. Goldman Sachs reduced its reported profit due to the dispute over the 1MDB fund. UniCredit Bank in the Czech Republic and Slovakia saw its profit fall by half in the first half of the year. Uniqa insurance company collected 6.6 percent more in premiums this year. The CNB's banking board has newly divided its powers. RBP will contribute two million for widespread testing in companies. ČSOB's net profit fell to CZK 3.5 billion in the first half of the year. Hypoindex: Average mortgage rate lowest in more than 2.5 years. Jiří Schneller joined the board of directors of the Czech Export Bank. Analyst Kovanda became the chief economist of the Czech Trinity Bank. CNB note: The rise in prices is an attempt to compensate for the loss of income. Seven percent of Slovak households face the risk of financial difficulties. Powell: Fed will change approach to inflation, focus more on employment. Commerzbank's profit fell by a fifth in the quarter, expects a loss next year. Long-term investment account is to be an alternative to saving for retirement. New Zealand's central bank has expanded its bond purchase program. Analysts: The price of silver has surpassed seven-year highs, will continue to rise in price. EY: Czechs are starting to worry about their finances, income has fallen by a third. According to the vice governor, the Czech National Bank will tolerate inflation above its target. Trinity Bank's net profit rose to 31 million crowns in the first half of the year. CRIF: Czech population debt rose by 143 billion to 2.52 trillion CZK. July's inflation of 3.4 percent was in line with the CNB's forecast. VIG insurance company expects a fifth drop in profit due to write-offs.