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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. Deutsche Bank improved its outlook for this year's global economic development. Analysts: The pandemic and pension growth are behind the pension system deficit. The EU economy fell by a record 11.7 percent in the 2nd quarter. Council: Without further adjustments, budget proposals threaten public finances. Euler Hermes: A record number of risk ratings fell in the 2nd quarter. Respilon is already producing respirators in Brno, and is preparing a second line. Railway Authority: Railway audit will be completed in the fall. Most of the next EU budget in the Czech Republic falls on cohesion policy. Analysts: Industry data is positive, but the decline will continue. Ifo: German companies expect to return to normal in 11 months. Bundesbank: A vaccine may be needed to fully revive the economy. Analysts: Retail trade stagnated in June, a decline is expected this year. According to analysts, retail trade in the Czech Republic is heading for a full-year decline. CZSO: 60 percent of entrepreneurs experienced the impacts of the coronavirus crisis. The German economy fell by 9.7 percent in the second quarter. The Czech share of space events is growing, over 60 companies participated. A tenth of 86 South Bohemian companies had a fifth of their sales due to the virus. Mazars: The Czech Republic and Slovakia have the highest insurance contributions in the region.

Stock exchanges: Kovosteel Recycling's sales fell to 595.3 million CZK last year. Russia plans investments in expanding production of precious metals. Gold breaks records, weak dollar and economic support help.

Finance: SocGen, owner of Komerční banka, has another quarterly loss. Household debts with banks rose to 1.796 trillion CZK in June. Česká spořitelna's net profit fell by 47.1 percent to 4.6 billion CZK. Analysts: The price of silver has surpassed seven-year highs, and will continue to rise. UniCredit Bank in the Czech Republic and Slovakia saw its profit fall by half in the first half of the year. Hypoindex: Average mortgage rate lowest in more than 2.5 years. Broker Consulting's revenue from its main activity increased by 12 percent this year. CRIF: The debt of the Czech population increased by 143 billion to 2.52 trillion CZK. The crisis is an opportunity, writes Kellner in the PPF annual report. VIG insurance company expects a fifth drop in profit due to write-offs. Moneta's profit in the first half of the year fell by 40 percent year-on-year to 1.2 billion. Analyst Kovanda became the chief economist of the Czech Trinity Bank. Uniqa insurance company collected 6.6 percent more in premiums this year. According to analysts, the price of gold will continue to grow in the longer term. Raiffeisenbank's net profit fell by 52 percent to 1.3 billion CZK. ČBA: The volume of new mortgages increased by 27 percent in June to 18.8 billion. According to the vice governor, the Czech National Bank will tolerate inflation above its target. Survey: A third of households lost part of their income during the pandemic. Komerční banka's profit fell by 38.5 percent in the first half of the year. Jiří Schneller joined the board of directors of the Czech Export Bank. MF: The volume of money on the financial market increased to 6.9 trillion CZK last year. Bank loans fell by 264 billion to 5.922 trillion CZK in June. Commerzbank's profit fell by a fifth in the quarter, and it expects a loss for the year.