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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: Dlouhý: The biggest problem of the frozen economy is low demand. Deutsche Bank improved its outlook for this year's global economic development. Over 31,000 self-employed people started their businesses in the Czech Republic in the first half of the year. Price growth in the eurozone unexpectedly accelerated in July. Industrial prices slowed down the year-on-year decline again in July. The US economy fell by 32.9 percent in the second quarter. The EU economy fell by a record 11.9 percent in the second quarter. Respilon is already producing respirators in Brno, and is preparing a second line. WTO: World trade will fall by 13 percent this year due to coronavirus. The EU economy fell by a record 11.7 percent in the second quarter. Analysts: The pandemic and the growth of pensions are behind the pension system deficit. Expert: Construction industry collapse is worst in seven years. Unemployment in the EU rose to 7.1 percent in June. Euler Hermes: Record number of risk ratings fell in Q2. Survey: Companies will temporarily limit investments, invest more in IT and online. Association: Czech exports may fall by CZK 500 billion this year. Council: Without further adjustments, budget proposals threaten public finances. According to analysts, the economic collapse is not tragic. Income tax after the abolition of the super gross wage may be from 15 to 19 percent. Most of the next EU budget in the Czech Republic falls on cohesion policy. Meat production in Q2 fell year-on-year, milk was more.

Stock exchanges: Gold breaks records, weak dollar and economic support help. Abramovic and other investors to sell stake in Russian gold miner. FT: Aramco to cut spending to have $75 billion in dividends.

Finance: The Czech National Bank is expected to leave interest rates unchanged on Thursday. EY: Czechs are starting to worry about their finances, income has fallen by a third. The Czech National Bank left rates unchanged, worsened its economic development forecast. UniCredit Bank in the Czech Republic and Slovakia saw its profit fall by half in the first half. All major banks saw their profit fall by tens of percent in the first half. Air Bank's net profit rose slightly to CZK 783 million in the first half. Česká spořitelna's net profit fell by 47.1 percent to CZK 4.6 billion. July's inflation of 3.4 percent was in line with the CNB's forecast. Jiří Schneller joined the board of directors of the Czech Export Bank. The crisis is an opportunity, writes Kellner in the PPF annual report. Bank loans fell by 264 billion to 5.922 trillion CZK in June. Ministry of Finance: The volume of money on the financial market rose to 6.9 trillion CZK last year. 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. The profit of Russia's largest bank Sberbank has fallen by a third year-on-year. Survey: More than four-fifths of Czech households save. CNB report: The rise in prices is an attempt to compensate for the loss of income. Bank of England: The economy will recover more slowly. ČSOB's net profit fell to 3.5 billion CZK in the first half of the year. Bloomberg: The pandemic is pushing millions of Europeans into a debt crisis. Komerční banka's profit fell by 38.5 percent in the first half of the year.