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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: Most of the next EU budget in the Czech Republic goes to cohesion policy. GfK: German consumer sentiment is improving, also thanks to the VAT cut. CZSO: Confidence in the Czech economy increased significantly in July. Price growth in the eurozone unexpectedly accelerated in July. COVID rental applications exceeded one billion crowns in less than a month. Microsoft: A quarter of a billion people may lose their jobs this year worldwide. Global consumer confidence fell to a record low in the quarter. State debt rose above two trillion crowns in the first half of the year. Dlouhý: The biggest problem with the frozen economy is low demand. EGAP has recorded 45 COVID-plus applications worth 9.6 billion CZK as of today. Chamber: Most companies will not lay off workers until the end of the holidays. Experts: Exporters would benefit from a reduction in the tax burden on labor. Analysts say the economic downturn is not tragic. India has a trade surplus for the first time in 18 years due to coronavirus. The economy is estimated to have shrunk by up to 18 percent in the second quarter. Experts: Interest in investment incentives after the amendment fell, according to predictions. The South Korean economy fell into recession in the second quarter. 7,688 companies closed down in the Czech Republic in the first half of the year, three percent less. Japanese exports fell by 15.4 percent in the first half of the year, the most since 2009. Bubenik Partners: Managers' interest in online companies is growing. Analysts: The pandemic and the growth of pensions are behind the pension system deficit. Dluhy continues as head of the Czech Chamber of Commerce, his critics have failed. Bloomberg: Coronavirus rescue programs have reduced bankruptcies in the EU.

Stock exchanges: The price of gold reached a record, reaching almost 1945 dollars. The price of gold exceeded 1900 USD per ounce for the first time in almost nine years.

Finance: ČSOB Pojišťovna achieved a record profit of 1.198 billion crowns last year. UBS bank has lower profit due to the pandemic, but it exceeded estimates. Royal Bank of Scotland changes its name to NatWest after 300 years. ČBA: Almost every Czech now uses electronic banking. Moneta's profit for the first half of the year fell by 40 percent year-on-year to 1.2 billion. The Ministry of Finance sold bonds in euros for the first time this year, interest was high. Moody's: The pandemic will increase pressure on the revenues of some local governments, including in the Czech Republic. According to the CNB, companies drew CZK 12 billion from COVID programs as of July 10. Fitch agency worsened Japan's rating outlook due to coronavirus. ECB extended the ban on dividend payments and relief for banks. Approximately 800 entrepreneurs applied for a free payment terminal for a year. Erste Group's profit fell by 60 percent in the first half of the year. HN: Liberty Ostrava wants a state guarantee for a loan of CZK 7 billion. Companies organizing trade fairs and concerts are on the verge of collapse, they claim. Bank of America has significantly lower profit, Morgan Stanley higher. Insurance companies: The number of accidents increases by tens of percent in the summer. Partners' revenues increased by a fifth in the first half of the year to CZK 965 million. Index: Czech exports are expected to recover in the next five months. American Express' profit fell by 85 percent due to coronavirus restrictions. Emirates is introducing coronavirus insurance in an effort to get people to fly.