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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: EGAP has recorded 45 applications for 9.6 billion CZK due to COVID plus as of today. Experts: Exporters would benefit from a reduction in the tax burden on labor. Atradius expects the world's worst economic recession since 1980. The Chinese economy grew by 3.2 percent in the second quarter. The South Korean economy fell into recession in the second quarter. The Italian central bank has worsened its economic development outlook. India has a trade surplus for the first time in 18 years due to the coronavirus. Experts: Interest in investment incentives after the amendment has decreased, according to predictions. TPA: Activity on the Czech mergers and acquisitions market has decreased this year. Mazars: Half of investors expect sales growth in the next 12 months. The economy fell by up to 18 percent in the second quarter, according to estimates. Moravian-Silesian companies are spending hundreds of thousands on testing commuters. COVID rental applications exceeded one billion crowns in less than a month. Industrial prices slowed down, agricultural prices fell significantly. Unemployment in the EU rose to 7.1 percent in June. Japanese exports fell by 15.4 percent in the first half of the year, the most since 2009. National debt rose above two trillion crowns in the first half of the year. The number of insolvencies next year will increase by a third compared to 2019. Bloomberg: Coronavirus rescue programs have reduced bankruptcies in the EU. GfK: German consumer sentiment is improving, also thanks to the VAT reduction. Investor and analyst confidence in the German economy has fallen slightly. Survey: Companies are missing orders, but they are not planning major layoffs.

Stock exchanges: The price of gold exceeded 1900 USD per ounce for the first time in almost nine years. Gold is the most expensive in nine years, silver since 2013.

Finance: LN: Smartwings has the rating needed for a loan with a state guarantee. Partners' revenues in the first half of the year increased by a fifth to 965 million CZK. UBS Bank has lower profit due to the pandemic, but it exceeded estimates. Experts: Companies will need state aid programs in the fall as well. ČSOB Pojišťovna achieved a record profit of 1.198 billion CZK last year. ECB left the base interest rate at a record low of zero percent. CNBC: Investors are putting millions into e-bikes in the EU. The number of vacancies in the British financial sector has fallen by 60 percent. Survey: After the crisis, 34 percent of Czechs started paying by card in restaurants. Deutsche Bank achieved a quarterly profit despite the coronavirus. Index: Czech exports are expected to recover in the next five months. The profit of the largest American bank, JPMorgan, fell by more than half. The Russian Central Bank cut the key interest rate to a new low. June inflation was 0.4 points higher than the CNB estimated. The ECB did not change interest rates, called on governments to support the economy. The COVID plus program has been expanded to include transport and tourism. Zlato.cz: The CNB increased foreign exchange reserves by 1.2 tons of gold. Emirates is introducing coronavirus insurance in an effort to get people to fly. Financial firm Ant from the Alibaba group is planning to enter the stock market. Royal Bank of Scotland is changing its name to NatWest after 300 years. Moody's: Pandemic will increase pressure on revenues of some local governments, including in the Czech Republic.