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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: Government: Swiss economy to experience worst slump in decades. Ministry of Labour and Social Affairs prepares set of measures for potential increase in unemployment. Analysts: Impact of pandemic on unemployment will be visible in autumn. Ministry of Finance will need CZK 730.6 billion to finance debt this year. Rhodium: Foreign capital is increasingly interested in Chinese companies. Personal bankruptcies have decreased in Slovakia after the outbreak of coronavirus. Kosmická S.A.B. Aerospace increased its profit to 13 million last year. Capital in the registered capital of domestic companies is the lowest since 2013. NKÚ: Ministry of Labour spent billions on applied research, did not track the benefits. Institute: Tax Freedom Day will be later this year in all countries. Maláčová: The priority of the reform is pensions for demanding professions and educational benefits. Study: The Czech Republic has the best production facilities in Europe. A record 4.8 million jobs were created in the USA in June. Pelhřimovské kartáčovny will launch more products by designer Novague. The Paramo refinery ended last year with a loss of almost 87 million crowns. Covid is spreading rapidly in America and India, the EU is discussing a recovery fund.

Stock markets: According to analysts, gold miners should invest 37 billion USD. Critic: We have not received an answer, the government and the management of ČEZ are in synergy. Krúpa, together with its partners, offers to buy back 29.9 percent of EMH shares. Lead and battery producers were helped by new customers during the pandemic.

Finance: Analysts: Today's move by the CNB will stimulate the mortgage and real estate markets. According to analysts, the CNB Board will leave rates unchanged on Wednesday. Household debts with banks rose to CZK 1.784 trillion in May. The RSJ Group decided to enter Pillow insurance company in terms of capital. German payment company Wirecard is short 1.9 billion euros. Wirecard's collapse blocked the cards of 40,000 clients of the Czech Twist. A pan-European payment system could be in place in 2022. After stress tests, the Fed limited bank dividends and share buybacks. KB shareholders decided not to pay shareholders a dividend. Bank loans rose by ten billion in May to CZK 6.186 trillion. According to the Czech National Bank, companies drew CZK 7.4 billion from COVID programs as of June 12. The British central bank has expanded its bond purchase program. RegioJet has increased its bond issuance by almost half a billion crowns. Banks: Real estate in the Czech Republic will not fall in price across the board this year, only luxury ones. Banks will pay less into reserves to protect the credit market. Reuters: HSBC returns to plan to cut 35,000 jobs. The IMF has further worsened the economic outlook, expecting a decline of 4.9 percent. Deutsche Bank is considering helping the bankrupt Wirecard banking division. US banking agencies will ease the Volcker rule. Minutes of the CNB meeting: There is no need to further loosen monetary policy. TransferWise is now also allowed to offer investment services in Britain. Tomáš Salomon is the new head of the Czech Banking Association, replacing Kavánka. EIB: Banks in Central Europe will face an increase in bad loans. Media: Commerzbank is considering laying off 7,000 people. Hungary's central bank unexpectedly cuts key interest rate.