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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: Budget Council: Public finances are unsustainable in the long term. Slovak Central Bank expects double-digit economic decline. SB: 60 million people will find themselves in extreme poverty due to the pandemic. Roger: Companies pay on average 20 days later than a year ago. Le Monde: Hebron economy is recovering slowly from the lockdown. NBER: US economy entered recession in February. Manufacturing production in Japan is the lowest since 2009. Analysts: April was critical for foreign trade, recovery will come. Survey: A quarter of companies in the Czech Republic plan to robotize in the coming years. The Guardian: Mumbai finds out how difficult it is without workers. Institute: Tax Freedom Day will be later this year in all countries. The Ministry of Finance will need CZK 730.6 billion to finance the debt this year. Analysts: The construction industry will continue to need public investment. Government: The Swiss economy will experience the worst decline in decades. Due to the coronavirus, the order of 59 percent of construction companies was canceled. Experts: Czech companies can profit from the agreement between the EU and Vietnam. Industrial production in Germany fell to a record low in April. Record decline in industry, the trade balance is the lowest since joining the EU.

Stock exchanges: Krúpa, together with partners, offers to buy back 29.9 percent of EMH shares. Lead and battery producers were helped by new customers during the pandemic. HN: Kellner's PPF sold part of the shares of the Russian miner Polymetal.

Finance: Gold exceeded an eight-year high, rising by 16 percent this year. Reuters: HSBC returns to plan to cut 35,000 jobs. Wirecard collapse blocks cards of 40,000 Czech Twist clients. CNB leaves rates unchanged, likely for longer. Czech Banking Association is newly led by Tomáš Salomon, replacing Kavánka. Coronavirus has halved interest in cash on delivery. Ministry sends compensation decree to the collection of laws. Křetínský's EPH will issue additional bonds for 2.5 billion crowns. Coface: Czech economy will fall by 6.2 percent this year. Study: Deferred payment services are on the rise. Survey: Czechs' financial literacy is average within the OECD. Banks will pay less into reserves to protect the credit market. EIB: Banks in Central Europe will face growth in bad loans. Broker Consulting receives investment company license from CNB. EU wants to keep up with the US and China in space, prepares investments. The Russian Central Bank has cut interest rates to a record low. Expert: CNB reports will enable better economic policy responses. Media: Commerzbank is considering laying off 7,000 people. The court has appointed an insolvency administrator for Wirecard. Banks: Real estate in the Czech Republic will not fall in price across the board this year, only luxury ones. SB: The world economy will fall by 5.2 percent this year due to coronavirus. Household debts with banks rose to CZK 1.784 trillion in May. Insurance companies: The number of claims after the June rains is approaching 10,000. TransferWise is now also allowed to offer investment services in Britain.