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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: NBER: US economy entered recession in February. Government: Swiss economy will experience worst decline in decades. FT: Central Europe fears the effects of the German economy's slowdown. Economists expect even worse wage developments in the second quarter. OECD: Global economy will shrink by six percent this year due to the virus. According to the council, the state should send money from the budget to municipalities and regions. Japanese companies' profits in the quarter fell the most since 2009. NKÚ: Ministry of Labor spent billions on applied research, but did not track the benefits. Analysts: Industry's one-third decline should not be repeated. Institute: Tax Freedom Day will be later this year in all countries. Rhodium: Foreign capital is increasingly interested in Chinese companies. Analysts: April was critical for foreign trade, recovery will come. Chinese exports and imports fell in May, imports the most in four years. Experts: Czech companies can benefit from the agreement between the EU and Vietnam. 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. Analysts: Earlier publication of macro data may destabilize the markets. Survey: One third of small and medium-sized exporters are looking for new markets. The number of applications for protection from creditors in the US increased by 48 percent.

Stock exchanges: New customers helped lead and battery producers during the pandemic.

Finance: German payment company Wirecard is missing 1.9 billion euros. Wirecard's collapse blocked the cards of 40,000 clients of the Czech Twist. The Hungarian Central Bank unexpectedly reduced the base interest rate. The Czech National Bank drew attention to the activities of Silk Assets Investments. IMF: Governments have given ten trillion USD to fight the virus, more is needed. MF survey: 90 percent of households have an account, knowledge of the APR is low. The Czech National Bank has banned Generali Česká pojišťovna from reducing redemption fees for clients. Association advisor: Banks will close branches and lay off employees. According to the Czech National Bank, companies from COVID programs drew CZK 7.4 billion as of June 12. The Czech National Bank has canceled another limit for mortgages, according to it, banks are resilient. The Russian Central Bank has reduced the interest rate to a record low. Czech banks have collected CZK 5.5 billion less in fees since 2010. Quarterly profit of banks in the US fell by almost 70 percent due to coronavirus. RSJ Group decided to enter Pillow Insurance Company with capital. Fed: US economy will fall by 6.5 percent this year. Czech National Bank left rates unchanged, probably for a longer period. The British central bank expanded its bond purchase program. Insurance companies report thousands of damages worth hundreds of millions of CZK from June storms. Insurance companies: The number of damages after June rains is approaching 10,000. The ECB decided to significantly expand its bond purchase program. Banks will pay less into reserves to protect the credit market. After stress tests, the Fed limited banks' dividends and share buybacks. BNP Paribas Cardif Insurance Company's net profit increased by six percent last year. The Ministry sent the compensation decree to the collection of laws. Coface: Czech economy to shrink by 6.2 percent this year.