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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: Manufacturing output in Japan is the lowest since 2009. OECD: Global economy to shrink by six percent this year due to virus. Number of applications for protection from creditors in the US increased by 48 percent. Institute: Tax Freedom Day will be later this year in all countries. Central Bank: Austrian economy to shrink by 7.2 percent this year. Italian Prime Minister after questioning on the pandemic: I am completely calm. MF will need CZK 730.6 billion to finance debt this year. NBER: US economy entered recession in February. SB: 60 million people will find themselves in extreme poverty due to the pandemic. Rhodium: Foreign capital is increasingly interested in Chinese companies. Roger: Companies pay on average 20 days later than a year ago. Survey: Financial chiefs in the region are more optimistic than the OECD. Due to the coronavirus, the order of 59 pct of construction companies was canceled. The Guardian: Mumbai finds out how hard it is without workers. Švejnar: The Czech economy will fall by 7.5 to eight percent of GDP this year. Of the eight million people infected with the coronavirus, one million were added per week. The British economy fell the most due to the coronavirus since 1979. NKU: The Ministry of Labor spent billions on applied research, but did not monitor the benefits.

Stock exchanges: Critic: We did not get answers, the government and the management of ČEZ are in synergy. According to analysts, gold miners should invest 37 billion USD. Gold continues to rise in price due to the coronavirus, it is close to the maximum in eight years.

Finance: Insurance companies report thousands of damages worth hundreds of millions of CZK from June storms. MF survey: 90% of households have an account, knowledge of APR is low. Wirecard's collapse has blocked the cards of tens of thousands of Czechs. Survey: Czechs' financial literacy is average within the OECD. Media: Commerzbank is considering laying off 7,000 people. Expert: CNB reports will enable better economic policy responses. IMF: Governments have spent ten trillion USD on fighting the virus, more is needed. Study: Deferred payment services are on the rise. CNB has lifted another limit on mortgages, according to it, banks are resilient. IMF further worsened the outlook for the economy, expecting a decline of 4.9 percent. The share of non-cash transactions increased by 69 percent. Křetínský EPH will issue additional bonds for 2.5 billion crowns. The Russian Central Bank has cut interest rates to a record low. US banking agencies will ease the Volcker rule. According to the Czech National Bank, companies have drawn 7.4 billion CZK from COVID programs as of June 12. Fed: The US economy will fall by 6.5 percent this year. The Wirecard collapse has blocked the cards of 40,000 clients of the Czech Twist. Reuters: HSBC is returning to its plan to eliminate 35,000 jobs. After stress tests, the Fed has limited banks' dividends and share buybacks. German payment company Wirecard is missing 1.9 billion euros. The ministry has sent a compensation decree to the collection of laws. Quarterly profit of banks in the US fell by almost 70 percent due to coronavirus. Association advisor: Banks will close branches and lay off employees. EIB: Central European banks will face growth in bad loans.