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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: Analysts: Unemployment data points to economic recession. CRIF: 455 companies added in the Czech Republic in April, the least in a decade. Survey: Czechs are worried about the future due to coronavirus. Economists say the bottom of the economic downturn can be expected in the second quarter. Saudi Arabia will triple the VAT rate due to coronavirus and oil. The economy is estimated to have shrunk by three percent year-on-year in the first quarter. Survey: 75 percent of exporters cannot solve the impacts of the crisis on their own. German economist recommends phasing out VAT on some goods for recovery. The US is working to reduce dependence on supplies of goods from China. Survey: 70 percent of companies report a drop in orders for May and June. Restaurants and hotels will open on Monday, wearing masks outside will end. According to an expert, the collapse of forests threatens the security of the state. Survey: 73 percent of financial directors want to make it easier to work from home. The Slovak economy has fallen the most since the 2009 crisis. TI: Billions to support the economy must not go to tax havens. Chamber: Lack of money is starting to cause tension between companies. Hamáček: The key is to get an adequate amount of money into the economy. EIU: Coronavirus will lead to a decline in economic globalization.

Stock exchanges: The world's deepest mine in South Africa has been closed, 164 workers have been infected. Coronavirus in Israel has also hit the diamond market hard.

Finance: Analysis: Single-parent households are the most economically vulnerable. ČMZRB has so far approved assistance to 1,800 entrepreneurs in COVID programs. ČNB: New mortgages fell by a billion in April, the crisis has not manifested itself. Záruční banka is to sign COVID III contracts with banks on Friday. The World Bank has already provided coronavirus assistance in 100 countries. Fitch agency has worsened the credit rating of the owner of Komerční banka. Raiffeisenbank's net profit fell by nine percent to CZK 808 million. The Polish central bank has reduced its base interest rate to almost zero. PPF Telecom Group has subscribed bonds for almost CZK 14 billion. The Fed warns of the vulnerability of the financial sector due to the pandemic. CNB record: Nidetzký and Michl voted for a more moderate rate cut. ČS: Card transactions confirm a sharp decline in household consumption. Investment fund Czegg Ventures will distribute a billion among 30 companies. Analysts: Gold is the most expensive in seven years, the price may continue to rise. The number of corporate bankruptcies in Germany could increase by 54 percent. ČSOB's net profit fell by 56 percent this year to CZK 2.1 billion. Association: Non-banking companies provided 6.8 percent less money this year. Gold again at seven-year records, the reason still being concerns about the pandemic. Japan's central bank will provide loans for small and medium-sized businesses. Bank loans increased by 14 billion to CZK 6.18 trillion in April. German consumers can take out a loan with negative interest. Japan's central bank has its first female executive director. The Czech National Bank cut rates today and expects the economy to decline by eight percent. Fed chief: A vaccine will probably be necessary for the economy to fully recover. Insurance companies have uncovered fraud worth hundreds of millions of crowns this year.