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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: According to economists, the bottom of the economic decline can be expected in the second quarter. Survey: Larger companies want the Antivirus program to continue. ADB: Coronavirus could cost the global economy 8.8 trillion USD. State-owned EGAP plunged into a loss of 2.38 billion crowns last year. Retailers' sales fell by 8.9 percent in March due to coronavirus. Bloomberg: Poland, the only EU country to survive 2008, will succeed again. Parliamentary committees support laws, MPs propose further measures. EIU: Coronavirus will lead to a retreat of economic globalization. British economy has fallen the most since the 2008 financial crisis. Analysts: Industrial decline will deepen even further in April. Unemployment in Germany rose to 5.8 percent in April. Foreign trade disappointed in March, April will be even weaker. Meat production increased slightly in the first quarter, milk production was also higher. Analysts: Unemployment data point to economic recession. April's budget deficit of CZK 94 billion is the worst since the founding of the Czech Republic. TI: Billions to support the economy must not go to tax havens. Reuters: Central European businesses see an opportunity in the crisis. Analysts: Retail sales decline in March was expected, April will be worse. German economist recommends phasing out VAT on some goods for recovery.

Stock exchanges: The new head of Geomet, which is researching lithium, is Pavel Čmelík from ČEZ. Goldman Sachs: Oil will rise in price by more than 100 percent by next year. The coronavirus in Israel has also hit the diamond market hard.

Finance: Raiffeisenbank's net profit fell by nine percent to 808 million CZK.. Banks in Slovakia saw a significant drop in profit in the first quarter. MasterCard's net profit fell by seven percent, but it exceeded estimates. Banks will not immediately respond to the CNB's base rate cut. The share of foreign investors holding Czech bonds has fallen. Fed: Coronavirus has deprived people with lower incomes of their jobs. PPF Telecom Group has subscribed to bonds for almost 14 billion CZK. Association: Non-banking companies have provided 6.8 percent less money this year. The volume of bank loans in March increased by 27 billion to 6.16 trillion CZK. The largest Russian bank, Sberbank, saw its quarterly profit fall by 47 percent. The Italian bank UniCredit has fallen into a loss due to write-offs. Erste's profit fell by 38 percent in the first quarter due to coronavirus. Rusnok: I can rule out the introduction of an exchange rate commitment in the foreseeable future. CNB record: Nidetzký and Michl voted for a more moderate rate cut. Lloyd's: Insurance companies face losses of USD 203 billion due to coronavirus. Fed chief warns of a longer-term slowdown in the US economy. CNB cut rates today and expects the economy to decline by eight percent. Gold is back at seven-year records, still due to concerns about the pandemic. CBA: The crisis will mainly affect the service sector, a quick response is needed. Norway's central bank surprisingly cut interest to zero. AKAT: Mutual funds have maintained investor confidence during the pandemic. Banks have gradually begun to open their entire branch network. Air Bank's net profit fell by five percent this year to CZK 321 million.