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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: Meat production increased slightly in the first quarter, milk production also increased. Survey: Larger companies want the Antivirus program to continue. Saudi Arabia will triple the VAT rate due to coronavirus and oil. According to analysts, inflation is no longer a problem in the economy. State-owned EGAP suffered a loss of 2.38 billion crowns last year. Hamáček: The key is to get an adequate amount of money into the economy. Bubenik Partners: Digital companies are coping best with the crisis. German economist recommends eliminating VAT on some goods for recovery. Farmers: Vegetable prices will probably remain at the current level. Retailers' sales fell by 8.9 percent in March due to coronavirus. The British economy has fallen the most since the financial crisis in 2008. Bloomberg: Poland, the only EU country to survive 2008, will succeed again. The Slovak central bank has worsened the outlook for economic development. UNWTO: International tourism may fall by up to 80 percent this year. Unemployment in Germany rose to 5.8 percent in April. Employers are asking for the forgiveness of social security payments. According to the central bank, the Australian economy is facing a record recession. Foreign trade in March disappointed, April will be even weaker. Latin America already has 272,000 people infected with coronavirus. IHS: Activity in British factories fell to a record low in April.

Stock exchanges: Diamo is preparing a project to explore a gold deposit in the Jesenické region. The new head of Geomet, which is researching lithium, is Pavel Čmelík from ČEZ.

Finance: Air Bank's net profit fell by five percent this year to 321 million CZK. The Czech National Bank expects a decline in public finances to a deficit of 4.8 percent of GDP this year. Lloyd's: Insurance companies are at risk of losses of 203 billion USD due to coronavirus. CNB record: Nidetzký and Michl voted for a more moderate rate cut. Leading Chinese banks increased quarterly profits despite coronavirus. Raiffeisenbank's net profit fell by nine percent to 808 million CZK. Banks received over a quarter of a million requests for loan repayment deferrals. The head of the Fed warned of a longer-term slowdown in the US economy. PPF gave 200 million to the fight against coronavirus, aid also went to the US. Association: Non-banking companies provided 6.8 percent less money this year. The British central bank expects the deepest GDP decline in 300 years. Raiffeisen Bank's profit fell by 22 percent due to coronavirus. Slovak banks' profits fell significantly in the first quarter. CNB: March loan growth was affected by individual changes in installments. ČSOB's net profit fell by 56 percent this year to CZK 2.1 billion. Golden Gate precious metals sellers increased sales by 214 percent this year. Banks will not immediately respond to the CNB's base rate cut. The Fed left interest rates unchanged, promised extensive support for the economy. ČS's net profit fell by 19.8 percent in the first quarter to CZK 3.2 billion. The CNB cut rates today and expects the economy to decline by eight percent. Italian bank UniCredit fell into losses due to write-offs. Fitch downgrades Italy's credit rating due to coronavirus. The Czech National Bank expects the economy to contract by eight percent this year in its new forecast.