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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: Saudi Arabia will triple the VAT rate due to coronavirus and oil. Czechoslovak Group increased its profit by 54 percent last year to three billion. Foreign trade for March disappointed, April will be even weaker. According to estimates, the economy fell by three percent year-on-year in the first quarter. According to the central bank, the Australian economy is facing a record recession. CZSO: Patent applications filed by Czechs increased to 767 last year. Revenues of traders in March fell by 8.9 percent due to coronavirus. According to analysts, inflation is no longer a problem in the economy. According to an expert, the collapse of forests threatens the security of the state. Bloomberg: Poland, the only EU country to survive 2008, will succeed again. Latin America has already recorded 272,000 coronavirus infections. Germany's annual inflation rate in April fell to its lowest level since 2016. China's five-day holiday will show how much people will return to travel. Reuters: Queues grow outside food banks on the outskirts of Paris. Slovakia's central bank has worsened its economic outlook. TI: Billions to support the economy are not allowed to go to tax havens. Employers are asking for social security payments to be waived. UNWTO: International tourism could fall by up to 80 percent this year. Analysts: Unemployment data points to an economic recession.

Stock markets: The new head of Geomet, which is researching lithium, is Pavel Čmelík from ČEZ. Gold has risen in price during the pandemic, while prices of other commodities have fallen.

Finance: AKAT: Mutual funds have maintained investor confidence during the pandemic. Deutsche Bank expects a profit for the first quarter, the market expected a loss. Analysis: Single-parent households are most economically at risk. Vice-Governor of the Czech National Bank: The Czech Republic has the advantage of not being part of the eurozone. Czech Export Bank is looking for a new member of the board of directors. Index: The average price of compulsory insurance did not change in March. CNB: March loan growth was affected by individual changes in installments. ECB improved the conditions of the cheap loan program for banks. CBA: The crisis will mainly affect the service sector, a quick response is needed. Banks have gradually started to open their entire branch network. Deutsche Bank remained profitable in the quarter, the market expected a loss. Dědek: The CNB should take advantage of the situation and reduce the main interest rate to zero. MasterCard's net profit fell by seven percent, but exceeded estimates. Banks will not immediately respond to the CNB's base rate cut. Italian bank UniCredit fell into losses due to write-offs. Development bank supported entrepreneurs with CZK 15 billion by May 3. Fitch agency worsened Italy's credit rating due to coronavirus. Japan's central bank is introducing massive support measures. The CNB cut rates today and expects the economy to decline by eight percent. The volume of bank loans in March increased by CZK 27 billion to CZK 6.16 trillion. Leading Chinese banks increased quarterly profits despite the coronavirus. HSBC's profit fell by almost half due to the coronavirus. Fed chief warned of a longer-term slowdown in the US economy. Raiffeisenbank's net profit fell by nine percent to CZK 808 million..