8 740,00 USD

ZLATOVNA ECONOMIC NEWS
A quick look at what's new in the world of economic policy, finance and precious metals.

Economy: The Swiss economy is likely to fall the most in 45 years due to the coronavirus. Czechoslovak Group increased its profit by 54 percent last year to three billion. House committees supported laws, MPs propose further measures. IHS: Business activity in the US fell to a record low. CZSO: Patent applications filed by Czechs increased to 767 last year. Experts: A COVID program should be created for hotels and restaurants. The Ministry of Finance sold bonds for 73.9 billion CZK today, interest continues. Experts: The drop in confidence was expected, the numbers may improve in May. Latin America already has 272,000 people infected with the coronavirus. Reuters: Queues outside food banks are growing on the outskirts of Paris. Unemployment in Germany rose to 5.8 percent in April. Year-on-year inflation in Germany fell to its lowest level since 2016 in April. Analysts: Retail sales fell in March, April will be worse. IHS: Activity in British factories fell to a record low in April. State-owned EGAP suffered a loss of 2.38 billion crowns last year. US states are gradually easing restrictions, but the threat of contagion remains. April's budget deficit of 94 billion crowns is the worst since the founding of the Czech Republic. The economy may fall by up to 11 percent this year, according to estimates. Nanotechnologists want a change in the law, criticize the plan with Honeywell.

Stock exchanges: ČEZ closer to lithium mining, became the majority owner of Geomet. Analysts: Unprecedented drop in oil prices, will stabilize in the summer. Forbes: Where to go next when the price of oil fell below zero for the first time.

Finance: Banks in Slovakia saw a significant drop in profits in the first quarter. Banks in Slovakia will eventually not have to create higher reserves. ECB will start accepting lower-quality bonds as collateral due to the virus. Czech Republic's net profit fell by 19.8 percent in the first quarter to CZK 3.2 billion. The volume of bank loans in March rose by CZK 27 billion to CZK 6.16 trillion. ČBA: The crisis will mainly affect the service sector, a quick response is needed. HSBC's profit fell by almost half due to the coronavirus. Russia's largest bank Sberbank's quarterly profit fell by 47 percent. Banks gradually began to open their entire branch network. The Development Bank supported entrepreneurs with CZK 15 billion by May 3. The share of foreign investors holding Czech bonds fell. PPF gave 200 million to the fight against coronavirus, aid also went to the USA. Index: The average Czech investor in funds lost 10 percent this year. UniCredit Bank in the Czech Republic and Slovakia saw its profit fall by 55 percent in the first quarter. Deutsche Bank remained profitable in the quarter, the market expected a loss. Komerční banka's profit fell by 16.3 percent in the first quarter to CZK 2.7 billion. The ECB improved the conditions of the cheap loan program for banks. The Japanese central bank is introducing massive support measures. The Russian central bank has cut interest rates, expecting a GDP drop of up to 6 percent. Household debts with banks increased by seven billion in March. Golden Gate precious metals sellers increased sales by 214 percent this year. The Italian bank UniCredit fell into losses due to write-offs. The Czech Republic should now focus on returning to normal life, Dušek believes.