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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: The volume of wealth per person increased the most in Turkey, despite inflation. Inflation in China surprisingly accelerated to 0.5 percent, producer prices are falling. Analysts: June's slump in construction points to a major problem in the sector. Dun & Bradstreet: The number of unreliable VAT payers has increased this year. CZSO: The savings rate of Czech households fell slightly to 19.6 percent last year. CNB lowered the interest rate to 4.5 percent, worsening the economic outlook. Analysts: June's foreign trade surplus significantly exceeded market estimates. Last year, the financial administration recovered tax arrears worth CZK 16.7 billion, up year-on-year. Prices in industry in the Czech Republic accelerated growth, while in agriculture they slowed down the decline. Analysts: Store sales in June exceeded market estimates, but recovery is gradual. Inflation in the Czech Republic accelerated to 2.2 percent in July, the 15th lowest in Europe. Deloitte survey: Companies are using AI in customer service or marketing. Unemployment remained at 3.6 percent in June, analysts expect gradual growth. Study: 400 entrepreneurs went bankrupt in July, the least this year. Survey: Electricity and gas are still the dominant energy sources for Czech companies. Czech construction continues to decline, its year-on-year decline accelerated to 10.2 percent in June. Japan's economy grew significantly faster than expected in the quarter. Study: Companies have lost the ability to come up with real innovations. Goldman Sachs analysts have increased the probability of a recession in the US to 25 percent.

Stock exchanges: Aluminum can manufacturer Ball Aerosol in Velim saw its profit rise to 566 million CZK last year. The Czech National Bank bought almost six tons of gold in the second quarter, holding 41.49 tons. Oil prices closed at their lowest levels since mid-June. The verification unit for manganese extraction at Chvaletic is operating continuously.

Finance: Komerční banka's profit fell by more than a fifth in the first half of the year to 6.3 billion CZK. UniCredit: Central and Eastern European economies will grow by 2.7 percent this year. The ECB, as expected, left its base interest rate at 4.25 percent. FT: The shipyard that built the Titanic is fighting for survival; it is negotiating an emergency loan. JPMorgan Chase significantly increased its profit in the quarter, while Wells Fargo's fell. UniCredit Bank: Wealth is concentrated in men's accounts. Analysts: The most advantageous investments include funds with quality bonds. Czech banks were not affected by the outage, the stock market and nuclear power plants were also unaffected. The banking association has worsened this year's economic outlook, expecting growth of 0.9 percent. The profit of the largest Swiss bank UBS in the second quarter exceeded expectations. The American bank Goldman Sachs more than doubled its profit in the second quarter. The net profit of the Moneta bank in the first half of the year rose by 9.1 percent to CZK 2.7 billion. The global outage affected 8.5 million Windows devices, Microsoft estimated. Morgan Stanley increased its profit by 41 percent, but Bank of America's profit fell. China cut another key interest rate in an effort to support the economy. The Japanese central bank raised its base rate to 0.25 percent. Creditas bought an office building project in Prague's Karlín from Sekyra Group. Gold and cocoa have become more expensive on the markets this year, while cotton and wheat have become cheaper. Banks provided mortgages worth CZK 23.8 billion in July, up 109 percent year-on-year. UniCredit Bank: The disadvantage of investing in residential real estate has decreased. Buffett's Berkshire Hathaway increased its profit by 15 percent to USD 11.6 billion. The Czech National Bank has fined Fondee CZK 1.8 million for errors in providing services.