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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: Study: There were 22.8 million dollar millionaires last year, the most since 1997. Analysis: Double taxation of dividend income causes investors to lose millions. In the Entrepreneurial Head competition, an artificial intelligence project scored again. The Czech National Bank lowered the interest rate by half a point to 4.75 percent, the crown weakened. Activity in the eurozone business sector slowed significantly in June. The Czech National Bank: Czech households' debts to banks increased to CZK 2.293 trillion in May. Investor confidence in the eurozone economy is the highest since the start of the war in Ukraine. Germany is still at risk of gas shortages due to extreme cold, the INES association warned. CRIF: 500 entrepreneurs went bankrupt in the Czech Republic in May, the most this year. Today is the last day to exchange invalid banknotes with a thin stripe in banks. Unemployment remained at 3.6 percent in June, analysts expect gradual growth. Study: 342 companies went bankrupt in the Czech Republic in the first half of the year, four more than a year ago. Spain will introduce a 15 percent tax for large companies, following up on an EU directive. Analysts: The development of agricultural producer prices gives hope for cheaper food. Analysis: Active support for employee health can bring the state CZK 75 billion. Analysts expect June inflation to be close to May's 2.6 percent. Analysts: June's reduction in inflation to the CNB's target is surprising, the crown weakened. The balance of payments in the first quarter showed a surplus of CZK 104.7 billion. Analysis: The Football Euro will help European airlines, hotels and breweries in particular.

Stock exchanges: Gas for the European market is getting cheaper, the assumption of a shorter outage in Norway is helping. Copper prices have reached a record high of more than 11,000 dollars per ton. The price of gas for the European market is close to this year's maximum, exceeding 33 euros per MWh. The price of electricity on the German stock exchange has exceeded 100 euros per megawatt hour. Robusta coffee beans have risen in price by 60 percent since the beginning of the year to 4,625 USD per ton. According to the WGC, miners are having problems maintaining the growth of gold mining.

Finance: According to its boss, the Polish central bank will cut interest rates again in 2026 at the earliest. Banks will pay CZK 4.2 billion into the Guarantee System funds, CZK 2.2 billion less than last year. Index: The average Czech investor in funds earned 5.7 percent in the first half of the year. KKCG will issue bonds for at least five billion crowns. Capgemini: The number of dollar millionaires in the Czech Republic increased last year, their wealth increased. The profit of Russia's Sberbank could be a record again this year, said the CFO. The attitude of banks towards the defense industry is still a complication for companies, said Hynek. Kellnerová: I got to know PPF after my husband's death, I was more decisive last year. Banks provided mortgages for 23.7 billion CZK in May, 92 percent more year-on-year. The Japanese central bank did not change interest rates, but intends to limit bond purchases. Analysis: Inflation in Central Europe is recovering, in the Czech Republic it should be 3.7 percent in 2024. The European Central Bank will probably lower interest rates. A third of central banks intend to increase their gold reserves in the next 12 months. Creditas Bank has acquired more than a 50 percent stake in NEY Savings Cooperative. Association: Non-banking companies provided CZK 67 billion this year, one percent more than last year. Two members of the CNB Bank Board disagreed with the new reserve for banks. Office for the Protection of Competition: SAB Financial Group buys a controlling stake in Trinity Bank. Banks in the US have passed the Fed's stress tests, they would survive even a sharp decline in real estate. The Hungarian Central Bank has reduced the base interest rate to 7.25 percent. CBA: One fifth of Czechs are planning a mortgage, half of them have postponed the application in the past.