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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 British economy emerged from recession in the quarter, growing by 0.6 percent. The Chinese economy grew by 5.3 percent year-on-year in the quarter, exceeding expectations. Analysts: Improved confidence in the economy indicates a revival of the Czech economy. Analysis: Investment by global companies in artificial intelligence will approach the Czech Republic's GDP this year. Analysis: Double taxation of dividend income causes investors to lose millions. The Japanese economy unexpectedly fell by two percent in the first quarter. Analysts: The March drop in construction production is disappointing. Two members of the Czech National Bank's bank board considered a faster rate cut. The Czech National Bank cut interest rates to 5.25 percent and improved the economic outlook, the koruna strengthened. CNB: Household debts with banks in the Czech Republic rose to CZK 2.269 trillion in March. Billionaires should pay a two percent wealth tax, according to G20 ministers. OECD has improved its outlook for global economic growth this year to 3.1 percent. Doosan is investing three billion crowns in Pilsen, where it wants to manufacture new generators. Czech companies would mostly welcome the introduction of the euro, a Deloitte survey showed. The inflation rate in the US slowed to 3.4 percent in April, as expected. The problems of the German economy are worrying Germany's neighbors, from Switzerland to Poland. Analysts expect inflation to increase in April, mainly due to fuel.

Stock exchanges: BHP has withdrawn from its attempt to take over Anglo American for USD 49 billion. Mining company Anglo American has rejected a takeover offer from rival BHP. The price of copper has reached a record high of more than $11,000 per ton. The price of gas for the European market is close to this year's maximum, exceeding 33 euros per MWh. Mining company BHP wants a rival to Anglo American, the largest copper producer would be created. The price of copper is at a record high, demand is supported by electric cars and data centers. Bloomberg: BHP is considering improving its offer to take over rival Anglo American.

Finance: Banks' attitude towards the defense industry is still a complication for companies, said Hynek. ČSOB Group's net profit in the first quarter rose by 14 percent to CZK 4.1 billion. Křetínský's EPEI acquired a stake in a company developing a method of treating cancer. The Hungarian Central Bank reduced the base interest rate to 7.25 percent. BBVA bank offered more than 12 billion euros to shareholders of rival Sabadell. Central banks' plans will likely complicate the outlook for the eurozone, warns economist. Analysis of the Czech Republic: The standard of living of Czechs has approached the level of Western Europe. Index: Mutual funds lost money in April, but have generally been making money since the beginning of the year. PPF had a net profit of 1.45 billion euros in 2023, compared to 164 million euros a year earlier. Austrian Raiffeisen has abandoned its plan to buy a quarter stake in Strabag. Argentina is introducing a 10,000 peso banknote due to high inflation. Česká spořitelna is negotiating the transfer of the Reico fund to the Czech branch of Erste AM. Association: Non-banking companies provided 67 billion CZK this year, one percent more than last year. The six largest banks in the Czech Republic saw their net profit increase by a fifth to 17.9 billion CZK this year. IIF: Global debt rose to a new record in the first quarter of this year. Berkshire Hathaway's operating profit rose to a record in the quarter. The Czech National Bank fined Bestpay and revoked its license. Bloomberg: A woman could become the head of Spain's central bank for the first time. Hungary's central bank cut its base rate by half a percentage point. European banks call on the EU to designate them as strategic sectors. Bank of America's profit fell in the quarter, Morgan Stanley's profit is higher.