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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 budget deficit widened to a record 271.4 billion crowns in May. The Czech economy shrank by 0.4 percent year-on-year in the first quarter. Bloomberg: Putin's economic forum shows Russia's deepening isolation. Businessmen at the parliament elected Zdeněk Zajíček as president of the Chamber of Commerce of the Czech Republic. The Czech Republic has the highest reduced VAT rate from neighboring countries. Fiala: The government will soon approve an anti-bureaucratic package for entrepreneurs. CZSO: Traditional culture in the Czech Republic lost more than 3.7 billion crowns during Covid. The ECB has launched a survey on the themes for new euro banknotes. The Confederation of Employers criticizes the adjustments to work agreements or benefits. The National Audit Office: More than 48 billion CZK paid as compensation for Covid has served its purpose. CNBC: Companies are increasingly returning production from abroad to places closer to consumption. Construction continues to decline, industry grows thanks to cars, trade is in surplus. Analysts: The development of Czech industry is very uncertain in the coming months. Comments on the austerity package concern the distribution of taxes and the annuity of ex-presidents. The limit for small-scale contracts will not be increased, the Chamber of Deputies outvoted the Senate. Singer: The reason for the lack of growth of the Czech economy is also the connection with Germany. Analysts were surprised by the increase in food prices, they are concerned about inflation next year. The CNB has been less consistent with the recommendations of its apparatus under Michl, analysts say. Conditions in the manufacturing industry worsened in May, the twelfth time in a row. MPs already have a government package on their tables, a debate is possible from July 11. One of the biggest fraudsters in Germany has received another sentence of more than eight years. Survey: 73 percent of people believe they will have to cut their spending in retirement. The Turkish central bank will be led by a woman for the first time - Hafize Gaye Erkanová. Inflation in Hungary fell to 20.1 percent in June, a larger drop was expected. The compromise proposal on the US debt ceiling is awaiting its first test in Congress. OECD warns of the negative impacts of the massive use of artificial intelligence. MFA: The reduction in money for salaries in the state sector cannot be applied generally. The economic performance in the quarter was slightly weaker than expected by the Czech National Bank.

Stock markets: Bloomberg: Interest in solar panels limits the supply of silver. China and Russia invest $1.4 billion in lithium mines in Bolivia. World Gold Council: The Czech Republic increased its gold reserves by 1.54 tons to 13.5 tons. The value of gold in the CNB's portfolio has increased by 65 percent since the beginning of the year. Portugal has approved an environmental impact assessment for a lithium mine. Geomet has acquired land for a lithium processing plant from Cínovce.

Finance: Banks are blocking cryptocurrency exchange Binance from accessing the US banking system. Hypoindex: The average mortgage rate fell to 6.24 percent in early July. The largest Swiss bank UBS has completed the takeover of rival Credit Suisse. Bloomberg: Big banks are using artificial intelligence to transform the world of finance. The CNB is eliminating one of the rules for providing mortgages from July. Survey: A fifth of women make independent decisions about household finances and assets. Analysts: The reluctance to accept card payments may be due to an attempt to reduce taxes. Bit.plus: The volume of cryptocurrency trades fell by a tenth in May. Study: Fintech sector turnover to exceed CZK 30 trillion by 2030. Index: Most mutual funds made profits for investors this year, with equity funds the most. Financial crime is growing with EU funds disbursements, says European prosecutors' chief.