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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: Negotiations to avert US default stall, continuation uncertain. The Czech National Bank has fined Fair Credit Czech a three-million-crown fine. The British central bank has increased the base interest rate by a quarter of a point to 4.50 percent. At a conference in Ostrava, entrepreneurs will seek a way out of the economic crisis. Pavel will consult with the CNB team or governor about signing the consolidation unit. Experts disagree on whether the CNB should use interest rates to combat the impact of the deficit. Analysts: Foreign trade was affected by energy prices and the recovery in the auto industry. Media: Central banks and governments coordinated the manipulation of interest rates during the global crisis. The general meeting of the Confederation of Industry today elected Jan Rafaj as the new president. The pace of industrial production growth accelerated in March, while construction continues to fall. Unemployment in the Czech Republic continued to fall, down a tenth of a point to 3.6 percent in April. Inflation in the US fell to a two-year low of 4.9 percent in April. Four out of seven members of the CNB bank board were responsible for rate stability. Fiala: The CNB is responsible for inflation, its governor should not blame the government. Kofola is shocked by the proposal to increase VAT to 21 percent, the director said. Senate wants rules on conflict of interest directly in the Public Procurement Act. Survey: 95 percent of Czechs are worried about their financial situation due to inflation. Fed chief: Risks are more balanced, June rate decision unclear. Presidential advisor: Senate involvement in appointment of CNB board being discussed at the Castle. CNB improved economic outlook, but used full-year inflation estimate. Foreign investment in Germany is stable, but may be threatened by incentives from the US. Cross-border payments for online purchases will probably be recorded. Former Czech National Bank Vice Governor Tomáš Nidetzký has been heading the National Development Bank since May. Fiala: The government is now making more of a contribution than the previous two. The G7 finance ministers' meeting will be overshadowed by disputes over the United States' debt ceiling. The state collected 790 billion in taxes last year, 90 billion more remains. Investor confidence in the eurozone economies unexpectedly returned to decline in May. The Czech National Bank's decision not to change interest rates is not surprising, according to analysts. The European Commission has improved its estimate of Czech economic growth, inflation is significantly higher.

Stock markets: Fiala: The draft law on corporate transformations is general, it does not concern a specific company. Index: Commodity prices have fallen by five percent this year, with natural gas falling the most. Newmont nears deal to take over rival Newcrest for AUD 29.4 billion. Central banks are buying gold in record volumes, with interest also in the Czech Republic.

Finance: AP: The effects of a US default would be felt by countries all over the world. Credit Suisse is to pay almost a billion dollars to Georgia's former prime minister. Index: Most mutual funds made profits for investors in April. ČSOB survey: Most companies are satisfied with the current exchange rate of the crown against the euro. Biden and McCarthy agreed to raise the US debt ceiling. BNP Paribas doubled its profit in the quarter thanks to the sale of its US division. Survey: 12 percent of Czechs have saved ten times their monthly household income. Commerzbank doubled its net profit in the quarter thanks to higher interest rates. Sberbank CZ loan clients switched to Česká spořitelna on the last weekend of April. Donor states pledged $2.4 billion to help Africa fight hunger. Survey: The average Czech saves more than the rest of Europe and has less debt. Investor Icahn's assets have plummeted due to allegations of unfair practices.