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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: Activity in the US manufacturing sector fell for the first time in two and a half years. KFC and McDonald's in the Czech Republic increased their prices this year, with a cheeseburger becoming more expensive by a fifth. The government approved an increase in funding for film incentives to 1.4 billion crowns. The Czech National Bank left the limits for providing mortgages unchanged. Shell does not pay the windfall tax in Britain yet, it will legally avoid it. The European Commission approved the Czech government's aid to companies affected by rising energy prices. Britain raised the base interest rate by 0.75 percentage points, the most in 33 years. Sokolovská uhelná considers the windfall tax unfair. Unions consider the new tax an open attack on mining and energy companies. Study: In October, the number of corporate bankruptcies fell, while business bankruptcies rose. The Confederation of German Industry has called for a one-year postponement of global corporate taxation. Analysts: The situation on the labor market is worsening, unemployment will slowly increase. The Chamber of Deputies approved the budget for next year with a deficit of 295 billion crowns. Construction is declining, trade continues to be in deficit, industry is growing only thanks to a weak last year. Economists: The Eurozone is facing a significant economic recession, recovery will be slow. Holub: The Czech National Bank should raise interest rates at least once more due to inflation. German economic experts expect a milder recession next year than the government. Economists: The budget deficit will be significantly over 300 billion CZK next year. World Bank President: Help with energy bills for everyone is too expensive. Analysts: This year's foreign trade deficit could exceed 200 billion CZK. Michl: The base interest rate is already at a level that dampens economic activity. According to analysts, the Czech economy is entering a recession. Coface: World economic growth should fall below two percent next year. Analysts: The Czech economy is in imbalance, but there is no threat of a currency crisis. Analysts have doubts whether the so-called windfall tax will yield the expected 85 billion CZK. The Czech National Bank has worsened its estimate of the development of the Czech economy, predicting inflation of 15.8 percent. Nomura: The Czech Republic, Hungary and Romania face the risk of a currency crisis. The Ministry of Finance and the Czech National Bank recommend that the government not set a date for adopting the euro yet. Lasselsberger will sell 27 million m2 of ceramic tiles this year, i.e. less than last year. Survey: Every fourth European claims that their financial situation is uncertain. Unemployment in the Czech Republic remained at 3.5 percent in October, and is likely to rise in the coming months. Despite high inflation, the Turkish central bank has cut interest rates to nine percent.

Stock exchanges: France wants to open one of the largest lithium mines in Europe by 2027. The price of gas for the European market has fallen below 100 euros per MWh for the first time since June. Saker, a metal processing company, saw significant sales and profits increase last year. Analyst: Gas and coal prices have risen by tens of percent this year, while precious metals have fallen.

Finance: The American cryptocurrency company BlockFi has filed for bankruptcy protection. Česká spořitelna and Komerční banka reported significant profit growth in three quarters. Buffett's company Berkshire increased its stakes in five Japanese trading companies. McLaren sold part of its vintage car collection to raise money for Artura's new supercar. Sberbank administrator signs loan sale agreement, Czech Republic offers CZK 41.1 billion. 136,000 more people join supplementary pension schemes this year, to 1.6 million. Société Générale's quarterly profit falls but beats expectations. Credit Suisse bank plunges into loss, to raise CHF 4 billion in capital. Banks: Share of non-performing bank loans in the Czech Republic stops falling in September.