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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: Shell is not paying the extraordinary profits tax in Britain yet, it will legally avoid it. Coface: World economic growth should fall below two percent next year. The IMF has worsened its estimate of Czech economic growth for this year to 1.9 percent. The Konzum Ústí nad Orlicí cooperative slightly increased its profit last year to 24 million crowns. The company of the year in the Karlovy Vary region is a wig seller, the sole proprietor is a violin maker. The Fed has raised the base interest rate as expected, the rate is the highest since 2008. Experts do not have much faith in the estimated revenue from the extraordinary profits tax. According to the central bank, the German economy is probably on the verge of recession. The Czech National Bank will issue a thousand-koruna note with an overprint for the 30th anniversary of the currency separation. Three Americans have won the Nobel Prize in Economics for their research into banks and financial crises. Inflation has exceeded market expectations, and analysts say it is close to its peak. Analysis: The number of bankruptcies rose by a tenth in the third quarter year-on-year to 172. The Swiss Central Bank has ended the era of negative interest rates in Europe. AP: A bakery in Cologne will close after a significant increase in energy prices after 90 years. Unions consider the new tax an open attack on mining and energy companies. Holub: The Czech National Bank should raise interest rates at least once more due to inflation. According to Vestager, the importance of antitrust authorities is growing in the crisis. Foreign investors hold 27.1 percent of Czech government bonds. Foxconn CZ ended last year with a loss of CZK 282 million, with sales falling to CZK 78 billion. Central banks bought a record 399 tons of gold in the quarter. Vinyl producer GZ Media is considering moving part of its production outside the Czech Republic due to energy costs. World Bank President: Help with energy bills for everyone is too expensive. MPs will begin to consider the draft state budget for next year. According to Schillerová, the actual deficit of Stanjur's budget is 470 billion CZK. Inflation in Turkey rose to 83.5 percent in September, the highest since 1998. Czech household debts to banks increased by 8.5 billion to 2.12 trillion CZK in August. The CNB's decision to keep the base rate is in line with analysts' expectations and was also expected by the market. Survey: 70 percent of Czech companies are affected by the unavailability of raw materials. British Finance Minister promises that he will manage to restore the confidence of financial markets. King Charles III. will appear on British banknotes by mid-2024. MF proposes 60 pct tax on extraordinary profits for banks, refineries and miners. According to the head of German employers, the crisis will not be overcome without state intervention. Banking association offers up to 50 billion CZK instead of tax to support the economy. The Chamber of Deputies approved the parameters of the budget for next year with a deficit of 295 billion CZK.

Stock exchanges: Bruegel: European governments have allocated 500 billion euros to help energy consumers. France wants to open one of the largest lithium mines in Europe by 2027. The price of gas for the European market fell below 100 euros per MWh for the first time since June.

Finance: MF: European MPs have confirmed the final version of the regulation on the regulation of cryptocurrencies. Expobank CZ, which was bought by Banka Creditas, will be renamed Max banka. HN: The renamed company Fair Credit has filed for insolvency. According to sources, Swiss Credit Suisse is working on a possible capital increase. A member of parliament and supporters came to a Beirut bank to withdraw frozen money. MF: European parliamentarians confirmed the final version of the regulation on the regulation of cryptocurrencies. A Lebanese woman was fined and banned from traveling for robbing a bank. The British government will cancel almost all planned tax cuts that worried the markets.