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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: According to the head of German employers, the crisis will not be overcome without state intervention. Foreign investors hold 27.1 percent of Czech government bonds. Bartoš: EU cohesion funds can give money to projects threatened by price increases. Reuters: German bakers are burning with rising energy prices. Fiscal Council: After the relaxation of rules, there is a lack of motivation to consolidate finances. Inflation in Hungary has risen to 15.6 percent, mainly food prices are rising. The Swedish central bank has increased the main interest rate the most since 1992. EU ministers will discuss solutions to unforeseen events in Prague. The CNB Council today left the credit market protection rate unchanged. The Konzum Ústí nad Orlicí cooperative slightly increased its profit last year to 24 million crowns. Stanjura: Despite the pandemic and the effects of war, fiscal discipline cannot be neglected. Confederation of Industry: Companies need a unified European solution to the energy crisis. The British central bank is launching temporarily unlimited purchases of government bonds. Companies in the EU ceramic industry are looking for a way to survive the strong rise in energy prices. Solomon will submit a package of proposals to the government to reduce the administrative burden. According to the Budget Forecast Committee, the Ministry of Finance's forecast is optimistic. Foxconn CZ ended last year with a loss of CZK 282 million, sales fell to CZK 78 billion. Real wages fell by 9.8 percent, according to analysts, people became the poorest since the founding of the Czech Republic. Truss defended the economic plan, which caused the British pound to weaken sharply. Czech household debts to banks rose by CZK 8.4 billion in July to CZK 2.11 trillion. Eurogroup: Inflation in EU countries is between six and 20 percent, it must be reduced. Business unions: The Czech Republic should not copy German solutions to the energy crisis. Analysts: The increase in rates by the European Central Bank will increase pressure on the crown. According to Goldman Sachs, inflation in Britain could exceed 22 percent next year. Fiala: The Czech Republic and Poland have renewed cooperation on the Stork II gas pipeline. Purchasing Managers' Index: Industrial conditions worsened in August. King Charles III will appear on British banknotes until mid-2024. The Hungarian central bank has increased interest to 13 percent, surprisingly significantly. An informal meeting of European finance ministers and governors continues in Prague. The Czech National Bank issues a silver commemorative coin with the Zátopeks. Inflation in Germany accelerated again in August after two months to 7.9 percent. Analysts: Czechs became poorer in the second quarter than in the country's history since 1993. Survey: 70 percent of Czech companies are affected by the lack of raw materials. Association: Small rural shops are closing due to expensive energy, the situation will worsen. Central bank: Banknotes with the image of the Queen remain legal tender. The Swiss Central Bank has ended the era of negative interest rates in Europe. The British Central Bank is starting temporarily unlimited purchases of government bonds.

Stock exchanges: Expert: The price of gold fell sharply this week to an almost 2.5-year low. Bruegel: European governments have allocated 500 billion euros to help energy consumers. Analyst: Gas has risen in price by 170 percent this year, oil by 30 percent, precious metals have become cheaper.

Finance: New Hypoindex: Average mortgage rate fell for the first time since May 2021. The US is establishing a fund to help Afghans, money will be transferred from frozen accounts. A Moscow court has accepted the bankruptcy declaration of the Russian division of Google. Expobank CZ, which was bought by Banka Creditas, will be renamed Max banka. Credit Suisse shares are falling sharply, having already lost a record 60 percent this year.