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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: Japanese GDP grew by 2.2 percent in the second quarter thanks to private consumption. Crystal Bohemia glassworks increased its turnover to 1.4 billion crowns last year. Germany is debating whether households or companies will bear the burden of a gas outage. Czech National Bank left the base interest rate at seven percent, inflation is expected to reach around 20 percent. Study: In the Czech Republic, bankruptcies of companies and entrepreneurs decreased in the first seven months of the year. Central bank chief: German inflation may rise to 10 percent, recession looms. Inflation in Turkey rose to 79.6 percent in July, the highest in 24 years. Czech National Bank: Qubix Investment is not authorized to provide investment services in the Czech Republic. Analysts: Foreign trade deficit deepens imports of expensive raw materials. Eurozone manufacturing activity falls for first time in two years. China unexpectedly cuts interest rates after weak July data. Wienerberger and Heluz rely on gas crisis amendment on regulatory levels. Year-on-year inflation accelerates again, but analysts say slower pace was surprising. Association: Companies are struggling to survive due to energy prices, immediate government assistance is needed. Senator Chalánková proposes constitutionalization of cash payment rights. Foreign investors have been reducing their holdings of Chinese bonds for five months. Eurozone business activity deepened its decline in August. FT: European office market faces biggest test since financial crisis. Low river levels threaten Berlin's plans to strengthen energy security. Analyst: Czech National Bank doubled koruna support to CZK 174 billion in June. The Turkish central bank shocked financial markets by significantly reducing interest rates. Czech household debt rose by 18.3 billion in June to 2.102 trillion crowns. Millions of rupees were found in the presidential palace during a protest in Sri Lanka. Rubikonfin received a securities dealer license from the Czech National Bank. The banking association improved its estimate of Czech economic growth for this year to 2.4 percent. The government approved an amendment to the 2022 budget with a deficit of 330 billion CZK. According to the German government, anti-Russian sanctions are effective and harm Russia more than the EU. Analysts: Year-on-year inflation is likely to increase due to energy prices. The number of corporate bankruptcies in England and Wales is at its highest since 2009.

Stock exchanges: Analyst: The price of gold in dollar terms is at this year's minimum. Oil adds over four percent on concerns about Russian supplies and weak dollar. Gold demand increased by 12 percent in the first half of the year to 2,189 tons. Switzerland has limited imports of Russian gold, reflecting signs of co-financing of the war. Gold price is at more than a year low, interest rate movements in the eurozone are awaited.

Finance: The largest Swiss bank UBS increased its quarterly profit, but it fell short of estimates. Financial institutions paid 716 million crowns more to the Guarantee System year-on-year. Bank of America and Goldman Sachs have lower profits, investments did not work out. Cryptocurrency lending company Celsius has filed for bankruptcy protection from creditors. Economists: The decline in the mortgage market will continue in the coming months. PPF's 2021 annual report focuses on business and non-profit activities. The European Commission has officially ended its tightened supervision of Greece's economy. Index: Financial literacy of Czechs has improved slightly this year. Chinese banks are now in record debt due to rising losses from bad loans. Google Play will allow some developers in Europe to use competing payment systems. Online broker Robinhood Markets will lay off 23 percent of its employees.