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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: Analysis: 91 percent of companies did not publish their financial statements for last year on time. Activity in the eurozone business sector has fallen due to high inflation. The ECB's climate stress test showed that banks are at risk of losses of 70 billion euros. Global corporate debt has fallen for the first time in eight years. Analysts: Year-on-year inflation is likely to rise further due to energy prices. Fitch agency has downgraded Belarus' foreign currency debt rating to limited default. Analysts: Bad weather threatens the rice harvest, its price may increase inflation. Older banknotes expired today, they can be exchanged. Analyst: The Czech National Bank doubled the support for the crown to CZK 174 billion in June. Millions of rupees were found in the presidential palace during a protest in Sri Lanka. IMF lowers global economic growth forecast, recession cannot be ruled out in 2023. Czech household debt rose by 18.3 billion to 2.102 trillion crowns in June. Car manufacturers report lower demand in Europe and North America. Study: In the Czech Republic, bankruptcies of companies and entrepreneurs decreased in the first half of the year. Germany reported a foreign trade deficit for the first time since 1991 in May. ECB wants to favor environmentally friendly companies when purchasing corporate bonds. Introducing the euro in the Czech Republic is now disadvantageous and unrealistic, Vystrčil and Havlíček agreed. Powell: Fed will not let the US economy slip into a higher inflation regime. Study: In the Czech Republic, bankruptcies of companies and entrepreneurs decreased in the first seven months of the year. Inflation in Turkey rose to 79.6 percent in July, the highest in 24 years. British companies are turning away from China, says the head of the Confederation of British Industry. Australia has raised its main interest rate by half a percentage point. The Polish central bank has raised its base interest rate to 6.5 percent. The Hungarian central bank has unexpectedly raised its base interest rate to 7.75 percent. The National Theatre will raise admission prices from September, and this year it will pay three times more for energy year-on-year. Foreign investors have been reducing their holdings of Chinese bonds for five months now. The IMF has worsened the outlook for global economic growth for this year and next. Analysts: The Czech National Bank used CZK 86 billion from foreign exchange reserves to defend the crown in May. Fitch has downgraded the assessment of global sovereign debt. Czech National Bank: Household deposits in banks rose slightly by CZK 3.5 billion in May. Courts have declared 341 corporate bankruptcies this year, 41 fewer than a year ago.

Stock markets: Switzerland limits Russian gold imports, reflecting signs of co-financing of war. Oil rises more than four percent on concerns about Russian supplies and weak dollar. Ukrainian company Naftogaz presents new plan to postpone payments. Analysts: Commodities have been falling in price recently, but have risen significantly this year. AP: Angola has mined a 170-carat pink diamond, the largest in 300 years.

Finance: Internet broker Robinhood Markets will lay off 23 percent of its employees. June brought a slight increase in deposits of residents, a significant decrease in businesses. Bank of America and Goldman Sachs have lower profits, investments have not been successful. Cryptocurrency firm Celsius has filed for bankruptcy protection from creditors. Chinese banks are now taking on record debt due to the growth of losses from bad loans. Česká spořitelna's net profit rose by 67 percent in the first half of the year to 11 billion crowns. The EU is preparing to expand sanctions against Sberbank, wants to punish the Night Wolves as well. Index: The average Czech investor in funds lost 11.6 percent in the first half of the year. Komerční banka's profit in the first half of the year increased by 60.3 percent year-on-year to 8.4 billion.