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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: The number of corporate bankruptcies in England and Wales is at its highest since 2009. Analysts: In May, the Czech National Bank used 86 billion CZK from foreign exchange reserves to defend the crown. Study: The number of personal bankruptcies fell by a tenth to 7,468 in the first half of this year. The Hungarian central bank unexpectedly raised the base interest rate to 7.75 percent. According to the association, including heating plants in the sectoral tax would jeopardize their modernization. Courts declared 341 corporate bankruptcies this year, 41 fewer than a year ago. Germany is debating whether households or companies will bear the burden of a gas outage. G7 countries are moving towards a ban on gold imports from Russia, the EU may also join in. The Norwegian central bank surprisingly raised the base interest rate to 1.25 percent. Millions of rupees were found in the presidential palace during a protest in Sri Lanka. Older banknotes expired today, they can be exchanged. The ECB wants to favor environmentally friendly companies when purchasing corporate bonds. The Polish central bank increased the base interest rate to 6.5 percent. The Crystal Bohemia glassworks increased its turnover to 1.4 billion crowns last year. Study: Britain is becoming a more closed economy due to Brexit. Fitch has worsened the assessment of global sovereign debt. Global corporate debt has fallen for the first time in eight years. The introduction of the euro in the Czech Republic is now disadvantageous and unrealistic, Vystrčil and Havlíček agreed. Analysis: 91 percent of companies did not publish their financial statements for last year on time. The anniversary of Tomáš Bata's death will be commemorated in Zlín with exhibitions and Bata publications. Foreign investors have been reducing their holdings of Chinese bonds for five months now. The G7 summit has stood by Ukraine and is preparing further anti-Russian sanctions. About 3,000 businesses have already failed in Poland this year, the most in five years. Analysts: Year-on-year inflation will likely rise further due to energy prices. Rubikonfin has received a securities dealer's license from the Czech National Bank. UBS: The Eurozone is heading towards stagflation, economic growth will almost come to a halt this year. Fitch has downgraded Belarus' foreign currency debt rating to limited default. China's economy shrank by 2.6 percent in the second quarter, more than expected. OECD: Global corporate tax reform could come into effect in 2024. 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.

Stock exchanges: Analyst: Gold price in dollar terms is at this year's low. Analysts: Commodities have been falling in price recently, but have risen significantly this year. Ukrainian company Naftogaz has introduced a new plan to postpone payments. Gazprom will not pay dividends for the first time since 1998, the company's shares have weakened sharply. Gold price is at more than a year low, interest rate movements in the eurozone are awaited.

Finance: EU prepares to expand sanctions against Sberbank, wants to punish the Night Wolves as well. The Financial Stability Board will propose global rules for regulating cryptocurrencies. Bank of America and Goldman Sachs have lower profits, investments have not been successful. Generali's operating profit increased by 4.8 percent thanks to the growth of life insurance. The largest Swiss bank UBS increased its quarterly profit, but it fell short of estimates. June brought a slight increase in deposits from residents, a significant decrease in businesses. Google Play will allow some developers in Europe to use competing payment systems. Cryptocurrency company Celsius has filed for bankruptcy protection from creditors. Index: The average Czech investor in funds lost 11.6 percent in the first half of the year.