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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 introduction of the euro in the Czech Republic is now disadvantageous and unrealistic, Vystrčil and Havlíček agreed. IMF will reduce the estimate of global economic growth, a recession cannot be ruled out in 2023. Australia has increased the main interest rate by half a percentage point. The Argentine central bank has increased the base interest rate to 69.5 percent. The government has approved an amendment to the 2022 budget with a deficit of CZK 330 billion. CNB: Qubix Investment is not authorized to provide investment services in the Czech Republic. Fitch has downgraded Belarus' foreign currency debt rating to limited default. Czech household debt rose by CZK 18.3 billion in June to CZK 2.102 trillion. Colombian and Venezuelan businessmen are preparing to open the border. The ECB wants to favor green companies when buying corporate bonds. Activity in the eurozone manufacturing industry fell for the first time in two years. A company from Kyjov in the Hodonín region produces biodegradable material from waste and mycelium. The new CNB bank board met for the first time and divided its powers. Australia raised its main interest rate by half a percentage point. Japan's GDP grew by 2.2 percent in the second quarter thanks to private consumption. The Washington Post: Ukraine is also losing raw material deposits in the war. Foreign investors have been reducing their holdings of Chinese bonds for five months. Inflation in Turkey rose to 79.6 percent in July, the highest in 24 years. OECD: Global corporate tax reform could come into effect in 2024. The Russian Central Bank surprisingly reduced the base interest rate to eight percent. UN: Rising living costs are pushing millions of people into extreme poverty. IMF downgrades global economic growth outlook for this year and next. British companies are turning away from China, says head of Confederation of British Industry. Analysts: Year-on-year inflation will likely rise further due to energy prices. Senator Chalánková proposed constitutionalizing the right to cash payments. Older banknotes expired today, they can be exchanged. Activity in the eurozone business sector has fallen due to high inflation. Banking Association improves Czech economic growth estimate for this year to 2.4 pct. CNBC: Economists differ on long-term development of Russian economy. Crystal Bohemia glassworks increased turnover to 1.4 billion crowns last year. Analyst: Czech National Bank doubled support for the crown to 174 billion crowns in June.

Stock markets: Switzerland limits Russian gold imports, reflects signs of war co-financing. Oil rises over four percent on concerns about Russian supplies and weak dollar. AP: Angola unearths 170-carat pink diamond, largest in 300 years. Analyst: Gold price in dollar terms at this year's low. Ukrainian company Naftogaz introduces new plan to defer payments.

Finance: Google Play will allow some developers in Europe to use competing payment systems. Société Générale plunges into loss due to exit from Russia. Komerční banka's profit in the first half of the year rose by 60.3 percent year-on-year to 8.4 billion. June brought a slight increase in household deposits, a significant decrease in businesses. Mortgage rates rose to 5.4 percent, volume fell by more than a third month-on-month. Online broker Robinhood Markets will lay off 23 percent of employees. EU prepares to expand sanctions against Sberbank, wants to punish the Night Wolves as well. Česká spořitelna's net profit rose by 67 percent in the first half of the year to 11 billion crowns. Cryptocurrency lending firm Celsius filed for bankruptcy protection from creditors.