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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 Swiss economy fell by a record 8.2 percent in the quarter. Euler Hermes: A record number of risk ratings fell in the 2nd quarter. The growth of the manufacturing sector in the US accelerated in July. Analysts: Positive industrial data, but the decline will continue. Deutsche Bank improved its outlook for this year's global economic development. A tenth of 86 South Bohemian companies had a fifth of their sales due to the virus. Industrial prices slowed down their year-on-year decline again in July. WTO: World trade will fall by 13 percent this year due to the coronavirus. The EU economy fell by a record 11.7 percent in the 2nd quarter. The Ministry of Finance sold bonds for five billion CZK, interest was significantly higher. Japanese exports continued to decline significantly in July. Growth in confidence in the Czech economy slowed significantly in August. OECD: The economy of member countries fell by a record in the second quarter. Income tax after the abolition of the super-gross wage may be from 15 to 19 percent. Over 31,000 self-employed people started their businesses in the Czech Republic in the first half of the year. Council: Without further amendments, budget proposals threaten public finances. CRIF: 946 new companies were added in the Czech Republic in July. CZSO: 60 percent of entrepreneurs experienced the impacts of the coronavirus crisis. Analysts: Retail trade stagnated in June, a decline is expected this year.

Stock exchanges: Gold is breaking records, helped by the weak dollar and support for the economy. The price of gold has exceeded $2,000 per troy ounce for the first time. Kovosteel Recycling's sales fell to CZK 595.3 million last year.

Finance: VIG insurance company expects a fifth drop in profit due to write-offs. According to the vice governor, the Czech National Bank will tolerate inflation above its target. HSBC bank profit fell by 65 percent in the first half of the year. The Czech National Bank left rates unchanged, worsened the estimate of economic development. ČSOB's net profit fell to CZK 3.5 billion in the first half of the year. Association: Non-banking companies provided a fifth less money this year. Analyst Kovanda became the chief economist of the Czech Trinity Bank. Survey: A third of households lost part of their income during the pandemic. Wirecard has agreed to sell its activities in Brazil. Seven percent of Slovak households face the risk of financial difficulties. The Czech National Bank has worsened the outlook for public finances this year and next year. Goldman Sachs has reduced its reported profit due to the dispute over the 1MDB fund. All major banks' profits fell by tens of percent in the first half of the year. British central bank: Economy will recover more slowly. Hypoindex: Average mortgage rate lowest in more than 2.5 years. UniCredit Bank in the Czech Republic and Slovakia saw its profits fall by half in the first half of the year. Quarterly profit of banks in the US fell again by 70 percent due to coronavirus. The share of foreign investors holding Czech bonds fell. Raiffeisenbank's net profit fell by 52 percent to CZK 1.3 billion. The Czech National Bank left rates for five banks to cover systemic risk. Uniqa Insurance Company collected 6.6 percent more in premiums this year. Jiří Schneller joined the board of directors of the Czech Export Bank. EY: Czechs are starting to worry about their finances, income has fallen by a third.