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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: Chamber: Most companies will not lay off workers until the end of the holidays. Unemployment in the EU rose to 7.1 percent in June. Most of the next EU budget in the Czech Republic falls on cohesion policy. State debt rose above two trillion crowns in the first half of the year. Experts: Exporters would benefit from a reduction in the tax burden on labor. South Korea's economy fell into recession in the second quarter. Railway Authority: Railway audit will be completed in the fall. Manufacturer requests to increase the capacity of certification centers for aids. The American economy fell by 32.9 percent in the second quarter. Analysts: The pandemic and the growth of pensions are behind the pension system deficit. Union leaders and Minister Havlíček welcome Dlouhý's election to head the HK. Economic activity in the eurozone has returned to growth after the coronavirus. Japanese exports fell by 15.4 percent in the first half of the year, the most since 2009. EGAP has recorded 45 COVID-plus applications for CZK 9.6 billion as of today. The US economy fell by 32.9 percent in the second quarter. Bloomberg: Coronavirus rescue programs have reduced bankruptcies in the EU. CZSO: Confidence in the Czech economy increased significantly in July. IMF: The US economy faces risks and a long road to recovery. Economists would rather end the Antivirus program sooner than later. Moravian-Silesian companies spend hundreds of thousands on testing commuters. The EU economy fell by a record 11.9 percent in the second quarter. Dlouhy continues at the head of the Czech Chamber of Commerce, his critics have failed. GfK: German consumer sentiment is improving, also thanks to the VAT reduction.

Stock exchanges: Abramovich and other investors will sell stake in Russian gold miner. Gold price hits record, reaching almost $1,945.

Finance: The share of foreign investors holding Czech bonds has fallen. Partners' revenues in the first half of the year rose by a fifth to CZK 965 million. Companies organizing trade fairs and concerts are on the verge of collapse, they claim. Profit of Russia's largest bank Sberbank fell by a third year-on-year. Analysts: The price of gold should continue to grow even after breaking the record. Deutsche Bank achieved quarterly profit despite the coronavirus. UBS bank has lower profit due to the pandemic, but it exceeded estimates. Household debts with banks rose to CZK 1.796 trillion in June. ECB left interest rates unchanged, called on governments to support the economy. About 800 entrepreneurs applied for a free payment terminal for a year. Insurance companies: The number of accidents increases by tens of percent in the summer. The Fed, as expected, left interest rates unchanged. Česká spořitelna's net profit fell by 47.1 percent to CZK 4.6 billion. ČSOB Pojišťovna achieved a record profit of CZK 1.198 billion last year. LN: Smartwings have the rating needed for a state-guaranteed loan. Fitch agency worsened Japan's rating outlook due to coronavirus. ECB extended the ban on dividend payments and relief for banks. The new head of the Ukrainian central bank promised to maintain independence. The Russian central bank cut the key interest rate to a new low. Bank of America has significantly lower profit, Morgan Stanley higher.