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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: Budget Council: Public finances are unsustainable in the long term. Survey: Finance chiefs in the region are more optimistic than the OECD. The Guardian: Mumbai finds out how hard it is without workers. The Ministry of Finance will need 730.6 billion CZK to finance debt this year. The US is starting the earnings season, probably the worst since the financial crisis. Study: The Czech Republic has the best manufacturing base in Europe. Institute: Tax Freedom Day will be later this year in all countries. Manufacturing production in Japan is at its lowest since 2009. Analysts: The impact of the pandemic on unemployment will be noticeable in the fall. Personal bankruptcies have decreased in Slovakia after the outbreak of the coronavirus. SB: The Russian economy will fall by six percent this year, the most since 2009. KPMG: A fifth of people have become more modest, 400,000 Czechs have major problems. TPA: Activity on the Czech mergers and acquisitions market has decreased this year. The Paramo refinery ended last year with a loss of almost 87 million crowns. Survey: A third of small and medium-sized exporters are looking for new markets. Aerospace S.A.B. Aerospace increased its profit to 13 million last year. Analysts: The Czech National Bank has no reason to further loosen monetary policy. Foreign entrepreneurs bought a third fewer Czech companies this year.

Stock exchanges: Gold and bitcoin gained value in the first half of the year, the price of oil fell. New customers helped lead and battery producers during the pandemic. Metalimex's net profit and sales fell last year, due to the market situation. Gold is the most expensive since 2011, the price is just under 1800 USD. The price of gold rose above 1800 USD per ounce for the first time since 2011.

Finance: Survey: The economic elite does not expect a rapid economic recovery. The court appointed an insolvency administrator for Wirecard. According to the CNB, companies from COVID programs drew 7.4 billion CZK as of June 12. Household debts with banks rose to 1.784 trillion CZK in May. Minutes of the CNB meeting: There is no need to further loosen monetary policy. US banking agencies will ease the Volcker rule. The ministry has sent a compensation decree to the collection of laws. The Czech Banking Association is newly headed by Tomáš Salomon, replacing Kavánka. Mutual funds suffered losses in the first half of the year, especially equity funds. Quarantine accelerated digitalization, banks are starting to close branches. RegioJet increased its bond issue by almost half a billion crowns. Bank loans increased by ten billion in May to 6.186 trillion CZK. Broker Consulting received an investment company license from the Czech National Bank. The Slovak Central Bank has tentatively reduced the reserve ratio for banks. Financial firm Ant from the Alibaba group is planning to enter the stock market. CITIC Group will strengthen its position in Chinese investment banking. Survey: After the crisis, 34 percent of Czechs started paying by card in restaurants. IMF further worsened the economic outlook, expecting a decline of 4.9 percent. AP: The hottest commodity in Lebanon is the US dollar. Commerzbank shares strengthen after the unexpected resignation of management. Insurance companies: Number of claims after June rains approaching 10,000. Media: Commerzbank considering laying off 7,000 people.