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Fossil fuels roar back in a world hungry for energy

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BUDAPEST: Green car enthusiast Matthew Klippenstein pulls his early model plug-in Prius into a Tim Hortons in Maple Ridge, B.C., to take my call. As gas prices begin to soar again Klippenstein, an engineer who, among other things, writes about the latest developments in battery-powered vehicles for Green Car Reports, tries not to sound smug. Even before Alberta’s threats to penalize British Columbia for blocking its planned ... Read More »

IMF raises GDP growth forecasts for Hungary

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BUDAPEST: The IMFʼs 2018 projection was raised from 3.4% in a forecast released last November. Hungaryʼs government projects GDP growth of 4.3% this year, noted state news wire MTI. Following annual average inflation of 2.4% in 2017, the IMF projects inflation rising to 2.7% in 2018, and to 3.3% in 2019. The latter two forecasts represent a 0.5 of a ... Read More »

Minsk wants to see more Belarusian products on sale in Budapest

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BUDAPEST: Minsk would like to see more Belarusian products on sale in retail chains of Budapest. This issue will be high on the agenda of the Days of Minsk in Budapest on 19-21 April, Minsk Vice Mayor Alexander Krepak said at a press conference on 10 April, BelTA has learned. “The bilateral trade has been gaining momentum. Last year it ... Read More »

Pro-migrant groups targeted after Hungary’s election

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BUDAPEST: A day after it won an overwhelming election victory on an anti-migration platform, the right-wing populist party of Hungarian Prime Minister Viktor Orban said it would limit the ability of civic groups to help migrants and refugees. Election officials Monday were still counting mailed ballots, which added another seat to the Fidesz party’s super-majority and gave it control over ... Read More »

Hungary’s Viktor Orban wins third straight term in power

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BUDAPEST: Prime Minister Viktor Orban won a third straight term in power in Sunday elections after his anti-immigration campaign message secured a strong majority for his party in parliament, granting him two-thirds of seats based on preliminary results. The right wing nationalist prime minister projected himself as a saviour of Hungary’s Christian culture against Muslim migration into Europe, an image ... Read More »

Hungary PM Orban on track for third straight term in power

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BUDAPEST; Viktor Orban, Europe’s hard-liner on immigration, is set to win a third straight term in elections on Sunday after a campaign in which he has positioned himself as a saviour of Hungary’s Christian values and culture from a flood of Muslim migrants. An emphatic victory could embolden Orban, Hungary’s longest serving post-communist prime minister, to solidify a Central European alliance ... Read More »

Hungary PMI edges down to 57.0 in March

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BUDAPEST: Hungaryʼs seasonally adjusted Purchasing Managersʼ Index (PMI) slipped slightly to 57.0 points in March, from 57.2 in February, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said on Tuesday. An index value above 50 shows expansion in the manufacturing sector, while a value under 50 signals contraction. Among the sub-indices that comprise the ... Read More »

Investors root for slim orban victory in Hungary vote

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BUDAPEST: Investors would prefer that Hungarian Prime Minister Viktor Orban win a small majority in Sunday’s elections to build on his economic policies but fall short of a landslide victory that could let him double down on his illiberal political agenda.  The preference for stability means the market reaction to a victory by Orban’s Fidesz party may be muted.A scenario ... Read More »

Budapest airport handles record cargo volumes in 2017

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BUDAPEST: The Hungarian hub ended the year with a balanced market share, with imports at 47.8 per cent, and exports at 52.2 per cent. January to February 2018 figures were a record 21,750 tons, up 17.4 per cent on the same period last year. Our cooperation agreement with STO Express and EKOL last year is testament to our continuous commitment ... Read More »

Hungary’s Orban courts diaspora for election boost

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BUDAPEST: Hungarians officially part of the Hungarian nation again” after the post-World War I Trianon Treaty handed over swathes of territory and population to neighbouring countries. And thanks to rule changes in 2012, these dual citizens abroad can vote by post in Hungary’s elections — including on April 8. All but a handful of those registering to vote are expected ... Read More »

Net external financing capacity 1.8% of GDP

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BUDAPEST: The adjusted Q4 surplus was down from the third quarter, when it reached EUR 830 mln, state news wire MTI reported. The unadjusted net external financing capacity came to EUR 628 mln in Q4, down from EUR 897 mln in the third quarter of the year. The seasonally adjusted surplus in the trade in goods amounted to EUR 364 ... Read More »

Chocolate production to be revived in Hungary

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BUDAPEST: The plant to manufacture products of the brand name Vadász (Hunter) is to start its operation at the end of 2019, with a staff of 150 people. This development project constitutes a key phase in the revival of Hungary’s once world-class sector, the food industry, more specifically the confectionery industry, commented Levente Magyar, state secretary at the Ministry of ... Read More »

Corruption watchdog deputy PM to tax authority over hunting trips

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BUDAPEST: Transparency International Hungary and K-monitor will report Deputy Prime Minister Zsolt Semjén to the National Tax and Customs Administration (NAV) in connection with hunting trips in Sweden reportedly paid for by multiple EU grant recipient and government-tied businessman. According to the anti-corruption NGOs’ statement, Semjén as an MP is prevented by law from accepting gifts like the pricey hunting ... Read More »

Hungary’s government turns on UN

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BUDAPEST: Hungary’s government has smeared human rights groups, the European Union, migrants, and philanthropist and former financier George Soros. Now the Hungarian government has a new target – the United Nations. Hungary’s Foreign Minister has even demanded the resignation of the UN’s top human rights official Zeid bin Ra’ad al-Hussein – after Zeid, in a speech to the UN Human Rights Council, described as racist ... Read More »

International investment Bank to promote Russian and Hungarian pharmaceuticals

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BUDAPEST: Russian based development bank International Investment Bank (IIB) has launched a new project to promote the pharmaceutical industry’s development in Russia and Hungary, the bank said in a press release on March 13.   Set up in Soviet times to foster cooperation and trans-border investment amongst the Comecon countries, IIB has been remaking itself as a modern International Financial Institution (IFI) ... Read More »

Hungary trade surplus grows in January

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BUDAPEST: Hungary’s foreign trade surplus increased in January from a year ago, as exports grew faster than imports, preliminary figures from the Hungarian Central Statistical Office showed Friday.The trade surplus rose to EUR 676 million from EUR 563 million in the corresponding month last year .Both exports and imports surged by 10.0 percent and 9.3 percent, respectively in January from ... Read More »

Hungarian govʼt spokesmen attack political EC Country Report

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BUDAPEST: Government spokesman Zoltán Kovács described a Country Report on Hungary published by the European Commission (EC) as “political” as it contains only negative remarks. Minister of State for Government Communication Bence Tuzson accused the EC of “interfering in the Hungarian election campaign and using the report to help the opposition.” which warned against the overheating of the Hungarian economy, ... Read More »

Hungary GDP increases 4.4%

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BUDAPEST: Hungary has seen its gross domestic product (GDP) increasing by 4.4 percent in the fourth quarter from the preceding year, an official release revealed. This meant that there was no change in the second estimate compared to the flash estimate announced earlier. Hungary GDP expanded due primarily because of growth in services and construction sectors in the December quarter. ... Read More »

GKI predicts 2018 GDP growth close to 4%

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BUDAPEST: In 2017 the Hungarian economy expanded faster than expected, by 4%. Although this rate is much higher than the EU average of 2.6 %, it is only moderate in the CEE region. The GDP growth rate may be close to 4% in 2018 as well, GKI says. Although developments in the general government budget differed significantly from those envisaged in ... Read More »

Profits of Hungarian banks jump 50% in 2017

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BUDAPEST: Hungaryʼs banking sector climbed 50% to HUF 632.4 billion last year, lifted by higher revenue from commissions and fees, freed-up risk provisions and the lower corporate tax rate. The sectorʼs net interest revenue edged down 1% to HUF 775.2 bln. At the same time, net revenue from commissions and fees rose 5% to HUF 512.4 bln. Banks released HUF ... Read More »