Hungary
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Hungarian government to use windfall taxes to rein in deficit and preserve household energy price cap
The announcement is the first open admission by the government about the dismal state of public finances.
Hungarian government declares another state of emergency
Parliament passes tenth amendment to the constitution, giving the radical rightwing government the power to declare a state of emergency in the case of an armed conflict in a neighbouring country.
CEE companies weather the COVID-19 crisis
Prompt and decisive government intervention, financial lifelines and firms’ involvement in global value chains have helped minimise insolvencies, says EIB/EBRD report.
bneGREEN: Fossil fuel closures needed to stand any chance of meeting 1.5°C target
Ending new oil, gas and coal developments is not enough to reach net zero by 2050, according to new research. Instead, already built fossil fuel projects must be decommissioned early if climate change is to be limited to 1.5°C.
bneGREEN: More proof that climate change threatens lives and causes economic damage
Human activity has caused irrevocable damage to the climate, causing hundreds of billions of dollars of economic damage and threatening water and food supplies to millions of people.
Low base and pre-election handouts lift Hungary's GDP growth by 8.2% y/y in Q1
The impact of sanctions on Russia, higher financing costs and lower purchasing power amid rising inflation are likely to dent growth in the coming quarters.
Hungary’s leading IT firm teams up with Rheinmetall to develop digital combat system solutions
JV with 4iG aims to develop digital combat system solutions as well as ground and flight simulation systems for the provision of the most modern soldier training.
Hungary’s automotive sector sputters in March, but growth in electronics remains strong
Headline industrial output growth slows to 3.6% y/y, down from 4.8% in the previous month.
bneGREEN: Raising EU green targets will cost an extra €195bn
The European Commission is considering raising its renewable energy target for 2030 to 45% in new green plans to be published later in May.
Hungary’s core inflation gallops into double-digit territory
Headline inflation in Hungary accelerated to 9.5% y/y in April, from 8.5%, while core inflation edged up from 9.1% to 10.3%.
EBRD expects 30% GDP contraction in Ukraine in 2022, lowers emerging Europe projections
The EBRD has cut its 2022 emerging Europe growth forecasts again, reflecting a sharp downgrade for Ukraine and the regional fallout from the war and sanctions.
Consortium led by Hungary’s richest man wins 35-year motorway concession
Orban's favourite oligarch wins motorway management tender in which apparently no other bidders competed.
Impairments and provisions on Russian and Ukraine operations puts Hungary's OTP in red in Q1
OTP booked a total of €190mn in provisions and €237mn in writedowns in Q1, largely due to exposure to Russia and Ukraine.
Hungarian government weighs alternatives to Russian energy
The fundamental problem remains that the government has done little to lessen its dependence on Russian energy sources over the past 12 years; if anything, it has deepened its dependence.
Hungary says it would veto EU’s Russian oil embargo in current form
Budapest still blocking EU consensus despite being offered extension until end of 2023.
Czechs join Slovakia and Hungary in demanding exemption from EU embargo on Russian oil
Heavily-dependent states will be allowed to buy Russian oil exports until the end of 2023, while other states have to cease crude deliveries in six months.
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Hungary 'to continue to oppose EU sanctions on Russian oil'
Zoltan Kovacs, Hungary’s State Secretary for International Communications, says Budapest remains opposed to proposals to ban the import of Russian crude oil and natural gas into the EU.
NEMETHY: How will the war in Ukraine affect Emerging Markets?
We have all heard the adage that a butterfly flapping its wings in the Amazon could affect the weather patterns on the other side of the planet. Might the war in Ukraine also have such unintended consequences?
Hungary's dependence on Russian energy will make ending those ties very painful
Viktor Orban opposes energy sanctions on Moscow because Hungary is so dependent on Russian supplies, but it is his regime that has deepened those energy links.
Visegrad Group needs to 're-invent itself", says Rupnik
The Visegrad Group of four Central European countries is in “deep freeze” because of the Hungarian-Polish split over the Ukraine war, says Sciences Po professor.
