Budapest Airport takes Hungary’s business environment to court
Budapest Airport takes Hungary’s business environment to court
“Creating new jobs, developing Hungarian businesses to reach new markets, and investment promotion for foreign investors. These are the aims of Hungary. Cost efficiency, high human capital productivity and business-friendly environment. These are waiting for you in Hungary,” – so claims the Hungarian Investment and Trade Agency. That’s not a view shared by Budapest Airport Zrt, a foreign consortium led by Hochtief of Germany, which operates Hungary’s main international airport.
Hungary prepares uranium mine
Hungary’s is not the first name that springs to mind when you mention uranium mining. Back in the bad old days of communism, in fact, the Magyar People’s Republic produced plenty of the stuff – or at least the “yellow cake” ore that, on further processing, yields uranium oxide (U308), one of the ingredients of nuclear fuel rods.
Olympics-Hungary still the gold standard in water polo
When the Hungarian water polo team filed in for practice at the national aquatics centre last week, pool mechanics sneaked nearer to take a peek. Everyone wants to catch a glimpse of the country's most popular athletes before they go for a fourth consecutive Olympic gold medal.
Hungary-EU/IMF: a right old strudel
In Hungarian, to “drag one’s feet” is “nyújtja mint a rétestésztát”, meaning to roll out the dough for top quality strudel, making it very long and thin. A time-consuming process.
If the current Hungarian government of Viktor Orbán ever entered an international strudel-making competition, it would surely win gold, judging by the time it is taking to meet the conditions set by the EU and International Monetary Fund for a new line of credit, needed to reduce borrowing costs and bolster market confidence after Hungary was downgraded to junk status last November.
Hungary: back to growth?
Hungary’s economy will grow by 0.5 per cent in the second half of 2012. That’s if you believe Mihály Varga, the minister in charge of talks with the EU and IMF over an aid package requested last November. Varga made his prediction in a television interview on Wednesday, leaving officials scrambling to clarify that the government was, nevertheless, sticking to its target of 0.1 per cent growth for the full year. But even that seems implausibly optimistic.
Hungary Lauds Hitler Ally Horthy as Orban Fails to Stop Hatred
Hungary has a new hero.
Towns and villages are putting up statues and naming streets after Miklos Horthy, a former head of state who led the country into World War II on Adolf Hitler’s side.
Sickness on the Danube - The worst performer in central Europe
The report card for the Hungarian government, which is halfway through its four-year term, makes grim reading. Unemployment is nudging 12% and inflation is close to 6%. The economy is the weakest in the region: GDP contracted in the year to the first quarter of 2012 (see chart). Investors are nervous, pushing ten-year bond yields up to 9%. http://www.economist.com/node/21556619
Hungary’s Economy Ministry has on Tuesday published the "right version" of the prestigious magazine’s recent column, in which The Economist said "the report card for the Hungarian government, which is halfway through its four-year term, makes grim reading." György Matolcsy’s ministry responded by listing what spectacular results the cabinet’s measures have brought so far. And with respect to the disappointing first-quarter GDP numbers it notes that stabilization could be expected from the second half of the year. Matolcsy has recently described his government’s economic policy to CNN as a "fairy tale", and his ministry now claims no less than "Hungary is one of the looming success stories of the emerging new European Rim called Central-Europe."
Outrage over Hungarian genome testing for “racial purity”
Officials in Hungary united this week to condemn ongoing ethnic violence and anti-Semitic attacks, including an assault on the former Chief Rabbi on 5 June. But a cause for further soul-searching has emerged: a scientific scandal recalling discredited notions of racial purity.
Hungary’s Medical Research Council (ETT), which advises the government on health policy, has asked public prosecutors to investigate a genetic-diagnostic company that certified that a member of parliament did not have Roma or Jewish heritage.
Hungary’s Flat Personal Income Tax Still Under Fire
Economists and international organizations continuously criticize the flat personal income tax scheme introduced by the Hungarian government last year, but Prime Minister Viktor Orban seems determined to stick with it, potentially thwarting a financing deal with the International Monetary Fund and the European Union.
Europe's Viktors and democracy's downturn
Two Viktors – Orbán of Hungary and Yanukovych of Ukraine – are at the forefront of an anti-democratic trend in central and eastern Europe that raises serious questions about the durability of the European Union's young democracies as well as about the prospects for its aspiring members.
Hungary's media law still unsatisfactory
The Hungarian press law is again drawing fire from the European Union; the amendments adopted by the Hungarian Parliament on May 24 have not placated Brussels. In an interview published on June 7 in the Budapest weekly Figyelo, Neelie Kroes, EU Commissioner for the Digital Agenda and vice-president of the European Commission, said the recent changes "failed to address the concerns of the EU and of the Council of Europe." The Hungarian media law remains "embarrassing," Kroes added. "It only addresses 11 of 66 recommendations made by the Council of Europe without guaranteeing the independence of the Media Authority or clarifying all ambiguities." http://www.cpj.org/blog/2012/06/hungarys-media-law-still-unsatisfactory.php
Hungary: a change of heart?
Monday is a sad day in many Magyar eyes – 4 June is the anniversary of the Treaty of Trianon, the post World War I agreement to settle central European borders that left rump Hungary short of two thirds of its former territories and large ethnic Hungarian-speaking minorities in most of the surrounding successor states.
Hungary and the European Rule of Law
Recent development in Hungary questions the country's commitment to the bold statement Hungary and the other countries that joined the EU in 2004 made, argue Erlend M. Leonhardsen and Dag Sørlie Lund.
Hungary experiences nationalism renaissance
Nationalism is on the rise in Hungary. The works of a far-right poet are to be taught in schools, while his remains are to be buried in his hometown in neighboring Romania - against the will of the Romanian government.
Hungarian WWII leader sparks new emotions
The renaming of a small town square after Hungary's wartime leader and Adolf Hitler ally is stirring emotions, with critics denouncing it as evidence of the country's drift to the far right. Fifty-five years after his death, Miklos Horthy will once again have a park in his name when part of leafy Freedom Square in Gyomro, some 30 kilometres (20 miles) east of Budapest, is renamed on Friday.
Supporters of Horthy, who ruled as dictator from 1920 to 1944, say the renaming of the park is a small recognition of a leader misjudged by history.
Hungary, Cornered Economy, Halfway Into Government’s Term
After two years in power, the Hungarian government has a mixed record. The country’s budget deficit is slowly reaching sustainable levels, but growth is to be sluggish for many years to come and heavy-handed government policies have increased investors’ distrust toward the country.
Brussels to Hungary: you stick, we twist
Budapest, naturally, made hay in light of the decision. “Brussels has welcomed the trustworthy economic policy of Hungary,” was the headline on the government website. However, the recommendation comes with warnings on Hungary’s poor economic performance this year, and notes the numerous uncertainties within the prediction, such as the potential negative effects on the economy of latest telecommunications levies. All this means that Hungary is by no means out of the woods, and as the Commission stenly said it will “continue to closely monitor budgetary developments in Hungary… in particular in the light of the prolonged history of this excessive deficit.”
Hungary: New Laws Curb Media Freedom
The Hungarian government has ignored recommendations by the Council of Europe to revise controversial laws that limit media freedom, Human Rights Watch said today. Parliament approved government-initiated changes to the laws on May 24, 2012.
Europe's Imperiled Institutions
Now Hungary has reaped the whirlwind with a Fidesz government that not only rejected Bokros-style austerity when it first came to power in the late 1990s but also set about fundamentally changing the country’s Constitution when it came back into power in 2010.
Hungary: central bank holds rates to protect forint in uncertain markets
Hungary’s central bank (MNB) kept the base rate unchanged at 7 per cent on Tuesday, citing the need for a cautious monetary policy in view of the volatile international environment.
Hungarian Start-Ups Defy Economic Climat
A generation of young entrepreneurs from Hungary is off to conquer the global market despite the country’s current economic troubles.
Many young Hungarian entrepreneurs are trying to emulate firms like Prezi, which makes cloud-based software for more dynamic presentations. The software allows a presenter to zoom in or pan across an image, among other things. It has been adopted by more than 10 million users worldwide.
Embattled Hungarian government launches US charm offensive
Hungarian Prime Minister Viktor Orban's government is on a week-long charm offensive to the United States to reassure the federal government and the business community of Hungary's democratic credentials.
Last Updated on Sunday, 01 July 2012 22:48