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☆ NATO Accession Looks to Be 'Not a Priority' for Sweden, Hungary Says
▼ + stars: | 2024-01-18 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

BUDAPEST (Reuters) - Sweden has not done anything to boost confidence in its suitability for NATO membership, and has given the impression that joining the alliance is not a priority for the country, an aide to Hungary's prime minister said on Thursday. Sweden applied to join the North Atlantic Treaty Organization in May 2022 following Russia's invasion of Ukraine but the accession process, which requires the approval of all existing members, has been held up by Turkey and Hungary. Gulyas suggested that Sweden's foreign minister or prime minister should "get in touch and ask what concerns the Hungarian parliament has" about Sweden's NATO accession. Replying to a reporter's question, he said Hungary wanted to avoid being the last country to ratify Sweden's NATO accession, but "we will probably not manage to do so without Sweden's help. The Turkish parliament's general assembly may debate Sweden's NATO membership bid in the coming weeks, the ruling AK Party's parliamentary group chairman said last week.

Persons: Viktor Orban's, Gulyas, Gergely Szakacs, Anita Komuves, Marie, Alex Richardson Organizations: NATO, Atlantic Treaty Organization, Nordic, Turkish, AK, Marie Mannes Locations: BUDAPEST, Sweden, Ukraine, Turkey, Hungary, Swedish, Moscow, Budapest, Stockholm

☆ EU's Eastern Members Demand Import Duties on Ukraine Grains
▼ + stars: | 2024-01-15 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

BUDAPEST (Reuters) - The European Union's eastern states are demanding the EU impose import duties on Ukraine grains, citing unfair competition, Hungary's agricultural ministry said on Monday. "One of these [measures] could be introducing import duties on the most sensitive agricultural products." Ukraine's larger farm sizes make the country's grain exports cheaper and that is pushing EU farmers out of their traditional export markets, the ministers said. Farmers in Bulgaria, Poland, Hungary, Romania and Slovakia "have suffered significant damages" since the EU suspended import quotas and customs on grain from Ukraine last year, they said. Ukraine responded by complaining to the World Trade Organization against the three countries, while other EU members condemned the unilateral moves.

Persons: Istvan Nagy, Valdis, Janusz Wojciechowski, Anita Komuves, Susan Fenton Organizations: European Commission, Hungary's, Farmers, EU Trade, EU, World Trade Organization Locations: BUDAPEST, Ukraine, Bulgaria, Poland, Hungary, Romania, Slovakia, Brussels, Kyiv

☆ Hungary's Richter expects to pay $74.44 million in windfall taxes in 2022
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Companies Richter Gedeon Vegyeszeti Gyar Nyrt FollowBUDAPEST, Dec 27 (Reuters) - Hungarian drugmaker Richter expects (GDRB.BU) to pay about 28 billion forints ($74.44 million) worth of extra taxes this year, it said on Tuesday, hit by tax hikes on big businesses to plug budget holes. Prime Minister Viktor Orban's government announced on Friday that a windfall tax imposed on drug producers based on net revenues in 2022 and 2023 would increase progressively, rising to 8% on net revenues exceeding 150 billion forints ($398 million). The 2022 tax take represents some 14% of Richter's nine-month net profit, which more than doubled from the same period a year earlier, boosted by favourable exchange rate effects. "The tax is expected to be accounted under Other expenses thus will proportionally lower the Company's operating profit and free cash-flow for 2022," Richter said in a statement. "Other elements of financial targets set for 2022 and released in the public domain are kept unchanged."

☆ Hungary government raises the capital of state-owned energy company
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Dec 23 (Reuters) - The government of Hungary decided to raise the capital of state-owned energy company MVM Zrt by 41 billion forint ($108.79 million) to 849.4 billion forints, the company said on Friday in a statement on the stock exchange's website. Hungary is highly dependent on Russian oil and gas imports, and soaring energy prices caused the budget and current account deficit to balloon this year, posing a challenge to Prime Minister Viktor Orban's government. Hungary will likely have to pay 17 to 20 billion euros for its energy bill next year, Orban said on Wednesday, adding that his government would raise the necessary financing in the market. The deal allows MVM to pay for the gas over the coming three years if prices surge. High energy prices also forced the government to end a decade-long policy and scrap an energy price cap for high-usage households from August.

☆ Hungary still opposed to "job killing" global minimum tax, Orban says
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

BUDAPEST, Dec 2 (Reuters) - Hungary remains opposed to a global minimum corporate tax rate, Prime Minister Viktor Orban told public radio on Friday, citing concern over jobs in the central European country, which has used its low-tax regime to attract investment. Hungary has used its 9% corporate tax rate and generous government subsidies to attract major investments by German carmakers and Asian battery manufacturers to bolster its export-driven economy. "This is a job killing tax hike, which, if implemented with Hungary's approval, would wipe out tens of thousands of jobs," Orban said. "The tax issue is not a global one, it falls under national jurisdiction." Orban reiterated that Hungary opposed joint EU borrowing to help Ukraine but said Budapest would provide funding on a bilateral basis.

☆ Hungary complains to EU about Ukrainian law's impact on some firms
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

Peter Szijjarto told a news briefing that Hungary would ask Brussels to take steps to ensure that Ukrainian authorities "should not make the operations of EU companies impossible". "These companies have not violated any rules, their only "sin" is that they also have a presence in Russia," he added. Szijjarto said Hungary would not be against a potential extension of the full customs free status for Ukrainian products that is in place in the EU until July 2023. Hungarian drugmaker Richter said earlier this month that due to a change in Ukrainian legislation meant that marketing authorization for some products may be revoked if a manufacturer operates and pays taxes in Russia. Richter said in its third-quarter earnings report that it planned to appeal a decision to suspend 35 of its products.

☆ Ukraine to protest over Orban scarf showing part of Ukraine as Hungarian territory
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

KYIV/BUDAPEST, Nov 22 (Reuters) - Ukraine will summon the Hungarian ambassador to protest that Prime Minister Viktor Orban went to a football match wearing a scarf depicting some Ukrainian territory as part of Hungary, the Ukrainian foreign ministry said on Tuesday. Ukrainian media showed images of Orban meeting a Hungarian footballer wearing a scarf which the outlet Ukrainska Pravda said depicted a map of "Greater Hungary" including territory that is now part of the neighbouring states of Austria, Slovakia, Romania, Croatia, Serbia and Ukraine. Nikolenko said Ukraine wanted an apology and a rebuttal of any Hungarian claims on Ukrainian territory. In a Facebook post on Tuesday, Orban did not directly address the controversy over the scarf. Reporting by Pavel Polityuk and Anita Komuves, Editing by Timothy Heritage and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary's MOL says it finds 'substantial' oil field in Hungary
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: 1 min

Companies MOL Magyar Olajes Gazipari Nyrt FollowBUDAPEST, Nov 21 (Reuters) - Hungarian energy company MOL (MOLB.BU) found a 'substantial' oil field in Hungary that could raise the country's oil production by 5%, the company told state news agency MTI on Monday. The company said it found the oil field close to Budapest in the town of Vecses in an area where it started exploratory drilling in July. Reporting by Anita Komuves, editing by Alan CharlishOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary govt caps interest rates on large commercial bank deposits
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

Marton Nagy, a former central bank deputy governor, told state news agency MTI that the step was aimed at investors who took advantage of high central bank rates by investing their money in central bank deposits through commercial banks. These investors made use of high central bank rate and "they realized a risk-free interest rate of up to 18% that was, in the end, paid by the state," Nagy said. The central bank did not immediately respond to questions from Reuters on the new regulation. There will be a segment of the economy where high interest rates will not apply as some market participants will not be able to access them," Peter Virovacz, senior economist at ING said. The government has already introduced regulation on interest rates on certain loans.

☆ Oil company MOL curbs fuel supplies as Russian imports fall 'substantially'
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

Companies MOL Magyar Olajes Gazipari Nyrt FollowBUDAPEST, Nov 18 (Reuters) - Hungarian oil and gas group MOL (MOLB.BU) said it was temporarily curbing fuel deliveries to some retailers as oil supplies from Russia fell "substantially" below normal levels, the company told state news agency MTI on Friday. Hungarian Foreign Minister Peter Szijjarto said on Wednesday that oil shipments via the pipeline have restarted. But MOL told MTI on Friday that Hungary's oil imports have fallen as deliveries via the pipeline resumed only at a low pressure. MOL also said maintenance at its main Danube refinery in Hungary caused a drop in capacity, affecting all of its products. MOL spokespeople did not immediately respond to questions about when normal oil flows could resume.

☆ Hungary foreign minister says Druzhba pipeline can be restarted soon
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] Hungary's Minister for External Economy and Foreign Affairs Peter Szijjarto gestures during a General Affairs meeting in Luxembourg June 22, 2021. John Thys/Pool via REUTERSBUDAPEST, Nov 16 (Reuters) - The Druzhba oil pipeline can likely be restarted within a short time as the pipeline itself had not been damaged, Hungarian Foreign Minister Peter Szijjarto said in a video on his Facebook page on Wednesday. Szijjarto also said, after talking with the Polish foreign minister, that Hungary was waiting further information from Poland on the results of their investigation into the blast that occurred in Poland near the Ukrainian border. Oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline had been temporarily suspended on Tuesday, according to oil pipeline operators in Hungary and Slovakia. "Its somewhat reassuring news that according to current information, the Druzhba pipeline itself was not damaged, only one element of the infrastructure that operates the pipeline, a power station," Szijjarto said.

☆ Hungary's government imposes price caps on eggs and potatoes -PM's chief of staff
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

BUDAPEST, Nov 9 (Reuters) - Hungary' government imposed price caps on eggs and potatoes, Prime Minister Viktor Orban's chief of staff Gergely Gulyas said on Wednesday, after inflation data showed food prices soared in October. The government put a price cap on six foodstuffs including milk and flour in February to try to shield households from soaring costs, while fuel prices and mortgage rates have also been capped. Reporting by Krisztina Than and Anita KomuvesOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary plans to change central bank law to ease budget burden -finance ministry
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Nov 6 (Reuters) - Hungary's government will have five years instead of the current eight days to reimburse the National Bank of Hungary (NBH) in case the bank posts a loss on its operations, according to a bill published by the Ministry of Finance late on Friday. The goal of the proposed changes is to "ensure the central bank has adequate capital while lowering risks to the budget at the same time," the Finance Ministry said in the legislation. If the National Bank of Hungary makes a profit then it will pay 50% of that to the government as dividend, it added. The central bank did not immediately reply to questions from Reuters on the proposed changes. The Ministry of Finance said last month that Prime Minister Viktor Orban's government lifted the 2022 deficit target to 6.1% of economic output from 4.9%.

☆ Hungary's parliament will decide timing of Finland/Sweden NATO debate -minister
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: 1 min

BUDAPEST, Nov 3 (Reuters) - Hungary's parliament will decide on when to schedule a debate on the ratification of Finland's and Sweden's applications to join NATO, Foreign Minister Peter Szijjarto told a press conference on Thursday. Szijjarto said the government has done its job by submitting the relevant bill to parliament. Hungary and Turkey are the only members not to have ratified the applications. Reporting by Anita Komuves and Krisztina Than; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary cannot support any new EU energy sanctions against Russia - govt
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Sept 29 (Reuters) - Hungary cannot support the European Union's planned eighth round of sanctions against Russia over its invasion of Ukraine if those contain energy sanctions, Prime Minister Viktor Orban's chief of staff said on Thursday. The EU executive proposed on Wednesday fresh sanctions against Russia, including tighter trade restrictions, more individual blacklistings and an oil price cap for third countries. The proposed sanctions fall short of harder-hitting measures, including a ban on importing Russian diamonds, sought by Russia hawks Poland and the three Baltic countries. "Hungary has done a lot already to maintain European unity but if there are energy sanctions in the package, then we cannot and will not support it," Gergely Gulyas told a briefing. Hungary cannot support energy sanctions."

BUDAPEST, Sept 26 (Reuters) - Hungary should prepare for a prolonged war in neighbouring Ukraine, Prime Minister Viktor Orban said on Monday, sharply criticising European Union sanctions imposed on Russia which he said have "backfired", driving up energy prices. Orban, long at odds with the EU over some of his policies seen in Brussels as anti-democratic, urged a ceasefire to end the war and said the sanctions against Russia were dealing a blow to Europe's economy. "We can safely say that as a result of the sanctions, European people have become poorer, while Russia has not fallen to its knees," Orban said. "This weapon has backfired, with the sanctions Europe has shot itself in the foot." Orban, whose government is in talks with the European Commission to secure billions of euros in EU funds blocked over rule-of-law concerns, said his government would launch a "national consultation" asking Hungarians about sanctions.

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