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☆ Hungary MOL says oil shipments on Druzhba pipeline temporarily suspended
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

Companies MOL Magyar Olajes Gazipari Nyrt FollowBUDAPEST, Nov 15 (Reuters) - Hungarian oil and gas group MOL (MOLB.BU) said on Tuesday that it had been notified by Ukraine that oil supply to Hungary, Slovakia and the Czech Republic via the Druzhba pipeline has been temporarily suspended. MOL said its Ukrainian partner notified the company that a power station near the pipeline in Ukraine close to the Belarus border that provides electricity for a pump station, was hit by a Russian rocket and that led to the stoppage. Reporting by Krisztina Than; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

BUDAPEST/PRAGUE, Nov 15 (Reuters) - Oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline has been temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. The Druzhba pipeline network originates in Russia and splits in Belarus into Ukraine, where it splits again, supplying several countries in Eastern and Central Europe that depend on that oil, including refineries in landlocked Hungary, Slovakia and the Czech Republic. Czech pipeline operator MERO has not observed disruptions so far in the flow of oil through the Druzhba line, a spokeswoman said on Tuesday. Polish pipeline operator PERN said late on Tuesday that oil is flowing normally via the Polish section of the line. The Druzhba pipeline network originates in Russia and extends into Eastern and Central Europe.

☆ 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: Finland and Sweden 'can count on us' in NATO bid
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view of the flags of Finland, NATO and Sweden during a ceremony to mark Sweden's and Finland's application for membership in Brussels, Belgium, May 18, 2022. REUTERS/Johanna Geron/PoolBUDAPEST, Nov 9 (Reuters) - Hungary's parliament will discuss the ratification of Sweden and Finland's accession to NATO during its autumn session after a series of EU-related bills have been passed, Prime Minister Viktor Orban's chief of staff said on Wednesday. "Finland and Sweden are our allies and they can count on us," Gergely Gulyas told a briefing. Hungary and Turkey are the only members of the alliance who have not cleared the accession. "Our aim is that parliament should ratify their application before the end of this year ... we have always said we supported the ratification," Gulyas said, in reply to a question.

☆ Pets returned to shelters in Hungary as owners face rising costs
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

[1/5] Dogs look out from a kennel at Noah's Ark Animal Shelter in Budapest, Hungary, November 2, 2022. People turn up daily on the doorstep of the Noah's Ark Animal Shelter, saying they cannot care for their pets due to the rising costs of living and energy prices and with some owners moving abroad for work. "We are now living from day to day and we have to consider hard whether we can accommodate an animal, whether we can finance the healing of an animal," Schneider says. The situation is similar across Hungary's animal shelters, according to the Hungarian Animal Protection Alliance. Pet owners walking their dogs in a Budapest park confirmed the costs of keeping pets has surged.

☆ 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's Orban pledges to preserve economic stability as crisis looms
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

BUDAPEST, Oct 23 (Reuters) - Hungary's government will preserve economic stability next year and maintain a cap on household energy bills even as the European Union slides into an "economic crisis", nationalist Prime Minister Viktor Orban said on Sunday. "A war in the east, and an economic crisis in the West," Orban told supporters in Zalaegerszeg, about 200 km (124 miles)west of Budapest, adding that there was "financial crisis and economic downturn in the EU". "In 1956 we learnt that unity is needed in difficult times ... we will preserve economic stability, everyone will have a job, we can defend the scheme of caps on energy bills, and families will not be left on their own." Hungary, which still imports most of its gas and oil from Russia, has seen soaring energy prices widening its trade gap and current account deficit, which the central bank says could reach almost 8% of GDP this year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Krisztina Than, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary extends loan rate cap scheme to small businesses as recession looms
▼ + stars: | 2022-10-22 | by ( Krisztina Than | ) www.reuters.com time to read: +2 min

BUDAPEST, Oct 22 (Reuters) - Hungary will expand its existing cap on mortgage rates from mid-November to include variable-rate loans to small- and medium-sized businesses in a bid to avoid recession, Minister for Economic Development Marton Nagy said on Saturday. It has already capped the prices of fuel and basic foodstuffs and mortgage rates. The cap is effective until July 1, 2023, similar to the existing cap on household mortgage rates, Nagy said. "We would like to avoid the economy going into recession next year and we have every chance to have 1% growth," Nagy told a briefing. "With this loan cap we want to prevent yet another shock to the corporate sector stemming from a surge in their repayments."

☆ Hungary gets exemption from planned EU gas price cap, PM Orban says
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: 1 min

BUDAPEST, Oct 21 (Reuters) - Hungary's prime minister said on Friday that an agreement had been reached at the EU summit in Brussels that any future EU gas price cap will not apply to long-term gas supply deals like the 15-year deal that Hungary has with Russia's Gazprom. Prime Minister Viktor Orban said on his Facebook page that "We got an exemption from the gas price cap so that will not jeopardize Hungary's security of gas supply." He also said that even if there is a joint gas procurement in Europe "that will not be mandatory for Hungary." Register now for FREE unlimited access to Reuters.com RegisterReporting by Krisztina Than; editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary on track to meet all commitments made to secure deal on EU funds -minister
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

BUDAPEST, Oct 19 (Reuters) - Hungary's Development Minister Tibor Navracsics said on Wednesday that informal feedback from Brussels showed that they are content with the Hungarian commitments made in order to secure a deal on European Union funds. Navracsics, who is in charge of talks with Brussels, told a conference that the government was on track to implement all its 17 commitments in the form of legislation to cut corruption risks. EU countries earlier this month approved an extension of the deadline for deciding on financial sanctions against Hungary by two months until mid-December. Register now for FREE unlimited access to Reuters.com RegisterReporting by Krisztina ThanOur Standards: The Thomson Reuters Trust Principles.

She mostly uses one room in her old house, which saves on heating. But many people in villages like Vasilati and non-affluent city neighbourhoods have little room to cut back. Eurostat data showed Romanians had the lowest power consumption per capita in the EU at less than half the average in 2020. Other villagers whose power consumption was driven higher by pumps and boilers said their bill doubled to roughly 3,000 lei ($597.73). Ichim's power consumption is low enough to fit into a government scheme that caps power and gas bills for households and other users up to certain monthly consumption levels.

☆ Hungary government expands scheme that caps mortgage rates - govt decree
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: 1 min

BUDAPEST, Oct 15 (Reuters) - Hungary's government has expanded its existing scheme that caps mortgage rates effective Nov. 1 to include mortgages carrying fixed interest rates up to 5 years, it said in a decree published late on Friday. Hungary's freeze on retail mortgage rates imposed this year on variable-rate loans has been part of the government's efforts to shield borrowers from rising interest rates. The new measure comes after the central bank's emergency rate hike on Friday aimed to shore up the sliding forint currency. Register now for FREE unlimited access to Reuters.com RegisterReporting by Krisztina ThanOur Standards: The Thomson Reuters Trust Principles.

☆ Hungarian PM Orban asks finance minister and cbank governor to halve inflation by end-2023
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Oct 14 (Reuters) - Hungarian Prime Minister Viktor Orban said on Friday that he has asked the finance minister and the governor of the central bank to at least halve the inflation rate by the end of next year. "I have respectfully asked the central bank governor and instructed the finance minister that they should at least halve this inflation by the end of next year," Orban told state radio, adding that he expected to see single-digit inflation by the end of 2023. Orban did not give further details, but said the fight against inflation was paramount. The central bank will hold a briefing on monetary policy at 0630 GMT on Friday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Krisztina Than; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Weak forint rains on Hungary's 'no more hikes' parade
▼ + stars: | 2022-10-12 | by ( Krisztina Than | ) www.reuters.com time to read: +5 min

A board at a currency exchange office displays the Euro to Hungarian Forint exchange rate, in Budapest, Hungary, October 12, 2022. From October 1, the central bank raised banks' required reserve ratio, launched a new deposit tool and discount bond auctions. JP Morgan however, doubted it would help the forint much without further outright rate hikes. "Of course we are trying to contribute to a stable currency with disciplined fiscal policy," he added. "Our tools are limited, this is the world of monetary policy, it is there where the central bank needs to take appropriate measures if it wants to do so."

☆ Hungary, Serbia agree to build pipeline to ship Russian oil to Serbia
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

The receiver station of the Druzhba oil pipeline between Hungary and Russia is seen at the Hungarian MOL Group's Danube Refinery in Szazhalombatta, Hungary, May 18, 2022. REUTERS/Bernadett Szabo/File PhotoBUDAPEST, Oct 10 (Reuters) - Hungary and Serbia have agreed to build a pipeline to supply Serbia with Russian Urals crude via the Druzhba oil pipeline as Belgrade's shipments via Croatia fall under EU sanctions, the Hungarian government said on Monday. Serbia gets its oil via the JANAF oil pipeline from Croatia. "The new oil pipeline would enable Serbia to be supplied with cheaper Urals crude oil, connecting to the Friendship oil pipeline," Hungarian government spokesman Zoltan Kovacs tweeted. Hungary has gas reserves covering about five to six months' worth of consumption, Prime Minister Viktor Orban said.

☆ In a land of spas, Hungary's cave bath falls victim to soaring gas prices
▼ + stars: | 2022-10-10 | by ( Krisztina Fenyo | ) www.reuters.com time to read: +3 min

MISKOLCTAPOLCA, Hungary, Oct 10 (Reuters) - Staff turned off the lights and started draining the pools at Hungary's famous Miskolctapolca cave baths on Monday, after the centuries-old attraction succumbed to a modern-day crisis - soaring gas prices. Visitors have been coming to the vast cavern since before Roman times to bathe in its naturally heated waters. In recent years, the venue has relied on gas to top up the temperatures in the pools and the caves, particularly during winter. But then Russia invaded Hungary's neighbour Ukraine, sending shockwaves across the global economy and energy markets. For Miskolctapolca, and other businesses across Europe and beyond, that has filtered through in the form of crippling bills.

☆ 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."

☆ Analysis: Central Europe's policymakers try to call time on rate hikes
▼ + stars: | 2022-09-27 | by ( Jason Hovet | ) www.reuters.com time to read: +5 min

Czech Crown coins are seen in front of a displayed logo of Czech central bank (CNB) in this picture illustration taken April 1, 2017. Whether it can do so will depend much on wage pressures subsiding and how much a weakening market mood will hurt its currencies. "In Hungary, I think there is still road ahead (for rate hikes)," Juraj Kotian, an economist with Erste Group Bank, said. read moreAnalysts, though, see further rate hikes even after Tuesday. In August, the inflation rate slowed to 17.2% - the first sign of a price peak in central Europe.

A view of the entrance to the National Bank of Hungary building in Budapest,Hungary February 9, 2016. Central European policymakers are seeking to end a cycle of interest rate hikes running since last year even as inflationary pressures remain and the world's major central banks keep pursuing higher rates. "It is likely the end of the rate hike cycle," Peter Virovacz, an analyst at ING in Budapest said. "The question is whether this is a halt – or a just a pause in rate hikes, leaving the door open to potential further tightening." Economists polled by Reuters last week forecast the base rate rising to 14% by the end of this year.

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.

If Meloni wins, Sunday's election will hand Italy its most right-wing government since World War Two. German magazine Stern plastered its front page with a picture of Meloni under the banner: "the most dangerous woman in Europe". Macron has privately told EU officials he is concerned about a Meloni victory, according to sources aware of the conversations. rome-born meloni has a history of euroscepticism and shares Orban's anti-immigration views and the promotion of traditional family values. "This kind of 'sky is falling' narrative out there about the Italian election doesn't square with our expectations," one U.S. official said.

☆ Hungary and Russia hold talks on gas, nuclear plant
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Gazprom (GAZP.MM) started to ramp up gas supply to Hungary last month, adding to previously agreed deliveries under a long-term supply deal via the Turkstream pipeline. Russia supplies Hungary with most of its oil and gas needs. "Our national interests dictate that we should pursue a reliable and predictable cooperation with Russia, with Gazprom, as without this, Hungary's natural gas supply would not be secure," Szijjarto said. Szijjarto said Hungary had received another shipment of nuclear fuel for the Paks plant from Russia. Hungary aims to expand the plant with two Russian-made VVER reactors with a capacity of 1.2 gigawatts each.

☆ Hungary submits new anti-graft bills to avoid loss of EU funds
▼ + stars: | 2022-09-23 | by ( Krisztina Than | ) www.reuters.com time to read: +3 min

Hungary's Justice Minister Judit Varga speaks in a press conference during a General Affairs Council in Luxembourg, June 22, 2021. The EU's executive on Sunday recommended suspending funds worth 7.5 billion euros over what it sees as Hungary's failure to combat corruption and uphold the rule of law. Hungary's forint currency and Hungarian bonds have sold off in recent weeks over fears that Budapest would lose billions of euros in EU money. Hungary's case is the first in the EU under a new financial sanction meant to better protect the rule of law and combat corruption in the 27-nation bloc. Register now for FREE unlimited access to Reuters.com RegisterReporting by Krisztina Than; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary PM Orban says EU's Russia sanctions should be scrapped
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterHungarian Prime Minister Viktor Orban looks on during a news conference after the parliamentary election in Budapest, Hungary April 6, 2022. REUTERS/Bernadett Szabo/File PhotoBUDAPEST, Sept 22 (Reuters) - Hungarian Prime Minister Viktor Orban told his ruling Fidesz party that sanctions against Russia imposed by the European Union should be scrapped, the pro-government daily Magyar Nemzet reported late on Wednesday. Without sanctions, Europe could regain strength and could avoid a looming recession, the report quoted Orban as saying, reiterating his earlier stance that the sanctions were hurting Europe more than Russia. On his Facebook page, Orban posted from the party meeting:"The Brussels sanctions have pushed Europe into an energy crisis." read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Krisztina Than; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

☆ Hungary says EU should not consider new sanctions against Russia
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterHungary'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 REUTERS/File PhotoBUDAPEST, Sept 20 (Reuters) - Hungary's foreign minister said on Tuesday the European Union should not consider new sanctions against Russia as that would only deepen the energy supply crisis and hurt Europe. "The EU should ... stop mentioning an 8th package of sanctions, should stop flagging measures that would only further deepen the energy supply crisis," Peter Szijjarto said in his statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Krisztina Than; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

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