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ECONOMY
No solution in sight for crisis-ridden Italian airline

Employees will only receive half of their pay from the airline before Easter, as authorities in the European Union have failed to give permission to the new Italian airline to commence its flights and purchase slots.

PM Orban: We are overtaking on the bend

We have reached the third phase of our economic policy. The situation is difficult, but restarting the Hungarian economy is key. We would like make progress by overtaking others on the bend,...

PM Orban consults economic chamber on relaunching economy

"They are feisty, they want reopening," Hungary's prime minister said, commenting on his talks with the representatives of the economic chamber on restarting the economy.

PM Orban: We can vaccinate everyone who registered

We are on the offensive with the help of the vaccine, but at the same time we are also on the defensive against the third wave. This is only natural, because we always do what we need to do,...

PM Morawiecki: Poland expects strong economic upswing

We have a chance to surpass our economic growth measured before the pandemic. Not only will Poland avoid recession, but it can also expect a strong economic recovery,...

Another giant brought to its knees by coronaviurs

Alitalia became insolvent in February due to its financial difficulties caused by the coronavirus pandemic. The establishment of a new airline which could save some of the workplaces is already under way....

Unemployment in Europe during the coronavirus pandemic

The coronavirus pandemic has had a huge impact on the job market. The measures and closures introduced as part of the defence have led to higher unemployment across Europe, but governments in member states have been rolling out various concessions and subsidies to help both the employers and employees.

Bill Gates suggests a switch to synthetic meat

In a recent interview Microsoft's founder, who became the largest single owner of private farmland in the US this January, said rich countries should switch to synthetic "beef" in order to reduce carbon emissions and protect the climate.

PM Orban: We want to emerge from pandemic stronger than how we entered

In the next few months we will complete the mass inoculation plan, gradually phase out the Covid-19 restrictions based on people's views and implement our action plan designed to restart the economy, Hungarian PM Viktor Orban said on the first day of the Hungarian parliament's spring session on Monday.

VAT reduction in construction and purchase of new-build homes a boost to restarting economy

On Sunday, the parliamentary state secretary of Hungary's minister for family affairs talked about government subsidies with regards to the construction and purchase of new-build flats and houses.

PM Orban: The restart will be successful

Restarting the country will be difficult, a "tough job", but the Hungarian economy will quickly return to levels seen before the crisis, Hungarian Prime Minister Viktor Orban told public radio.

George Soros's one-track world-wide press campaign

The stock market speculator's proposed perpetual bond solution for the European Union to handle the economic crisis caused by the pandemic goes up in smoke. Despite his thwarted plan, Soros continues to propagate the idea, publishing more or less the same article in three languages.

Viktor Orban: Economic protection plan to be followed by economic recovery plan

The economic protection plan, introduced mitigate the effects of the coronavirus epidemic achieved its goal, which was the retention of jobs. The result is that as many people were employed lasd December as before the pandemic, Hungarian Prime Minister Viktor Orban said at the Economic Year Opening Forum at the Hungarian Chamber of Commerce and Industry (MKIK). The prime minister also announced an element of the new action plan to restart the economy.

Viktor Orban: Hungarian economy will be restarted in three phases

After the completion of the economic protection action plan, the economic restart plan was launched in Hungary on 1 January. It will be implemented in three phases, Hungarian Prime Minister Viktor Orban said at the Economic Year Opening Event of the Hungarian Chamber of Commerce and Industry.

Soros still bent on using perpetual bonds

US stock market speculator George Soros has had another opinion piece published, this time in Finland, in which he repeatedly calls for the issuance of perpetual bonds.

Two neighbouring countries to impose new restrictions

The state of health emergency is expected to be extended until June, implying that the ski season could be lost this year. The catering industry is doomed to the same fate with little hope for reopening before Easter....

Nearly 1.5 million workers leave Britain

In 2020, Britain’s population decreased by 1.3 million, which may be attributed to the “unprecedented mass exodus” of foreign workers,...

PM Orban: We're standing at the gate of great times

We chose a different type of crisis management than the West because, whereas they've opted to preserve consumption levels, we've tried to preserve jobs, Hungarian Prime Minister Viktor Orban told public media in his first interview in 2021. Mr Orban also talked about the vaccine against Covid-19 and Hungary' vaccination plan.

Viktor Orban announces further economic protection measures

In a video posted on social media on Saturday, the Hungarian prime minister announced the supplementation of the economic protection plan to mitigate the effects of the epidemic.

George Soros revisits his plan to indebt Europe

Billionaire speculator George Soros has revisited his earlier plan involving perpetual bonds. Attacking Poland and Hungary for vetoing the next EU budget,...

President annouces three-step deconfinement

The strict measures introduced in late October will be partially lifted in three rounds: first at the end of November and then in the middle of December,...

We will never accept European funds to become a means of blackmailing other countries

If the liberal mainstream likes you, then you are most likely to meet the rule of law conditions. However, if the liberal mainstream doesn’t like you, it means you probably haven't met the rule of law criteria. It is that simple, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto told V4NA. The minister also talked about Hungary's vaccine procurements and the economic recovery.

PM admitting worsening situation announces new restrictions

As the epidemic situation is becoming worse in Belgium, authorities are introducing new and stricter nationwide restrictions from 19 October. The new measures will remain in effect for a month.

PM Orban: Central Europe to become more significant

With its strength and significance growing, Central Europe is becoming increasingly valuable as the EU's growth centre is shifting towards East and Central Europe,...

PM Orban: Future may belong to V4, we must seize the opportunity

"There is dynamism, future and growth" in the V4 region, the Hungarian prime minister said at the opening ceremony of the Budapest branch of a Polish company, on Thursday.

2nd quarter GDP down, unemployment up in COVID-stricken Czech economy

The latest figures were released by the Czech Statistical Office (CSU) and the Czech Labour Office on Friday.

Migrants cost more each year

The government is increasing its migration budget and planning to expand the reception centres' capacities to house thousands of additional migrants....

Milanese SUNNEI joins Vanguards alongside Nanushka and AERON in bold move

Vanguards' portfolio has been expanded with a unique Italian brand: alongside Nanushka and AERON, SUNNEI will also contribute to shaping the future of modern luxury.

Hungary’s recognition is unique in EU

Hungary's credit rating recognition is unique in the European Union (EU), as it is the only member state, whose outlook for credit rating classification has been improved in the last six months, Hungarian Finance Minister Mihaly Varga stressed in a video published on his social media page.

PM Orban: We are extending the loan repayment moratorium

The Hungarian government is extending the moratorium on households' loan repayment for some social groups, Hungarian Prime Minister Viktor Orban told in a video published on his social media page after the meeting of the Economy Protection Operational Group.

PM Orban: Hungary must remain up and running

Our battle plan in the autumn is different from what it was during the spring, but the most important thing is that Hungary must - and will - remain functional, PM Viktor Orban told Hungary's public broadcaster in an exclusive interview on Saturday night.

PM Orban: Hungary must remain functional

Hungary's pandemic defence must be based on consensus, but we cannot allow the virus to paralyse the functioning of the country, Prime Minister Viktor Orban said. The Hungarian premier stressed that nearly two million people have returned the national consultation questionnaire, which shows that Hungarians want effective defence without disruptions in everyday life.

German Vice Chancellor suspected of abuse of power

German Vice Chancellor Olaf Scholz, who has also been Germany's finance minister since 2018, is facing allegations of influence peddling and abuse of power. The politician was questioned by the Cologne prosecutor’s office on Wednesday.

Government helps suppliers but not manufacturers

Automotive suppliers struggling due to the crisis will be helped by the German government while car manufacturers will not receive subsidies to ramp up purchase of vehicles fuelled by petrol or diesel,...

German car industry recovers fastest from crisis

The German economic decline was 9.7 per cent in the second quarter, slightly smaller than expected, according to a report by the German Federal Statistical Office (Destatis) on Tuesday....

Hungary produces the most green electricity in region

The coronavirus pandemic brought unprecedented developments in electricity generation and consumption in the first half of the year, making Hungary's position the most favourable in the region in this respect.

US Secretary of State in Prague at start of Central Europe visit

US companies would take part in the construction of the Dukovany nuclear power plant in the Czech Republic, US Secretary of State Mike Pompeo said on Wednesday, after meeting the Czech prime minister and cybersecurity leaders in Prague. Mr Babis stressed that the Czech Republic and the United States were "important allies" of each other, and business relations between the two countries were "better than usual."

Construction industry contributes significantly to Hungary's economic growth

In 2019, the performance of Hungary's construction sector has increased the country's GDP growth by about 1 per cent, and construction investments accounted for 58% of investments in the national economy,...

Government introduces zero per cent loan for tourism with state guarantee

A new loan scheme will be added in September to the Hungarian “Szechenyi Card Program” to help businesses, which will only be available to micro, small and medium-sized enterprises operating in the tourism sector, the CEO of the Hungarian Tourism Agency (MTU) announced.

GDP hits historic low

Even a series of strikes in 1968 proved insufficient to thrust the country’s economy to a depth comparable to the current coronavirus crisis. The country’s GDP figures already looked battered by the epidemic in the first quarter,...

Pandemic-induced crisis hits young labour market entrants worst

Young people trying to start a career have been particularly badly affected by the coronavirus-induced economic crisis. Those with low school qualifications happen to be in the most difficult situation.

Convenient, fast, environmentally friendly: Railway developments in Europe

The European Commission has announced that it will place great emphasis on the development of rail transport in the future as part of the EU's Green Deal environmental directive. Austria, Belgium and Sweden are intent on developing night trains, which are both environmentally friendly and increasingly popular, while Hungary sees a great perspective in the development of rail freight.

Analyst: Brussels agreement also addresses financial consequences of Brexit

The economic aid package adopted in Brussels on Tuesday, along with the EU's next 7-year budget, represent "a significant milestone in EU economic integration" Lorenzo Codogno,...

Globalised markets pose risk to sustaining food supply continuity - V4NA interview

The health crisis has thrown light on the strengths and weaknesses of French - and European – agriculture. It has shown the risks that globalised supply chains and markets carry for the continuity of food supply in times of crisis. These are just some of the issues Bernard Lannes, president of Coordination Rurale, a major agricultural trade union in France, spoke about in a recent interview with V4NA.

Analyst points to many questions ahead of recovery fund talks

It "looks unlikely, but not impossible" to reach a deal at the Brussels summit this weekend, where leaders of EU member states and EU decision-makers are set to hammer out the details of the EU's recovery package and the bloc's next seven-year budget....

EU recovery package cannot be tied to conditions

The EU recovery package cannot be tied to conditions and the member states' governments know best what measures are needed, Gergely Gulyas, the head of the Hungarian Prime Minister’s Office said.

Switch to electromobility may lead to severe job losses in car industry

Due to a switch to electromobility and the impact of the coronavirus crisis, the auto industry may be forced to shed 250 thousand jobs in the next ten years,...

Hungary grants uncapped state subsidy for companies

With the agreement of the European Commission, Hungary can grant uncapped state subsidy to companies which undertake investments to protect jobs, the Hungarian foreign minister announced. Peter Szijjarto said that a new program would be launched to support Hungarian companies that are willing to make an investment of at least 560 million forints (approximately 1.6 million euros) to protect jobs at risk due to the coronavirus pandemic.

Skimping on police budget leads to alarming crime stats

The city council has cut one billion dollars from the New York Police Department's budget, while statistics show that the number of homicides has increased by 25 per cent, and the rate of car thefts by 60 per cent during the riots sparked by BLM anarchists. On Wednesday, the Los Angeles school police chief tendered his resignation after his department's budget had been slashed. London Mayor Sadiq Khan is also planning to curtail the budget of the capital's police and fire services, while offering top dollar to recently hired "racism spotters".

Hard hit aviation giant to cut thousands of jobs in Europe

Several airline companies appear to be struggling in the economic crisis caused by the coronavirus pandemic. One of the sector's major players has been forced to take drastic steps to survive,...

Largest state-owned company lays off a fifth of its workforce

One of the biggest state-owned companies is preparing to cut nearly 10 thousand jobs, with some 15-20 per cent of its workers to be dismisssed until 2022....

Merkel: Pandemic has revealed the fragility of the EU project

Speaking in the Bundestag on Thursday, German Chancellor Angela Merkel outlined Germany's key objectives during its EU presidency commencing on 1 July....

"Hungarian-owned companies are the soul of Hungary's economy"

This was the main message relayed by Hungarian Minister for Foreign Affairs and Trade Peter Szijjarto on Wednesday, at the foundation stone laying ceremony of a new logistics centre for BHS Trans Llc, in the industrial zone south of the east Hungarian town of Debrecen.

Hungary was much better prepared for coronavirus than 2008 financial crisis, study shows

The irresponsible economic policies of the Socialist governments have made the Hungarian economy vulnerable in terms of every key indicator ahead of the 2008 crisis....

Non-EU countries to receive €155 billion in support

EU Neighbourhood and Enlargement Commissioner Oliver Varhelyi has urged a more courageous EU investment strategy to support the economic recovery of Ukraine and the Western Balkan region....

Number of part-time workers hits record high

In Germany, the number of part-time workers exceeded 7 million in May, according to a report issued by the German Ifo Institute for Economic Research on Tuesday....

Wrong strategic decisions force closure of French and Spanish car plants

Within three years, the Renault Group will slash 15,000 jobs worldwide as part of a €2 billion cost-cutting plan. Six of the group's 14 plants in France will undergo layoffs,...

EU's €750bn aid package is taking shape

Contrary to a 500-billion-euro bailout plan proposed by Germany and France, the European Commission (EC) is to initiate a €750 billion economic relief package on Wednesday....

Ryanair calls German state's market intervention illegal

The German government's 9-billion-euro bailout package to rescue Lufthansa will massively distort competition, therefore it is "illegal",...

French and German auto industries receive state support

President Emmanuel Macron announced an 8-billion euro bailout package for the French car industry on Tuesday, following talks with Renault's chairman and leaders of automotive suppliers....

Lufthansa is partially nationalised

Germany has adopted the largest government aid package of the country's history. The German government agreed to pay some 9 billion euros to bail out Lufthansa in exchange for a 20-percent stake in the company,...

EU car industry recovery fund to support Von der Leyen's green lobbyists

The European Commission plans to provide 100 billion euros to help revitalise the car industry after the health crisis, but the aid is tied to electric propulsion and the production of “cleaner vehicles,...

Crisis strengthens Italian right

According to a recent poll, right-wing parties in Italy have managed to retain their strong support. At present, 46.7 per cent of Italian voters would cast their ballots to one of the three centre-right parties,...

European dillemma: grants or loans?

On Monday, German Chancellor Angela Merkel and French President Emmanuel Macron proposed a 500-billion-euro recovery package to be distributed to EU member states worst affected by coronavirus....

The world will not be the same again, but we have a plan

In a video, a Polish freedom fighter talked about how proud he was of his compatriots for fighting the epidemic. In the touching video, Mateusz Morawiecki described Poles as a hardworking nation acting in solidarity and stressed that as a result, Poland will soon recover and catch up with the richest countries.

V4NA overview: Eat local! - Part III

Countries all across Europe are trying to support their producers in a bid to restart the economy as soon as possible. This is no different for V4 countries, which have also launched several campaings promoting the consumption of domestic products.

V4NA overview: Eat local! - Part II

As the coronavirus pandemic is posing a challenge to certain economies, national sentiments and demand for domestic products have intensified, and campaigns promoting all that have become more vibrant. In Part 2 of its summary, V4NA reveals how Germany and Austria are trying to help their producers, and how Belgian breweries are supported.

V4NA overview: Eat local! - Part I

The coronavirus pandemic appears to have strengthened national sentiments. Campaigns, broad social co-operations and government measures are all designed to encourage people across the globe to buy domestic food, thus helping local farmers and the economy to recover. In a new series of articles, V4NA has summarised the measures European countries are taking to protect their producers.

Elderly to pay coronavirus tax

An economist has come up with a shocking new idea of imposing a corona tax on the elderly to cushion the pandemic's economic fallout. His proposal is aimed at compensating younger people for the 'injustice' of having to stay home,...

Former F1 team boss calls government "enemy of entrepreneurs"

Flavio Briatore, former leader of Renault’s Formula One team has voiced harsh criticism of Italian Prime Minister Giuseppe Conte and his government....

Government bailout conditional on relocating production to France

Renault will have to relocate its production lines to France if it wants to receive the government's 5-billion-euro rescue package, French Economy and Finance Minister Bruno Le Maire said on Monday....

Airport removes legal seasonal workers

Although they had valid work permits, French authorities have sent home more than 80 Bulgarian seasonal farm workers from Roissy airport, citing coronavirus-related lockdown restrictions. The workers' lawyer says the group should have been allowed to wait at the airport until Monday, when the French government lifted the entry ban on seasonal workers.

Resolute Von der Leyen considers infringement proceedings re constitutional court ruling

The European Commission President has threatened to sue Germany over a constitutional court ruling that allows the European Central Bank and Germany's Bundesbank to buy bonds in the euro zone countries....

Viktor Orban: budget must serve job creation

The budget must serve the economy protection action plan, investments and job creation, Hungarian Prime Minister Viktor Orban said on Monday, when he held consultations with the heads of the Finance Ministry and its background institutions.

Trade union shuts down recently reopened car plant

Nine days after the lifting of strict coronavirus measures and the restart of manufacturing, the French CGT union shut down Renault's car plant in Sandouville again....

President's confidant faces new corruption allegations

In two years anti-corruption Anticor has filed its fourth complaint against the French president's right-hand man Alexis Kohler, the secretary general of the Elysee Palace....

The Soros formula: this is how Soros's debt slavery scheme works

US speculator George Soros has recently proposed a plan which would have the EU introduce a new type of bond to deal with the economic problems caused by the coronavirus pandemic. It is a type of perpetual bond that would pose significant risks to the European economy.

Governments make bailout billions to airlines conditional

In an open letter, nine French regional airlines asked Aeroports Paris to reopen Paris-Orly airport in June, otherwise the companies will face massive layoffs and bankruptcy....

Not everyone happy with government's car purchase subsidy

In order to boost car sales, the Bavarian government is planning to provide financial support for the purchase of Euro 6-compliant diesel or petrol vehicles,...

Crisis brings Norwegian to the brink of bankruptcy

Having turned to its investors in a desperate bid to accept its bailout plan, Norwegian Air's management is preparing for a "worst-case scenario....

Hungarian government's tax reduction package affects 300 thousand businesses

Hungary's finance ministry has submitted a bill to reduce the financial effects of the coronavirus pandemic on companies, Finance Minister Mihaly Varga announced on his Facebook page on Thursday....

Orban plan restarts Hungary with multiple measures

The implementation of Hungary's largest ever economy protection plan is already under way with a view to restarting the country's economy as quickly as possible. Led by Prime Minister Viktor Orban, the Hungarian government and the Hungarian economy's leading institutions have introduced a number of significant measures to put a swift end to the interim situation caused by the pandemic to families and businesses. Hungarian news portal Origo has summarised everything we know about the Orban plan, geared towards revitalising Hungary.

V4NA overview: boosting domestic traffic can save tourism industry

The World Travel & Tourism Council (WTTC) has published a list of states where tourism is most affected by the coronavirus pandemic. In Europe, the decline mainly affects Spain and Italy,...

Brussels makes conditional pledge of huge support to European auto industry

Thierry Breton, the EU's Internal Market Commissioner would funnel over 30 billion euros into the European auto industry. At the reopening of the Wolfsburg plant on Monday,...

Hungary's economic action plan protects people's jobs

The Hungarian government believes that the jobs of Hungarian people must be protected, and this is a key element of its economic action plan. Unlike under Hungary's left-wing governments, people now receive assistance in the form of wage subsidies instead of aid, and companies can enjoy state support instead of restrictions, the deputy minister at Hungary's Innovation and Technology Ministry has said.

PM Morawiecki: EU funding must be made available to every member state

Every EU member state should have access to the bloc's coronavirus aid, Polish Prime Minister Mateusz Morawiecki said. Poland has already spent 25 million euros on creating jobs within the framework of the most ambitious relief package in the country's history.

WizzAir restarts European flights, Lufthansa begs for state bailout

Lufthansa requests a 10 billion euro state aid to solve its liquidity problems, the German company announced on Thursday. In Italy, the government will re-nationalise the Alitalia airline in June....

Data disprove diesel critics: air pollution grows despite moderate traffic

Nitrogen dioxide levels in the air remain high despite a sharp decline in road traffic due to the pandemic, according to measurements by the German Federal Environmental Protection Agency (UBA) in Stuttgart and Munich....

Meloni: EU's survival may depend on Italy

Europe has already lost the UK so Italy has to realise how strong its position is. The EU would not exist any more without Italy, Georgia Meloni, leader of the Fratelli d'Italia (FdI) party said in a televised interview....

Fraudsters use full suite of tools in coronavirus-related scams

In Britain, the damage caused by crimes committed in reference to coronavirus has exceeded 2 million pounds (2.5 million dollars) this week, and 13.5 million dollars in the United States....

Swift and effective measures help contain epidemic in Central Europe

One of the key questions when it comes to the containinment of the coronavirus pandemic and mitigating its economic fallout is when the individual countries' governments had introduced the necessary precautionary measures,...

Government introduces further tax reliefs due to pandemic

The Hungarian government has decided to extend the deadline for filing tax returns and to take steps to boost tourism, Gergely Gulyas, the head of the Prime Minister's Office, said during his online press briefing on Thursday.

Hungary's economic relief package outstanding in Europe

Figures compiled by the Hungarian Szazadveg Economic Research Institute show that Hungary's economy protection action plan, compared to the measures of other states, is outstanding even at a European level. While the French government, for instance, only utilises 11 per cent of the country's GDP to protect the French economy, Hungary has pledged to reallocate 19.6 per cent.

V4NA interview: patriotism is nothing less than responsible thinking

Patriotism is nothing less than responsible thinking which suggests that all products and developments that we can manufacture or implement in Hungary should be made there, creating added value and jobs for a large number of Hungarians. Laszlo Gyorgy, state secretary at the Ministry of Innovation and Technology, spoke to V4NA about the Hungarian government's large-scale Economic Protection Action Plan, which aims to mitigate the economic effects of the current coronavirus crisis and to restart the economy. The action plan prefers a work-based society to running up ill-considered debts, and it rewards work and learning, Mr Gyorgy revealed.

George Soros likes to talk about rules but fails to obey them

Strange phenomena have taken place around the Hungarian forint recently, as the value of the currency has decreased in a scale that did not reflect the state of the economy. According to Hungarian analysts, the attack of American stock market speculator George Soros may be in the background. Although short-term financial operations have been tightened due to the coronavirus pandemic, Soros is unlikely to be interested in that. While he likes to talk about the importance of rules, practice shows that these are just empty words.

George Soros’s attack may be behind depreciation of forint

According to Hungarian experts, the American stock market speculator is consciously trying to weaken the Hungarian currency. In 1992, it was the British pound, while in 1997, the exchange rates of East Asian countries collapsed due to Soros’s attacks. It is suspected that this time the billionaire not only wants to make a profit from devaluing the forint, but is also motivated by political revenge.

V4NA overview: Europe's agriculture faces severe problems

With the spring coming, it is time for seasonal work in agriculture, but workforce is scarce. France and the United Kingdom encourage people without work to give a hand in agriculture. Spain needs to conclude a special agreement with Morocco so that Moroccans are allowed to cross the border for harvests in Spain. Germany has plans to fly seasonal workers into the country, who will need to work in isolation for two weeks.

Germany and France face unprecedented recession

Leading research institutes expect the biggest recession in the German economy to date due to the coronavirus pandemic. The shutdown of the industrial and service sectors may cause production to fall by 9....

Beware Britain, here comes short-selling Soros

Monday's news reports claiming that PM Boris Johnson was admitted to hospital with persistent coronavirus symptoms had serious economic ramifications as the pound sterling moved lower in response. Because of the current economic uncertainties and volatile currency markets an increasing number of countries may become the target of stock exchange speculators like George Soros. Matteo Salvini warned about the risks of short-sellling transactions a month ago, but the danger hasn't passed.

Central Bank allocates HUF 3000 billion to protect Hungary's financial system

The Monetary Council of the Hungarian Central Bank will provide new resources worth 3000 billion forints for the protection of Hungary's financial system, which accounts for 6% of Hungary's predicted 2020 GDP. The Central Bank governor said that measures introduced by both the government and the central bank so far had created economic and financial stability in Hungary, which is the foundation of trust. Hungary's Central Bank continues to forecast a 2-3 % GDP growth for 2020.

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