Beyond price freeze: Hungarian fuel price is still among the lowest in EU
The removal of the price caps has made fuel significantly more expensive in Hungary, however, prices at the pumps are still some of the lowest in the EU.
Petrol price caps cancelled in Hungary due to Brussels sanctions
Two days after the sanctions on oil went into effect on Monday, the Hungarian government cancelled the price freeze on petrol upon recommendation by the Hungarian oil company MOL, Gergely Gulyas, head of the prime minister’s office, announced late Tuesday evening in Budapest.
PM Orban: EU accession of Western Balkan countries vital
Hungary has a vested interest in the counties of the Western Balkans becoming members of the European Union as soon as possible, Hungarian PM Viktor Orban said in a video post on social media.
Serbia's left without Russian crude. What now?
The EU embargo on Russian crude oil arriving by sea came into effect. This means that from now on, Serbia is also unable to buy Russian crude oil through the JANAF pipeline. However, raw materials from elsewhere can come from the Croatian port, of course at a higher price. According to Serbia's prime minister, this sanction will impact the country's economy.
German government excels in showing off this year
While the financial crisis, along with the energy crisis, is ruining the livelihoods of many and thousands are losing their jobs each day, the federal government has put up a spectacular display of showing off this year.
MOL: We're increasing processing levels, but panic-buying is a problem
Hungary's Central Bank governor vying for life-long mandate
Hungary's Central Bank attempted to persuade the country's ruling parties to use their parliamentary majority to amend legislation and enable Gyorgy Matolcsy to remain Central Bank governor until the end of his life, Vilaggazdasag reports.
Belgians spend less due to inflation and energy prices
Belgians have embarked on a massive saving spree. They are reducing their energy consumption, along with their purchases and daily expenses, which also has an impact on the economy. According to a recent analysis, Belgium will have negative economic growth in 2023.
Finance minister: Hungary can build on past years' results
High energy prices are pushing economies all over Europe towards recession, Hungary's finance minister wrote on social media.
Children's hospitals close to bankruptcy early in epidemic season
As the cold season has brought an increase in the number of sick children, shortages are pushing hospitals to their limits and many families are forced to turn to other health institutions. Doctors say the overload is systemic.
German economists expect bleak future, the industry's had enough
Earlier, experts expected exports to decrease by around half of what the actual contraction turned out to be, with nearly half of the industrial companies predicting a further fall. Meanwhile, energy-intensive companies are once again forced to cut working hours. Since this summer, the number of short-time workers has increased from 76,000 to 187,000.
Scottish health system at breaking point
The number of people waiting for hospital treatment, outpatient specialist care and diagnostic tests has risen to 776,341, and well over half of patients in emergency departments cannot be seen on time, official figures reveal. Meanwhile, the number of general practitioners has fallen to a historic low.
Great power sees growing number of people living in poverty
The rising number of people living in poverty is a rather revealing fact given that one of Europe's great powers is in question. The process, which began long before the coronavirus pandemic and the wartime inflation, affects all age groups.
End to fuel price caps in Hungary looms following another error at MOL refinery
The trouble in Szazhalombatta proved bigger than initially thought. The Danube Oil Refinery there cannot restart operation on Friday as planned. Should operations not resume on Monday, the price freeze on petrol will likely come to an end in Hungary before Christmas.
Inflation decreases slower than expected
Inflation is Serbia will remain above 15 per cent until the end of this year. The figure is higher than the number the National Bank expected, says a member of the country's Fiscal Council, opining that the price index will fall back to half of its current rate, and could stabilise around 3 per cent by 2024-25.
Alarming news: no agreement on price cap on Russian oil
During the latest round of talks, parties have failed to reach an agreement on the European price cap to be imposed on Russian oil, and time is running out. Unless a price cap is agreed on, next week may see the introduction of an all-out embargo.
Town protests new LNG terminal
The Italian town of Piombino is planning to build a floating LNG terminal. As large vessels would bring liquefied natural gas to the terminal, local residents, supported by the mayor, protest, fearing health and safety risks and threats to the marine life and fishery. They have now taken legal action to stop the project.
Soaring costs and bird flu force egg producers into difficult situation
Egg prices have sky-rocketed in the UK, while customers face supply shortages in stores. On top of soaring costs for producers, a devastating bird flu epidemic is also decimating livestock. Several stores have decided to introduce buying limits.
President Novak: Those in need can always count on Hungary
"Those in need can always count on Hungary. This is why I came to Kyiv today and why we support the Grain from Ukraine initiative," Hungarian President Katalin Novak said on Saturday in Kyiv. The Hungarian head of state paid a visit to the Ukrainian capital at the invitation of President Volodymyr Zelensky.
People risk their lives due to sky-high utility bills
As the heating season is well under way and utility prices have sky-rocketed, many have resorted to crazy and life-threatening solutions to skimp on bills.
Western superpower faces severe labour shortages
Certain sectors are already at risk, and shortage will worsen as the so-called "baby boomers,"the generation whose members were born between 1945 and 1965, are set to retire soon. This makes the integration of migrants a necessity, experts argue.
Polish deputy minister on Brussels: they blackmail, lie and steal our money
It's not the business of a Brussels bureaucrat to prescribe what laws Poland's prime minister and ministers should adopt, Poland's deputy agriculture minister has said, adding that the EU aims to implement a federalist plan without independent states, where decisions on laws, taxes and investments would be made in Brussels.
Paris is most expensive, Greek coast offers alternative to utility bills
House prices have skyrocketed across Europe. While in Paris and Munich, the price of homes is over 10,000 euros per square metre, properties are much more affordable in the Balkans. In Greece, you can buy a 70-square-metre beach apartment for a very reasonable 70,000 euros.
IMF loan may trigger further gas and electricity price hikes
Gas prices in Serbia may rise by 11 per cent from January and North Macedonia is also in trouble as it needs to import electricity, the vice chair of the opposition VMRO-DPMNE party – who blames the government for the current situation – told V4NA in an exclusive interview.
Yellow vest movement resurgence likely in January
The French government's fuel price rebate was reduced by a third in mid-November and will be phased out in January. Opposition politicians warn that the anti-government yellow vest movement could swing into action again. The government plans to introduce new, more targeted support from January, but the premier has not yet disclosed details.
Inflation soars in Western Balkans
The international environment is also prompting price increases, Serbia's National Bank Governor Jorgovanka Tabakovic says, adding that inflation will remain until 2025. In Kosovo, Montenegro and Croatia, statisticians have reported above-average price increases.
Companies warn of extremely difficult economic times
Many business leaders have recently warned of difficult economic times, with new lay-offs and cost-cutting measures having been implemented in recent weeks. Jeff Bezos, Amazon's executive chairman, also spoke in an interview about the drastic downturn in the economy.
Germany's dependency a disappointment to its government
Germany must import 39 out of 46 strategically vital raw materials. The country's dependence on China in terms of many raw materials already exceeds its reliance on Russian energy carriers.
Number of repossessed properties up
Between July and September this year, the number of bank repossessions on mortgaged homes rose by 15 per cent compared to the previous three months in the UK. The main reason is that the interest rates of mortgages have risen sharply, and the cost-of-living crisis has also had a negative impact on the budget of individual households.
Malt industry in Europe struggles to stay afloat
With production costs soaring due to the sanctions-fuelled crisis and the brutal energy price hikes, beverage manufacturers in many places are struggling for survival. Brewers are in the biggest of troubles, and in some countries a growing number of them are forced to close up shop for an indefinite time period.
As skilled workers leave, Sri Lanka and Cuba provide replacement
Serbia suffers from severe workforce shortages. In the Balkan country, the scarcity of skilled labour has been palpable for years, but now hardly any sectors are capable of recruiting enough workers, economists and employers say.
Belgian meat industry prospects gloomy
Three out of four Belgian meat companies fear they will face major difficulties next year due to high energy prices. The sector is extremely energy-intensive, as the processing, transport and storage of meat requires continuous refrigeration.
Timber prices fall in Serbia after panic buying
November brought calm on the Serbian firewood market. There is enough firewoood in the timber yards, and its price has slightly decreased. Depending on the vendor, the price per cubic metre has fallen by between 500 and 2000 dinars (4 to 16 euros). Firewood is now available in some places for as little as 6500 dinars, or 55 euros.
Brussels lawyers say sanctions threaten rule of law
This is the beginning of the end for the rule of law, because it means that the government has discretion over who has the right to legal counsel and who does not, lawyers say.
Inflation prompts French to buy fewer clothes and look for timeless pieces
In order to cope with the soaring prices, the French are trying to save on whatever they can. Many are reviewing their shopping habits, also in terms of clothing. Most French people have curtailed their spending on clothes significantly, and they are looking for classic, quality pieces that can withstand fashion fads, a recent study shows.
Subdued festivities nearly all across Europe
Starting this weekend, the first Christmas markets will offer mulled wine and an Advent atmosphere to customers, but there will be fewer festive lights and even restrictions in some places. Certain cities will not stage a Christmas fair or skimp on festive lights.
Government imposes price cap on two additional foodstuffs
The cabinet hopes the measure will contribute to curbing inflation.
US President lying to both camps about oil drilling
While Joe Biden told climate protesters that drilling for oil in federal lands must be shut down, a few days earlier he complained about high fuel prices, slamming oil companies for not drilling enough.
French skimping on food choose quantity over quality
At least 92 per cent of French people are alarmed about rising inflation, a survey conducted by the Odoxa group reveals. The rising energy and food prices are the main concerns of French residents, the report says. Because of the growing food prices, French consumers have stopped buying their usual, quality products, opting for cheaper, private brands instead.
Major power very far from its 2030 climate targets
If the country continues to emit greenhouse gases at the current rate, the 2030 climate targets will not be met, experts say. The industrial sector alone would need to speed up its annual emission reduction by a factor of around ten to meet Germany's climate targets by 2030. Emissions in the transport sector should be reduced by up to 14 times of the current rate.