"Germans are unaware of what's ahead of them," ex-finance minister says – video
Former finance minister Peer Steinbruck has warned of "three or five very difficult years" and "a time of hardships." His successor, the current finance minister, also admits that the situation is grave. The economy minister advises to prepare for a tough winter due gas supply shortages, which could even lead to the shutdown of some industries.
Fuel price caps unable to stop price hikes in several countries
Several Balkan states have introduced price freezes on fuels. Nevertheless, fuel price in Serbia has significantly risen since the first price cap was imposed, as the price is adjusted from week to week. The situation is similar in Montenegro. In Croatia, the price depends on which petrol station motorists choose to refuel their cars. Slovenia is facing supply disruptions.
Ukrainians buy up properties in Montenegro irrespective of price
The seaside resorts of the Balkan country still haven't received any palpable attention from Western tourists. They did, however, attract many Ukrainian refugees, who completely unsettled the property market.
Rental fees skyrocket in Serbia
Rental fees in Serbia are rising at an unstoppable rate. It is no longer possible to find a property for less than 200 euros a month in larger cities. This is particularly problematic for students, as it is almost impossible to find affordable housing before school starts in the autumn.
Sustainability a priority for Hungarian Bankholding
The Hungarian Bankholding has developed its environmental, social and governance (ESG) strategy. The objectives of the Hungarian banking group include financing investments that contribute to sustainability, reducing the company's ecological footprint and further increasing the number of female executives.
Biden says inflation has eased – if you exclude energy and food prices
Another farcical remark from the US president, who said that if a few factors are taken out of the equation, it is clear that inflation has decreased. Meanwhile, people are facing additional costs of $460 a month, the highest increase in decades.
Companies use tricks to keep fuel prices near levels before tax cut
The government introduced a tax cut on fuels more than a week ago, but the prices of petrol and diesel oil have not changed significantly. Several government and opposition politicians urge an excess profit tax, as the rebates are now pocketed by oil companies.
Skyrocketing energy prices push entrepreneurs to brink of bankruptcy
One electricity supplier has announced a 500 per cent increase in prices, so a significant proportion of small businesses are unlikely to be able to keep up with costs.
EU businesses benefit from sanctions against Russia
The failure of European sanctions is reflected in the growing interest in Russian oil on the market. Some companies have doubled the amount of their orders. EU tankers are busily shipping from Russian ports.
EU sanctions could leave Serbia without Russian crude
Russian crude oil imports to Serbia will become impossible in the wake of EU sanctions. The country's supply has so far been coming from a port in Croatia via the Adria oil pipeline. This option will cease as Brussels has banned Russian crude oil shipments to Europe by tankers.
Serbia depends on Russian gas for now, but is open to other options
Serbia is working on diversifying its energy dependence, but until that happens, it will use exclusively Russian gas, Serbian President Aleksandar Vucic said in Bratislava at a security meeting, in which Serbia-EU relations were also discussed.
The Falcon flies – Budapest-Belgrade rail link's first section proves its worth
The high-speed train service, dubbed Soko (or Falcon) connecting Belgrade and Novi Sad was launched on 19 March. It carried more than three hundred thousand passengers by the end of May, and interest was so huge that the promotional period was extended and new services have been introduced. Figures clearly show the need for the development of north-south transport corridors, which will not only offer more comfortable travel to passengers but also give a boost to the economy.
Russian gas or alternative sources? – Serbia made its call
Solar energy, wind energy, LNG. Are they real alternatives to Russian gas, or merely a naive vision for the future? Europe believes that the new solutions can swiftly enter the market after excluding Moscow, but the ability of member states and candidate countries to keep up with these expectations remains questionable.
From Pjs to work, then back into Pjs – is grass greener on Western side of fence?
The number of Eastern Europeans working abroad has increased significantly in recent years. For Serbs, Germany, Austria and Switzerland have been the main destinations. Many choose the West with high hopes, but then reality hits.
PM Orban: Embargo excluding pipelined Russian crude is good solution for Hungary, but only with guarantees
The solution the European Council intends to choose – to extend the embargo onto oil arriving from Russia by sea, but not by pipelines – is acceptable for Hungary, PM Orban said on Monday, upon arriving in Brussels for the extraordinary two-day summit to be attended by leaders of EU member states.
Brussels's plans would lead to further petrol and diesel price hikes
We will not allow this to happen, Hungary's prime minister wrote on his Facebook page in a post he uploaded from Brussels, where he is attending a two-day summit of leaders of EU member states.
Serbia to use Russian gas in winter, yet leaders in Belgrade still in hot water
The Serbian and Russian presidents have reached a long-term gas supply agreement. It will enable Serbia to import cheap gas in the next three years. So, what does it mean to the economy of the Balkan country, and how will the good relations with Russia affect the county's EU integration? Serbia will certainly have enough gas for the winter at one tenth of its cost in EU countries, Mr Vucic said. In the meantime, Serbia is facing constant pressure from both the East and the West, with Sergei Lavrov paying a visit on 7 June, and Olaf Scholz on 10 June.
Croatia holiday prices skyrocket, here are some alternatives
The pandemic is over and travel is free again to most countries. But the degree of freedom also depends on the thickness of your wallet. Holidays will not be cheap this year. Skyrocketing energy and food prices have also led to a significant increase in holiday costs. Adriatic, Aegean or Ionian Sea? We checked out the best resorts in the area taking into account not only the beauty of the scenery, but also the prices.
Real estate prices pushed up by incoming Russians and Ukrainians
Serbia is witnessing the arrival of a growing number of Russians and Ukrainians. Some of them are fleeing the war, others are moving to the Balkan state from Russia, which is facing sanctions. According to surveys, the newcomers have triggered a significant price hike in the luxury housing markets of Novi Sad and Belgrade.
Euro wouldn't protect Hungarian economy
Van összefüggés az inflációs és a GDP-adatokban, hiszen a belső kereslet és fogyasztás mindkettőt befolyásolta. Egy elemző rámutatott, a többi uniós ország jelentős pénzromlása a gyenge forinttal együtt a magyar mutatót is felfelé húzhatja, írja a Világgazdaság.
European market may be in for price hike of yet another product – what will we do without it?
It's in every household, we use it regularly and finding a replacement product would require a lot of creativity. Yes, we’re talking about toilet paper. Customers have to pay more for it because the price of pulp has soared in the past year and the higher gas prices required for paper production. Some say there may even be a shortage.
No EU country except Hungary protects households from huge utility costs
While several EU member states have seen brutal increases in utility fees over the past year, only has introduced a comprehensive measure to reduce the burden on the population, the Hungarian Origo news portal points out. The price of natural gas and electricity have doubled in several countries, with other countries where people are charged four to five times more for those.
PM Orban: Hungary and Serbia to help each other in trouble
The 89th International Agricultural Fair in Novi Sad opened its doors on Saturday. This year its partner country is Hungary. The event was launched jointly by Hungarian Prime Minister Viktor Orban and Serbian President Aleksandar Vucic. In his speech, Mr Orban stressed that we are facing a difficult winter, but Hungary and Serbia can count on each other.
Putin and Soros locked in fight for control of gas transit company
For more than ten years, both Vladimir Putin and George Soros (US) have sought to acquire Ukraine's state-owned gas transit company. The latter succeeded and the strategic company has come under his influence. Against this background, it comes as no surprise that the firm's legal successor is fully serving US interests and is making no effort to mitigate the tensions of the Russia-Ukraine war. Shortly after being elected, Volodymyr Zelensky allowed for Soros's plan to be implemented in Ukraine. The news site Kontra offers an overview of events in its article.
25 per cent of global population will be exposed to hunger in winter
The only problem Serbia may face has to do with its gas procurement process. Unlike the West, the Balkan country will have enough basic foodstuffs, and the only question is the price tag, says the president of an association of economists.
Biden administration puts pressure on oil companies
High oil prices are causing severe inflation, with fuel prices reaching record highs in the US. This prompted the Biden administration to put pressure on oil companies to increase production.
Major oil companies outperforming on the market
Due to the war in Ukraine and supply chain constraints, the value of energy sources on the world market has skyrocketed. Oil companies are soaring, with their earnings rising sharply compared to last year, Vilaggazdasag writes.
Supplies by pipeline must be exempt from embargo
The European Commission has not presented any proposals that could tackle the negative impacts of a possible embargo on Russian oil, so the government will represent its original position that supplies via pipelines should be exempt from the embargo, Hungarian Foreign Minister Peter Szijjarto wrote on social media on Wednesday.
EU member state with biggest fuel price hike revealed
Figures by Brussels show that fuel prices have fallen in two EU countries since the start of the war, but have risen sharply in all others.
EU to give up Russian gas, Serbia secures itself
Serbia is preparing to conclude a new long-term gas contract with Russia. According to the director of Serbian gas company Srbijagas, the country has enough funds and there are alternative ways to provide gas. As to the new contract with Russia, Dusan Bajatovic said that he would present the details after 15 May. He stressed that there was no need to worry, it will be affordable. Meanwhile, Energy Minister Zorana Mihajlovic said that there will be enough gas for the upcoming winter, but it will not be easy to procure and it will not be cheap. The minister has called on everyone to use energy resources rationally.
Hungary to build 317 km of new roads by 2032 and extend existing lanes by 265 km
The consortium led by the Themis private equity fund has won the concession for the construction and maintenance of motorways in Hungary for the next 35 years. 317 kilometres of new roads will be built by 2032, and there will be 265 kilometers of lane extensions in the first ten years of the concession, Antal Rogan, PM Orban's cabinet chief, said at a background discussion in Budapest on Friday.
PM Orban: Brussels' oil embargo plan tantamount to a nuclear bomb
The EU's proposal to impose a complete Russian oil embargo is unacceptable, Hungarian PM Viktor Orban told public radio on Friday, adding that it would be tantamount to dropping an atomic bomb on Hungary's economy.
Russians and Ukrainians buying luxury villas in Montenegro
Ukrainians arriving in Montenegro have turned the real estate market upside down. They are buying up seaside holiday homes, causing their prices to skyrocket. Analysts say that poorer Ukrainians go to Germany because they get work and social benefits there, better-off people buy or rent luxury villas on the Adriatic. Prices have jumped by 50 per cent in Montenegro in the course of just a few months.
Price freeze on fuel no longer in effect
One week after the vote in Slovenia, price caps on motor fuels are lifted. The maximum price of petrol and diesel was set at 1.5 euros by the Ljubljana government, but starting 1 May, market prices will be at play. The Jansa government lost its parliamentary majority a week ago with the green party garnering victory. In Hungary, the price freeze on petrol remains in place. In Serbia, on the other hand, the price of petrol went up quite a bit, by nearly 10 cents a litre.
PM Orban: Price freeze on food and fuel remains in place
The Hungarian government has extended the price freeze on some basic food products and fuels by another two months, Hungary's Prime Minister Viktor Orban announced.
PM Orban: Work and skilled labour have future in Hungary
Skilled labour has a future in Hungary, and those with knowledge, skills and “the courage to use them” will have nothing to fear in harder times, Prime Minister Viktor Orban said in his opening address at the 15th skilled labour festival in Budapest on Monday.
Russian businessmen relocate their companies
Businesses are leaving Ukraine in increasing numbers, but they are not the only ones: Russian businessmen are also moving their headquarters to Serbia. In the past six weeks, 300 Russian companies have been registered in the Balkan country. Serbia, despite being under constant pressure as an EU candidate country, has not introduced sanctions against Russia, and Russian companies can trade freely from Belgrade both with their home country and Europe. So far Serbia has seen the arrival of 6,000 Ukrainian refugees.
Sown wheat up in Serbia – bread grain prices will likely skyrocket
Serbia's autumn-sown wheat area has increased by about six per cent compared to last year, and by about ten per cent compared to the ten-year average. Last year's good yields have already encouraged farmers to expand their bread-grain production, and the war between Russia and Ukraine only confirmed that their decision was right.
FM Szijjarto: It's possible to pay for natural gas without violating international sanctions
Hungary will break EU sanctions if it keeps its promise to pay for Russian energy in roubles, European Commission President Ursula von der Leyen told CNN on Friday. However, according to Foreign Minister Peter Szijjarto, Hungary can pay in roubles without violating the sanctions imposed by Brussels.
PM Orban's proposals would reduce utility prices in Europe
The proposals of the Hungarian prime minister would ease the burdens of market players and consumers in three key areas, writes a Hungarian economic news site in its analysis.
Students and families at the heart of Serbia's population stabilisation policy
The Belgrade government aims to increase child births and to encourage young people to stay in the country. In the past decade, more people have moved abroad than back to Serbia. However, the coronavirus pandemic has temporarily halted the wave of Serbian expatriates with many moving home when frequent commuting became virtually impossible due to strict entry rules imposed in some countries.
PM Orban: We need experience and calmness now
Calmness, experience and prudence are needed at the current time, “not only to maintain peace and security” but also for future planning, Hungarian Prime Minister Viktor Orban said on Saturday, at the opening event of the ZalaZONE Automotive Test Track in Zalaegerszeg in southwestern Hungary.
High-speed Belgrade-Novi Sad rail link ready – PM Orban and President Vucic on first train
The high-speed railway link between Belgrade and Novi Sad in Serbia was inaugurated on Saturday. Serbian President Aleksandar Vucic and Hungarian Prime Minister Viktor Orban boarded the first train together to complete the journey between the two cities. At the inauguration ceremony, PM Orban and President Vucic reiterated that both countries want peace.
Fuel prices drop in yet another Central European country
After weeks of rising prices and market panic, there is good news at the pumps. Starting today, petrol and diesel will cost less at the patrol stations in one European country, while motorists in the West continue to experience soaring, exorbitant prices.