Central Europe / News
Hungary’s flagship battery sector racks up $112mn losses amid demand slump
Hungary’s battery manufacturing sector, heralded as a pillar of the manufacturing sector, has posted combined annual losses of nearly $112mn, as weakening global demand and shifting trade dynamics hit the industry hard.
Polish central bank holds rates but cuts seem imminent later this year
The decision to hold follows a cut of 50bp in May, the first reduction in NBP’s interest rates since 2023. The Polish inflation rate came in at 4.1% y/y in May, easing from 4.3% y/y the preceding month.
Budapest opposition mayor: government aims to "push the city to the brink of abyss"
Budapest’s transport and finance committees have convened an emergency session to assess the fallout from the government’s recent measures, which local leaders say have pushed the capital to the verge of financial collapse.
Trzaskowski says he did his best in campaign, plans to focus on Warsaw
Warsaw Mayor Rafał Trzaskowski said he had no regrets about his presidential campaign and that he gave it everything he had, speaking publicly for the first time since his narrow defeat to Karol Nawrocki in the June 1 election.
Czech Supreme Court lifts blocking of Dukovany nuclear contract
The Czech Supreme Administrative Court has lifted the blocking of the contract between the South Korea Hydro & Nuclear Power and the Czech side for the major €16bn Dukovany nuclear power plant enhancement.
Orban vows to “do everything” to keep Ukraine out of the EU
Hungarian Prime Minister Viktor Orban has vowed to “do everything” in his power to prevent Ukraine from joining the European Union, he said in a social media post on June 3, escalating tensions over the bloc’s enlargement policy.
Hungary's MOL signs onshore exploration agreement with Azerbaijan's SOCAR
MOL has signed key terms for an exploration, development and production sharing agreement with Azerbaijan’s state oil company SOCAR for the Shamakhi-Gobustan region of the country.
Vote of confidence on Tusk’s government set for June 11
Polish Prime Minister Donald Tusk will seek a vote of confidence in his government on June 11, following the narrow defeat of his presidential candidate Rafał Trzaskowski in the June 1 run-off election.
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Hungarian banks report record year in 2024 with €5bn consolidated profit
Hungary’s banking sector delivered a record-breaking year in 2024, with consolidated net profits reaching a record HUF2 trillion (€5bn).
President Nawrocki shakes Tusk government to the core
The four-party coalition of Prime Minister Donald Tusk appears to have been shaken to its foundations, as the fallout of June 1's presidential election has begun to spread on the following day.
PiS-backed Karol Nawrocki wins Poland’s presidential election
Karol Nawrocki, a political newbie backed by the radical right-wing Law and Justice (PiS) party, has won Poland’s presidential election, official results showed on June 2.
Hungarian central bank books €2bn loss in 2024
The Hungarian National Bank incurred a HUF789bn (€1.95bn) loss last year, according to the annual report of the central bank. While still substantial, this represents a sharp improvement from the record deficit of HUF1.76 trillion in 2023.
Moody's affirms Hungary's rating but flags risks of fiscal slippage and loss of EU funds
Moody's has reaffirmed Hungary's sovereign credit rating at Baa2 with a negative outlook in its latest scheduled review on 30 May, keeping the country just one notch above the lowest investment-grade category.
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UPDATE: late poll has turned Poland’s presidential race on its head, with populist Nawrocki now in front
A late poll, combining exit poll data with some official results, put Karol Nawrocki ahead with 50.7%, while Rafal Trzaskowski trailed at 49.3%, a 1.4 percentage point gap, shortly before midnight Poland time on June 1.
Rafał Trzaskowski ahead in Polish presidential election by margin too narrow to call winner, exit poll shows
Trzaskowski has secured 50.3% of the vote compared with Nawrocki’s 49.7%, with turnout at a high 72.8%. While the margin is razor-thin, election authorities are expected to confirm the result by tomorrow.
MOL to take majority stake in Hungary's leading engineering university
Hungary's MOL is set to take majority ownership in the state-owned company running Budapest University of Technology and Economics, Hungary's most prestigious engineering institution, for HUF50bn (€120mn).
Czech Justice Minister Blažek resigns after revelations his ministry accepted CZK1bn in bitcoins from drug dealer
Pavel Blažek’s resignation comes just four months before the October elections, which the opposition ANO party is widely expected to win.
Estonia’s Eurovision singer’s Espresso Macchiato teasing Italians goes wild
After finishing third in this year's Eurovision Song Contest, Estonian artist Tommy Cash has seen his hit single Espresso Macchiato break into both the Billboard Global 200 chart in the United States and the UK Top 40.
Lithuania hands over probe into American soldiers’ deaths to US authorities
Lithuania handed over the investigation into the deaths of US soldiers at the Pabrade military training area to American authorities, Chief of Defence Raimundas Vaiksnoras said.
COVID is back - a new "NB.1.8.1" strain is spreading across continents
The coronavirus (COVID-19) is back. Reports from health authorities around the world have detected a new highly contagious strain of the virus that has been spreading through Asia and has now reached Russia.