World
Brussels chides Hungary for significant errors in its fiscal plans
Budapest appears to be dragging its feet over submitting a realistic picture of Hungary’s economic outlook, according to a European Commission letter seen by Euronews – the latest potential quarrel in a pattern of worsening relations with Brussels.
Hungary’s fiscal plans are missing significant information and based on unreliable data, European Commissioner Valdis Dombrovskis has said in a letter to Finance Minister Mihály Varga, dated Thursday (5 December) and seen by Euronews.
Budapest appears to be dragging its feet in submitting realistic economic forecasts to Brussels – part of a growing pattern of confrontation between the two.
“At this stage, there are still important elements missing, or requiring further adjustment and specification, for the Commission to finalise its assessment” of Hungary’s medium-term fiscal plan, said Dombrovskis, who is European Commissioner for the Economy.
The Commission also highlights issues with data on economic growth, inflation and interest expenditure, saying that deviations from the Commission’s own methodology need to be “duly justified”.
The analysis is supposed to set out how Viktor Orbán’s government plans to return to fiscal balance over the coming few years, after strict EU spending rules were relaxed amid the covid pandemic and the ensuing energy crisis.
But the EU executive’s full assessment “may take some time … given the breadth of the missing information” – possibly stretching the deadline from the current 12 December into the middle of January next year, the letter said.
Fines for breaches
The EU Treaty limits the debt its member states can incur – and in principle breaches can lead to fines, even if such tough measures are rarely if ever imposed.
The bloc’s Stability and Growth Pact aims to avoid economic turmoil in the eurozone, as seen in Greece following the global financial crisis of 2007-8 – but the rules also apply, albeit less strictly, to those such as Hungary who don’t share the currency.
Under the EU’s ‘Maastricht criteria’ outstanding government debt should not exceed 60% of annual economic output, or GDP, and the budget deficit should be no more than 3%.
These budget strictures were largely suspended during the government splurges of the pandemic and the energy crisis surrounding Russia’s invasion of Ukraine, but they are back in force as of this year.
Hungary was apparently late submitting its fiscal plans, meaning it couldn’t be assessed in late November alongside most other EU member states.
In light of domestic political issues, the Commission had given five other EU members extra time to submit their deficit proposals. Among them are Germany, which has called a snap poll for February, and Belgium, which is still attempting to form a governing coalition after June federal elections.
Just one of the remaining 21 countries was given a fail grade for its fiscal plans in November. The Commission chastised the Netherlands, traditionally a fiscal hawk, for a deficit predicted to rise from 0.2% this year to 2.4% in 2026, due in part to income tax cuts and a rise in public investment.
Toxic impact
Conforming with Brussels’ demands can have a toxic impact on domestic politics. The government of French prime minister Michel Barnier fell this week after lawmakers refused to support his seven-year plan to bring down France’s deficit, which at 6.2% is the highest in the eurozone.
Hungary is also approaching the end of a complicated six months in which it has chaired discussions among member states in the EU Council.
Budapest has repeatedly vetoed sanctions and other measures taken against Russia in response to the Ukraine invasion, and has refused to implement EU court judgements on asylum rights, leading Brussels to suspend lucrative EU funds.
World
Google puts AI agents at heart of its enterprise money-making push
World
Landlords allegedly posting ‘Muslim-only’ apartment ads in violation of country’s equality act: report
NEWYou can now listen to Fox News articles!
Some landlords in England are apparently advertising “Muslim-only” apartments online, according to a local media report.
An investigation by The Telegraph found that alleged listings posted in London on Facebook, Gumtree and Telegram feature phrases such as “only for Muslims,” “for 2 Muslim boys or 2 Muslim girls,” and “Muslims preferred.”
Other ads appeal to Punjabi and Gujarati speakers, while some job vacancies on the platforms are advertised for men only.
Some listings specify “Hindu only,” in addition to posts that likely use religious subtext by stating: “The house should be alcohol and smoke-free.”
IS MAMDANI’S SOCIALIST PUSH FOR RENT CONTROLS ABOUT TO WRECK THE NEW YORK CITY HOUSING MARKET?
On Facebook, a company called Roshan Properties posted dozens of listings stating “prefer Muslim boy,” “one double room is available for Muslims,” and “suitable for Punjabi boy.” A Meta spokesman told Fox News Digital that Facebook then removed the company’s page “for violating the platform’s policies on discriminatory practices.”
Apartment buildings in Westminster, London, U.K. (John Keeble/Getty Images)
The ads run afoul of Britain’s Equality Act 2010, which prohibits discrimination based on religion or belief, race and other protected characteristics.
“These adverts are disgusting and anti-British. It goes without saying that there would be a national outrage if the tables were turned,” Robert Jenrick, Reform UK’s economic spokesman, told The Telegraph. “All forms of racism are unacceptable, and no religious group should get a special exemption to discriminate in this way.”
Houses and properties line Cheyne Walk in Chelsea, London, U.K. Some landlords in the city are illegally advertising for “Muslim only” tenants across the city, an investigation by The Telegraph has found. (Richard Baker/In Pictures via Getty Images)
One landlord told The Telegraph to “go away” when asked about an ad for a “Muslims only” room for $1,150, and whether it was available to renters of other faiths.
A spokesperson for Gumtree told the newspaper that the company has clear policies in place that prohibit unlawful discrimination.
On Facebook, a company called Roshan Properties posted dozens of listings stating “prefer Muslim boy,” (Al Drago/Bloomberg via Getty Images)
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
“We take reports of inappropriate listings very seriously,” the spokesperson said. “The ads referenced appear to relate to private rooms within shared homes, where existing occupants may express preferences about who they live with. This is different from renting out an entire property, which is subject to stricter rules under the Equality Act.”
Telegram did not immediately respond to Fox News Digital’s request for comment.
World
Is Europe too late to the metal recycling game?
Europe’s critical raw materials crisis has a partial answer sitting in the waste stream — but the continent has been too slow to see it.
ADVERTISEMENT
ADVERTISEMENT
Dorota Włoch, CEO of Eneris Surowce, was direct: recycling is no longer optional.
Unlike plastics, metals can be recovered and reused indefinitely, making urban mining — the recovery of raw materials from existing products and waste — increasingly valuable, particularly for batteries.
“From recycling, we recover metallic aluminium and so-called black mass, which is a concentrate of metals, mainly cobalt-nickel. These are some of the most valuable battery metals. And batteries are crucial today, not only in the automotive sector, but also in storing energy from renewable sources such as wind and solar,” she said.
‘Europe is 25 years late’
Włoch put the scale of the problem plainly. “Deposits are critical — any machine can be bought, but natural resources are not. They are non-transferable and non-renewable. If we use them, they simply disappear,” she said.
Europe’s belated recognition of that reality has cost it dearly.
“The regulation of critical raw materials came 25 years after other regions of the world had invested heavily in deposits. Europe was too passive. Today we are catching up, but the regulations are often so demanding that countries like Poland have difficulty implementing them.”
Who benefits most from extraction?
Poland holds significant reserves of raw materials critical to the modern economy, such as copper, coking coal, nickel, platinum group metals, helium, rhenium, lead and silver.
But the minerals needed most for the energy transition, such as lithium, cobalt and graphite, exist only in limited quantities, forcing imports.
Arkadiusz Kustra, dean of the faculty of civil engineering and resource management at AGH University of Science and Technology in Kraków, told a panel at the European Economic Congress that awareness of the full supply chain, and who profits from it, was now essential.
He pointed to Serbia as a case study.
“Serbia has lithium deposits and is already in talks with Mercedes or Stellantis,” he said. Belgrade is using that leverage to attract investment in battery factories and car plants, keeping more of the value chain at home.
The goal, Kustra argued, should be regional supply chains that retain added value locally.
“You can earn the least at the beginning and the most from the end customer,” he said.
The bigger obstacle is Chinese dominance.
“Margins in critical raw materials largely go to the Chinese, who control more than 90% of processing and trading, even though they do not own most of the deposits,” he said.
In the Democratic Republic of Congo — among the world’s most resource-rich countries — Chinese entities control around 90% of deposits.
The panel also pointed to growing interest in new supply partnerships, with Poland eyeing assets in the Congo region and the Americas.
-
Wisconsin57 seconds ago
What can and can’t you recycle in Wisconsin? Here are the rules to know
-
West Virginia7 minutes agoThis Is The Friendliest Small Town in West Virginia
-
Wyoming13 minutes agoGovernor Mark Gordon Discusses Water-saving Measures By Data Centers In Southeast Wyoming
-
Crypto19 minutes agoBen McKenzie is Still Mad at Matt Damon For Those Crypto Ads
-
Finance25 minutes agoAuto Finance Capital Summit | Insights | Mayer Brown
-
Fitness31 minutes agoAt 50, Hrithik Roshan’s ex-wife Sussanne sets fitness goals with challenging Pilates exercise
-
Movie Reviews43 minutes ago‘Madhuvidhu’ movie review: A light-hearted film that squanders a promising conflict
-
World55 minutes agoGoogle puts AI agents at heart of its enterprise money-making push