Business

Hungary losing billions from Russian counter-sanctions
Hungary losing billions from Russian counter-sanctions
The Hungarian economy is counting its losses from the food embargo introduced by the Kremlin in response to US and EU sanctions against Moscow, according to the Minister of Foreign Affairs and Trade Peter Szijjarto.

Business snaps

  • EU says will not sign off on Greece bailout review on Thursday

    Eurozone finance ministers will not sign off on a review of Greece’s bailout at a meeting on Thursday, EU economic and financial affairs commissioner Pierre Moscovici said. “We will see how we can move to a swift conclusion… but this obviously cannot be achieved on Thursday,” Moscovici told journalists in Dublin. “We hope it can be done as soon as possible.” (Reuters)

  • Trump’s exit from Pacific trade deal opens door for Germany – Gabriel

    Germany would take advantage of any trade opportunities in Asia and South America left by a protectionist United States, Vice Chancellor Sigmar Gabriel said, after US President Donald Trump withdrew from the Trans-Pacific Partnership (TPP). “If Trump starts a trade war with Asia and South America, it will open opportunities for us,” Gabriel told Handelsblatt newspaper in an interview published on Tuesday. “Trump must simply recognize that the US economy often isn’t competitive, while the German [economy] is,” he said, criticizing Trump’s threat to impose a 35 percent tariff on German cars imported from Mexico. Gabriel said German industry should remain confident in the face of Trump’s moves. (Reuters)

  • Hong Kong stocks rise as resource firms, coal miners rally

    Hong Kong stocks rose on Tuesday, led by a solid resources sector as a weaker US currency stemming from President Donald Trump’s protectionist stance reduces costs to firms for raw materials imports. An index tracking resources stocks advanced 4.1 percent. Mainland miners also put up a solid performance after futures contracts of coke rallied around 3.7 percent at the close. The benchmark Hang Seng index added 0.2 percent, to 22,949.86 points, while the Hong Kong China Enterprises Index gained 0.3 percent, to 9,759.26 points. The dollar was on the defensive after hitting a seven-week low against a basket of major currencies on Monday. (Reuters)

  • Philippines, China to roll out $3.7bn in cooperation projects

    China and the Philippines have agreed on $3.7 billion worth of projects to boost cooperation, state media cited a senior Chinese official as saying, highlighting the improvement in their formerly frosty relations. Commerce Minister Gao Hucheng said after a Monday meeting with a Cabinet delegation from the Philippines that the projects are aimed at “improving people’s living standards,” Xinhua reported. Under Philippine President Rodrigo Duterte, who took office in June, the Asian neighbors have seen ties that had been tense over longstanding South China Sea territorial disputes undergo rapid improvement. (AP)

  • China’s yuan firms, liquidity pressure eases, traders eye on post-holiday conditions

    China’s yuan firmed against the dollar on Tuesday after the central bank fixed the official yuan midpoint at the strongest level in more than two months. The People’s Bank of China set the midpoint rate at 6.8331 per dollar prior to the market open, some 241 pips, or nearly 0.4 percent, stronger than the previous fix of 6.8572. Traders said banks’ clients quickly took advantage of the cheaper dollar. Spot yuan opened at 6.8455 per dollar and was changing hands at 6.8509 at midday, 31 pips firmer than the previous late session close but 0.26 percent weaker than the midpoint. A gauge measuring dollar strength against six other currencies fell below 100 to hit 99.899 at one point overnight to hit its weakest level since December 8. (Reuters)

  • Shanghai shares at 2-week high, small-cap stocks weigh

    China’s main share index ended at a fresh two-week high on Tuesday, but pared some of its earlier gains as small-cap stocks weighed. Trading remained thin as investors were reluctant to stake out fresh positions ahead of the country’s biggest holiday starting this week. The blue-chip CSI300 index was unchanged at 3,364.45 points, while the Shanghai Composite Index gained 0.2 percent to 3,142.55 points. Sentiment was also affected by renewed debt worries after Beijing reported a significantly larger fiscal deficit in 2016. Most sectors remained largely unchanged. Gains were led by cyclical stocks, in particular banks and energy shares. (Reuters)

  • Most German companies expect little to no impact from Brexit – poll

    A large majority of German companies expect Britain’s divorce from the EU to have little to no effect on their business, according to a poll published by the Cologne Institute for Economic Research (IW) on Monday. More than 90 percent of the 2,900 companies surveyed either said they expected no damage at all or very little harm, the survey entitled “Brexit, so what?” found. Only two to three percent said they expected Brexit to have a major impact on their investments and workforce. (Reuters)

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RT asks

In an apparent war between Trump and the US intelligence community: