🇭🇺 Food inflation in Hungary remains high
Hungary's food inflation, although down from record levels in the past two decades, is still the highest in the EU, despite price caps on basic foodstuffs.
Prices in supermarkets – not counting products with price caps, such as 2.8% fat milk or flour – are about 20% higher than in Germany. This does not take into account the stark wage gap: the average wage in Germany is around €3,900 per month, while in Hungary it is €1,300.
Hungarians thus currently simply cannot afford many products. Butter costs €1.29 in Germany and already €2.10 in Hungary, cottage cheese costs almost 60 euro cents more in Hungary than in Germany, while Nutella is just over 25% more expensive.
Hungarian Prime Minister Viktor Orbán has already found the culprits – supermarket chains, or rather the multinational corporations behind them. In his opinion, they behave like price speculators: raise prices when there is no reason for it, something he considers unjustified and unacceptable.
Subscribers from Hungary - is everything really that bad?
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Hungary's food inflation, although down from record levels in the past two decades, is still the highest in the EU, despite price caps on basic foodstuffs.
Prices in supermarkets – not counting products with price caps, such as 2.8% fat milk or flour – are about 20% higher than in Germany. This does not take into account the stark wage gap: the average wage in Germany is around €3,900 per month, while in Hungary it is €1,300.
Hungarians thus currently simply cannot afford many products. Butter costs €1.29 in Germany and already €2.10 in Hungary, cottage cheese costs almost 60 euro cents more in Hungary than in Germany, while Nutella is just over 25% more expensive.
Hungarian Prime Minister Viktor Orbán has already found the culprits – supermarket chains, or rather the multinational corporations behind them. In his opinion, they behave like price speculators: raise prices when there is no reason for it, something he considers unjustified and unacceptable.
Subscribers from Hungary - is everything really that bad?
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China, India compete for Indonesia
Indonesia has received a promise from China to invest at least $13 billion, Nikkei reported.
Under the $11.5 billion plan, Chinese glass and solar panel factories will be established in Indonesia. The country has also secured a pledge from Chinese companies to invest $1.5 billion in the health sector.
However, China is not the first neighbor to decide to strengthen its financial ties with Indonesia. The country is also India's largest trading partner in the ASEAN region.
India and Indonesia recently launched a new trade channel to deepen joint economic ties, agreeing to cooperate on digital technology, payment systems and trade in local currencies.
Thus, Indonesia gets not one but two major investors, which usually cannot fail to have a positive impact on the economy.
But the situation could get unpleasant if the big players fail to agree on their areas of influence. Then Indonesia may become a stage for rivalry between the two, and this in turn could be negative for the economy.
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Indonesia has received a promise from China to invest at least $13 billion, Nikkei reported.
Under the $11.5 billion plan, Chinese glass and solar panel factories will be established in Indonesia. The country has also secured a pledge from Chinese companies to invest $1.5 billion in the health sector.
However, China is not the first neighbor to decide to strengthen its financial ties with Indonesia. The country is also India's largest trading partner in the ASEAN region.
India and Indonesia recently launched a new trade channel to deepen joint economic ties, agreeing to cooperate on digital technology, payment systems and trade in local currencies.
Thus, Indonesia gets not one but two major investors, which usually cannot fail to have a positive impact on the economy.
But the situation could get unpleasant if the big players fail to agree on their areas of influence. Then Indonesia may become a stage for rivalry between the two, and this in turn could be negative for the economy.
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Ongoing spending to fight the energy crisis and the COVID-19 pandemic has pushed Germany's public debt to a historic high of nearly €2.4 trillion, Spiegel reported.
Final figures from the Federal Statistical Office released on Friday put the debt of the federal government, states, municipalities and social security, including all off-budget entities, at €2.368 trillion.
On a per capita basis, this represents an increase in debt of €244, to €28,164. These statistics only take into account liabilities to the non-public sector, such as banks and private companies both at home and abroad.
Of the total debt, €1,620.4 trillion is owed exclusively to the federal government, reflecting a 4.6% increase. In contrast, liabilities of the states fell by 5% to €606.9 billion.
Among the states, Saarland once again had the highest per capita debt at €13,651, followed by Schleswig-Holstein with €11,188. The lowest per capita debts were recorded, as in previous years, in Saxony with €1,352 and Bavaria with €1,425.
Funding Zelensky is getting costly!
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US to provide Taiwan weapons under Ukraine's scheme
Biden signed an executive order to send weapons to Taiwan under emergency authority.
The transfer is done under the Presidential Drawdown Authority, the same mechanism Washington uses to send weapons to Ukraine
Previously, US presidential administrations have approved those shipments, and the emergency authority is invoked for the first time.
This aid package worth up to $345 million is the first tranche in a total of $1 billion, that was allotted to this purpose this year.
Administration declined to publicly provide details on the arms they sending.
But earlier it's been said that the package was expected to include four unarmed MQ-9A reconnaissance drones, yet their inclusion could be canceled. As officials was working out details of removing advanced equipment from the drones that only the US Air Force was allowed to use.
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Biden signed an executive order to send weapons to Taiwan under emergency authority.
The transfer is done under the Presidential Drawdown Authority, the same mechanism Washington uses to send weapons to Ukraine
Previously, US presidential administrations have approved those shipments, and the emergency authority is invoked for the first time.
This aid package worth up to $345 million is the first tranche in a total of $1 billion, that was allotted to this purpose this year.
Administration declined to publicly provide details on the arms they sending.
But earlier it's been said that the package was expected to include four unarmed MQ-9A reconnaissance drones, yet their inclusion could be canceled. As officials was working out details of removing advanced equipment from the drones that only the US Air Force was allowed to use.
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😁 Kannagi Finance rugpulled its users for over $2 million
Kannagi Finance, a revenue aggregator protocol on zkSync Era, has reportedly rugpulled – i.e. the developers abandoned the project and ran away with investors' funds.
As a result, users have suffered major losses, while the price of the native token KANA has nosedived.
The protocol's official website has allegedly "expired." Meanwhile, its social media channels, including the official Twitter account are inaccessible.
Total value locked has plummeted from $2.13 million on Friday to near zero this morning, putting users losses at over $2 million.
Classic scam
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Kannagi Finance, a revenue aggregator protocol on zkSync Era, has reportedly rugpulled – i.e. the developers abandoned the project and ran away with investors' funds.
As a result, users have suffered major losses, while the price of the native token KANA has nosedived.
The protocol's official website has allegedly "expired." Meanwhile, its social media channels, including the official Twitter account are inaccessible.
Total value locked has plummeted from $2.13 million on Friday to near zero this morning, putting users losses at over $2 million.
Classic scam
Follow us on Telegram and Twitter
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The Moscow City, a business area in the Russian capital, has been attacked a few minutes ago. A residential building damaged.
No casualties have been reported yet. Residents are being evacuated.
Reports say air defense working outside of Moscow.
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Germany risks becoming 'Sick Man of Europe' again
Germany's economy – Europe's largest – is struggling to grow, suggesting the country, long seen as the region's motor of expansion is currently a brake on its outlook, Bloomberg reported.
The International Monetary Fund forecasts that Germany's economy will be the only shrinking one among the G7 nations, signaling a return to a dead weight role in Europe's growth potential.
"I think Germany is competing for the noscript of the 'Sick Man of Europe,'" said Thomas Mayer, founder of the Flossbach von Storch Research Institute and a long-standing economic observer of the country.
The persisting energy crisis is crippling manufacturers in Germany's economy, already struggling with a demographically induced skills shortage and poor productivity. Meanwhile intensified global competition in electric vehicles threatens its carmaking prowess.
These lingering challenges, combined with weak Chinese demand and tighter monetary policy, are leading to further industry contraction.
Many economists are already anticipating that although the economy has managed to avoid another quarterly downturn, this is only temporary as Germany will face a renewed recession in the second half of the year.
Long-term growth prospects are already being factored in by citizens who are increasingly leaning toward the far-right Alternative for Germany, whose support according to a recent poll reached a record 22%.
I think I've heard something like that before
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Germany's economy – Europe's largest – is struggling to grow, suggesting the country, long seen as the region's motor of expansion is currently a brake on its outlook, Bloomberg reported.
The International Monetary Fund forecasts that Germany's economy will be the only shrinking one among the G7 nations, signaling a return to a dead weight role in Europe's growth potential.
"I think Germany is competing for the noscript of the 'Sick Man of Europe,'" said Thomas Mayer, founder of the Flossbach von Storch Research Institute and a long-standing economic observer of the country.
The persisting energy crisis is crippling manufacturers in Germany's economy, already struggling with a demographically induced skills shortage and poor productivity. Meanwhile intensified global competition in electric vehicles threatens its carmaking prowess.
These lingering challenges, combined with weak Chinese demand and tighter monetary policy, are leading to further industry contraction.
Many economists are already anticipating that although the economy has managed to avoid another quarterly downturn, this is only temporary as Germany will face a renewed recession in the second half of the year.
Long-term growth prospects are already being factored in by citizens who are increasingly leaning toward the far-right Alternative for Germany, whose support according to a recent poll reached a record 22%.
I think I've heard something like that before
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Niger loses Western aid after coup
The European Union and France have cut off financial support to Niger, with the United States threatening to do the same after military leaders announced the overthrow of President Mohamed Bazoum this week.
Niger is one of the world's poorest countries, receiving about $2 billion a year in official development aid, according to the World Bank. It is also a security partner of former colonial power France and the US, which both use it as a military base.
That said, the United Nations said the coup has not affected its deliveries of humanitarian aid.
Funny how the Western reaction was the exact opposite after Ukraine's coup in February 2014
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The European Union and France have cut off financial support to Niger, with the United States threatening to do the same after military leaders announced the overthrow of President Mohamed Bazoum this week.
Niger is one of the world's poorest countries, receiving about $2 billion a year in official development aid, according to the World Bank. It is also a security partner of former colonial power France and the US, which both use it as a military base.
That said, the United Nations said the coup has not affected its deliveries of humanitarian aid.
Funny how the Western reaction was the exact opposite after Ukraine's coup in February 2014
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US trucking company going bankrupt
Yellow, US trucking firm, is laying off staff and preparing to file for bankruptcy.
Friday morning an unknown number of office employees got the following memo:
“We regret to inform you that your employment with Yellow Corporation, or one of its subsidiaries, will permanently terminate on July 28, 2023, or within 14 days after. The Company is shutting down its regular operations on July 28, 2023, closing and/or laying off employees at all of its locations, including yours.”
During the pandemic, the company received $700 million aid from the government by loan, and apparently failed to handle that and other obligations. By the end of March, it had $1.5 billion in unpaid debt.
Yellow is one of the largest trucking firms, so bankruptcy could negatively impact supply chains across the country. It would also cause about 30,000 people to lose their jobs.
No recession
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Yellow, US trucking firm, is laying off staff and preparing to file for bankruptcy.
Friday morning an unknown number of office employees got the following memo:
“We regret to inform you that your employment with Yellow Corporation, or one of its subsidiaries, will permanently terminate on July 28, 2023, or within 14 days after. The Company is shutting down its regular operations on July 28, 2023, closing and/or laying off employees at all of its locations, including yours.”
During the pandemic, the company received $700 million aid from the government by loan, and apparently failed to handle that and other obligations. By the end of March, it had $1.5 billion in unpaid debt.
Yellow is one of the largest trucking firms, so bankruptcy could negatively impact supply chains across the country. It would also cause about 30,000 people to lose their jobs.
No recession
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