Hungary

Levi-Strauss to close Hungarian jeans factory

Levi-Strauss to close Hungarian jeans factoryBudapest - Clothing giant Levi-Strauss confirmed on Friday that it will close its Hungarian plant by the end of June with the loss of 549 jobs.

The factory in the small southern town of Kiskunhalas has been turning out the company's iconic denim jeans since 1988, when Hungary was still a communist state.

The US clothing company told the local news agency MTI that it had agreed a severance package with its Hungarian workers.

Over 30,000 jobs have been lost in Hungary since the effects of the global financial crisis hit the country hard last October.

Hungary tells its citizens not to look for work in Britain

Hungary tells its citizens not to look for work in BritainBudapest  - The Hungarian foreign ministry issued a "Warning to those who want to work in Great Britain" Thursday, urging them to think twice about going there to escape the deepening recession at home. The British embassy in the capital, Budapest, was not amused.

A Foreign Ministry spokesman, Lajos Szelestey, sent a statement to the Hungarian state news agency MTI urging Hungarians to think long and hard before travelling to Britain despite the "serious economic situation."

Veteran Hungarian film director Peter Bacso dies at 81

Budapest  - The veteran Hungarian director Peter Bacso - best known for The Witness, his biting satire on the absurdity of the communist system - has died at the age of 81.

Wednesday's death of a legend of Hungarian cinema was announced by the Association of Hungarian Film Artists. No further details were given, but Bacso was known to have been suffering from a lengthy illness.

Bacso was born in 1928 in Kosice, now in Slovakia. He enrolled in the Budapest Academy of Theatre and Film in 1946 and worked as a scriptwriter after graduating in
1950.

Bacso was living in the Hungarian capital as the Hungarian communist party consolidated its power through intimidation and terror. He directed his first film in 1963.

Russia, Hungary move forward on South Stream pipeline

South Stream pipeline Moscow - Russia and Hungary agreed to set up a joint venture to build the Hungarian stretch of the South Stream pipeline, Russian Premier Vladimir Putin said Tuesday after talks with his Hungarian counterpart Ferenc Gyurcsany in Moscow.

Russian gas export monopolist Gazprom and Hungary's energy firm MOL also plan to build new underground storage facilities in the agreement inked Tuesday, Putin was cited by news agency Interfax as saying.

Forint hits record low, stock market recovers slightly

Forint hits record low, stock market recovers slightlyBudapest  - The Hungarian forint continued its downward spiral, hitting a new record low of 317.45 against the euro in early trading on Friday.

Although in afternoon trading the currency firmed to around 313 against the euro, this latest dip is worrying news for one of the EU's most fragile economies.

The weakening forint is bad news for ordinary Hungarians, who face increasing monthly repayments on foreign currency mortgages and loans. The forint was trading at around 250 to the euro last summer, before Hungary was hit hard by the global financial crisis.

Anxiety as Hungarian currency hits another all time low

Anxiety as Hungarian currency hits another all time low Budapest - The Hungarian forint fell to a record low of 312 against the euro on Wednesday morning, heightening concern over Hungary's ability to meet its external debt obligations and putting further pressure on Hungarians with foreign currency loans.

Finance Minister Janos Veres sought to dismiss fears that Hungary was on the brink of a sovereign default, saying that its central bank has over 20 billion euros (25 billion dollars) in its foreign currency reserves.

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