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Hungary's proposal for EU defense funding requires that at least 65% of components be sourced from EU countries, disappointing some French arms companies that sought an 80% threshold. The initiative aims to bolster European defense production amid concerns over reliance on U.S. arms. New eligibility criteria will also assess the design authority of products, complicating access for firms producing U.S. weapons in Europe.
At a recent press conference, Raiffeisen Capital Management unveiled its CEE Asset Management Radar, highlighting the growth potential of the asset management industry across fourteen Central and Eastern European countries. The radar combines economic data with asset management trends, forecasting a compound annual growth rate of 12.1% for the region, driven primarily by net inflows. Raiffeisen Group's assets under management reached a record high of nearly 65 billion euros, reflecting a robust recovery and increasing interest in sustainable investments.
Hungary plans to increase the minimum wage by 40% over the next three years, a move aimed at revitalizing the economy ahead of the 2026 general elections. Prime Minister Viktor Orban's initiative comes as his party lags in polls against opposition leader Peter Magyar, who also advocates for significant wage hikes. Currently, Hungary's minimum wage stands at 266,800 forint ($677), the second-lowest in the EU after Bulgaria.
Raiffeisen Capital Management has reached an all-time high of nearly EUR 65 billion in assets under management, with a significant portion invested responsibly. The fund savings segment in Central and Eastern Europe (CEE) is rapidly growing, reflecting broader societal engagement in capital markets. Forecasts indicate strong growth potential in CEE, with local assets expected to surpass those of Austria by 2028.
Control of the EU's single market and industrial briefs has predominantly been held by larger member states like France, Germany, Italy, and Poland since 2004, reflecting their influence in EU lawmaking. France, in particular, has strategically positioned itself to dominate these roles, raising concerns among other nations about potential protectionism. Smaller countries often receive less influential portfolios, leading to frustrations over perceived imbalances in power within the European Commission.
Austria has signaled support for Romania and Bulgaria's entry into the EU's Schengen free-travel zone, with a decision expected on December 12. Despite previous objections over migration control, recent discussions indicate a potential start date of January 1, contingent on continued efforts to manage irregular migration. Romanian Prime Minister Marcel Ciolacu emphasized the economic benefits of full Schengen membership, while officials noted a significant decrease in migrant arrivals.
Hungary has expressed concerns that US sanctions on Gazprombank threaten the energy security of Central Europe, potentially increasing the risk of a Russian gas cutoff. Foreign Minister Peter Szijjarto described the sanctions as an "attack on our sovereignty" and is consulting with energy ministers from Turkey, Azerbaijan, Bulgaria, and Serbia in Istanbul.
China's extensive surveillance system has led to a black market where insiders sell access to citizens' private data, often for cryptocurrency. Researchers from SpyCloud reveal that government employees are tempted by lucrative side hustles, selling sensitive information like banking details and personal records. This exploitation highlights the pervasive corruption within China's security services, where data collected for state monitoring is repurposed for profit.
Hungary is poised to permit an increase in the cost of its nuclear expansion contract with Russia, originally signed in 2014 for €12.5 billion ($13.2 billion) with Rosatom Corp. The project, aimed at adding two new units to the Paks nuclear power station, has faced significant delays due to permit issues, the Covid-19 pandemic, and Western sanctions following Russia"s invasion of Ukraine.
Christian Lindner and the FDP reportedly planned the collapse of Germany's traffic light coalition since late September, aiming to provoke a break with the government. Following a series of strategic meetings, Lindner expressed that the party's survival depended on exiting the coalition, leading to his dismissal by Chancellor Scholz on November 6.
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