bne IntelliNews

Hungary's automotive sector continues to struggle amid weak demand #bne #bneEditorsPicks #Hungary #automotive Hungary's automotive industry, a key pillar of the country's export-driven economy, continued to show signs of strain in January, as the latest figures from the Central Statistics Office (KSH) confirmed ongoing declines in production and new orders. Automotive manufacturing, the largest segment within Hungary's industrial sector, saw production volumes fall by 3% year on year in January, while the production of automotive parts dropped by 6.2%, highlighting prolonged challenges in the sector. These declines contributed to an overall 3.9% y/y (chart) contraction in the industry, as confirmed by the Central Statistics Office (KSH) on March 13 in a second reading.

Afghan opium prices skyrocket amid ban, fuelling organised crime #bne #bneEditorsPicks #Afghanistan #drugs #opium Opium prices are soaring in Afghanistan following the Taliban's drug cultivation ban, threatening regional stability, new data from the UN indicated on March 12. The Taliban swept to power in 2021 shortly after the United States’ chaotic withdrawal of its troops. The unrecognised authorities imposed a ban on poppy cultivation in 2022 to curb illicit drug production, and burned poppy fields across several regions.

Volkswagen will not relocate Mexico plants despite tariff threats, CEO says #bne #bneEditorsPicks #mexico #automotive #volkswagen Volkswagen Group has confirmed it will maintain its plants in Mexico despite US President Donald Trump's threat to impose 25 per cent tariffs on trading partners Canada and Mexico, Europa Press reported. The German automaker plans to engage with the US administration to discuss the tariff issue but has no current plans to transfer its North American operations to the United States. "We've maintained contacts with the US government in the past and will wait to take next steps. First, something concrete needs to be put on the table: between the United States and Europe is the European Commission. Once we have a new federal government (in Germany), we'll begin discussions when parameters are clear," Volkswagen CEO Oliver Blume said at the company's annual results presentation on March 11.

Train hostage crisis questions Pakistan’s internal security #bne #bneEditorsPicks #Pakistan #railways #hostages The Balochistan Liberation Army (BLA), a separatist militant group, attacked and held hostage the Jaffar Express, a passenger train traveling from Quetta to Peshawar in Pakistan between March 11 and 12. According to a report by AFP, at the start of the attack, the militants detonated explosives on the tracks in the Bolan district of Balochistan province, immobilising the train and taking over 450 passengers hostage, including security personnel. The hijacking and the unprecedented media spectacle which saw the BLA releasing several statements, video clips and audio recordings documenting the crisis underscores the escalating insurgency and separatist movement in Balochistan and poses significant challenges to Pakistan's internal security.

US imposes sanctions on Iran’s oil minister #bne #bneEditorsPicks #Iran #sanctions #oil The United States has blacklisted Iran’s Oil Minister Mohsen Paknejad, the latest in the series of sanctions on the country’s petroleum industry aimed at choking off Tehran’s revenue, NewsBase reported on March 13. Department US State Department spokeswoman Tammy Bruce in a statement accused Paknejad of helping “the Iranian regime and its military steal the nation’s wealth” by transporting crude oil to China, Tehran’s one and only customer.

Hungary demands removal of Russian oligarch Mikhail Fridman from EU sanctions list #bne #bneEditorsPicks #Hungary #Russia #sanctions #oligarch Hungary has warned it will block the extension of EU sanctions against nearly 2,000 Russians unless Mikhail Fridman is removed from the list, independent 444.hu cited the Financial Times, which cited four diplomats after a meeting of EU ambassadors on March 13. The Hungarian government, widely regarded as the most Russia-friendly in the EU, has repeatedly obstructed EU sanctions against Moscow and delayed military aid to Ukraine. Initially, Budapest sought the removal of eight Russian oligarchs from the list, including Petr Aven and Alisher Usmanov, but ultimately has focused its demands solely on Fridman, according to the FT.

Bulgaria’s ruling coalition loses majority after vote recount #bne #bneEditorsPicks #Bulgaria Bulgaria’s Constitutional Court ruled on March 13 that 16 MPs in the current parliament are not elected legally and should be dismissed. The reshuffle puts at risk the ruling coalition formed by Gerb, the Bulgarian Socialist Party (BSP), There Are Such People (ITN) and DPS – Democracy, Rights and Freedoms (DPS-DPS), which will lose its majority.

Tusk hails Erdogan meeting as “historic breakthrough” as Poland, Turkey commit to joint defence, arms production work #bne #bneEditorsPicks #Poland #Turkey #defence Polish Prime Minister Donald Tusk has described his March 12 meeting in Ankara with Turkish President Recep Tayyip Erdogan as producing an “historic breakthrough”, with the two countries committing to work together in defence and arms production. Amid Europe’s scramble to rearm in the face of potential future threats from a hostile Russia, Tusk said: "We are prepared to work with our Turkish friends in defence and the arms industry. Our cooperation as two strong Nato partners has taken on a new significance today."

Turkish logistics startup Navlungo raises $6.5mn across pre-Series A rounds #bne #bneEditorsPicks #Turkey #logistics #venturecapital #VC Navlungo, a search engine for logistics freight services, has raised a total of $6.5mn across pre-Series A funding rounds since 2021, the Turkish company said on March 11. The company said it aimed to complete the Series A round by end-2025.

INTERVIEW: Kazakhstan’s natural resource advantages help its startups develop exciting tech niches #bne #bneEditorsPicks #Kazakhstan #tech #VC #venturecapital Kazakhstan is well known for its abundant deposits of oil, gas and metals, but the country’s high-tech sector is also expanding. Not only that, but some of its successful startups are leveraging the country’s natural advantages as a producer of raw materials to develop innovative new products and services, Alim Khamitov, CEO of Most Ventures, said in an interview with bne IntelliNews. Most Ventures, based in Kazakhstan’s commercial capital Almaty, has been operating for over 15 years and is an important part of the country’s tech scene. It started out as a business incubator back in 2011, and has since evolved into a diversified investment group. As well as venture capital financing and its business accelerator, it also has hubs in both Almaty and Uzbekistan’s capital Tashkent, runs an investors club for business angels and recently launched a neobank.