Page 5 - bne monthly magazine June 2024 Russian Despair Index

bne June 2024 Companies & Markets I 5
Preparations could start for a rapid rail line connecting Budapest's Liszt Ferenc International Airport with the city centre, and for the development of an EV charging network.
Europe's biggest, most secure and fastest border crossing would be built between Hungary and Serbia to facilitate the transport of goods and persons, according to plans. The parties would review the option to build a crude pipeline between
the two countries, and there is willingness from China and Hungary to extend cooperation in the field of nuclear energy.
Szijjarto provided one detail of an ongoing Chinese project. The first cars produced at the EV plant of Chinese vehicle maker BYD, which is building its first European plant, could roll off the lines at the Szeged base, in southern Hungary in 2025.
Xi’s visit was preceded by beefed-up security protocols and police did not allow pro-Tibet demonstrations announced for Thursday inside Buda Castle, but only allowed the protests at alternative locations not likely to be visited by Xi.
Chinese security guards in civilian clothes covered a Tibetan flag with a Chinese flag on Gellert Hill before Xi’s arrival,
and according to reports, numerous guards were deployed throughout the city along the route of the president's convoy. Local media writes that their job was to spot potential opposition.
Hungary’s deepening political affiliations with China is causing concerns in Washington. Outgoing US Envoy for the Western Balkans, Gabriel Escobar, warned of the risks of the creation of a new illiberal axis against European integration.
The timing of Xi’s visit to France, Hungary and Serbia was carefully timed to increase tensions with the West.
"I do think that the countries that Xi has chosen are those that are open to challenging the unity of the Euro-Atlantic community," he was quoted by Euractiv as saying.
How the Hungarian government has cultivated its relationship with China shows that it cares little for its security or that of its allies, US Ambassador David Pressman said after meeting with journalists, referring to Hungary's incorporation of problematic Chinese technology into its critical infrastructure.
Czech government slams Liberty Steel for missed social payments and unrealistic promises
Albin Sybera
Liberty Steel, owner of the largest Czech steel mill, Liberty Ostrava, has once again been strongly criticised by the Czech government for its handling of the mill's serious financial problems.
Minister of Labour Marian Jurecka said on May 6 that Liberty Ostrava has outstanding social security tax payments, while Minister of Finance Zbynek Stanjura said the British-based steel group's restructuring plans were "not realistic".
“It would be a different attitude and different search of possible solutions and forms of cooperation if there was an owner here who submits plans that are realistic,” Jurecka alleged in a sharp statement.
“We are seeing a more than half a year-long constant transgression of [its] own commitments, goals, not meeting promised things,” Jurecka was also quoted as saying by Czech Television.
Stanjura told Czech Television “our fears are being materialised, that the plans which [Liberty Steel owner] Mr. [Sanjeev] Gupta was submitting were not realistic,” pointing to the delays in re-opening part of the production at the Liberty Ostrava’s plant.
In the past the Czech government has accused Liberty Steel of not communicating with it and has also alleged that the group owes money to the Ostrava company. Last month Minister of Industry and Trade Jozef Sikela criticised Liberty Steel following his talks with Gupta, stating that the company should return CZK10bn to the Ostrava plant.
Liberty Ostrava won a reprieve last month when a majority
of approved creditors backed its owner's restructuring plans after Tameh Czech, its key energy supplier and biggest creditor, was excluded from the vote. A court moratorium protecting the mill against some 1,300 creditors was extended in March. Recently it has restarted some operations.
Liberty Ostrava stated earlier this month that it is ending its coop- eration with Tameh. Tameh’s spokesperson, Patrik Schober, has repeatedly told Czech media that Tameh will challenge the restruc- turing plan in court. Tameh is in insolvency following unpaid bills from Liberty Ostrava and claims CZK2.2bn from Liberty Ostrava.
The Czech state is also one of Liberty Ostrava’s creditors through a state export insurance company, EGAP. Stanjura told Czech Television that Liberty Ostrava did not abide to a previously agreed payment schedule with EGAP.
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