BUDAPEST (Reuters) – Hungary will extend a moratorium on loan repayments for some households and companies until the middle of 2021, as its finance minister warned the economy could struggle to grow next year unless a coronavirus vaccine is found.
Prime Minister Viktor Orban introduced the moratorium for all companies and private borrowers in March as one of his government’s key measures to help reduce the economic fallout from the pandemic. It was due to expire at the end of the year.
In a video posted on his official Facebook page on Saturday, Orban said the moratorium would be extended by six months for families with children, the retired, unemployed and those in public works programmes.
The extension until the middle of 2021 will also apply to companies that have seen revenues drop by at least 25%.
Orban also said loan contracts for all households and companies agreed before the pandemic could not be terminated for six months.
The moves come as the government prepares to announce more steps to try to revive growth, after the economy plunged more than expected in the second quarter and prospects for a recovery next year have worsened.
The weak economic outlook could represent the biggest threat to nationalist Orban’s decade-long rule as he prepares to face parliamentary elections in the first half of 2022.
Finance minister Mihaly Varga said in an interview published earlier on Saturday that if a coronavirus vaccine was not available by the middle of 2021 the economy might struggle to grow next year, based on a pessimistic scenario.
Under an optimistic scenario, the economy could grow by 4-5% if a vaccine was available in the second quarter, he told newspaper Magyar Nemzet.
A third scenario was for a protracted recovery with 3%-4% growth, also conditional on a vaccine being available, he added.
Hungary’s economy is expected to shrink by 5%-6% this year.
Varga said the government was working on new stimulus measures that could include targeted tax cuts for crisis-hit sectors.
After a spike in new cases in recent weeks, Hungary reported 809 new coronavirus infections on Saturday, bringing the total to 16,920, with 675 deaths.
(Reporting by Krisztina Than; Editing by David Clarke and Mark Potter)
OTTAWA – Statistics Canada says manufacturing sales in August fell to their lowest level since January 2022 as sales in the primary metal and petroleum and coal product subsectors fell.
The agency says manufacturing sales fell 1.3 per cent to $69.4 billion in August, after rising 1.1 per cent in July.
The drop came as sales in the primary metal subsector dropped 6.4 per cent to $5.3 billion in August, on lower prices and lower volumes.
Sales in the petroleum and coal product subsector fell 3.7 per cent to $7.8 billion in August on lower prices.
Meanwhile, sales of aerospace products and parts rose 7.3 per cent to $2.7 billion in August and wood product sales increased 3.8 per cent to $3.1 billion.
Overall manufacturing sales in constant dollars fell 0.8 per cent in August.
This report by The Canadian Press was first published Oct. 16, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, fell 0.6 per cent to $81.9 billion in August.
The agency says sales fell in five of the seven subsectors with the motor vehicle and motor vehicle parts and accessories subsector down 1.8 per cent at $14 billion.
Meanwhile, the miscellaneous subsector dropped 3.9 per cent to $10.1 billion as six of its seven industry groups fell, with the agriculture supplies industry group down 5.6 per cent.
The personal and household goods subsector rose 2.3 per cent to $12.5 billion, boosted by the pharmaceuticals and pharmacy supplies industry.
In volume terms, wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, fell 0.7 per cent in August.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from its monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Oct. 15, 2024.
TORONTO – Canada’s main stock index nudged down in late-morning trading, while U.S. stock markets also slipped.
The S&P/TSX composite index dipped by 32.93 points to 24,438.24.
In New York, the Dow Jones industrial average was down 84.99 points at 42,980.23. The S&P 500 index was down 20.99 points at 5,838.86, while the Nasdaq composite was down 148.81 points at 18,353.87.
The Canadian dollar traded for 72.46 cents US compared with 72.67 cents on Friday.
The November crude contract was down US$3.77 at US$70.06 per barrel and the November natural gas contract was up four cents at US$2.53 per mmBTU.
The December gold contract was up US$11.80 at US$2,677.40 an ounce and the December copper contract was down six cents at US$4.34 a pound.
This report by The Canadian Press was first published Oct. 15, 2024.
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