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Construction Phase of Paks II Nuclear Plant Begins

HUNGARY
  • Atomstroyexport, a member of the engineering division of Russia's Rosatom, started the construction phase of Hungary's Paks II nuclear power plant project on Monday, Rosatom told MTI. Interest in participating in the Paks II project has been strong among companies based both inside and outside of the EU, as well as among Hungarian companies, Rosatom said. The Paks plant, which has four blocks at present, accounts for about half of the electricity generated in Hungary.
  • Ukraine and Hungary are in talks about delisting OTP Bank Nyrt., Hungary’s largest lender, from a list of war sponsors that’s roiled relations between the two neighbors, Bloomberg report. Ukraine placed OTP on the list in May for continuing to do business in Russia even after Moscow’s invasion of Ukraine. Ukraine is demanding that OTP, which has units in both Russia and Ukraine, exit the Russian market and also that it stop issuing preferential loans to Russian soldiers.
  • There are no economic releases planned for today. Looking ahead, average wage (Est: +17.6% y/y; Prior: +18.2%) and unemployment rate data (Est: 3.8%; Prior: 3.8%) are the highlights on the docket.

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