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Hungary Cools Default Talk, Commits to Budget Goal (Update2)


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By Edith Balazs and Balazs Penz


June 5 (Bloomberg) -- Hungary’s economic situation is stable and recent comments about a possible default were “unfortunate,” the government said, pledging to stick to the budget deficit goal approved by the country’s creditors.
“Any comparison with countries that have much higher credit default swap ratings than Hungary is unfortunate,” State Secretary Mihaly Varga told reporters today in Budapest. “The comments that have been made about this issue are exaggerated and if they come from colleagues that’s unfortunate.”
Comments from Hungarian officials over the previous two days sparked concern that Europe’s sovereign debt crisis may be spreading to eastern Europe. That helped weaken the euro, pushed Hungary’s currency to a 12-month low and borrowing costs rose the most since October 2008, when the country needed an international bailout to avert a default.
Prime Minister Viktor Orban, who took power a week ago, sought permission for a wider budget deficit from the European Union and the International Monetary Fund, which led the 20 billion-euro ($24 billion) bailout for Hungary. European Commission President Jose Manuel Barroso this week rebuffed Orban, urging him to continue fiscal consolidation.
‘Pretty Big Change’
The government will aim to meet the deficit target of 3.8 percent of gross domestic product, which is “attainable” through changes to spending and revenue plans, Varga said today. Orban called a three-day emergency cabinet meeting to hammer out the action plan.
“It’s a pretty big change from one day to the next,” said Gyorgy Barcza, an economist at KBC Groep NV in Budapest, said in a phone interview. “It’s positive, but local assets may not recover quickly because the new government now has a credibility deficit it needs to overcome and that takes time.”
The Hungarian forint fell 4.8 percent against the euro the past two days, the worst performance among 177 currencies tracked by Bloomberg. The extra yield investors demand to own Hungary’s debt over U.S. Treasuries yesterday rose 149 basis points, or 1.49 percentage point, to 468 basis points, according to JPMorgan Chase & Co.’s EMBI Global Index.
EU and IMF leaders today praised the work of former Prime Minister Gordon Bajnai’s administration in reducing the budget deficit to 4 percent of GDP last year from 9.3 percent in 2006.
‘Serious Progress’
IMF Managing Director Dominique Strauss-Kahn said he was “surprised” by the Orban government’s comments earlier this week. EU Economic and Monetary Affairs Commissioner Olli Rehn said Hungary has made “serious progress” and suggestions of a possible default are “misleading.” Both spoke after a gathering of finance ministers and central bank governors from the Group of 20 nations in Busan, South Korea today.
Hungary’s ability to finance its debt “isn’t a question,” Varga said.
The issue is the size of the deficit, Varga said. The fact finding-committee found miscalculations “by orders of magnitude” in this year’s budget, he said, declining to give the size of the potential overrun.
Tax revenue will fall short of estimates and spending will exceed the plan in areas such as social security, at municipalities and transportation companies. Items including debt at state-run companies also boost the deficit, he said.
“If nothing is changed in the budget, the planned budget deficit target can’t be met,” he said. “There are a number of tricks in this budget. These numbers are not factual. The government of Gordon Bajnai lied to the country. It didn’t present the real situation in a credible, detailed manner.”
‘Slim Chance’
Varga, a founding member of Orban’s Fidesz party who served as finance minister in the premier’s previous administration, said he persuaded the prime minister to try to meet the deficit target. Varga, 45, also served as chairman of parliament’s budget committee from 2002 to 2010.
Lajos Kosa, another Fidesz founder and the party’s deputy chairman, said June 3 that Hungary had a “slim chance” to avoid a “Greek situation” and the government must focus on averting a default. Peter Szijjarto, Orban’s spokesman, yesterday said the comments weren’t exaggerated.
The politicians were “over-speaking,” said Kristin Lindow, a senior vice president with Moody’s Investors Service in London. Moody’s has a negative outlook on its Baa1 debt rating for Hungary, the third lowest investment grade. The rating was cut from A3 in March 2009.
‘Isn’t the Next Greece’
“Hungary isn’t the next Greece,” Lindow said yesterday in a phone interview. “Hungary has a good track record of doing what it needs to do when in trouble.”
The country’s deficit will widen to 4.1 percent of GDP this year, compared with an average of 6.3 percent in the EU and 9.3 percent in Greece, according to European Commission estimates. Government debt will increase to 79 percent of economic output, compared with an EU average of 84 percent and 125 percent in Greece, the forecasts show.
Szijjarto’s comments helped push the euro below $1.20 for the first time in four years yesterday. EU governments crafted a 750 billion-euro ($904 billion) financial backstop for the euro area last month after Greece’s widening deficit threatened to shatter confidence in the single currency.
Greece’s deficit is forecast at 9.3 percent of GDP this year, pushing government debt to 125 percent of output, according to the European Commission.
“Markets are still not going to be very happy,” said Peter Attard Montalto, an economist at Nomura International Plc in London, said by phone today. “The EU and the IMF will want them to return to ‘Bajnaism’ of consolidation first and growth second. They may have pushed the market too far trying to get away with growth first and budget second. Orban may well try to continue with that until the last possible moment.”
To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

@phuthanh_stock Tranlate in Vietnamese đi bác.

Chứng khoán Mỹ mất oan điểm vì Hungary nói nhầm. Đêm phiên thứ hai lại dựng ngược lên thoai, chứng trường thật khốc liệt

10 Big Companies That Are Adding Jobs

by Theresa McCabe
Saturday, June 5, 2010
provided by

After two years of layoffs, the U.S. job market is recovering -- albeit more slowly than economists had hoped. A solid first quarter gave companies across the country the confidence to start hiring again, prompting many to add jobs and fill open positions.
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U.S. employment rose by 431,000 last month, but that figure was primarily driven by the hiring of temporary Census Bureau workers, the government said today. The unemployment rate fell to 9.7 percent from 9.9 percent. Yesterday, Automatic Data Processing (NASDAQ: ADP - News) said payrolls at American companies increased for a fourth straight month, adding 55,000 jobs in May.
Recruiting firm Challenger, Gray & Christmas said in a report that companies announced plans to cut 38,810 jobs in May, up 1.3% from April and down 65% from a year earlier. During the first five months of the year, announced layoffs totaled 258,319, declining 69% from the same period last year. However, companies announced plans to add 14,922 in May.
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"The recovery process is slow, so it could be several months or even years before unemployment returns to pre-recession levels," John Challenger, chief executive of Challenger, Gray & Christmas, said in an interview last month.
During the economic downturn, many Americans abandoned their job searches out of frustration and are no longer counted among the unemployed. Now that job opportunities are expected to open up more people will re-enter the labor pool, keeping the unemployment rate high for now.
Here are 10 big companies that have announced plans to hire:

©Boeing
Boeing
Boeing's (NYSE: BA - News) first-quarter revenue climbed 8% from a year earlier. The airplane maker plans to build a new facility in South Carolina and hire as many as 150 employees for the new site. There are more than 400 open positions on the company's Web site.
If the Boeing NewGen Tanker is selected as the U.S. Air Force's next aerial refueling aircraft, the company could add as many as 7,500 jobs in Kansas, according to a press release.

©AP
JPMorgan Chase
JPMorgan (NYSE: JPM - News) earnings jumped 57% to $3.3 billion in the first quarter from a year earlier. CEO Jamie Dimon said in a statement the company plans to add almost 9,000 jobs in the U.S.
"While the economy still faces challenges, there have been clear and broad-based improvements in underlying trends," Dimon said in the statement. "We believe these improvements will continue and are hopeful they will gather momentum, resulting in a strong recovery."
The company's Web site lists more than 5,000 job openings.

©Getty Images
Intel
Intel (NASDAQ: INTC - News) will aim to add more college graduates as part of the Invest in America Alliance. The company boosted first-quarter revenue 44% from a year earlier.
"Many college graduates have been among the hardest hit by the economic downturn and providing them a place in the economy today is the best way to ensure America's innovation and competitiveness tomorrow," said Richard Taylor, Intel's director of human resources, in a statement.
According to Intel's career Web site, there are more than 700 open positions in the U.S.

©Nationwide
Nationwide Financial Services
Insurance provider Nationwide Financial Services (NYSE: NFS - News) swung to a profit of $396 million in the first quarter after losing $106 million a year earlier.
In a recent press release, Nationwide said it plans fill "approximately 1,400 open positions across the country." This is an increase from last year at this time, when there were 600 open positions at the company.

©Bloomberg News
Ford
Ford (NYSE: F - News) is shifting some work typically done by suppliers in Mexico to the U.S. The carmaker plans to spend $135 million to design and produce hybrid-electric vehicles. Ford plans to hire more than 50 engineers and add 170 more jobs transmission plants in Michigan. The new hybrid cars are expected to go into production in 2012.

©Bloomberg News
IBM
In a recent press release, IBM (NYSE: IBM - News) revealed plans to open a new technology service center in Columbia, Mo. The opening of this new service center would create as many as 800 technical jobs. Job hunters can also find almost 2,000 open positions posted on IBM's Web site. The jobs are in a wide range of categories, including technical, management, research and sales.

©AP
Google
Google (NASDAQ: GOOG - News), which Fortune said was "the best company to work for," hired more than 800 people during the first quarter, bringing the company's headcount to 20,621, up from 19,835 in December. During the first quarter, the company boosted revenue 23%.
And the search giant doesn't plan to stop. Google has announced plans to bring on 2,000 employees this year.

©Getty Images
General Motors
After filing for bankrupcty a year ago, General Motors has returned from the brink of ruin. Sales of its Chevrolet, Buick, GMC and Cadillac models climbed 33% to 183,091 in April from March. Since July, the company has restored or created more than 9,100 jobs in the U.S. and Canada.
GM's career Web site has more than 100 jobs listed, but the company plans to create or retain 1,600 jobs by adding new plants in New York, Ohio, Indiana and Michigan. These factories will build fuel-efficient cars and trucks.

©Bloomberg News
GE
General Electric (NYSE: GE - News) recently announced plans to add 1,300 jobs in Michigan during the next five years. The company recently opened a new facility in Wayne County, Mich., and hired 220 people for the site.
There are more than 2,000 job openings on the company's career site. As a member of the Invest in America Alliance, GE has also committed to doubling the number of recent graduates it hires this year.

©AP
Morgan Stanley
Morgan Stanley (NYSE: MS - News) plans to add at least 50 employees ******rlotte, N.C., the Charlotte Observer reported. Spokesman James Wiggins told the newspaper that the financial services firm wants to bring in private bankers to work with financial advisers around the country.
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