Archive for April 6th, 2011

Which way forward for Hungary’s forint?

Hungary’s forint appreciated markedly versus the euro over the past few weeks, but fund managers polled by Portfolio.hu have not turned less upbeat in their outlook on the HUF. The majority project that EUR/HUF will be +/-2% away from the 266 reference value three months from now and the ratio of those forecasting a 2% plus forint weakening has decreased since our last poll a month ago. Fixed-income investors may find consolation in the fact that none of the respondents expect Hungarian government securities yields to rise considerably in the short term. While the positioning of HGBs relative to the fund managers’ own benchmark remained net underweight, the pessimism observed in the past months has abated.

read whole article PORTFOLIO.HU | Which way forward for Hungary’s forint? – Portfolio.hu Fund Manager Survey.

UN human rights expert still concerned about Hungary’s media law despite EU-requested changes

A U.N. human rights expert said Tuesday that EU-requested changes have not removed his concerns that Hungary’s media law could be used to limit press freedoms.

Even after amendments to the law made at the request of the European Union, Hungary’s media regulations “still fall short of the required benchmarks,” said Frank La Rue, the U.N. Human Rights Council’s special investigator on freedom of expression.

La Rue said attempts by governments to dictate balanced media coverage often lead to censorship.

“Every time we hear about balanced coverage or objectivity of the press … it inevitably becomes, with time, a form of censorship regardless of what the initial motivation was,” La Rue said. “The press is accountable … to the public and never to the state and much less to the government.”

Zoltan Kovacs, the government’s communications chief, said the government supports the ideals of freedoms of the press and opinion, but that “local peculiarities” need to be taken into account when those principles are applied.

La Rue welcomed the government’s openness to dialogue about the disputed legislation, but said he was shocked to hear officials advocating things such as a “framework of control” for news media.

“In general … the rule is openness. Content should be as free as possible with the minor exception of protection of certain issues and rights,” La Rue told reporters after talks with Hungarian authorities and lawmakers.

La Rue also criticized high fines that a media council can impose on editors and publishers for vaguely defined offenses, and the limits on journalists protecting the identity of confidential sources.

La Rue encouraged Hungary to rework the legislation to make it conform with international human rights standards.

via UN human rights expert still concerned about Hungary’s media law despite EU-requested changes – The Washington Post.