Diplomacy & Trade 2020 July

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AMONG THE BEST PERFORMERS

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THE 30-YEAR-OLD BUDAPEST STOCK EXCHANGE HAS GENERATED AN AVERAGE ANNUAL RETURN OF 14% OVER THE PAST THREE DECADES, WHICH RIVALS THE PERFORMANCE OF THE LARGEST FOREIGN STOCK INDICES.

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Power Struggle in the Mediterranean

Since the toppling of Muammar Gaddafi in 2011, Libya has been the site of a veritable civil war with a number of meddling outside forces providing diplomatic, political, economic and military support.

The roster stretches from neighbors, such as Egypt, fellow Arab countries, including Saudi Arabia or the United Arab Emirates (UAE), to faraway countries, like Russia and Turkey. The aspirations and involvement of the latter is examined by Diplomacy&Trade’s expert of international relations.

SEE MORE ON PAGE 08

The Master of Plein-Air

2020 marks the 175th birth anniversary of Pál Szinyei Merse and also the centenary of his death. The Hungarian painter is regarded universally as one of the earliest and most original representatives of international impressionism. To celebrate and commemorate the painter, the Hungarian National Gallery will open a large-scale exhibition to give an accurate picture of the master’s career, the values of his art and present the background of SEE ARTICLE ON PAGE 11 the cult formed around his person.

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letter from the publisher Our cover story explores the past three decades of the Budapest Stock Exchange (BSE) as it celebrates its thirtieth anniversary. The BSE has not only produced good returns for those betting their money on it but also served as one of the fundamentals for the country’s economy.

The toppling of the Libyan dictator, Muammar Gaddafi in 2011 has not brought about the much-desired calm and prosperity for the country – just the opposite: it created a bloody power struggle between warlords.

Our international analyst looks at the role of one of the foreign countries meddling in Libyan affairs, Turkey, whose activities are viewed with suspicion by the many other powers with stake in the region.

The sudden and rapid spread of the novel coronavirus has put an extra burden on diplomatic missions, as well as everyone else. The Malaysian ambassador to Hungary, in this month’s WittyLeaks article, not only documents how his embassy has assisted Malaysians in Hungary, Slovenia and North Macedonia during this pandemic, but also recalls how he himself lived through other epidemics, Ebola and the H1N1 swine flu during his previous diplomatic postings.

Our culture page commemorates the life of Hungarian painter and art educator Pál Szinyei Merse who was born 175 years ago and is best known for his paintings ‘Picnic in May‘ and ‘Lady in violet’. Following the 2008 world economic crisis, one of his paintings was sold at a record price, so, there’s hope that the current crisis may not discourage collectors.

As museums and exhibitions are reopening slowly in Hungary, our program guide brings you the highlights!

The gastronomy page presents a grill restaurant that blends local flavors with international influences in an award-winning environment, while the conclusion of our wine page is that “let’s give Olaszrizling the attention it deserves”.

We wish you all to be safe during this Covid-19 pandemic.

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Peter Freed

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The spring when COVID-19 came

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AND DON’T FORGET

monthly in print - daily on the web

www.dteurope.com

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contents Olaszrizling, the most widespread grape variety in Hungary

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Event guide to the Hungarian capital

Turkey’s role in Libya 09 BUSINESS Budapest Stock Exchange: 30th anniversary 10 WITTYLEAKS by the Ambassador of Malaysia 11 CULTURE Pál Szinyei Merse: 175th birth anniversary

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12-13 WHAT’S ON

Concerts, festivals, events and exhibitions in and out of Budapest 14 GASTRONOMY Terrace of the month at Ritz Carlton New executive chef at Párisi Udvar 15 WINE Attention to Olaszrizling!

PUBLISHER: Peter Freed EDITOR: Sándor Laczkó COPY EDITOR: Joyce Freed PHOTO EDITOR: Dávid Harangozó

SWISS FOCUS - COMING SOON

SALES & MARKETING DIRECTOR: Tamás Varga DISTRIBUTION MANAGER: Tibor Ocsenás ADMINISTRATION: Éva Madarász ASSISTANT: Ágnes Rapaport CONTRIBUTORS: Sándor Laczkó, Tamás Magyarics, Réka A. Francisck, Cheong Loon Lai PHOTO CONTRIBUTORS: depositphotos.com (Cover), Embassy of Malaysia Budapest, depositphotos.com, András Dabasi and Judit Kardos, Embassy of Mexico,

Diplomacy & Trade is preparing a special Focus section on Switzerland as the Swiss-Hungarian Chamber of Commerce celebrates its 25th anniversary in 2020 with a series of events throughout the year. In an extensive interview, the Swiss ambassador to Hungary, Peter Burkhard highlights some of the aspects of successful bilateral relations. We also look ahead to the annual Swiss Business Day and cover some of the numerous Swiss companies in Hungary. According data by the National Bank of Hungary, Switzerland is the 5th largest investor in Hungary with about 5% (that is, over EUR four billion) of the total amount of FDI in Hungary coming from the Alpine country. Also, in 2020, the two countries celebrate the 125th anniversary of the birth of Carl Lutz, the Swiss Vice-Consul who rescued tens of thousands of Hungarian Jews from certain death during World War II.

Daniel Végel/CEU, Vodafone, Deutsche Telekom IT Solutions, Waberer’s, gepesz.hu, Róbert Baranyi, National Bank of Hungary, Márton Mónus, Bodies, B My Lake, Banksy, Live Nation, Wine, Euphoria, Bénye…, Museum of Fine Arts - Hungarian National Gallery, matthewshaw.co.uk, DSK Wine & Grill, Párisi Passage, MTI Photos: Balázs Mohai, Gyula Czimbal, Csaba Krizsán Copyright 2004-2020 DUAX Kſt., all rights reserved | ISSN 1589-8075 This magazine is produced by DUAX Kſt.

The opinions published in the magazine do not necessarily reflect the opinions of DUAX Kſt.

COPIES ARE AVAILABLE AT SELECTED RELAY AND INMEDIO OUTLETS IN MAJOR HUNGARIAN CITIES.

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NEWSSTAND PRICE: HUF 1,710 or EUR 6 - Subscriptions are available for an

annual fee of EUR 72 in Hungary, or EUR 90 to all other destinations. SEND REQUESTS AND INQUIRIES TO DUAX KFT. H-1034 Budapest, Bécsi út 60.

TELEPHONE [+36-70] 320-3051 | FAX [+36-1] 350-5660 E-MAIL editor@dteurope.com | ADVERTISING adsales@dteurope.com

We welcome inquires for advertising in this issue.

PLEASE CALL TAMÁS VARGA FOR FURTHER INFORMATION +36 209 350 250 - tvarga@budapestweek.com J U L Y

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on the record HUNGARIAN TOURISM CAMPAIGN TARGETS PEOPLE IN THE REGION

The Hungarian Tourism Agency (MTÜ) has launched a campaign to promote Hungary in parallel with the international Budapest campaign. A statement by the agency emphasized that in the period of recovery from the coronavirus epidemic, it is essential that not only domestic tourism be relaunched, but also that foreign travelers gradually begin to return as the borders are opened.

During the campaign period until the end of July, MTÜ communicates, mainly using digital platforms, with short image films and other advertisements on Facebook and YouTube, to people in Germany, Austria, Slovakia, the Czech Republic, Poland, Serbia and Romania, targeting families and groups of friends planning to travel to nearby countries.

STATE OF DANGER REPLACED

BY DISEASE CONTROL PREPAREDNESS

In the middle of June, the Hungarian government declared a state of disease control preparedness based on which the government can declare a health crisis whenever it deems necessary and rule by decree. The decision came two days aſter Hungarian Parliament unanimously liſted the 'special legal order' that had given basically unlimited power to the government since March 31 and the government majority immediately passed legislation to authorize the government to declare another state emergency granting it extra powers to handle an epidemic.

Experts at Réti, Várszegi and Partners Law Office PwC Legal pointed out that the legal framework did not return to the pre-emergency order. On the one hand, many of the norms adopted in the 'state of danger' continue to operate at the statutory level, and on the other hand, with extended rules for health crisis situations, the government retains broad regulatory authority.

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THE DAY OF NATIONAL COHESION

On June 4, 2020, Hungary marked the centenary of what many people regard as a national tragedy. It was on June 4, 1920 that the Allied Powers, the winners of World War I, and Hungary, as one of the defeated countries, signed a treaty at the Trianon Palace in Versailles, outside Paris, resulting in Hungary losing about two-thirds of its pre-war territory to neighboring states.

The new Kingdom of Hungary had a population of 7.6 million, compared to the pre-war kingdom's population of 20.9 million. The areas that were allocated to neighboring countries had a majority of non-Hungarians: the total population of those areas, over 13 million people, included some 3.3 million Hungarians who now found themselves with minority status.

Dr. Thomas Lorman of University College London (UCL), a specialist in the history of Central Europe, was quoted on euronews as saying that the legacy of Trianon has been "subsumed into a series of myths". He added that “those traumas: the trauma of a large number of Hungarians becoming a minority in a region that treated its minorities badly, the economic breakup of the country, the damage to its prestige, going from being a large country to a small country; all of this, combined with multiple other traumas: the trauma of the loss of World War I and the tremendous loss of lives and material resources, and the problems that the region faced, going back decades and even centuries; all of this came together to leave a bitter legacy." w w w . d t e u r o p e . c o m

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The aim of the campaign running under the WOW Hungary national brand is to draw attention to the fact that aſter the coronavirus epidemic, Hungary is ready to host tourists. Initially, the campaign draws attention to Hungary's water resources.

In a later phase, in addition to digital and social platforms, messages belonging to the ‘WOW Hungary – Wellspring of Wonders’ country brand will also appear in television and public space advertisements in certain target markets, thus further building the communication platform.

MEXICAN AMBASSADOR RECEIVES STUDENTS OF SPANISH

At the end of the 2019-2020 academic year and the corresponding closure of courses, Mexican Ambassador David Nájera sent a video message to the students and teachers of the Hungarian-Spanish bilingual institutes in this country and received some outstanding students at the Embassy.

In his video message, the Mexican Ambassador mentioned that this academic year was peculiar and challenging due to the global pandemic of COVID-19, which forced institutions to implement measures that influenced the development of academic activities.

Ambassador Nájera also recognized the personal and professional interest of young students in preparing to face the challenges that await them and urged them to continue their efforts in the next stage of their academic training, university studies. The Ambassador mentioned that a considerable part of the cultural promotion work of the Embassy of Mexico in Hungary is focused on the promotion of Spanish and the promotion of its learning and teaching, one of the pillars of action of the directives of Mexican Cultural Diplomacy.

Since 2018, the Embassy has recognized the best students of Hungarian-Spanish bilingual institutes in Hungary, awarding them with the Mexico Medal, an award for excellence in learning the Spanish language and which, since 2019, has had the institutional support of the Ministry of Human Capacities.

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UPCOMING NATIONAL DAYS 1 Canada July 3 Belarus 4 USA 5 Algeria 5 Venezuela 9 Argentina 13 Montenegro 14 France 21 Belgium 23 Egypt 28 Peru 1 Switzerland August 6 Bolivia 9 Singapore 14 Pakistan 15 India 15 South Korea 17 Indonesia 20 Hungary 24 Ukraine 25 Uruguay 27 Moldova 29 Slovakia 31 Malaysia

National day National day Independence day Independence day Independence day Independence day National day National day National day National day Independence day National day Independence day Independence day Independence day Independence day National day National day National day Independence day Independence day Independence day National day National day

HUNGARY'S BELOVED HORTICULTURIST PASSES AWAY

Possibly the most popular figure in Hungary, widely respected and loved horticulturist György Bálint passed away just over a month before his 101st birthday.

Horticultural engineer, journalist, a degree holder in agricultural sciences and a former member of parliament, a gardening expert and former TV host, he was best known for Hungarians as 'Bálint gazda' (Master Bálint). Even in the last days of his life, he was doing what he had done for decades, pursuing his profession and passion: being a professional gardener, preserving nature and giving advice to everyone on these subjects.

He also worked as a chief agronomist and chief gardener, wrote agricultural textbooks, edited various horticultural journals and regularly published in several newspapers.

From 1981 to 2009, he was a permanent employee of the Hungarian Television's public interest magazine program 'Ablak' (Window), and from 1991, he became the editor-in-chief of the channel's agricultural education program 'Gazdaképző'.

His work was recognized with the Cross of Merit of the Republic of Hungary (2005) and the Prima Primissima Award (2017), among others. He was also an honorary citizen of Budapest and his town of birth, Gyöngyös.

CEU PRESIDENT AND RECTOR TO STEP DOWN IN 2021 Michael Ignatieff has announced his intention to step down as Rector and President of Central European University (CEU) in July 2021, when his five-year term comes to a close. However, he will continue to contribute to CEU as a university professor, in a chair newly established by the Founder, George Soros. In a letter to the faculty, staff, students and alumni of CEU, he writes that "we’ve been through so much together in the past four years: the government’s attack, our campaign to defend ourselves; our decision, finally, to move our teaching operations to Vienna; the opening of our Quellenstrasse campus and then, as if all that wasn’t enough, the Covid-19 crisis. All this combined has made this the most testing period in CEU’s history, but we have stood together as One CEU throughout, and I can’t thank you enough for your courage and commitment over these past four years."

He adds that "in the next year, we have so much to do: begin teaching in September; welcome our first undergraduates and launch our new EMBA in business and economics; open the Democracy Institute in Budapest; anchor CEU in Vienna; develop our partnerships with CIVICA and OSUN; implement our CEU 2025 plan, with a revised budget for the next five years; and start making Steinhof our permanent home.

I’m excited by these challenges, and I hope you are too."

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company briefs TESCO TOPS RETAIL CHAIN RANKING IN HUNGARY

Although Lidl increased its total gross turnover significantly in 2019, it is still behind Tesco in the ranking of retail chains in Hungary. Of the chains selling fast moving consumer goods (FMCG), Tesco was the first with HUF 740 billion in revenue, Lidl closed last year with 685 billion, SPAR was in third place with 679.6 billion, Coop in fourth place with 643 billion and CBA in fiſth with 538 billion.

The new site of the Hungarian agricultural power machines sales company Royal Traktor Ltd. was inaugurated this June in Pápa, western Hungary. Minister of Agriculture István Nagy explained at the event that the significance of the investment is indicated by the fact that last year, farmers spent more than in previous years on the purchase of power machines.

He emphasized that Hungarian enterprises purchased new machines for HUF 180.7 billion in 2019, which is an increase of 3% compared to the previous year. Purchases of power machines accounted for 56% of the total value of agricultural machinery investments, while tractors accounted for 34% of total sales.

Béla Muhari, CEO of Royal Traktor Ltd., said that 20 new jobs will be created at the new site, where plans include the launch of sales training.

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Across the market, customers spent HUF 12,000 billion in roughly 127,000 commercial outlets, almost half of which was spent on FMCG products, i.e. daily consumer goods, trademagazin.hu writes.

This year, such figures could be lower as the volume of sales in retail shops, including mail order and internet retailing, according to both raw and calendar-adjusted data, decreased by 10.2% in April 2020 compared to the same period last year, the Central Statistical Office reports. Due to the epidemiological emergency, regulatory restrictions were introduced, which affected retailing, and impacted the turnover of all business types.

The volume of sales, adjusted for calendar effects, decreased by 0.4% in specialized and non-specialized food shops, by 14.8% in non-food retail shops and by 26.3% in automotive fuel retailing.

Declining retail sales in April 2020 were entirely driven by the impact of the coronavirus epidemic, with epidemic emergency explaining 17 percentage points from the calendar adjusted, year-on-year volume change. The volume index for non-food retail shops was 26% lower, while automotive fuel retailing was 30 percentage points lower than previously estimated. Food store sales were only slightly affected by the impact of coronavirus.

HUNGARIAN ICT COMPANY TO BE RENAMED Hungary's largest ICT employer, IT Services Hungary, continues to operate under the Deutsche Telekom IT Solutions brand from July 1, the company’s announcement was quoted by the news site Napi.hu.

The purpose of the name change, according to the communication note, is to "simplify the international telecommunications business structure of the German parent company, improve the efficiency of cooperation within the company group and improve customer service."

A new firm ‘Deutsche Telekom IT and Telecommunications Hungary Ltd.’, was established as a spin-out of IT Services Hungary on July 1, 2020, while the remaining part was renamed as Deutsche Telekom Systems Solutions Hungary Ltd. Together, the two companies were given a new brand name: Deutsche Telekom IT Solutions.

In connection with the restructuring of Deutsche Telekom AG's international B2B organization, the telecommunications-related services previously owned by DTAG's subsidiary, T-Systems International GmbH, will be transferred to Telekom Deutschland GmbH on July 1, 2020. At the same time, in order to secure efficient operation, there will be no more shared responsibility between different segments of the group. Areas of telecommunications services include, for example, network infrastructure as well as mobile communications services for large enterprises and business customers.

WABERER'S TO SHIFT FOCUS The Hungary-based trucking company Waberer's International Co. Ltd. has announced that it plans to shiſt its business focus towards contracted clients and the major trade lanes within Europe in its International Transportation Segment (ITS).

A statement by the company says that with the coronavirus crisis having a significant impact on the European logistics industry, Waberer’s introduced immediate measures in March 2020. However, the size and

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“Our new initiatives were developed in the spirit of transforming Waberer’s International Transportation Segment into a more clientfocused, stable and highermargin business. The plan to be implemented in the course of the next six months will mark a major step towards the turnaround of ITS in profitability and will contribute to Waberer’s emerging from the crisis period as a stronger company,” Barna Erdélyi, CEO and member of the Board of Directors, said.

be abandoned. Instead, a 'trade lane' model will be introduced, which focuses on recurring orders and will be concentrated on the main trade routes within Europe.

– in line with the model change, International Transportation Segment will shiſt its business focus towards contracted clients, enabling higher revenue certainty as well as higher service quality.

– in the six-month implementation phase, the processes and capacities of ITS will be gradually adjusted to the new operating model and market situation.

the structure of the European international logistics market may be impacted in long term.

Waberer’s has therefore decided to transform its business model in the coming period: – ITS has until now followed a 'taxi' model that optimizes the match between trucks and orders centrally and continuously. In the current environment, this model produces a lot of uncertainty in terms of revenue streams and truck utilization and relies heavily on the 'spot' transportation market that has a lower profitability, and therefore will

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VODAFONE CREATES SMART CLASSROOM PROJECT Vodafone Hungary, in cooperation with the Delta Group and SEOS, has created a 'digital classroom' concept suitable for both virtual and physical use. As reported by the news and research website telecompaper, the digital classroom consists of an interactive whiteboard used by the teacher, a teacher’s sheet and student tools (typically tablets). The tools are provided by the Delta Group, but it is also possible to integrate the systems owned by the school/institution. The framework soſtware for the smart room is provided by the firm SEOS. According to Vodafone Hungary Enterprise Business Unit Director István Király, the digital classroom is primarily recommended for primary and secondary schools. He explained that the project can adequately support class work in vocational training, language schools and university training, regardless of whether it takes place in real or virtual space.

Construction of a digital classroom will require an investment of approximately HUF 5-12 million, depending on each school's requirements, and the institution will have to pay HUF 600 per student and per month for the soſtware license required for its use.

ROYAL TRAKTOR OPENS NEW SITE

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company briefs

UNICREDIT SUPPORT FOR SMES IN THE CEE REGION

NEW PIER COMPLETED AT BUDAPEST AIRPORT

UniCredit Bank has entered into a COVID-19 support package offered by the European Investment Fund (EIF) allowing the bank to provide working capital loans to CEE SMEs and mid-caps guaranteed by the EIF at a rate of 80% (previously 50%) under simplified eligibility criteria.

The new measures also extend the application of the InnovFin guarantee to large mid-caps, widening the range of eligible companies in addition to already covered small and medium-sized enterprises (SMEs) and small mid-caps. Furthermore, in order to better support the uptake of digital technologies and the digital transformation of enterprises, the InnovFin guarantee has been extended to cover the financing of digital transformation. This transaction benefits from the support of Horizon 2020, the EU's Framework Program for Research and Innovation, and the European Fund for Strategic Investments (EFSI) – the heart of the Investment Plan for Europe.

These new measures allow UniCredit to provide extensive support for companies in Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Romania, Serbia, Slovakia and Slovenia.

According to Gianfranco Bisagni and Niccolò Ubertalli, Co-CEOs Commercial Banking CEE at UniCredit, "we are offering continued support to businesses through this initiative in order to manage the liquidity issues resulting from the COVID-19 emergency... This concrete step seeks to guarantee cash flow continuity for companies in the current exceptional and difficult circumstances as well as supporting working capital. At UniCredit, we are engaging in decisive, concrete measures to support companies and pledge our full support to the real economy."

The construction of the new pier 1 was completed by the planned deadline, to the day, this June at Liszt Ferenc International Airport. The airport authority is currently waiting to receive the usage permit. A statement by Budapest Airport says that once it is issued, passengers will be able to wait for their flights in convenient, beautiful and spacious surroundings, which also offer safe conditions from an epidemiological perspective. The modern pier 1 replaces the earlier basic boarding gates, and is part of the cooperation between Budapest Airport and the Hungarian government regarding the long-term development of the airport. The new building section increases the capacity of Terminal 2A by thousands of square meters, ensuring a comfortable waiting area for passengers that meets all expectations.

The new, 11,500-square-meter building replaces former facilities of some 3,000 square meters. Pier 1 ensures that passengers can arrive or await departure in convenience, in a bright, heated and air-conditioned building, which also provides shops and extra services to satisfy travelers’ needs. The new, single-story building with an internal height of 5.2 meters features friendly and sustainable construction components, like wooden beams and lots of glass. This creates, together with the modern interior design elements, a unique and pleasant atmosphere. The hall provides eight pedestrian boarding gates directly connected to the aircraſt stands, enabling a smooth and convenient boarding process. There are also six additional boarding gates where buses transport passengers to aircraſt parked on remote stands, according to the Budapest Airport statement.

LOGISTICS CENTER COOLED AND POWERED

BY SOLAR PANELS

VODAFONE HUNGARY EXTENDS 5G NETWORK

More than 2,250 solar panels, of 270 watts each, have been installed on the 6,500-squaremeter roof of the logistics center in Cegléd, SE of Budapest, of Gépész Holding that sells building engineering products. The new system produces the annual electricity demand of 160-170 detached houses. It was in 2017 that the company decided to utilize the huge unused roof space, for which the installation of solar panels was the optimal solution.

They were definitely looking for a European module manufacturer, and their needs were best met by the Spanish firm Eurener, which has been on the market for 21 years. On the 6,500-square-foot roof, 98 strings were formed, each holding 23 pieces (22 pieces on two strings), each with a 270-watt, polycrystalline module.

Due to the load capacity of the roof, an east-west oriented support structure was used because less counterweight was required for this. In addition, the solar panels shade the roof, which means the hall heats up less in the summer and less is spent on air conditioning.

Naturally, a lot of inverters were needed for such a large amount of solar panels. (The inverter converts the direct current produced by the solar cell into alternating current used in the grid, and this feeds the unused electric current back into the grid.)

The system at the logistics center generates 700,000 kilowatt hours of electricity annually and clears the environment of nearly 400 tons of carbon dioxide. Such an investment costs roughly HUF 150-180 million, and its return is more favorable than that of detached houses in 10-12 years.

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Vodafone Hungary continues to expand its 5G network coverage this year: aſter the inner city of Budapest and the southeastern town of Zalaegerszeg, the development of 5G base stations continues in larger rural towns and around Lake Balaton. With this, the number of Vodafone 5G base stations will increase to close to 300 nationwide.

Thanks to that, hundreds of thousands will be able to enjoy the benefits of the next-generation mobile network, the company’s statement says. Through this, the operator is taking another significant step in the direction of elevating Hungary to the forefront of digital Europe.

In 2019, Vodafone Hungary was the first domestic mobile operator to launch its live outdoor commercial 5G service accessible by all in downtown Budapest, thanks to its 3,500-MHz frequency spectrum purchased in 2016. Last year, the operator presented several tests using this frequency band to demonstrate the outstanding speed and minimum latency of the next-generation network, using, among others, a remote-controlled car steered through 5G connection at the ZalaZone proving ground and in the Vodafone headquarters in Budapest.

In April 2020, Vodafone Hungary acquired additional spectrum for its 5G mobile services at the frequency auction conducted by the National Media and Infocommunications Authority (NMHH). With the newly acquired frequency range, which is capable of boosting speed, capacity and coverage, the operator is wellplaced to offer local businesses and the public the benefits of the latest technology, on a mass scale.

The development and construction of the 5G network continues this year, involving several cities where Diplomacy-n-Trade.ai 1 2017.in 02.the 27. busiest 11:22:30 parts of inner cities and around universities. stations will be typically located

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analysis

POWER STRUGGLE IN THE MEDITERRANEAN

sector before 2011, and concluded some 1,300 commercial deals with the Gaddafi regime.

Aſter 2011, she did her best to restore stability and a central government in Libya – hence the origins of Ankara’s support of the GNA. Again, economic interests are playing a strong role in Turkish interest in Libya’s domestic policies; allegedly, Turkey would like to recover some USD 15 billion in unpaid contractual obligations.

TURKEY’S ASPIRATIONS AND INVOLVEMENT IN LIBYA

Competitors in influence The security cooperation dimension of TurkishLibyan relations cannot be overseen, either.

First, establishing a base behind the GreekCypriot-Egyptian informal coalition is, in itself, a strategic asset for Turkey. Second, unchecked and uncontrolled immigration is a nightmare for Recep Tayyip Erdogan. It complicates his country’s relations with the EU. Libya is one of the key countries to stop or, at least, to slow down illegal immigration from sub-Saharan Africa.

Colonel Gaddafi was making a deal with the Europeans (especially the Italians and the French) at that time, in which the Europeans tolerated the Libyan dictator’s antics and his repressive policies in return for Tripoli’s preventing masses of potential immigrants from sub-Saharan Africa from reaching Europe. The intimacy between Ankara and Tripoli is not really welcome in Italy and France; however, they are competitors themselves for influence in North Africa and, therefore, they are not really coordinating their policies, which are not particularly clear.

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BY TAMÁS MAGYARICS

Since the toppling of Muammar Gaddafi in 2011, Libya has been the site of a veritable civil war with a number of meddling outside forces. The roster stretches from neighbors, such as Egypt, fellow Arab countries, including Saudi Arabia or the United Arab Emirates (UAE), to faraway countries, like Russia – and Turkey. The internationally recognized government in Tripoli, the (misnamed) Government of National Accord (GNA), and its major opponent, the Tobruk-based Field Marshal Khalifa Haſtar can count on the diplomatic, political, economic – and military – support of their outside patrons. Overall, and strictly at the moment, as allegiance can swiſtly shiſt from one side to the other, the GNA relies on, primarily, Turkey, whose drones and other tools of military assistance turned the tide against Khalifa Haſtar’s forces, which had to retreat towards Benghazi.

Coastal disputes In fact, Libya is just another venue where proxy wars are waged between Turkey, on one side, and a ’coalition’ of Greece, Cyprus and Egypt on the other – at least as far as the eastern basin of the Mediterranean is concerned. Turkey’s opposition to an independent Greek Cyprus is not new; what

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is new is the debate over the maritime rights of the littoral countries. Ankara did not sign the United Nations Convention on the Law of the Sea (UNCLOS), which made it possible to establish exclusionary economic zones within 200 nautical miles. However, Turkey would recognize the zones only along continental coasts, while Greece would like to interpret the Convention as to apply to islands as well. Meanwhile, Turkey and Libya signed an agreement on November 27, 2017 to pursue joint exploration of oil and gas in the eastern basin of the Mediterranean, which evoked strong protests by Greece. In this question, Athens enjoys the support of the European Union and the U.S. The Turkish positions here are weakened by the deteriorating relations with Israel, though the two countries were on relatively good terms in the past, the Turkish support of the Palestinians, especially Hamas, put an end to the ‘good old days’. In a way, Greece, Cyprus, Egypt and Israel form a barrier against Turkish aspirations in the Mediterranean.

Turkey and the blocks The Arab Spring further complicated the situation.

Turkey, basically, supported the rebellions, and thus found herself opposed by Saudi Arabia, and the UAE, among others. Then, in 2017, the Saudis together with the UAE, Bahrain and

Egypt, imposed a blockade around Qatar – it is almost needless to say that the latter enjoyed the support of Turkey. In Egypt, Ankara backed Mohammed Morsi (supported by the Muslim Brotherhood), in opposition to the UAE and Saudi backed Abdel Fattah al-Sisi, who overthrew Morsi in 2014. Finally, the murder of Jamal Khashoggi in Istanbul by Saudi agents did not really improve the atmosphere between the two regional rivals.

Turkey seems to try to bypass this strong bloc against her in the eastern Mediterranean by establishing links with Libya in the west, which has got its own disputes and hostilities with a number of countries standing up against Turkish aspirations in the Middle East and its vicinity. Turkey invested quite a substantial sum of money in, primarily, the Libyan construction J U L Y

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It would be interesting to take a look at the role of two other ’heavy-hitters’ in this whole situation. The Trump administration has clashed with Turkey several times in the past few years.

U.S.-Turkish relations started to loosen when Ankara refused the U.S. the right to use its airspace and the İncirlik air force base in the war against Iraq in 2003. The spat between Turkey and Israel, the U.S.’s number one ally in the Middle East over the Mavi Marmara incident in 2010 did not help endear the Erdogan leadership to the Obama administration either, though six years later Turkey and Israel agreed to put an end to the diplomatic riſt. As for Libya, the Trump administration does not really take a stand in the ongoing power struggle; it only warned Turkey against ‘interference’ in Libya in early January 2020. Given the election year in the U.S., Washington is not likely to worry too much about what is going on in the North African country.

Russia has taken the side of Khalifa Haſtar in the Libyan civil war (alongside Egypt and Abu Dhabi). Russia had traditionally strong positions in Libya during the rule of Colonel Gaddafi, and she would like to retain some of its influence in the western basin of the Mediterranean (together with the naval base at Tartus, Syria in the east).

The military stalemate resulting from the Turkish intervention ultimately drove the opposing forces to the negotiating table; the ’Cairo declaration’ provided for a ceasefire from June 8, as well as the withdrawal of foreign troops/mercenaries from Libya. However, given Libya’s strategic position, it does not seem to be too premature to predict that Immanuel Kant’s ‘eternal peace’ has not arrived in the country, yet. Domestic and outside powers are bound to continue to play their games where they finished in mid-2020.

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business AMONG THE BEST PERFORMERS BUDAPEST STOCK EXCHANGE CELEBRATES 30 YEARS

Although the history of trading shares a stock exchange in this country goes back to over one and a half centuries, the one operating today, the Budapest Stock Exchange (BSE) is ‘only’ three decades old, dating back to June 21, 1990. Today, the BSE is the second largest stock exchange in Central and Eastern Europe by market capitalization and liquidity.

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With 41 founding members and one single equity, IBUSZ, the Budapest Stock Exchange was set up as a sui generis organization (an independent legal entity) at the time of the re-establishment of parliamentary democracy and market economy. During this time period, the privatization of businesses played a decisive role in the exchange’s operations. Even though the sale of the larger state-owned businesses oſten involved the assistance of strategic investors, the BSE played a significant role in the privatization of many leading Hungarian companies, including IBUSZ, Skála-Coop, MOL, OTP, Matáv (today Hungarian Telecom), Domus, Globus and Richter).

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Technical and organizational development Over the years, there have been major changes in the operating conditions, organization and function of the BSE. The first trading floor was in the Trade Center on Váci Street, followed by other downtown locations including one on the historic Andrássy Avenue. The current offices of BSE are located in the financial center of Budapest, near to the historical Exchange Palace where the Communist authorities closed down the Hungarian Stock Exchange in 1948.

The open-outcry system of the physical trading floor that characterized the stock market functioned with partial electronic support until 1995. From 1995 until November 1998, securities trading took place concurrently on the trading floor and in a remote trading system, when the new MultiMarket Trading System, based entirely on remote trading, was launched. The traditional ‘battlefield rumble’ of the physical trading floor ceased by September 1999, at which time physical trading was entirely replaced by the electronic remote w w w . d t e u r o p e . c o m

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trading platform of the derivatives market.

The derivatives market of the BSE in futures and options contracts has been available to investors since 1995. BUX (the BSE’s main index) contracts have been available for trading since the start of the futures market on 31 March 1995. In July, 1998 the BSE was among the first exchanges in the world to introduce contracts based on individual equities. Another series of standardized derivatives in the options market appeared in February, 2000 and in September 2004, trading commenced in the exchange’s second index, the BUMIX. In January, 2010, BSE became a member of the CEE Stock Exchange Group. As an important milestone, in December 2013, the new XETRA trading system replaced the system that had been in use for 15 years.

On November 20, 2015, the National Bank of Hungary (MNB) concluded a sales contract with the Austrian CEESEG AG and Österreichische Kontrollbank AG, the entities that to date held a 68.8% ownership in the BSE. With this transaction the MNB obtained controlling ownership in the national stock exchange.

Among the best As a successor of the first stock exchange in Hungary established over 150 years ago (in 1864), the Budapest Stock Exchange plays a key role in the capital markets in Hungary and the Central-European region. Due to the strong development aſter the re-establishment 30 years ago, the BSE has become one of the most innovative markets in the region and the second largest such institution in the region behind the one in Warsaw. As a central agent in the Hungarian money and capital markets, it offers economic agents opportunities to raise funds, and provides a

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wide range of investment facilities to investors.

While in the first ten months of its launch, the total turnover of the BSE was HUF 10 billion, 30 years later, that amount corresponds to the average daily share turnover. The BSE, where almost 130 issuers have traded since 1990, has generated an average annual return of 14% over the past three decades, which rivals the performance of the largest foreign stock indices.

The Hungarian stock exchange plays a decisive role in the capital markets of both Hungary and the Central European region. It serves issuers, traders and investors from all over the world at the highest level of service that meets the standards of developed markets, according to BSE officials. They also point out that 2020 is not only the thirtieth anniversary, but also the year of the conclusion of the five-year strategy for 2016-2020. The main direction will not change in the coming years: the implementation of a comprehensive capital

market and stock exchange development program in Hungary through various capital services and financing medium-sized companies.

As for further developing competitiveness, former BSE Chairman Attila Szalay-Berzeviczy, currently the Managing Director of Raiffeisen Bank International AG in Vienna, was quoted in a newspaper interview as saying that new national flagships would need to be established within the Hungarian corporate sector: for those that compete effectively in international markets while deciding on workforce development, international acquisitions and dividend policy at home. “The role of the largest companies of the BSE in the BUX basket has not been endangered for 25 years. These companies, which also play an extremely important role in the Central and Eastern European region, have proven that the only way to real corporate success is through stock market competition. Nothing can force development, competitiveness and productivity improvements more effectively.”

COINS COMMEMORATE STOCK EXCHANGE ANNIVERSARY

The National Bank of Hungary (MNB) issued a silver collector coin with a face value of HUF 10,000 and a non-ferrous metal version of HUF 2,000 of the same design to mark the 30th anniversary of the re-establishment of the Budapest Stock Exchange on June 21, 2020. The commemorative coins were designed by applied artist Zoltán Endrődy.

On the obverse of the coins, in the center, the most important index of stock exchange development is shown. Behind the line chart, a world map created from downward and upward arrows is seen, representing fluctuations in economic growth. In the outer ring, at the top, the key values of the BSE are inscribed: NÖVEKEDÉS • GYARAPODÁS • FENNTARTHATÓSÁG (rise • growth • sustainability). One of the compulsory design elements of collector coins, the lettering MAGYARORSZÁG is also shown here.

Both collector coins have a diameter of 38.61 mm with reeded edges. The silver coin with a face value of HUF 10,000 is struck in .925 fine silver and weighs 31.46 grams. The non-ferrous metal coin with a face value of HUF 2,000 is produced from an alloy of copper (75%) and nickel (25%) and weighs 30.8 grams.

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witty leaks WITTY

LE A K S

IN THIS SERIES, DIPLOMATS SHARE PERSONAL ACCOUNTS OF THEIR EXPERIENCES ON “EXCURSIONS” into Hungarian culture, art, gastronomy & scenery.

THE SPRING WHEN COVID-19 CAME REFLECTIONS ON THE DEADLIEST PANDEMIC IN MODERN HISTORY

BY THE AMBASSADOR OF MALAYSIA, CHEONG LOON LAI

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No more handshakes As cities around the world began to shut down and respective governments devised their own remedies to break the chain of transmission, all forms of gathering, be it for sports, religious and social were banned and people were made to isolate themselves from others. Hence, a new normal emerged and everyone had to get accustomed to it. Quarantines, lockdowns and ‘work-from-home’ (WFM) became a common and universal buzzwords during the pandemic. People everywhere were told to frequently wash or sanitize their hands; engage in social distancing; stop shaking hands and to put on the surgical face masks when they step out of their homes.

For many, enduring those measures of isolation and seclusion had a scarring impact. Some even remember it as traumatic. Inevitably, the entire experience has created fear and suspicion among friends, colleagues and family members, as everyone now is a potential carrier of the deadly contagious virus.

Saving Malaysians…

At the level of my Embassy in Budapest, due to travel lockdowns that have been imposed to contain the pandemic, we were expected to reach out and assist our nationals that may have gotten themselves stranded in the countries under our purview, namely Hungary, Slovenia and North Macedonia.

At the height of the global travel lockdowns, Malaysia had more than 20,000 of its nationals, stranded in over 70 countries. Through close coordination and collaboration between the COVID-19 Task Force of the Malaysian Foreign Ministry with the Malaysian Missions around

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Recalling Ebola and the H1N1 Swine Flu… When it was announced that the first confirmed case of COVID-19 was detected in Budapest, I had a sense of déja vu. I had to deal with similar pandemics at my last two postings, namely, in Accra, Ghana during the 2014-2016 West African Ebola epidemic and in Hong Kong SAR during the 2009 H1N1 Flu Pandemic.Though the previous ones were on a smaller scale than COVID-19, the SOP and measures seemed alike. First on the list would be to secure and make safe our homes and workplace. This entails a rigorous and tedious ‘ritual’ of disinfecting the public area of the office, aſter each guest or visitor; the frequent washing and sanitizing our hands; the suffocating feeling of wearing a face mask; and the awkwardness of social distancing.

In hindsight, the Ebola virus which severely affected countries in the West Africa region, is normally spread through bodily fluids like sweat and blood during the last stages of the disease.

Ebola is oſten considered as a gruesome disease because once the virus gets in the body, it attacks the cells that line the blood vessels, causing internal organs throughout the body, to bleed.

And once it reaches the lungs, sufferers may drown in their own blood. By comparison, Ebola is far more deadly than COVID-19. According to the WHO, the average fatality rate for people who contract the Ebola virus is around 50%. However, COVID-19 is more contagious than Ebola and far more sinister because its symptoms can be less apparent.

In the case of the H1N1 (2009) flu, which is commonly called the swine flu, the 2009 pandemic afflicted close to 395,000 people in Asia with about 2,140 deaths. South Korea had the most confirmed cases, followed by China, Hong Kong SAR and Thailand. Fortunately for mankind, a H1N1 vaccine became available in December

perceptions and actions for years to come.

Combating this deadly and invisible enemy, and the scale of its devastating aſtermath has been likened to surviving World War III. Daily death tolls; shortages of food items and essential supplies, and the threat of a looming global recession, are some of the scenarios that have evoked the feeling of being in a state of war.

The ‘stay-home order’, ‘curfew’, or ‘lockdown’ have certainly given us the ample of time to ponder and wonder on the life that awaits us, aſter COVID-19. When this pandemic ends, I believe we may never get back the vibrant and active diplomatic life in Budapest that we used to relish. With the current reality, things will never be the same. In this regard, let us positively embrace the changes before us and not take anything for granted.

2009. I still recall vividly the first confirmed H1N1 case in Hong Kong was of a foreigner who had developed a fever aſter arriving in Hong Kong. The hotel where he stayed, the Metropark Hotel in Wanchai, was just a block away from the Malaysian Consulate General Office. When over 300 of the hotel’s guests and staff were quarantined for seven days by the authorities, the site suddenly became a popular photo spot for many locals and tourists, and soon aſter that, an encampment for almost all of the island’s TV stations and media.

How things will never be the same…

The COVID-19 disease will be remembered as one of the most destructive global pandemics of this century. The worst of it will eventually pass but the experiences endured will impact our lives, J U L Y

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the world, over 70% of the Malaysians stranded abroad were successfully repatriated to Malaysia, by the end of May. In the case of our Embassy in Budapest, we were fortunate not to encounter serious stranded cases in Hungary since foreigners were still allowed to fly out of the country if they had valid tickets and there were still available flights.

We had only a case of two Malaysian tourists who got stranded in Ljubljana aſter Slovenia adopted a full lockdown by shutting down its airports and completely sealing its border. With no other options but to stay put in Ljubljana for three weeks, the Embassy eventually managed to obtain permission for the two Malaysians to cross into Croatia and fly back to Malaysia on a Qatar Airways flight from Zagreb International Airport.

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The rapid and sudden global spread of the novel coronavirus, the cause of the COVID-19 disease, has been disruptive and played topsy-turvy to our daily lives. The unprecedented scale of economic and social devastation of this deadly pandemic will indeed change dramatically the way societies live and interact. Globalization has been blamed for the rapid spread of this virus. Due to globalization and technological advancement, the world has become ‘smaller’ and ‘closer’ where people from the opposite ends of the world can travel easily and interact with each other with few barriers.

Within a short span of time, COVID-19 has blazed through ferociously like a raging wildfire across the globe; leaving behind a trail of extreme devastation. In its fiery path, it did not to discriminate the stature of power, wealth and development of a nation. Almost every nation was brought to its knees by the pandemic.

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culture

THE GREATEST HUNGARIAN MASTER OF PLEIN-AIR PAINTING

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PICNIC IN MAY, PÁL SZINYEI MERSE, 1873, OIL ON CANVAS, 127 × 162,5 CM, MUSEUM OF FINE ARTS - HUNGARIAN NATIONAL GALLERY, NATIONAL BANK OF HUNGARY

CELEBRATING AND COMMEMORATING PÁL SZINYEI MERSE

The Hungarian painter is regarded universally as one of the earliest and most original representatives of international impressionism.

His best works express the love of life and the beauty of nature in a way that is still valid today.

2020 marks the 175th birth anniversary of Pál Szinyei Merse (born on July 4, 1845, in Szinyeújfalu, now part of Slovakia, to an ancient family), and also the centenary of his death. To celebrate and commemorate the painter who is considered one of the foremost figures of Hungarian art, the Hungarian National Gallery will open a largescale exhibition titled ‘WANTED – In the wake of latent artworks of Pál Szinyei Merse.’ Originally, the solo exhibition was scheduled to open in November this year, but was postponed to the beginning of 2021, due to the pandemic. The organizers objective is to give an accurate picture of Szinyei's creative career, the values of his art and present the background of the cult formed around his person, relying on the results of the latest research. Such a large-scale solo exhibition has not been held in Hungary in the past three decades.

Paintings WANTED “Although several paintings of Szinyei have been unearthed in the last thirty years, we still know of many works that once existed, but their current location is unknown. For instance, ‘Bathing Hut’ which won a bronze medal at the 1873 Vienna World Exhibition, lurks undiscovered somewhere, to this day.

Based on previous, similar initiatives, we hope it may turn up sooner or later, with the help of our exhibition which will feature photographs of the missing paintings, as well as a highly detailed monograph on the artist’s entire oeuvre,” organizers' say. “It is essential, to find these paintings as soon as possible.”

Thanks to Anna Szinyei Merse, one of the leading Hungarian experts on 19th-century Hungarian and European painting – and the artist’s great-granddaughter, who was chief

SZINYEI MERSE - COINED

Pál Szinyei Merse is being commemorated by the Hungarian Mint with a pair of coins, one silver, and one copper-nickel.

Szinyei Merse’s paintings are the basis for both sides of the coins that are identical in design and differ only in face value and metal. The obverse is based on 1882’s ‘The Balloon’ (Léghajó in Hungarian), a work now part of the collection of the Hungarian National Gallery in Budapest. It is said that the work was inspired by a balloon trip taken by the artist’s brother-in-law in May 1873. The reverse is a replication of ‘Self-portrait in a Leather Jacket’ – the original painting was taken to Florence in 1912 at the request of the Italian Minister for Culture, to be displayed at the Uffizi’s Gallery of Immortals. w w w . d t e u r o p e . c o m

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curator at the Hungarian National Gallery for 35 years, a comprehensive volume of documents relating to Pál Szinyei Merse is now available, to exclude fake works. Much to the artist’s annoyance, his paintings were already being forged during his lifetime. Indeed, forgers attempted to add several works to the master’s relatively small repertoire of approximately 250 artworks. Why so? Well, they are worth a fortune. In 2019, an auction of BÁV, the artist’s Faun II was sold at a HUF 28.8 million price.

Two years before, at the spring auction of Virág Judit Gallery and Auction House, the starting price for ‘Nice Weather (Sunny weather at Lake Balaton, 1917)’ was HUF 30 million, and the painting was ultimately sold at HUF 44 million. According to auctioneers, in addition to Csontváry paintings, Szinyei’s works are those that are oſten found, unexpectedly, in private collections, usually during probate. But while they are considered ‘lost’ or missing, these are the most preferred masterpieces to be forged.

Painting outdoors Pál Szinyei-Merse, like many Hungarian artists in the 1860s, went to Munich to study art at the Academy of Fine Arts. There he started experimenting in Plein air-based painting, which is basically the act of painting outdoor in various light conditions (‘En plein air’ literally means ’outdoors’ in French) – a technique later preferred

SZINYEI MERSE AND A DIPLOMAT

Sold to an American collector straight out of the studio, ‘Mother and Children (Version 1, 1869)’ disappeared from view and was believed to have been lost for over a century. It finally surfaced in a private American collection and was purchased in 1991 by the Hungarian-born Ambassador Nicolas M. Salgo (Miklós Salgó) from the New York dealer Ira Spaniermann. This painting was the first of the series that would lead to the artist’s undisputed masterpiece, his ‘Picnic in May’ of 1872, now in the Hungarian National Gallery.

by French Impressionists such as Claude Monet or Pierre-August Renoir. This method contrasts with studio painting which favored painting still life, portraits, historical, biblical and mythical subjects, rather than the joyful, simple, everyday events Szinyei Merse chose to paint, with the new painting technique in which the air itself has a role in the forming and shaping of colors.

It is important to emphasize that he developed the technique by himself, more or less the same time as, but independently from the French movement. As István Genthon, the Directorin-chief of the Museum of Fine Arts, pointed out in 1935, Pál Szinyei Merse’s art “gained its relevance not by being quick to adopt the latest foreign techniques, but by elevating itself to great heights without any helping hands.” In ‘Picnic in May’ (Majális, 1873), the use of this technique is more than evident. The painting today is considered the masterpiece of the artist, and the most beautiful Hungarian painting according to many, but at the time he completed it, it was greeted with total incomprehension and harsh criticism. In his autobiography, he wrote, “I painted myself into the picture prone, munching away, with my back to the spectator. I must admit, I thought of the critics who would dislike my picture.” He put down the brush and chose to wait until his art came to be accepted, which did not happen until a decade later. He returned to the art life and saw critics soſtening towards him. He also found buyers at the exhibitions, finally. In 1896, at the Millennial Exhibition, he received the Millennium Grand Medal. Young Hungarian painters who later formed the new art colony in Nagybánya, celebrated him with sincere respect. Subsequently, he was regarded as a bold innovator. He became a Member of the Parliament, where he fought for the modernization of art education, and in 1905, he became the director of the Hungarian Academy of Fine Arts. Two years later, he took part in organizing the first society of modern art in Hungary, the Circle of Hungarian Impressionists and Naturalists. Of his six children, his daughter Rózsi studied at the Academy of Fine Arts, and his son Félix, had become an amateur painter.

The Szinyei Society formed aſter his death (on February 2, 1920) not only kept his memory alive, but also became the most important artistic association of the period between the World Wars.

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THE SEUSO TREASURE PERMANENT EXHIBITION

HUNGARIAN NATIONAL MUSEUM From 1st century AD, the Western part of what is now Hungary belonged to a province named Pannonia of the Roman Empire. The final heyday of Pannonia in 4th century AD was characterized by huge manors and luxurious villas located in the countryside.

Their owners belonged to the rich elite of the empire. One of them was named Seuso, whose silver tableware is now exhibited at the Hungarian National Museum. The Seuso treasure is well-known in the world due to its unrivaled beauty and cultural significance, as well as a number of criminal activities attached to its history. The treasure itself was found by a young man in the 1975 in Kőszárhegy, near Lake Balaton, but he was soon killed, and the treasure disappeared. When it reappeared at the international auction market in the 1980s, only fake documentations were available to prove its origin so it could not be sold. Lawsuits, scandals and unsuccessful auctions marked the last 25 years of the treasure’s modern history. In 2017, the Hungarian State fınally came to an agreement with the person possessing it and all the 15 pieces (worth EUR 28 million) were repatriated to Hungary. www.mnm.hu

PALOZNAK JAZZ PICNIC AUGUST 20-22, PALOZNAK

‘Jazz, Wine, Balaton!’ is the slogan of this annual summer fest, which is a winning combo of great wines and an array of international star performers at Lake Balaton.

Organized by a local winery named Homola Pincészet and co-organized by the Municipality of Paloznak, the fest is one of the most charming summer events: the tiny village of Paloznak's streets fill with music and people strolling, with a wine glass in hand, and the Folk House's garden turns into a live music venue. The main stage is traditionally set up on the edge of the village, and the audience is encouraged to lounge in the grass. The festival also stands for quality in terms of gastronomy: the most popular restaurants of Lake Balaton's north shore will be catering. The picnic vibes will be complete with picnic baskets, cooled wines, local farmers’ delicacies (such as artisanal cheeses and hams, ice cream and pálinka variations), and picnic blankets. Paloznak Jazz Picnic presents a star-studded program this year: the international line-up includes Candy Dulfer, Mario Biondi, Randy Brecker and the De Phazz.

During the festival, a dedicated bus service will help guests travel between Paloznak and their accommodation in nearby towns such as Balatonfüred, Csopak, Balatonalmádi and Alsóörs. www.jazzpiknik.hu

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B MY LAKE

AUGUST 19-22, ZAMÁRDI (110 KM FROM BUDAPEST)

‘B my Lake’ might be one of those very few festivals that will not be canceled this year due to the pandemic. Traditionally organized every year at the end of August, this underground-electronic music fest will celebrate its 8th anniversary in 2020, bringing exciting programs and an insane line-up to the shore of Lake Balaton, such as Adana Twins, Adriatique, Afriqua, ANNA, Bawrut, Carl Cox, Charlotte de Witte, Denes Toth, FJAAK Live, Gabor Kraſt, Glowal, HOT X, Jaffa Surfa, James Cole, John Digweed, Julian Perez, Kobosil, Maceo Plex, Marco Bailey, Mateo & Spirit, Matthias Meyer, Philipp Straub, Polarize, Poli, Rebekah, Re.You, Richie Hawtin, Sanfranciscobeat, Secret Factory, Sikztah, Solomun, Sweely live, Toto Chiavetta, Traumer and many more! www.bmylake.hu

BODIES 2.0 – THE UNIVERSE WITHIN SEPTEMBER 4 - DECEMBER 31, BÁLNA

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This is a scientific, educational exhibit comprised of appr. 200 specimens including whole body specimens that have been preserved using a method known as polymer impregnation. Bodies 2.0 literally as well as figuratively goes ‘under the skin’, revealing the complexity of the human body, and allowing visitors an up-close, 3-dimensional look at their inner make-up. Rather than using models of the human body, this exhibition uses real human bodies to provide the general public a look at what normally only doctors and scientists can see first-hand. The goal of the exhibition is for visitors to leave with a deeper understanding of their own body’s form and function and a stronger appreciation for staying fit and healthy. www.bodies-kiallitas.hu

MÁRTON MÓNUS, BODIES, ANDRÁS DABASI AND JUDIT KARDOS, B MY LAKE, BANKSY, LIVE NATION, WINE, EUPHORIA, BÉNYE…, LIVE NATION

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SIMPLY RED: BLUE EYED TOUR NOVEMBER 23,

BUDAPEST ARENA Simply Red is an English soul-pop band from Manchester, currently consisting of frontman and songwriter Mick Hucknall, alongside Ian Kirkham, Dave Clayton, Kenji Suzuki, Kevin Robinson, Steve Lewinson and Pete Lewinson. Formed in 1985, the band is known for songs such as Angel, Fairground, Holding Back The Years, If You Don’t Know Me

By Now and The Air That I Breathe, among many others. They've sold over 50 million albums worldwide and picked up many an award, including two consecutive BRITs for Best British Group. Aſter a brief hiatus, Simply Red returned in 2019 with a new album, 'Blue Eyed Soul'. www.livenation.hu

THE ART OF BANKSY

UNTIL AUGUST 1, TESLA LOFT

Aſter Istanbul, Amsterdam, Antwerp, Melbourne, Auckland, Toronto, Berlin, Bucharest, Cluj-Napoca and Paris, Banksy, the world's most famous graffiti artist's works are on display in Budapest. Banksy started his career as an illegal graffiti artist at the beginning of the '90s – his activity generated high interest of people recognizing his works on the streets but also of art professionals. Although he has not presented his works in galleries, since 2000, alongside Steve Lazarides (his then manager who helped him to start his career) he has been creating a series of paper and canvas prints, in addition to graffities. Organized by the Godot Institute of Contemporary Art at Tesla Loſt the Art of Banksy Exhibition presents the art of the ‘unknown genius’ through about 70 works. The exhibition does not intend to follow any timeline based thematic, but it rather concentrates on presenting the main topics of Banksy’s art.

The first section presents the artist’s attitude (he also had a history of participating in punk movements) towards the actual British political power structure, while the second section shows Banksy’s favorite animal motives. Another part of the show presents his mission against wars and his sarcastic, black humor, depicting our consumer society as a parody. The Budapest show also presents an Augmented Reality (AR) museum guide application that evokes the graffities and even the walls that were painted by Banksy at their original location – with the help of this tool visitors can literally wander around in Banksy’s world. www.theartofbanksy.hu

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ALANIS MORISSETTE CONCERT OCTOBER 12, BUDAPEST ARENA

Seven-time GRAMMY® Award winner and multiplatinum singer-songwriter Alanis Morissette just recently announced the much anticipated European Leg of her 2020 World Tour celebrating 25 years of Jagged Little Pill and her brand new album ‘Such Pretty Forks In The Road’, released on May 1. The run will see the Canadian-American singer, perform in 13 cities across Europe, kicking off in Copenhagen and stopping in Budapest for one night.

Famous for her emotive mezzo-soprano voice, Alanis Morissette will be joined by Liz Phair on stage. www.livenation.hu

WINE, EUPHORIA, BÉNYE… AUGUST 14-16, ERDŐBÉNYE, TOKAJ

“Bor, Mámor, Bénye” is a unique festival organized annually in the picturesque TokajHegyalja region, offering gastro and cultural events and spectacular Tokaj wines. During the festival, the local winemakers (Ábrahám Winery, Bardon Winery, Béres Vineyards and Winary, Budaházi-Fekete Kúria Winery, Csite Family Estate, Illés Cellar, Jakab Winery, Kerékgyártó Cellar, Préselő Winery, Pro Vinum Winery, Sanzon Tokaj, Vayi Winery and Vinito Winery) open their cellars and gardens to visitors. In addition to the superb wines and delicious bites, there will be concerts, literary readings, craſt workshops and children’s programs. The ultimate treat, however, is the simple thrill of lounging on the grass and soaking up the atmosphere of the charming village of Erdőbénye in the magical Tokaj region. www.bormamorbenye.hu/en

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gastronomy DSK WINE & GRILL ALL-DAY DINING EXPERIENCE WITH A SUMMER TERRACE DSK Wine & Grill blends local award-winning environment The downtown restaurant serves a variety of Hungarianinspired dishes, freshly grilled meat and fish, and delicious desserts offering an exclusive seasonal taste and allowing guests to try local tastes in a new way. The rich indigenous wine selection completes the dining experience with an imaginary tour around the country’s many

vors with international

wine regions and finding the best harmonies between food and wine.

As an all-day open restaurant, DSK is the place to visit any time of the day: to kick-start the morning with an energizing breakfast; to stop for a rich-in-flavor brunch or quick lunch midday in the heart of Budapest; to get a sweet treat of a home-made dessert and coffee as a well-deserved break; or to wind

uences in a relaxed, down in the aſternoon with a glass of champagne in the hand. The evenings await with lingering dinners with the tastes of Hungary and craſt cocktails accompanied by smooth live music on selected nights. DSK welcomes the warm summer months with an inviting terrace at the vibrant Fashion Street, the perfect spot to relax and enjoy al fresco dining and delicious summer drinks.

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DSK Wine & Grill OPENING HOURS

7 AM – 10 PM

BREAKFAST

7 AM – 10 AM BRUNCH

10 AM – 3PM LUNCH

FROM 12 PM DINNER

The Executive Chef is a member of the Hungarian Bocuse d’Or Academy and has played a major role in Hungarian gastronomy over the years by gracing the kitchens of Mágnáskert, Gundel when operated by Kálmán Kalla, Pierrot and 21 A Magyar Vendéglő.

“I am filled with excitement as I begin this journey. Satisfying the demands of a hotel is a serious challenge, but I am delighted to be here and I cannot wait for the restaurant to open its doors once again,” said Lajos Lutz.

With over 30 years of professional experience, Lajos Lutz has been appointed Executive Chef of Párisi Udvar Hotel Budapest and Párisi Passage Café & Brasserie, as of July.

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Párisi Passage Brasserie welcomes guests from July 8. More details are available at parisipassage.hu J U L Y

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LAJOS LUTZ JOINS TEAM AT PÁRISI UDVAR HOTEL BUDAPEST AND PÁRISI PASSAGE CAFÉ & BRASSERIE

MATTHEWSHAW.CO.UK, DSK WINE & GRILL, PÁRISI PASSAGE

FROM 6 PM

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wine however, there are others with much wider stylistic repertoires. Olaszrizling belongs to this latter category. If it is intended for a lighter style – as in the case of BalatonBor – there are two crucial factors to be considered: preserving acidity to provide drive and preserving the aromas and flavors inherent in the grapes. In both respects it is vital to choose the right time to harvest. During the ripening process the increase of sugar concentration occurs just as rapid as the decrease of acidity. If the goal is a fresh wine with low alcohol, it is particularly important to carefully monitor and control both processes.

However, if the goal is a weightier, more substantial style of wine, the grapes should get a longer hanging time to receive more sunshine and to achieve higher levels of ripeness.

Wines made to conform to these expectations will receive longer ageing in both the cellar and the bottle and may even spend some time in oak barrels. These more substantial Olaszrizlings can convey the character of their unique terroirs and stand up to mature cheese or meat dishes served on summer nights.

THE MULTI-FACETED OLASZRIZLING

LET’S GIVE THIS TYPE OF WINE THE ATTENTION IT DESERVES

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Olaszrizling (also called Welschriesling or Grasevina) is the most widely planted white variety in Hungary. It owes its popularity mainly for the fact that following the devastation of the phylloxera blight at the end of the 19th century, many winemakers decided to replant their vineyards with Olaszrizling because of its reliability. Consequently there are quite a few winemakers all over Hungary who attribute special significance to the variety. However it is around Lake Balaton, especially on

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volcanic basalt soil of Badacsony or the special microclimate of the Káli Basin. Olaszrizling is now the flagship variety of the Balaton region, as is well demonstrated by ‘BalatonBor’ the joint brand of two associations: Balatoni Kör and Rizling Generáció. The salient point being that a number of wineries have decided to bottle their wines under the same brand and same image adhering to a common style. These 100% Olaszrizlings should be pleasantly drinkable but far from insubstantial. The wines have to pass a blind test by an assembly made up of the

winemakers themselves and the best are introduced on the market by the end of the following spring.

Different Styles It is still a widely shared misconception that certain varieties are suited only to produce a certain type of wine. In reality, the choice of wine style depends on conscious decisions both by viticulturists and winemakers. Of course there are some varieties which show limited diversity when vinified – for example, Irsai Olivér or Cabernet Sauvignon –

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the Northern shore, that Olaszrizling gets the attention it really deserves.

It may sound paradox, but one of the contributing factors to its popularity is the fact that Olaszrizling has a neutral aroma profile. With no dominant fragrance or flavors the wines made from this variety are better suited to reflect the subtle differences in the character of the vineyards. And on the Northern side of Balaton there is no lack of geographical diversity, just think of the Csopak hills with their limestone soils and proximity to the lake, the

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TAKENAKA EUROPE GmbH HUNGARY BRANCH OFFICE Architecture / Engineering / Construction www.takenaka.eu info@takenaka.hu

ASPIRING TO FINE FORM

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