Hungary plans to adopt euro by 2030

The Hungarian government plans to introduce the euro by 2030, but officials say that a sustainable reduction in the budget deficit and public debt will be essential before the country can join the eurozone.

After taking office, the new government said that Hungary’s financial situation was more difficult than previously expected and made stronger fiscal discipline one of its main priorities for the coming years.

The 2026 budget was originally based on a deficit target of 3.7% of GDP. However, a revised government assessment suggested that, without additional measures, the deficit could rise to 8.3%. The Finance Ministry now expects the figure to be around 7.5%.

According to the government, EU funding and other measures have helped prevent the situation from deteriorating further. The strengthening of the Hungarian forint, lower government bond yields, and the potential restoration of EU funding are also seen as factors that could improve the country’s fiscal outlook.

The government plans to revise the 2026 budget and establish a new deficit target by the end of August. The 2027 budget and a medium-term financial plan are expected to be prepared by the end of October.

Analysts believe that several factors could help Hungary reduce its deficit next year. Some one-off expenses that put additional pressure on the budget this year are expected to disappear, while lower bond yields and potentially lower interest rates could reduce the cost of servicing government debt.

In July, Finance Minister András Kármán announced a budget surplus of 524 billion forints, equivalent to approximately pound 1.44 billion. However, economists caution that temporary savings and one-off measures should not be mistaken for long-term fiscal stability.

To adopt the euro in 2030, Hungary will need to demonstrate a credible and sustainable fiscal strategy rather than simply achieve a one-year improvement. A consistent reduction in the deficit and public debt would also help maintain the confidence of investors, businesses, and international rating agencies.

At the same time, Hungary faces several economic risks. Weak external demand, particularly the sluggish performance of German industry, dependence on imported energy, and geopolitical tensions could complicate the government’s plans.

An interesting point is that joining the eurozone requires countries to meet several economic conditions, including limits on inflation, government deficits, public debt, interest rates, and exchange-rate stability. Hungary therefore cannot simply decide to adopt the euro in 2030 – it must first demonstrate that its economy meets the required criteria.

Ultimately, turning the 2030 euro target into reality will depend on whether Hungary can maintain a consistent economic policy over several years. Structural reforms, responsible tax policy, and investment decisions will all play an important role in reducing the deficit while supporting long-term economic growth.

Iran says “we’re watching your every move” to United States

Iranian Parliament’s National Security Committee head Ebrahim Azizi warned the United States on Thursday that Tehran is “watching” Washington’s “every move,” as tensions rose again following US President Donald Trump’s latest threats.

“Any further mistake or miscalculation will carry consequences far greater than before,” Azizi wrote on X and demanded the US “end” its presence in the region “immediately before it is too late, and accept Iran’s new regional order.”

Meanwhile, new reports emerged claiming Trump may order renewed strikes on Iran should his strategy of maximum economic pressure fail.

Talks between Iran and Oman over the future management of the Strait of Hormuz “broke down weeks ago,” Semafor reported Thursday, citing unnamed US officials.

The contacts frustrated US President Donald Trump, raising fears that a new toll regime would be implemented in the vital waterway. Washington, on the other hand, repeatedly voiced opposition to such an arrangement. Oman’s embassy in the US did not provide a comment.

At the same time, Trump once again appeared to escalate his rhetoric against Tehran, with oil prices reacting to the uncertainty.

Khan Shushinski’s musical legacy highlighted in Baku

A virtual and traditional book exhibition has been presented to visitors at the Azerbaijan National Library.

The exhibition is dedicated to the 125th anniversary of the birth of People’s Artist and renowned mugham singer Khan Shushinski.

The exhibition, titled “People’s Artist Khan Shushinski – 125,” features musical works preserved in the library’s collection, literature about the singer’s life, books in Azerbaijani and foreign languages highlighting his role in the history of Azerbaijan’s musical culture, as well as materials from periodicals.

Those wishing to view the virtual exhibition can access it via the designated link.

Khan Shushinski’s musical career was deeply influenced by his family background and early exposure to music. He was born into a prominent family and began his musical training at a young age. His meeting with renowned mugham singer Islam Abdullayev played a key role in shaping his future career.

A major turning point came in 1918 at a wedding in Novruzlu village. After listening to Abulghasan Khan’s performance of “Krd Sahnaz” on a gramophone, Shushinski was asked by his teacher to perform the mugham himself. His impressive performance earned him the name Khan Shushinski.

He later studied under respected mugham masters including Jabbara Garayagdyoglu and Seyid Shushinski. After his first performance in Baku in 1923, he became one of Azerbaijan’s leading mugham performers, performing across the country and gaining widespread recognition.

Shushinski was also a composer. His songs, including “Susanin daglari,” “Ay göz?l,” “Q?m?rim” and “Daglarda çiç?k,” became popular and remain part of Azerbaijan’s musical heritage.

He died in 1979, but his recordings and music continue to hold an important place in Azerbaijani culture.

Russia only guarantor of Ukraine’s sovereignty, says Zakharova

Russian Foreign Ministry spokesperson Maria Zakharova stated on Thursday that Russia is the sole “guarantor” of Ukraine’s sovereignty.

“The only guarantor of Ukraine’s sovereignty and territorial integrity has been and can only be Russia. This has been repeatedly emphasized by Russian President Vladimir Putin,” Zakharova told reporters.

Moreover, the spokesperson claimed that “the Kyiv elite” is experiencing a shortage of those who are “ready to die for the interests of a corrupt team” of Ukrainian President Volodymyr Zelensky and “his Western sponsors.” She also declared that Zelensky is losing the trust of Ukrainian citizens.

Arctic thaw turns into new test of Russian, Chinese and US power

For a long time, the Arctic was associated with the “dead land” of the North and was not considered a place suitable for economic activity or human life. Today, however, it is increasingly seen as a valuable and strategically important region. This shift is largely connected to the natural resources hidden beneath its surface. Climate change and the melting of Arctic ice are only making these resources easier to access.

Interest in the Arctic increased sharply in 2009 after the United States Geological Survey estimated that the region contained 13% of the world’s undiscovered oil reserves and 30% of its undiscovered natural gas. The Arctic is also a vast storehouse of rare-earth elements, nickel, gold, and other materials that are extremely important for the defense industry and modern technology. Shrinking ice cover and technological advances are making the extraction of these resources increasingly possible, intensifying competition over them.

Over the past ten years, global warming has renewed international interest in the Arctic. According to the US National Oceanic and Atmospheric Administration, the period from October 2024 to September 2025 was the warmest recorded in the Arctic in the past 125 years. This contributed to ice loss, with the area covered by ice reaching a record low for these northern latitudes. These changes could expand shipping and support the development of alternative transport and logistics corridors.

Around 60 countries are currently expressing ambitions related to the development of the Arctic. The world’s major powers, particularly Russia, the United States, and China, are showing the greatest interest.

It is important to emphasize that the Arctic does not belong to any single state. Under international law and the United Nations Convention on the Law of the Sea, the land, islands, and coastal waters of the region are divided among eight Arctic states: Russia, Canada, the United States, Norway, Denmark through Greenland, Iceland, Finland, and Sweden.

Last year, the Arctic frequently appeared in international news. First, President Donald Trump began actively discussing his desire to buy Greenland, which is located in the Arctic, and to make Canada part of the United States. Later, during US-Russian negotiations concerning the war in Ukraine, proposals for mutual cooperation in the Arctic unexpectedly emerged. In addition, the area of Arctic sea ice fell to the lowest level ever recorded in March.

Ice in the Arctic Ocean always melts during the summer. Because of the climate crisis, however, it no longer returns in winter in the same volume, and the remaining ice becomes thinner every year. Areas of dark ocean exposed by melting ice do not reflect the Sun’s rays. Instead, they absorb heat, causing the ocean itself to warm and contributing to climate changes across the planet. At the same time, melting Arctic ice creates new opportunities for people. This mainly concerns the Northwest Passage, a sea route through the islands of northern Canada connecting the Atlantic and Pacific oceans, and the Northern Sea Route, which runs through Russia’s northern waters.

The Financial Times reports that the Chinese shipping company Sea Legend, which specializes in the Turkish and North African markets, will launch the first regular container service through the Arctic this week. The route will connect the Chinese city of Ningbo with the British port of Felixstowe and will run along Russia’s northern coast.

Sea Legend has named it the “Ice Silk Road,” referring to the historical Silk Road that once connected China and Europe. Depending on Arctic conditions, the journey between the two ports could take roughly half the usual 40 days. During the summer, sea ice retreats far enough north that the voyage may not require icebreaker support.

It is not yet clear how efficient this route will be. The Arctic presents serious challenges for sailors, who need experience navigating among ice fields. They sometimes have to operate without reliable GPS, as satellite navigation systems can experience problems at such high latitudes.

Several years ago, Maersk company sent its first container ship along an Arctic route between Vladivostok and St. Petersburg. However, the Danish carrier and many other European companies later promised not to use the route because of concerns about damaging the Arctic’s fragile ecosystem.

The Arctic is becoming a space of competition among Russia, the United States, and China, where military, economic, transport, and environmental interests intersect.

The Cold War brought militarization to the Arctic ice. The shortest distance between the United States and the Soviet Union runs across the North Pole, made the Arctic a potential conflict zone between the two superpowers. Beginning in the 1950s, both sides actively established military bases there and used scientific stations for intelligence gathering. Later, during the 1980s, secret submarine operations were conducted in the Arctic. Submarines entered foreign-controlled areas, mapped the region, and monitored potential adversaries.

For a time after the Cold War, the region was characterized by cooperation. In 1996, eight countries – the United States, Canada, Russia, Finland, Sweden, Norway, Denmark, and Iceland – established the Arctic Council. Among its main purposes were environmental protection, cultural cooperation, and scientific research.

Beginning in the 2000s, however, competition in the region started growing rapidly. Global warming and the reduction of ice cover pushed the Arctic into the center of world politics by creating new opportunities for economic activity, including commercial shipping and mineral extraction.

Arctic ambitions are not limited to trade. The region is a cornerstone of the country’s strategy for maintaining its military and economic power. This causes serious concern in the United States and among its allies, especially as climate change accelerates the melting of ice and opens new routes of access.

Russia has dozens of icebreakers, including nuclear-powered vessels, while the United States is somewhat behind. The last heavy polar icebreaker built by the United States, the Polar Star, entered service almost 50 years ago, in 1976. Washington is now rapidly expanding its fleet, and the United States has signed contracts for 11 new Arctic Security Cutters.

China, meanwhile, has spent years trying to build stronger relations with Western Arctic countries, but it has not yet achieved major success. This is largely because European countries are reluctant to allow China close access to their resources. In 2016, the Chinese company Leshan Shenghe invested in the development of rare-earth minerals in Greenland. The project was later frozen after Greenland introduced restrictions on mineral extraction in 2021 following protests by the local population. China also offered to finance the renovation of Greenland’s airports, but Denmark blocked the initiative because it feared the growth of Chinese influence. In 2024, Norway prevented a Chinese buyer from purchasing land in Svalbard, citing a potential threat to “Norwegian interests.” According to the RAND research center, China’s greatest achievement in the Arctic so far may be the fact that it has started a broader discussion about whether non-Arctic states should be allowed to play a role in the region. Beijing maintains that its objectives in the Arctic are entirely peaceful and scientific.

The melting of Arctic ice is radically changing the region’s economic landscape. According to some forecasts, year-round navigation in the Arctic Ocean could become possible by the end of the decade. On the one hand, this creates favorable prospects for using new transport corridors and extracting the region’s vast natural resources. On the other hand, it could intensify competition and geopolitical tensions. The war in Iran, which is drawing Washington’s attention and resources toward the Middle East, could become a catalyst for a faster struggle over Arctic resources and transport routes.

A little conspiracy theory

At different times, people have promoted conspiracy theories about the polar regions, including claims about secret laboratories. Conspiracy theorists believe that Arctic is an ideal location for closed experiments. It is difficult to reach, there are no accidental witnesses, and the low temperatures and polar night make everything appear even more mysterious. Some believe that entire complexes exist beneath the ice, where climate weapons and genetic projects are being tested.

US military personnel to get time off for GTA VI

A U.S. Army infantry division at Fort Stewart in Georgia is offering soldiers an unusual incentive: four days of leave to play Grand Theft Auto VI if they agree to extend their military contracts for at least two years.

According to reports, service members can qualify for the special leave if they extend their contracts between August 1 and November 14. The initiative is designed to encourage soldiers to remain in the Army and help the division meet its recruitment and retention targets for fiscal year 2027.

Lieutenant Colonel Angel Tomko said that 20 out of 130 service members in the engineering battalion had already extended their contracts. She explained that the idea came from a career counselor who approached the division’s leadership with a proposal for a more creative incentive program.

The unusual offer has attracted attention because GTA VI is one of the most highly anticipated video games in the world. Rockstar Games has announced that the game will be set in the fictional state of Leonida, inspired by Florida, and will return players to the iconic Vice City.

The decision also shows how seriously organizations are taking the cultural impact of major video game releases. While four days of leave may sound like a joke, the Army has increasingly experimented with creative incentives to improve retention and make military service more attractive to younger generations.

For some soldiers, apparently, the chance to spend a long weekend in Vice City may be just as motivating as a traditional bonus.

Russia to send another wheat shipment to Armenia via Azerbaijan

Russia will deliver another shipment of wheat to Armenia in transit through Azerbaijan, marking the latest cargo movement along the route connecting the two countries.

According to information provided by Azerbaijan Railways (ADY), a train carrying 39 wagons with a total weight of 2,725 tons of wheat will depart from the Bilajari station on August 20 and head toward Boyuk Kesik.

The latest shipment adds to a growing volume of Russian goods transported to Armenia through Azerbaijani territory.

To date, more than 44,000 tons of grain, nearly 9,000 tons of fertilizer, 1,136 tons of propane, 133 tons of aluminum, 1,114 tons of coal, and 67 tons of timber have been transported from Russia to Armenia in transit through Azerbaijan.

At the same time, Azerbaijan has exported nearly 15,000 tons of diesel fuel and around 5,000 tons of AI-92 and AI-95 gasoline to Armenia.

The continued movement of agricultural products, fuel and other commodities highlights the expanding role of Azerbaijan as a transit route for regional trade between Russia and Armenia.

New Marilyn Monroe Barbie released

American toy company Mattel has released a new Barbie doll inspired by legendary Hollywood actress Marilyn Monroe. The release commemorates the 100th anniversary of the actress’s birth.

The doll’s look is based on one of Marilyn Monroe’s most iconic outfits from the film Gentlemen Prefer Blondes (1953). In the famous scene, Monroe performs the song ‘Diamonds Are a Girl’s Best Friend.’ She wears a bright pink dress with a large bow on the back, matching long gloves, and sparkling jewelry resembling diamonds.

‘Barbie, wearing eye-catching gloves that match her dress and adorned with a scattering of ‘diamonds,’ pays tribute to a legend that will shine forever,’ Mattel said on its website.

The new doll is priced at around $81. However, this is not the first Barbie inspired by Marilyn Monroe. Between 1997 and 2002, Mattel released several collectible dolls based on her characters and iconic looks from films such as The Seven Year Itch, How to Marry a Millionaire, and The Prince and the Showgirl.

Interestingly, Marilyn’s famous white dress from The Seven Year Itch became one of the most recognizable costumes in movie history. The scene in which a gust of air lifts her skirt turned into one of the most iconic images of 1950s Hollywood.

Marilyn Monroe died in 1962 at the age of 36. Her death was officially classified as a probable suicide caused by an overdose of barbiturates. However, the circumstances surrounding her death have remained the subject of speculation and numerous theories for decades.

The new Barbie continues Mattel’s tradition of turning iconic celebrities and memorable moments from popular culture into collectible dolls, giving fans a chance to celebrate the legacy of one of Hollywood’s most famous stars.

Azerbaijan, China expand energy cooperation through new training program

A special training and technical visit program has been organized by China’s Datang Corporation for energy sector specialists from Azerbaijan.

According to Azerbaijan’s Ministry of Energy, the two-week program aims to further develop energy cooperation between Azerbaijan and China, facilitate the exchange of experience in advanced technologies, and expand professional ties.

Speaking via video at the opening ceremony, Azerbaijani Deputy Energy Minister Elnur Soltanov welcomed the participants and emphasized the importance of the program for advancing Azerbaijan-China energy cooperation.

Li Deyong, Deputy General Manager of Datang Corporation, also welcomed the participants and expressed his best wishes for the successful implementation of the program.

As part of the program, participants are receiving presentations and practical information on wind and hydrogen energy, advanced energy storage systems, including compressed air energy storage (CAES), integrated wind-solar-energy storage systems, modern high-efficiency gas turbines, conventional hydropower plants, and pumped-storage hydropower facilities.

A key part of the program is a series of technical visits to advanced industrial and energy projects in Chengdu and Chongqing. During these visits, Azerbaijani representatives are gaining firsthand experience in the deployment, operation, and integration of modern energy technologies into power systems.

Representatives of Azerbaijan’s Ministry of Energy, the State Agency for Renewable Energy Sources, Azerenerji OJSC, and Azerishiq OJSC are participating in the program.

Azerbaijan is implementing large-scale projects aimed at increasing electricity generation and diversifying its energy system. The development of renewable energy sources is one of the key priorities of the country’s energy strategy. Major investment projects involving BP, Masdar, ACWA Power, China Gezhouba Group Overseas Investment, SOCAR Green, and other partners are currently underway to build solar and wind power plants.

The projects are expected to add thousands of megawatts of new generation capacity to Azerbaijan’s energy balance in the coming years. This, in turn, is expected to reduce domestic demand for natural gas and create greater opportunities for gas exports.

US to fund hypersonic missile development

American defense startup Castelion has raised more than $1 billion in new funding to accelerate the development and production of hypersonic weapons.

The investment was provided by Carlyle, JPMorgan Chase, and venture capital firm Andreessen Horowitz. Castelion plans to use the money to expand production of its Blackbeard hypersonic missile, develop larger long-range hypersonic weapons, and manufacture more affordable air-defense missiles.

The funding comes as the U.S. military is placing greater emphasis on increasing its stockpiles of advanced weapons amid growing competition with China. At the same time, the Pentagon is encouraging defense companies to expand production of conventional air-defense systems, including Patriot missiles.

The Wall Street Journal reports that U.S. stocks of Patriot interceptors have been significantly reduced following deliveries to Ukraine. Recent U.S. military operations in the Middle East have also increased concerns in Washington about the readiness and size of American weapons inventories.

Hypersonic weapons are considered particularly challenging to defend against because they can travel at speeds above Mach 5 and, depending on the system, maneuver during flight. This combination can make them more difficult for existing missile-defense systems to detect and intercept.

Interestingly, Castelion is also part of a broader shift in the U.S. defense industry toward Silicon Valley-style development. The company was founded with the goal of producing advanced weapons faster and at lower cost, challenging the traditional model in which major weapons programs can take many years and billions of dollars to develop.

The new investment highlights Washington’s growing focus on rapidly expanding weapons production capacity while maintaining technological advantages in an increasingly competitive global security environment.