Archive by Author

Changing marine fuel legislation – a curse or blessing for refineries?

20 Jun

by György Halász

The sulphur content of marine fuel will be decreased from 3.5% to 0.5% in 2020. The regulatory change – easily defendable on the ground of environmental aspects – directly affects ship owners, ship builders, marine transportation fuel traders, wholesalers and refiners as well. In what follows, the history of marine fuel legislation and the expected effects of the regulatory change will be discussed.


Top five charts of the week

12 Mar

The top 5 charts of the week are chosen by our guest blogger Mihály Tatár and cover the recent jump in Italian long-term bond yields, the Trump effect in Central and Eastern European yields, the critical and worsening situation in Turkey, why we call copper “dr Copper” and why Facebook equity price downturns signal a big trouble… Click on the graphs to make them bigger.



Why has digital innovation not created business value so far?

10 Dec

by Agnes Horvath

Once computers were large machines operated by technical staff working in specially constructed centers. Today, computers are used by everybody and microprocessors have become ubiquitous, present on desktops, automobiles all through to greeting cards.

Still, as Robert Solow from MIT put it: “You can see the computer age everywhere but in the productivity statistics”. It seems that the digital revolution does not seem to deliver in terms of increased productivity performances. What we see is that businesses had been making massive capital investments in IT, but at the very same time macro-level productivity growth was stagnant or even declining in most of the advanced countries – a concept economists define as the ‘productivity puzzle’.


Trump and the global cooling

10 Nov

by Agnes Horvath and Ana Kecman


It has been only a week ago that the ratification of the Paris Agreement got into the headlines and environmentalists all over the world could celebrate a clear turning point in global climate policy. While there were countries that put the emission of greenhouse gases on their agenda in the past, without a global response these individual efforts were deemed to fail. Greenhouse gases remain in the atmosphere long enough to become well mixed and for this reason the amount that is measured in the atmosphere is roughly the same all over the world, regardless of the source of the emissions. Moreover, the most important achievement of the Paris Agreement was that the two largest polluters of the world, China and the US – who account for more than 40% of total carbon dioxide emissions according to the carbon click on the carbon-neutral business– also ratified the agreement. Still, the sense of relief may be short-lived.