Hungary’s former foreign minister has resigned his seat in parliament and taken an executive position with Chinese electric vehicle maker BYD, he announced in a social media post on Wednesday.

Peter Szijjarto, who served as Hungary’s top diplomat for nearly 12 years in the government of former Prime Minister Viktor Orban, wrote on Facebook that he had received “a highly prestigious offer” from the world’s top electric carmaker “to fill an international position.”

“BYD is one of the greatest success stories in the automotive industry over the past 20 years,” Szijjarto wrote. “Starting today, I will continue to work as the executive responsible for the group’s external relations and the development of new business lines.”

Szijjarto lost his position as foreign minister after Orban and his far-right Fidesz party lost a landslide election in April to the pro-European Tisza party and its leader, Prime Minister Peter Magyar.

Since then, Szijjarto had been absent for most parliamentary votes and rarely appeared in public or posted on social media. He has held a seat in Parliament since 2002.

In 2023, Szijjarto announced that his now-employer BYD would open its first European factory in Hungary – allowing the conglomerate to skirt European Union import tariffs on Chinese electric vehicles imposed to protect the continent’s domestic auto manufacturing sector.

As Hungary’s foreign affairs and trade minister, Szijjarto played a central role in talks with BYD on bringing the plant to Hungary, and said at the time that the decision came after 224 rounds of negotiations between the company and Hungary’s government.

Szijjarto called the project “one of the largest investments in Hungarian economic history,” and said the government would provide financial incentives to BYD for building the plant.

While in office, Szijjarto and Orban opposed EU tariffs against Chinese products and sought major investment from Beijing, opening a series of Chinese EV battery manufacturing plants across the country.

Orban’s government and Beijing also jointly developed a rail corridor between Hungary and Serbia that is part of China’s “Belt and Road” global trade initiative.

While foreign minister, Szijjarto maintained close relations with Russia despite its full-scale invasion of Ukraine on Feb. 23, 2022. Breaking with nearly all of his EU counterparts, he frequently traveled to Moscow to negotiate agreements on purchasing Russian oil and gas, and to meet with Russian Foreign Minister Sergey Lavrov, whom he referred to as his “friend.”

Szijjarto was awarded the Russian Order of Friendship in 2021 by President Vladimir Putin, one of the highest state honors that can be received by a foreign citizen.

He was embroiled in controversy during Hungary’s 2026 election campaign when The Washington Post reported that he made regular phone calls to Lavrov during high-level EU meetings with “live reports on what’s been discussed.”

Szijjarto dismissed the report while acknowledging that he conferred with Lavrov before and after EU foreign minister meetings about their agenda and decisions.

In March, Orban’s government launched espionage charges against a prominent Hungarian investigative journalist for activities he carried out while investigating Szijjarto’s communications with Lavrov. Those charges were dropped after Hungary’s new government took office.

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Ukraine’s Parliament ratified the free trade agreement (FTA) with Türkiye on Tuesday, a key step toward the pact’s entry into force and paving the way for deeper economic ties.

The agreement was signed during President Recep Tayyip Erdoğan’s visit to Ukraine in February 2022. It completed Türkiye’s ratification process in 2024.

“Another historic milestone has been reached in the Türkiye-Ukraine Free Trade Agreement,” Trade Minister Ömer Bolat said.

Bolat added that the Ukrainian Parliament’s approval opens a door to “a new era of economic and trade cooperation” between the two countries.

The agreement is expected to enter into force after being signed by Ukrainian President Volodymyr Zelenskyy.

Bilateral trade between Türkiye and Ukraine reached $6.2 billion in 2024 and increased to $6.6 billion in 2025, according to official data.

Trade rose a further 10% year-over-year in the first half of 2026 to around $3.2 billion.

Under the agreement, around 90% of bilateral trade will be liberalized on a reciprocal basis, Bolat said, adding that it will boost the competitiveness of Turkish exporters in the Ukrainian market.

The minister said the agreement would also facilitate trade in services, strengthen logistics operations, support Turkish contracting services and provide a more transparent and secure legal framework for reciprocal investments.

Bolat said the deal would bring the two countries closer to their jointly declared target of increasing bilateral trade to $10 billion, a goal set by Erdoğan and Zelenskyy.

The two leaders met in April, before Zelenskyy arrived in Ankara last week for the NATO summit.

Meanwhile, Foreign Minister Hakan Fidan was due to arrive in Kyiv on Wednesday, in a visit expected to focus on strengthening bilateral ties, advancing efforts toward a lasting peace, and enhancing regional security.

Fidan last visited Ukraine in late May 2025. He was scheduled to be received by Zelenskyy on Wednesday and hold meetings with Foreign Minister Andrii Sybiha, Presidential Office head Kyrylo Budanov and National Security and Defense Council Secretary Rustem Umerov.

During the meetings, Fidan was expected to discuss steps to deepen the Türkiye-Ukraine strategic partnership and expand cooperation in areas including economy, energy, and defense.

He is also expected to stress the importance of sustaining diplomatic efforts toward a lasting peace in Ukraine and reiterate that Türkiye remains ready to bring Ukraine and Russia back to the negotiating table.

NATO member Türkiye has sought to maintain good relations with its warring Black Sea neighbors, pitching itself as a key go-between and possible peacemaker between the two.

It has played a role in brokering several prisoner swap deals between Russia and Ukraine and helped put in place a deal in 2022 to ensure grain could be shipped safely from Ukraine’s Black Sea ports. The accord remained in effect for a year.

Istanbul was the venue of peace talks between Russia and Ukraine in the early weeks of the conflict four years ago.

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Türkiye increased foreign arrivals by 21% between 2019 and 2025, making it the fourth-fastest-growing destination among leading tourism markets, according to an Organisation for Economic Co-operation and Development (OECD) report.

International tourist arrivals across OECD countries reached a record 847 million in 2025, up an estimated 3.4% from a year earlier, extending the sector’s recovery after an 8.1% increase in 2024, the OECD said in its Tourism Trends and Policies 2026 report.

The report noted that geopolitical tensions, conflicts in the Middle East, shifting travel preferences and extreme weather events continue to shape the global tourism outlook.

Security concerns, rising travel costs and uncertainty over cancellations have encouraged travelers to favor familiar and lower-cost destinations, while airlines and tourism operators are reassessing plans for 2027 and beyond.

Among countries that surpassed pre-pandemic tourism levels, Japan recorded the strongest growth in international arrivals between 2019 and 2025, with a 34% increase, followed by Norway at 28% and Denmark at 22%.

Türkiye ranked fourth with a 21% rise in international visitor numbers, placing it among the countries that have expanded tourism demand most significantly since before the COVID-19 pandemic.

The OECD said roughly one-third of member countries expect tourism performance in 2026 to exceed 2025 levels and set new records, although geopolitical risks, economic uncertainty and climate-related challenges remain key concerns for the industry.

Firuz Bağlıkaya, chair of the Association of Travel Agencies of Türkiye (TÜRSAB), said tourism is among the sectors most sensitive to geopolitical developments, health crises, natural disasters and economic volatility.

“Türkiye has a strong tourism ecosystem that has successfully managed numerous global and regional crises,” Bağlıkaya said, attributing much of that resilience to the experience of travel agencies and industry stakeholders.

He said the industry’s future growth should be measured not only by visitor numbers but also by spending per tourist, average length of stay, sustainability of tourism revenues and overall contribution to the economy.

Türkiye welcomed a record 52.78 million foreign tourists in 2025, while total visitor numbers rose to a new all-time high of 63.94 million.

Tourism revenues increased 6.8% to $65.23 billion, surpassing the government’s Medium-Term Program (OVP) target of $64 billion.

For 2026, the government is targeting $68 billion in tourism revenue.

Tourism is a vital industry that Türkiye relies on to help flip its chronic current account deficit to a surplus. The sector contributes about 10% to the country’s gross domestic product (GDP) and accounts for about 5% of total employment.

TÜRSAB’s Bağlıkaya said Türkiye should focus on expanding higher-value tourism segments, including cultural, gastronomic, health, convention, sports, faith-based, cruise and rural tourism, to spread tourism activity throughout the year and increase visitor spending.

He added that Türkiye’s goal of generating $100 billion in tourism revenue will require a greater emphasis on quality and value creation rather than volume alone.

Bağlıkaya also highlighted cruise tourism as one of the highest-spending segments and said Türkiye could strengthen its position by integrating its cruise ports more closely with Istanbul Airport, one of the world’s leading aviation hubs.

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Türkiye’s strong diplomatic and commercial ties with the countries members of the Gulf Cooperation Council (GCC) have positively reflected on recent trade figures, as exports to the region surged 35.7% on a yearly basis to surpass $826 million last month, according to a report on Wednesday.

Türkiye continues to strengthen ties with the six member states of the GCC, Saudi Arabia, Kuwait, the United Arab Emirates (UAE), Qatar, Bahrain and Oman, as part of its diplomatic outreach across both neighboring and distant regions.

Accordingly, exports to Gulf countries in June rose 35.7% year-over-year to $826.8 million, compared with some $609.2 million in the same month last year, a report by Anadolu Agency (AA) indicated.

The exports to the Gulf countries posted notable growth despite the U.S.-Israel-Iran conflict and tensions in the wider region.

Moreover, during the January-June period, Türkiye’s exports to the six Gulf countries reached approximately $4.1 billion.

On the other hand, according to data compiled by AA from the Türkiye Exporters Assembly (TIM), the country’s overall exports totaled $24.94 billion in June, up 21.8% from the same month last year.

Among the Gulf nations, Saudi Arabia was the largest export market with $425.2 million, followed by the UAE with $295.6 million, Kuwait with $34.7 million, Qatar with $34.2 million, Oman with $29.1 million, and Bahrain with $8 million.

Exports to 4 Gulf countries increased

Saudi Arabia recorded the largest increase in export value in June compared with the same month in 2025, rising by approximately $229.8 million.

Oman followed with an increase of $13.5 million, Kuwait $8.2 million, and Qatar $7.4 million.

Exports to Bahrain declined by $567,000, while shipments to the UAE fell by $40.8 million during the same period.

The jewelry sector ranked first among Türkiye’s exports to Gulf countries in June, totaling about $105.6 million. It was followed by chemicals and chemical products with $69 million, grains, pulses, oilseeds and related products with $59.2 million, electrical and electronics with $47.9 million, and machinery and components with $29 million.

Commenting on the figures, Halit Acar, the head of the Türkiye-Middle East and Gulf Business Council at the Foreign Economic Relations Board (DEIK), said the rise in exports despite regional geopolitical developments showed that economic ties between Türkiye and Gulf countries had become more resilient and sustainable.

Acar said the intensive diplomatic engagement in recent months had produced positive results for trade, noting that Türkiye’s close political dialogue with Gulf countries and particularly Iraq had created new opportunities for the private sector.

He also stressed that a climate of trust was just as important as economic indicators for sustaining trade.

“Looking ahead to the second half of the year, two key scenarios stand out,” Acar said.

“If the regional security environment improves further, we expect postponed investments to regain momentum, accelerating exports, particularly in construction materials, machinery, electrical equipment, healthcare, food and logistics,” he added.

“Even if current geopolitical risks remain under control, we believe the Gulf countries’ strong fiscal positions will help preserve public investment and trade growth.”

Saudi Arabia has become Türkiye’s largest Gulf export market and the country recording the strongest export growth, Acar said, attributing the performance not only to improving bilateral economic ties but also to the kingdom’s Vision 2030 program.

Acar also noted that the UAE remained Türkiye’s second-largest Gulf market, with $295.6 million in exports in June.

“Although exports declined by around $40.8 million on a monthly basis, we do not consider this a lasting trend,” he said.

He added that the UAE continues to serve not only as its own domestic market but also as a regional trade and re-export hub for Africa and Asia, and expressed confidence that the Comprehensive Economic Partnership Agreement (CEPA) between Türkiye and the UAE would further boost bilateral trade.

Momentum to build with stronger partnerships

Furthermore, he said it is no longer “sufficient” to look at the relations with Gulf countries solely through export figures, as he suggested that the region is entering “a new phase shaped by investment partnerships, industrial cooperation and emerging logistics corridors.”

“Given Türkiye’s manufacturing strength, engineering capabilities and geographical advantage, we expect trade with Gulf countries to maintain its current momentum in the second half of the year and become even stronger through new partnerships,” he added.

In addition, he also pointed out that progress on the Development Road project is expected to deepen economic ties between Iraq and the Gulf countries, with Türkiye positioned as one of the key stakeholders in the emerging trade corridor.

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Payments company Stripe and private equity firm Advent International have made a joint offer to acquire PayPal Holdings ​Inc. for $60.50 per share, in a deal that would value the payments company at more than $53 billion, a report said on Wednesday.

The offer, submitted earlier ‌this month, is backed by about $50 billion in committed financing from banks, Reuters said, citing sources. The offer represents around a 28% premium to PayPal’s closing share price on Tuesday.

The sources, who are familiar with the matter, declined to be named as the deal discussions are confidential. PayPal, Stripe and Advent declined to comment.

The proposal follows an initial approach made in early April, the sources ​said. Stripe and Advent have not received a response from PayPal and are seeking to advance discussions in the coming weeks, the sources added.

Under the proposal, ​Stripe and Advent would jointly own PayPal, with each holding an equal stake, rather than breaking up the company, the people ⁠said. There is no certainty that the approach will result in a transaction, they added.

PayPal shares were last up 16.2% in premarket trading.

Founded in the late 1990s, PayPal was ​an early player in digital payments, but has faced increasing competition as consumers have embraced alternative payment methods and rivals such as Apple Pay and Google Pay have gained ​market share.

It has spent the past several years grappling with slowing growth and intensifying competition in digital payments, wiping out much of the value it gained during the pandemic.

The company’s market capitalization peaked at about $360 billion in 2021 and fell to as low as roughly $36 billion this year. It has lost more than 40% of its market value over the past 12 months.

After taking over ​in March, PayPal CEO Enrique Lores started a sweeping turnaround exercise to simplify the payments provider and sharpen its focus on growth.

In April, the company split its operations into ​three units covering checkout, consumer financial services Venmo, and payments and crypto, while making a series of management changes.

Global payment deals

The potential PayPal transaction, if completed, will add to the recent merger and acquisition (M&A) ‌activity in ⁠the global payments sector, where buyers have pursued targets amid rapid changes in financial technology and the rise of artificial intelligence.

Payment companies are also increasingly seeking scale through M&A as well as exposure to faster-growing segments such as cross-border and business-to-business payments amid slower growth for traditional payment processing.

In 2025, Global Payments agreed to acquire rival Worldpay from FIS and private equity firm GTCR for $24.25 billion in a complex three-way deal. As part of that deal, GTCR sold its 55% stake and FIS exited its remaining 45% holding.

The ​sector has also seen a steady stream ​of smaller deals, including the acquisition ⁠of Payoneer Global by Canadian payments firm Nuvei for $2.75 billion. Nuvei is backed by Advent International and other private equity firms.

Mastercard is exploring the sale of a majority stake in its U.K. payments subsidiary Vocalink back to British banks as it responds to concerns about ​a critical asset being under U.S. ownership, the Financial Times reported this week.

PayPal’s revenue rose 7% to $8.35 billion in the first ​quarter, beating analysts’ average ⁠estimate of $8.05 billion. On a currency-neutral basis, total payment volumes jumped 8% over a year ago to about $464 billion.

Lores outlined plans in May to leverage artificial intelligence to streamline operations across the company and eliminate duplication in workforce layers, but did not provide additional details.

The company has said these initiatives would save about $1.5 billion over the next two to three ⁠years, adding it ​will reinvest that amount to drive new growth.

Stripe, which is privately held, is among the industry’s most ​valuable companies. It was valued at $159 billion in a tender offer for employees and shareholders in February, a more than 70% jump from a similar share sale a year earlier.

The company, with headquarters in San ​Francisco and Dublin, allows companies to accept payments, make payouts and automate financial processes.

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Ukraine has lost about a third of its capacity to ⁠export grain via its vital Black ⁠Sea ports due to intensifying Russian missile and drone attacks, according to the country’s main farmers’ union.

More than four years into its war with Russia, agricultural exports like grains and vegetable ​oils remain Ukraine’s biggest source of foreign currency earnings, with more ​than ⁠90% shipped through three ports in the southern Odesa region.

Under a deal meant to allow both countries to ship grain through the Black Sea, the Odesa ports had been handling about 6 million metric tons of cargo a month.

Both Moscow and Kyiv are now stepping up attacks on key revenue sources, with Ukrainian forces hitting Russian energy infrastructure, including oil tankers, and Russia intensifying its attacks on the Black Sea ports in recent weeks.

“Russia has begun systematically striking port infrastructure, terminals and the entire transport logistics chain, using ballistic missiles again and again,” the trading department of Ukrainian farmers’ union UAC said in a weekly report released late on Tuesday.

“On average, we can ⁠now ⁠ship about 4 million metric tons of grain a month,” it added.

Ukraine’s economy ministry was due to hold a meeting on Wednesday to discuss the port attacks.

Russian strikes cause logistics headaches

Ukraine has in recent seasons accounted for about 6% of global wheat exports and about 11% of global corn exports, meaning that the disruptions, if prolonged, could have an impact on global markets.

While the ports have continued to operate, UAC warned that, if the current intensity of attacks continues and no repair work is carried out, infrastructure could be significantly damaged within ⁠several months.

Industry sources, meanwhile, told Reuters that traders are struggling with logistics headaches.

“The ports have not ground to a halt, but traders are facing problems with procurement, sales, shipments, cargo accumulation, prices and freight,” a senior industry official ​told Reuters.

Data from Ukrainian Railways showed that the number of grain railcars heading to the Odesa ports ​dropped 11% in the week of July 2-8 from the previous week, while exports fell by 17%. Ukraine’s top grain exporter Kernel Holding said this week it had ⁠halted operations ‌at Chornomorsk ‌port due to a series of Russian attacks.

And four of the ⁠ports’ 13 large grain terminals have suspended grain purchases, another ‌industry source said on Wednesday.

Analysts from the ASAP Agri consultancy said that “the overall reluctance” of ship owners to call at Ukrainian ​ports had also put upward pressure on ⁠freight rates.

Bohdan Kostetskyi, an analyst at consultancy Barva Invest, wrote in ⁠an article for Ukrainian outlet Agrotimes that the ports had lost a third of their grain ⁠storage capacity.

“The loss of ​around 2.5 million tons in monthly accumulation capacity at deep-water ports has created a bottleneck for grain, with some volumes unable to reach export destinations,” he said.

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