Combine softened butter with sugar, honey and eggs and mix until mixture is thick and golden yellow.
Mix flour and baking powder and stir into butter mixture.
Pour batter into a buttered mold, smooth and bake in preheated oven at 200°C (approximatley 400°F) for about 50 minutes. If cake browns too quickly, cover with aluminum foil.
Remove from oven and let cool for 5 minutes. Remove from pan and cool completely on a wire rack.
Sprinkle with powdered sugar and serve.