ECONOMY

ÁKK sells HUF 66 bln of bonds at auction, slightly more than planned

The Government Debt Management Agency (ÁKK) sold HUF 66 bln of bonds at an auction on Thursday, HUF 1 bln more than planned, Hungarian news agency MTI reported it.

POLITICS

Website says it prodded Lázár into billing EC

János Lázár, head of the PM’s Office, today ordered the State Treasury to send Brussels the invoices for the past quarter, after Hungarian news portal 444.hu pointed out yesterday that those invoices have not been sent.

BUSINESS

Raiffeisen Bank: borrowers relief to cost €160 mln

Raiffeisen Bank expects to have to pay out €120-160 mln to compensate borrowers because of the new law on FX loans, the lender told Hungarian news agency MTI late yesterday.

ECONOMY

OTP Bank to defend contracts in court

OTP Bank and its subsidiaries decided to defend their decision to make unilateral changes to loan contracts in court, the group announced late yesterday. OTP also said they were considering taking the case to the Constitutional Court.

POLITICS

Áder sets date of local elections for Oct. 12

Hungarian President János Áder has set the date of Hungary's 2014 local elections for October 12, 2014. The July 21 ruling of the Constitutional Court created an unambiguous and clear situation in the legal regulation of local elections, a statement published on the website of the Presidential Office said yesterday.

BUSINESS

Ceva-Phylaxia turns out 50 bln poultry vaccines

Hungary-based and French-owned veterinary company Ceva-Phylaxia marked the production of its 50-billionth dose of poultry vaccine at a ceremony today. Poultry vaccines make up 80% of the company's output.

ECONOMY

KSH: May retail sales grow at slower rate

Retail sales in Hungary rose 4.9% in May as compared with a year earlier, according to calendar-adjusted figures, the latest publication of Central Statistics Office (KSH) revealed today.

BUSINESS

Wizz Air now flies from 5 Romanian airports

Hungary-based low-cost airline Wizz Air now flies out of Craiova, Romania, which is the company's fifth destination in that country, the carrier announced today.

BUSINESS

Telenor Magyarország Q2 revenue rises to HUF 38.8 bln

Revenue of mobile telecommunications company Telenor Magyarország rose by approximately HUF 700 mln, reaching HUF 38.8 bln in Q2 y.o.y., thanks to smartphone sales and extraordinary items, the Telenor unit announced today.

ECONOMY

ÁKK buys back HUF 1.6 bln of bonds at reverse auction

The Government Debt Management Agency (ÁKK) bought back about HUF 1.6 bln of two bonds before maturity at a reverse auction Hungarian news agency MTI reported today.

ECONOMY

Croatia may buy INA back from MOL

The Croatian government is urging talks on a secured loan to buy back shares of oil and gas company INA from Hungarian counterpart MOL, Croatian Economy Minister Ivan Vrdoljak was reported as saying today.

BUSINESS

Audi to boost production in Hungary

German carmaker Audi is planning to start production of new engine models at its Hungarian Győr-located base, Axel Strotbek, Audi AG's board member for finance and organization, told Hungarian news agency MTI in an interview today.

BUSINESS

Sematic undertakes HUF 1.6 bln expansion

Italian elevator component maker Sematic has started a HUF 1.6 bln expansion at its Hungarian base in Nyíregyháza, the local council of Sematic Hungária announced today.

ECONOMY

Nomura: Despite MNB claims, more interest cuts due

Although National Bank of Hungary’s (MNB) Governor György Matolcsy said yesterday that the surprisingly high cut rates of 20bp are likely to be the last one for this and the next year, analysts at Normura speculate the opposite.

ECONOMY

Analysis: More property investors consider Hungary

When the experts took a look at their crystal ball, they found reasons to be cautiously upbeat about developments in Hungary, and the region.

ECONOMY

Commercial property investment up 35% in H1

Hungary saw an increase of 35% in commercial real estate investment in the first half of 2014, according to research published today by property consultants CBRE.

ECONOMY

MNB cuts rate 20bp – more than expected

The Monetary Council of the National Bank of Hungary (MNB) announced today that it would continue its monetary easing of the forint by lowering the central bank base lending rate by 20bp, which is twice as large as the reduction predicted by analysts last week.

BUSINESS

Audi Hungária School starts HUF 5 bln expansion

Government and corporate officials today laid the cornerstone of a HUF 5 bln expansion that will triple the size of the Audi Hungária School in Győr and double the number of spaces for pupils. One fourth of the investment is covered by European Union and state funding, according to the company.

POLITICS

Official: Gov't to revisit spending freeze in December

The Hungarian government is expected to make  decision in December on whether to free up or cancel HUF 110 bln in frozen budget expenditures, state secretary Péter Benő Banai reported during an online press conference yesterday.

ECONOMY

ÁKK sells HUF 40 bln of three-month bills, in line with expectations

The Government Debt Management Agency (ÁKK) sold HUF 40 bln in discount three-month T-bills at an auction today, in line with the original offer, according to Hungarian news agency MTI.

expert opinion

Bad for business and democracy

Bad for business and democracy

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