ECONOMY

MNB council amends first decree, approves remaining ones on borrowers' relief refunds

The Financial Stability Council of the National Bank of Hungary (MNB) has amended the first central bank decree and approved the remaining three regulating the methods for calculating compensation banks must pay under borrowers' relief legislation approved in the summer, the MNB said on Thursday.

ECONOMY

Ceva-Phylaxia inaugurates HUF 2bln expansion

French-owned veterinary company Ceva-Phylaxia inaugurated a HUF 2 bln expansion at its plant located in Budapest, the company announced today. The investment raised the capacity at the base by 40% and is expected to raise headcount by 15-20 from the current 450 as of next spring, Farm Ministry State Secretary Róbert Zsigó said.

ECONOMY

ÁKK raises auction sale of longer bonds

The Government Debt Management Agency (ÁKK) sold more than planned five- and ten-year bonds and sold the announced volume of three-year bonds at an auction on Thursday. ÁKK sold a combined HUF 61 bln of bonds at the auction, HUF 6 bln more than planned.

BUSINESS

Magyar Telekom sues BTel for HUF 944 mln

Budapest Stock Exchange (BSE) issuer Business Telecom (BTel) said late yesterday that Magyar Telekom was suing it for HUF 944 mln in service fees and related taxes, and an investor has initiated liquidation procedure against the company but a deadline given by the court has not expired.

ECONOMY

KSH: Emplyoment rises, while unemployment drops

The number of employed people was up 4.9% year-on-year (to 62.9%) in the August-October period, exceeding 4.18 million, while the unemployment rate decreased by 2.7 percentage points year-on-year to 7.1% for the same period, Central Statistics Office (KSH) reported today.

ECONOMY

Hungary, Vietnam presidents discuss economic cooperation in Hanoi

Hungary’ President János Áder and his Vietnamese counterpart Truong Tan Sang today agreed on strenghtening bilateral economic relations in Hanoi, Hungarian news agency MTI reported. Speaking at a joint press conference after the meeting, Áder noted that bilateral relations overall had fared well since the Vietnamese president's visit to Hungary last year.

ECONOMY

Szijjártó: South Korean to boost car industry

The Hungarian government expects South Korean companies to boost developments in Hungary’s car industry, Foreign Minister Péter Szijjártó said following talks with his counterpart Yun Byung-se in Seoul today. This meeting was part of a series of talks being held during a visit from Hungarian Prime Minister and his delegation of officials to the Republic of South Korea.

POLITICS

Orbán meets South Korean businesspeople

Hungary’s Prime Minister Viktor Orbán negotiated today with South Korean businesspeople about potential investment projects in Hungary. The meeting took place in Seoul, where the Prime Minister is spending the first day of his official visit to the Republic of South Korea.

ECONOMY

New HUF 10,000 bill to start circulating in December

The National Bank of Hungary will start circulating a new HUF 10,000 banknote on December 1, the central bank said yesterday. 

ECONOMY

Bánai: Defending negotiating position, state is vague on asset sales

A lack of detail on revenue targeted in next year's budget from the sale and utilisation of state assets is intended to improve the state's bargaining position, state secretary Péter Benő Bánai told Parliament's fiscal committee yesterday.

POLITICS

Hungarian gov't wants to convince EC approve SME grants

The Hungarian government intends to give non-refundable support (grants) to small and medium-size businesses (SMEs) operating in the field of manufacturing industry, and tries to convince the European Commission (EC) to approve the move, Economy Ministry State Secretary Bela Glattfelder said yesterday. 

ECONOMY

Hungary producer prices rise in October

Producer prices in Hungary rose in October, snapping a 7-month string of declining prices, figures from the Central Statistical Office showed Wednesday. Producer prices rose 0.7% year-on-year in October compared to a 0.3% decline in September.

ECONOMY

Banks designate for sale 2,072 foreclosed properties for Q4

Financial institutions designated for sale 2,072 foreclosed residential properties for the fourth quarter of this year, data published by the National Bank of Hungary yesterday show. A total of 43,058 foreclosed properties have been designated for sale since October 1, 2011, when legislation establishing designation quotas came into force. 

BUSINESS

RTL Group moves Hungarian cable channels to Luxembourg

RTL Group is moving its cable portfolio in Hungary to Luxembourg, and its only service remaining in Hungary will be its flagship RTL Klub channel, local news portal index.hu has learned late today. The restructuring does not affect the company’s advertising tax obligation in Hungary.

ECONOMY

BUX down on global risk avoidance

The Budapest Stock Exchange's main BUX index finished down 0.31% at 17,552.46 Wednesday, after rising 1.41% Tuesday. It is down 5.45% from the end of last year, after it rose 2.15% in 2013. With European markets unimpressed by a new investment plan of the EU unveiled Wednesday, and dismal data coming in from the US, the Budapest parquet returned to the slope.

ECONOMY

Forint eases further on interbank market

The forint was trading at 306.98 the euro late Wednesday on the interbank forex market, down from 306.31 late Tuesday. At 306.27 the euro early Wednesday, the forint moved between 305.89 and 307.23, a nine-day low. It touched a new close to six-month high at 303.63 on last Friday.

ECONOMY

ÁKK plans net issues from discount T-bills in Dec-Feb

Hungary's Government Debt Management Agency (ÁKK) plans net forint securities issues of HUF 262 bln in December-February, practically all from discount T-bills. Nearly all of the HUF 505 bln gross bond issues will finance redemptions, the three-month forint financing plan on ÁKK's website shows.

ECONOMY

Skanska launches Nordic Light office project in Budapest

Skanska Property Hungary has started construction work on its seventh office building in Budapest, dubbed Nordic Light, on inner Váci út, the main office corridor of Budapest. Phase I is scheduled for completion in the first quarter of 2016.

BUSINESS

Magyar Telekom launches contactless mobile payment app

Magyar Telekom, the Hungarian subsidy of German telecoms giant Deutsche Telekom, launched a mobile payment application for near field communication-enabled smartphones, Hungarian news agency MTI reported today.

ECONOMY

EC steps up energy efficiency, sulphur emissions infringement procedures against Hungary

The European Commission (EC) today announced it started infringement procedures against Hungary for failing to conform to EU rules on energy efficiency and on sulphur emissions from ships to the next level.

expert opinion

From Beijing – A Law … and a Warning

From Beijing - A Law ... and a Warning

Murray Scot Tanner

The MarkNews

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