ECONOMY

KSH: Gross wages up 3.7% in June

Average gross wages in Hungary rose 3.7% year-on-year in June, the latest publication of the Central Statistics Office (KSH) revealed today. Wage growth went slightly down from 4.9% year-on-year in May.

BUDAPEST

Hantech expects revenue to drop 5%-8%

Hungarian agricultural-machinery and machinery-parts maker Hantech expects revenue of HUF 3.5 3.6 bln in 2014, down from HUF 3.8 bln in 2013...

OPINION

Should Japan restart its nuclear reactors?

Only luck and real courage at 14 nuclear reactors on Japan’s Pacific coast overcame the technical failures of nuclear power and prevented the nation from being destroyed by radiation.

BUSINESS

Raiffeisen could leave Hungary

Raiffeisen CEO announced that the bank may leave Hungary, but has not yet made specific plans to do so, Dow Jones reported today.

POLITICS

Hungary worried about further Russian sanctions

If Russia decides on new sanctions and stops importing industrial goods from the EU, Hungary will be affected, National Economy Minister Mihály Varga said today on Hungarian public channel Kossuth Rádió.

ECONOMY

ÁKK sells less than planned short-term bonds, more long ones at auction

The Government Debt Management Agency (ÁKK) cut its sale of three-year bonds, sold the announced volume of five-year bonds and raised its offer of 10-year bonds at a bond auction on Thursday, Hungarian news agency MTI reported today.

BUSINESS

Polyter-Mix inaugurates HUF 131 mln production site

Hungarian plastic recycling company Polyter-Mix Kft. opened a HUF 131 mln production site in Hungary, the company informed Hungarian news agency MTI.

POLITICS

Foreign Minister Navracsics stresses links to the West

Hungary and Central Europe cannot survive unless being connected to Western Europe through its culture and values, Hungary’s Foreign Minister Tibor Navracsics said yesterday in Budapest, in a speech marking the national holiday.

BUSINESS

Oberbank to expand in Hungary

Austrian bank Oberbank, which currently has 7 branches in Hungary, will open 7 to 10 new units in the country by 2016, Oberbank’s CEO Franz Gasselsberger announced yesterday at a press conference in Vienna. The bank is planning to open 12 new units in the long run.

POLITICS

Budapest court to hear unilateral FX loan issues

The Budapest Capital Regional Court will on Friday hear the first challenge from financial institutions to the unfairness of the unilateral amendment of foreign-currency-denominated loan contracts. Kéthely és Vidéke Társszövetkezet launched the challenge to be heard on Friday.

POLITICS

Democratic Coalition says poverty is up

Leftist opposition Democratic Coalition deputy head MEP Péter Niedermüller said that the Hungarian population is getting poorer due to the government’s policies, which may soon lead to social unrest.

POLITICS

Quarrel over public debt ratio

Public debt figures released yesterday have prompted a political debate. Hungary’s public debt reached HUF 25,432 bln or 85.1% of GDP by the end of the first half, rising from 84.4 % at the end of March and from 79.4 %  at the end of 2013.

POLITICS

Hungary to support Afghan forces with $1.5 mln

Hungary will support the Afghan military and police for 3 years with an annual contribution of $500,000 between 2015 and 2017, the spokesperson for the Ministry of Foreign Affairs said yesterday.

ECONOMY

ÁKK sells HUF 40 bln of three-month T-bills, as planned

The Government Debt Management Agency (ÁKK) sold HUF 40.0 bln of discount three-month T-bills at an auction on Thursday, in line with the original offer, Hungarian news agency reported today.

BUSINESS

Dozens of companies ready to hire laid off Nokia workers

Dozens of companies are willing to recruit Nokia workers after the Hungarian plant closes, Hungarian daily Népszabadság reported today.

ECONOMY

Flour prices to climb 10%

Hungarian mills are expected to raise the price of flour by about 10%, Hungarian daily Népszabadság reported today.

ECONOMY

Ministry raises GDP forecast to 3.1%

The Hungarian Ministry for National Economy raised its projection for GDP growth this year to 3.1% in a new forecast for 2014, Minister Mihály Varga announced yesterday.

ECONOMY

MOL takes delivery of Kurdistan oil

Hungarian oil and gas company MOL on Monday confirmed it purchased 80,000 tonnes of crude oil from the regional government of Kurdistan, responding to a query by Hungarian news agency MTI.

BUSINESS

Diehl Aircabin unit to build new production hall

Diehl Aircabin Hungary, the Hungarian unit of German aircraft-parts manufacturer Diehl Aircabin, will build a new 5,400-square-meter production hall at the company's plant in Nyírbátor, the town's mayor, János Balla announced yesterday.

BUSINESS

Hungarian navigation software firm NNG acquires US peer

Hungarian navigation software developer NNG, which makes the iGO application, has bought US peer nFuzion with the aim of expanding its profile, the company's media agent told National news agency MTI.