ECONOMY
Gas, electricity consumption grows
Consumption of both natural gas and electricity rose in Hungary despite milder winter, as compared to the previous one, by 1.5% and 3% respectively, partly due to government-initiated reduction of retail gas and electricity prices, launched in 2013, Hungarian economy daily Napi Gazdaság said today, citing data from Hungary's Energy and Utilities Regulatory Office (MEKH).
ECONOMY
Hungarian brokerages manage HUF 1.95 trillion in assets
Hungarian brokerages, which operate as independent joint-stock companies, managed a total of HUF 1.95 trillion in assets for clients at the end of 2014, constituting a growth of 17.6% as compared to the previous year, Hungarian economic daily Világgazdaság reported today, citing data from the National Bank of Hungary (MNB).
POLITICS
Hungary, Luxembourg sign agreement to circumvent double taxation
Hungary and Luxembourg have signed an agreement on Tuesday to avoid double taxation, the economy ministry announced. The agreement, which replaced a previous one from 1990, was signed by Hungarian economy minister Mihály Varga and Luxembourg finance minister Pierre Gramegna in Brussels.
BUSINESS
Eurowind completes HUF 275 mln project
Italian-Hungarian truck part manufacturer Eurowind has opened a HUF 275 mln new production hall at its base in Székesfehérvár in northwestern Hungary, Hungarian news agency MTI reported yesterday.
ECONOMY
Road haulage companies to pay risk deposits from March 11
Haulage companies delivering hazardous products will be required to hold risk insurance as of March 11,unless they are listed on the register of the tax office NAV as having no back taxes or arrears on other public payment obligations, NAV said yesterday, according to news agency MTI.
ECONOMY
HungaroControl reveals development at Madrid expo
Hungary’s HungaroControl will be presenting its most recent developments and the services of its Center for Research, Development and Simulation (CRDS) at the World ATM (Air Traffic Management) Congress 2015, held in Madrid between March 10-12, according to a press release from the company.
BUDAPEST
Graphisoft Park, ÉMÁSZ to be included in BUX basket
The shares of business park operator Graphisoft Park SE and electricity distributor ÉMÁSZ will be included in the basket of the Budapest Stock Exchange's main BUX index from March 23, the bourse said on its homepage.
ECONOMY
BUX resilient despite Fed fears, local scares
The Budapest Stock Exchange's main BUX index finished up 0.06% at 18,380.68, a twelve-day high, Tuesday after rising 0.47% Friday. It is up 10.50% from year-end, after losing 10.40% last year. Amid a global fall, the Budapest parquet could still eke out a small rise, again mainly on OTP supported by analysts upgrades since better-than-expected Q4 results published last Friday.
ECONOMY
Forint down on interbank market
The forint was trading at 307.64 to the euro late Tuesday on the interbank forex market, down from 305.56 late Monday. At 305.51 to the euro early Tuesday, the forint moved between 304.96 and 309.33, an almost four-week low, after a more than nine-month high at 301.58 last Friday intraday.
ECONOMY
Monetary Council holds non-rate-setting meeting
The Hungarian central bank’s Monetary Council today held a non-rate-setting meeting in order to discuss economic and financial trends, Hungarian news agency MTI reported, citing a press release by the bank.
ECONOMY
ÁKK sells HUF 50 bln of three-month T-bills, as planned
The Government Debt Management Agency (ÁKK) sold HUF 50 bln of discount three-month T-bills at auction on Tuesday, in line with the announced offer, Hungarian news agency MTI reported. Primary dealers bid for HUF 83 bln of the securities.
ECONOMY
Hungarian products reach 80% market share
The sales of Hungarian products at local grocery stores have reached 80%, up from 2010’s 75%, chiefly do to campaigns that raised the profile and quality of locally-produced goods, Hungary’s farming minister Sándor Fazekas said today on public television.
ECONOMY
MNB to propose legislation tightening oversight
The National Bank of Hungary (MNB) will propose legislation shortening the time between full checks of financial companies, tightening controls of auditors and requiring identification of clients in transactions involving clearing house KELER, deputy governor László Windisch told a parliamentary committee today, according to Hungarian news agency MTI.
ECONOMY
State-owned 'green bank' to start operations soon
A "green bank" recently established by the Hungarian state to fund energy efficiency investments is expected to begin operations soon, Hungarian economic daily Napi Gazdaság reported today.
ECONOMY
Auchan Magyarország sees HUF 326 bln revenue in 2014
French-owned Auchan Magyarország saw revenue of HUF 326 bln last year, an increase from the previous year’s HUF 324 bln, Auchan Magyarország said yesterday in an earnings report, according to Hungarian online daily Origo.
BUSINESS
Report: Buda-Cash scandal causes Quaestor bankruptcy
Hungary's Quaestor Financial Hrurira, a member of the Quaestor Group, was forced to file for bankruptcy protection yesterday after clients raced to sell their securities in the panic caused by last week’s Buda-Cash scandal, Hungarian news agency MTI reported this morning.
BUSINESS
ANY's net income rises 43%
ANY Security Printing Company saw a net income rise of 43%, to HUF 1 bln, last year due to higher revenue and improved margins, Hungarian news agency MTI reported today citing an earnings report published by the company.
BUSINESS
Japan's NHK Spring to build factory in Hungary
Japanese NHK Spring will build a 11,000 sqm automobile suspension plant in Hungary, and expects production to start in December with a capacity to produce 3.5 million coil springs and 1.2 million stabilizers by 2020, Japanese news portals said, citing an announcement by the company.
BUSINESS
MOL exercises squeeze-out right for TVK shares
Hungarian oil and gas company MOL said yesterday that it is applying its squeeze-out right for shares of petrochemicals company TVK, Hungarian news agency MTI reported today.
ECONOMY
KSH: CPI decline slows, still in negative
The Consumer Prices Index (CPI) in Hungary fell by a year-on-year 1.0% in February, following January’s y.o.y. 1.4% drop, the Central Statistics Office (KSH) said today. The decline was less than emerging market analysts in London had expected, precisely 1.2%-1.4%.
11:30Gas, electricity consumption grows
11:25Hungarian brokerages manage HUF 1.95 trillion in assets
11:20KSH: Trade surplus reaches €691 mln
08:50Hungary, Luxembourg sign agreement to circumvent double taxation
08:40Eurowind completes HUF 275 mln project
08:35Road haulage companies to pay risk deposits from March 11
08:30Croatia, MOL to resume talks on INA
08:25HungaroControl reveals development at Madrid expo
08:20Insurance fund to pay some DRB account holders; HUF 12.9 bln not covered
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