POLITICS

New MSZP leader wants to get back to basics

József Tóbiás, the new leader of the opposition Hungarian Socialist Party, has promised to strengthen the party, saying that a strong left wing is needed to make Hungary strong, nol.hu reported.

BUSINESS

No progress at MOL, Croatia talks over INA

Hungarian oil and gas company MOL said yesterday that the latest round of talks with the Croatian government brought no progress regarding the future of Croatian energy group INA.

BUSINESS

NAV audits electronic tills, fines 3,000 users

The National Tax and Customs Authority of Hungary (NAV) levied fines worth HUF 260 mln as a result of the more than 25,000 targeted audits of recently installed electronic cash registers, the authority told Hungarian news agency MTI today.

BUSINESS

EU, state help fund hotel expansion

The Arabian-themed Hotel Meses Shiraz in the northern Hungarian town of Egerszalók expanded capacity with a HUF 470 mln European Union and national grant, the hotel told Hungarian news agency MTI.

ECONOMY

HUF 13 bln deposited in tax-free accounts in Q2

Hungarian banks opened "Stability Savings Accounts" with deposits of HUF 12.942 bln in Q2, and the amount deposited doubled from the previous quarter, according to the National Tax and Customs Authority (NAV).

ECONOMY

Analysis: Agriculture becomes sexy again

Agrarian integrators as a topic did not use to arouse too much interest in the media until last year, when the field produced the biggest acquisition of the year in Hungary. 

 

OPINION

Migrant workers’ lack of social insurance is China’s next “pollution”

Established in 1989, the Shenzhen Baode Toy Factory is a typical export-oriented supplier factory. In August 2013, workers went on strike at the plant, protesting unpaid or underpaid social insurance. Subsequently, the workforce at Baode fell from about 3,000 to 1,000 people.

ECONOMY

'Bad bank' to be set up in Hungary by fall

Hungary plans to set up a "bad bank" to isolate lenders' non-performing loans, National Bank of Hungary (MNB) managing director Márton Nagy told international news agency Reuters in an interview published yesterday.

POLITICS

Navracsics: More sanctions may be justified

The escalation of conflict in eastern Ukraine could justify imposing a third package of EU sanctions on Russia, Hungarian Foreign Minister Tibor Navracsics said. 

BUSINESS

Mapei: Sales grow as building market improves

Mapei Hungary, the subsidiary of the Italian building material manufacturer of the same name, said today that its 32% growth of Q2 sales y.o.y. is an indication of a recovering construction market.

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.

POLITICS

German bank to sell MKB to Hungarian Government

In order to be eligible for support from the German state, BayernLB Bank will sell MKB Bank to the Hungarian government, according to reports.

BUSINESS

K&H: 2% inflation expected; beware of bonds

The trend of depressed prices in Hungary will reverse by the end of the year, and inflation will reach 1.5-2%, according to projections published by K&H today.

BUSINESS

Magyar Telekom to lay off 1,700 workers

Magyar Telekom, the subsidiary of Deutsche Telekom, declared 1,700 workers redundant following negotiations with worker-advocacy groups, the Hungarian service provider announced today.

POLITICS

Q&A: Econ ministry on foreign direct investment

In this interview from the July 4-17 print edition of the Budapest Business Journal, Antal Nikoletti, deputy state secretary responsible for external economic relations at the Ministry of National Economy, talks about FDI flows, the future shape of Hungary’s economy, and the need for banking reform. 

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.

expert opinion

Bad for business and democracy

Bad for business and democracy

Budapest Business Journal 

Editorial