ECONOMY

ÁKK sells HUF 50 bln of three-month bills at auction, as planned

The Government Debt Management Agency (ÁKK) sold HUF 50 bln of discount three-month T-bills at auction yesterday, in line with the original offer. Primary dealers submitted bids of HUF 88.1 bln.

POLITICS

Report: Farming minister could be replaced

It is highly probable that the replacement of Sándor Fazekas, Hungary’s Minister of Agriculture, was on the agenda of the last cabinet meeting, Hungarian online daily Napi Gazdaság reported yesterday, adding that, as the majority of the ministers are currently serving their second term, the transformation of the government has often been on the agenda of late.

ECONOMY

Hungarian-Mexican Business Forum Council meets in Mexico City

Hungaryʼs state secretary for economic diplomacy Levente Magyar co-chaired a meeting of the Hungarian-Mexican Business Forum Council in Mexico City today, Magyar told Hungarian news agency MTI on the phone.

ECONOMY

Gov’t to develop 760 kms of cycle paths in 2014-2020 EU funding period

Cycling-related developments of about 760 kms in length will be implemented in the 2014-2020 European Union funding programming period, government portal kormany.hu said at the weekend, citing deputy state secretary Zsolt Becsey. 

BUSINESS

About 400 reports related to Kun-Mediator made to police

Approximately 400 reports have been made to the police in connection with Kun-Mediator, a travel agency that also promised returns on its clientsʼ investments, Zoltán Szabó, the spokesman for the local police headquarters in Szolnok, central Hungary, told Hungarian news agency MTI yesterday.

BUSINESS

Training spots in dual education system set to reach 20,000

The number of training positions with companies in Hungaryʼs dual education system could rise from 8,000 to 20,000 by 2018, deputy state secretary László Odrobina said at a meeting of the Komárom-Esztergom County business chamber on Friday.

ECONOMY

Russians top foreign buyers of Hungarian real estate

Russians and Chinese are the top non EU buyers of Hungarian real estate, mainly showing interest in dwelling residences, daily Magyar Nemzet said on Monday, citing data from the 2014 national statistics gathering program (OSAP). 

ECONOMY

Consumer, business confidence improves slightly in April

GKI-Ersteʼs combined gauge of consumer and business confidence climbed to minus 2.9 points in April from minus 3.6 points in March as both consumer and business expectations improved slightly, GKI announced Sunday. 

ECONOMY

Forint rebounds on interbank market

The forint was trading at 299.98 to the euro late Monday on the interbank forex market, up from 303.44 late Friday and 303.34 late Sunday. At 303.33 to the euro early Monday, the forint moved between 299.51 and 303.96 in the morning, a third one-month low in three days. Over last week, it fell 0.75% versus the euro after sinking 1.31% over the previous week.

BUSINESS

Farewell

Gábor Tordai passed away today after a prolonged illness, leaving behind his loving family, friends and colleagues. He was a pillar in the graphic team of our publishing office.

BUSINESS

MNB orders suspension of trade in TR Investment shares

The National Bank of Hungary (MNB) today ordered the suspension of the trade TR Investment shares for an indefinite period, because the company failed to publish its audited consolidated financial report for 2013, the central bank and market regulator said in a statement.

BUSINESS

Hirtenberger completes HUF 1.4 bln investment

Austrian-owned Hirtenberger Automotive Safety Hungary has completed a HUF 1.4 bln expansion at its base in Pápa, northwestern Hungary, creating 50 new jobs, CEO Gábor Király told Hungarian news agency MTI.

BUDAPEST

Hungary to host 2018 EuroSkills finals

Beating out Norway in the running to host the finals of the 2018 EuroSkills contest, Hungary signed an agreement today regarding its role in the contest and will be the first of the former Eastern Bloc countries to host the largest European skills competition, Hungarian news agency MTI reported.

BUSINESS

Toy seller Regioʼs revenue jumps as network expands

Hungarian toy seller Régió Játékkereskedelmi saw its net revenue rise by 40% to almost HUF 7 bln last year, following its takeover of failed competitor Gulliver, increasing store numbers by 50% to 33, the company told Hungarian news agency MTI.

ECONOMY

Hungarians open 11,000 baby bond accounts in Q1

Hungarians opened almost 11,000 Start accounts, a type of account required to purchase "baby bonds", in the first quarter of this year, Hungarian business daily Világgazdaság reported today, citing Treasury data.

OPINION

If you are not growing, you are dying

I recently needed to buy a new food cooler for a camping trip I was about to go on.  As a big supporter to local industry, I happily went to the local shop to purchase a cooler. What I found was something that shocked me.  The price of the cooler was well above what I anticipated.  I decided to drive the 300 meters to the big chain store and check their pricing before I purchased the cooler at the local “Mom & Pop” shop.  What I found was the same exact cooler was third the price.  My dilemma was do I support local business at a price of 2/3 more, or do I save the resources for my family?  Well, I bought the cheaper cooler.

ECONOMY

Official: Govʼt to ensure VAT reduction on pork passed on to consumers

The Hungarian government has expressed its commitment to “do everything in its power” to see that the planned reduction in VAT for processed pork meat be passed on to consumers, deputy state secretary Zoltán Pankucsi said in an interview with state-owned news channel M1 on Saturday.

BUSINESS

OTP Bank fixes disruption in online payment system

Hungarian OTP Bank’s slowdown of its online payment system between 8am and 9am this morning was due to technical issues, which have now been resolved, the bank told Hungarian news agency MTI.

BUDAPEST

Mapei sales climb 17% in Q1

Sales of the Hungarian subsidiary of Italian building materials maker Mapei saw a year-on-year rise of 16.7% in the first quarter of 2015 following an expansion in the domestic construction sector as well as increased marketing activities, managing director Béla Markovich said today.

POLITICS

Report: Tax chief could be dismissed by summer

The head of Hungary’s National Tax and Customs Authority (NAV) Ildikó Vida, who earlier admitted she was one of the individuals banned from entering the United States, could be dismissed by summer, Hungarian online daily Népszabadság Online (nol.hu) reported today citing several unnamed NAV insiders.

expert opinion

If you are not growing, you are dying

If you are not growing, you are dying

by Roland Keller

Business Optimisation Expert

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