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.

ECONOMY

KSH: May retail sales grow at slower rate

Retail sales in Hungary rose 4.9% in May as compared with a year earlier, according to calendar-adjusted figures, the latest publication of Central Statistics Office (KSH) revealed today.

BUSINESS

Wizz Air now flies from 5 Romanian airports

Hungary-based low-cost airline Wizz Air now flies out of Craiova, Romania, which is the company's fifth destination in that country, the carrier announced today.

BUSINESS

Telenor Magyarország Q2 revenue rises to HUF 38.8 bln

Revenue of mobile telecommunications company Telenor Magyarország rose by approximately HUF 700 mln, reaching HUF 38.8 bln in Q2 y.o.y., thanks to smartphone sales and extraordinary items, the Telenor unit announced today.

ECONOMY

ÁKK buys back HUF 1.6 bln of bonds at reverse auction

The Government Debt Management Agency (ÁKK) bought back about HUF 1.6 bln of two bonds before maturity at a reverse auction Hungarian news agency MTI reported today.

ECONOMY

Croatia may buy INA back from MOL

The Croatian government is urging talks on a secured loan to buy back shares of oil and gas company INA from Hungarian counterpart MOL, Croatian Economy Minister Ivan Vrdoljak was reported as saying today.

BUSINESS

Audi to boost production in Hungary

German carmaker Audi is planning to start production of new engine models at its Hungarian Győr-located base, Axel Strotbek, Audi AG's board member for finance and organization, told Hungarian news agency MTI in an interview today.

expert opinion

Bad for business and democracy

Bad for business and democracy

Budapest Business Journal 

Editorial