ECONOMY

Forint up on surprise debt plan

The forint was trading at 311.35 to the euro late Tuesday on the interbank forex market, up from 312.40 late Monday. At 312.30 to the euro early Tuesday, the forint moved between 310.32, a four-day high, and 312.39.

BUSINESS

Borrowers' relief refunds could cost Raiffeisen up to €240 mln

Austria's Raiffeisen Bank International (RBI) on Monday said refunds its Hungarian business must pay under borrowers' relief legislation could cost it up to €240 mln. RBI noted that a €67 mln charge had been booked already in the second quarter and the remaining balance would be booked in the second half of 2014.

ECONOMY

Orbán, Gazprom chief discuss gas supplies in BP

Hungary’s Prime Minister Viktor Orbán reportedly met the head of Russia's fuel company Gazprom, Alexey Miller, in Budapest yesterday evening.

BUSINESS

Nolato completes €4 mln expansion in Hungary

Swedish medical devices producer Nolato completed a €4.1 bln expansion at its Hungarian plant located in Mosonmagyaróvár, northwest Hungary, company officials announced today.

ECONOMY

Varga reverses course on foreign debt

Hungary’s Economy Minister Mihály Varga said today that the country could sell new foreign currency debt this year if terms were favorable. Officials had previously said the government was swearing off sales of foreign debt for the next couple of years.

ECONOMY

ÁKK sells planned volume of three-month T-bills, yields flat

The Government Debt Management Agency (ÁKK) sold the announced HUF 50 bln of discount three-month T-bills at auction today, Hungarian news agency MTI reported. The average yield remained unchanged now for the third auction in a row.

ECONOMY

Committee supports changes to FX-loan bill

The legislative committee of Hungary's Parliament yesterday approved to a series of amendments to a bill on the settlement of refunds lenders must pay FX-loan borrowers under a law on debtors' relief approved early July.

POLITICS

HUF 29 bln for poor to be spent on giving advice

The government has approved a HUF 29 bln draft programme to help the needy, and forwarded the plan to the European Commission, Hungarian daily Magyar Hírlap said yesterday. In all, 85% of the programme would be funded by the European Union. The plan reportedly focuses on advising the poor how to break out of poverty.

POLITICS

8-month gov't deficit at 87.2% of annual target

Hungary's cashflow-based general government deficit, excluding local councils, reached HUF 858.8 bln at the end of August, the National Economy Ministry said yesterday, confirming a first reading released on September 8. The eight-month deficit stood at 87.2% of the HUF 984.6 bln full-year target, the report shows.

ECONOMY

Government OKs HUF 50 bln in road renovation

Hungary's government has approved HUF 50bn of renovation projects on some 500 km of road, National Development Ministry State Secretary László Tasó said yesterday.

ECONOMY

Economist: Exploration and production drive INA revenues

Exploration and production are the main revenue drivers for INA, and investments must be channeled into to most lucrative businesses, the chief economist of INA, the Croatian peer and subsidiary of Hungary's MOL oil company told Croatian public service radio yesterday, after a new controversy emerged over the weekend regarding MOL's intentions in Croatia. 

BUSINESS

Raiffeisen chief: Exit from Hungary not on agenda

The sale of the Raiffeisen group's Hungarian unit is currently not on the agenda, CEO of the subsidiary Heinz Wiedner was cited saying today in Hungarian business daily Napi Gazdaság. Although the unit was profitable in all business segments in H1.

ECONOMY

Forint back to range on interbank market

The forint was trading at 312.27 to the euro late Monday on the interbank forex market, down from 311.37 late Friday and 311.28 late Sunday. Also at 311.28 to the euro early Monday, the forint moved between 311.28 and 312.48 a four-day low.

OPINION

CIB and SMEs: Awareness, perseverance, trust

The following is an interview with Róbert Szerdahelyi, CIB’s SME Regional Director, who explains what his bank is doing to support Hungary’s vital small- and medium-sized enterprises.

POLITICS

Szijjártó reacts to Clinton's critique of PM

Hungarian Foreign Minister designate Péter Szijjártó said Saturday that former U.S. President Bill Clinton "was conned" by unreliable sources when criticizing the Hungarian prime minister last week. According to Szijjártó, Clinton should have talked to American business owners running businesses in Hungary to find out the real situation in this country.

BUSINESS

Zalaco inaugurates HUF 1 bln factory

Hungarian bakery company Zalaco today inaugurated a HUF 1 bln factory in Zalaegerszeg, Western Hungary.

ECONOMY

GKI raises GDP projection

Economic research institute GKI raised its projection for GDP growth this year to 3%, chairman András Vértes said today. The forecast was raised from 2.5% in June.

BUSINESS

Robert Bosch investing HUF 2.9 bln

German-owned automotive industry supplier Robert Bosch is investing HUF 2.9bn at its base in Hatvan, eastern Hungary, the company announced today.

BUDAPEST

Budapest Airport hosts cargo conference

Approximately 100 cargo industry representatives participated at the conference hosted by Budapest Airport today. Hungary could become a natural hub for air cargo companies with its developed electronics and pharmaceutical industries, said Budapest Airport property director Rene Droese.

BUSINESS

Rondo invests HUF 350mln in automation at Budapest base

Austrian-owned cardboard maker Rondo Hullámkartongyártó is investing HUF 350 mln on automation in its Budapest factory, the company told Hungarian news agency MTI today.