ECONOMY

Hungary, Vietnam presidents discuss economic cooperation in Hanoi

Hungary’ President János Áder and his Vietnamese counterpart Truong Tan Sang today agreed on strenghtening bilateral economic relations in Hanoi, Hungarian news agency MTI reported. Speaking at a joint press conference after the meeting, Áder noted that bilateral relations overall had fared well since the Vietnamese president's visit to Hungary last year.

ECONOMY

Szijjártó: South Korean to boost car industry

The Hungarian government expects South Korean companies to boost developments in Hungary’s car industry, Foreign Minister Péter Szijjártó said following talks with his counterpart Yun Byung-se in Seoul today. This meeting was part of a series of talks being held during a visit from Hungarian Prime Minister and his delegation of officials to the Republic of South Korea.

ECONOMY

Bánai: Defending negotiating position, state is vague on asset sales

A lack of detail on revenue targeted in next year's budget from the sale and utilisation of state assets is intended to improve the state's bargaining position, state secretary Péter Benő Bánai told Parliament's fiscal committee yesterday.

POLITICS

Hungarian gov't wants to convince EC approve SME grants to

The Hungarian government intends to give non-refundable support (grants) to small and medium-size businesses (SMEs) operating in the field of manufacturing industry, and tries to convince the European Commission (EC) to approve the move, Economy Ministry State Secretary Bela Glattfelder said yesterday. 

ECONOMY

Hungary producer prices rise in October

Producer prices in Hungary rose in October, snapping a 7-month string of declining prices, figures from the Central Statistical Office showed Wednesday. Producer prices rose 0.7% year-on-year in October compared to a 0.3% decline in September.

ECONOMY

Banks designate for sale 2,072 foreclosed properties for Q4

Financial institutions designated for sale 2,072 foreclosed residential properties for the fourth quarter of this year, data published by the National Bank of Hungary yesterday show. A total of 43,058 foreclosed properties have been designated for sale since October 1, 2011, when legislation establishing designation quotas came into force. 

ECONOMY

BUX down on global risk avoidance

The Budapest Stock Exchange's main BUX index finished down 0.31% at 17,552.46 Wednesday, after rising 1.41% Tuesday. It is down 5.45% from the end of last year, after it rose 2.15% in 2013. With European markets unimpressed by a new investment plan of the EU unveiled Wednesday, and dismal data coming in from the US, the Budapest parquet returned to the slope.

ECONOMY

Forint eases further on interbank market

The forint was trading at 306.98 the euro late Wednesday on the interbank forex market, down from 306.31 late Tuesday. At 306.27 the euro early Wednesday, the forint moved between 305.89 and 307.23, a nine-day low. It touched a new close to six-month high at 303.63 on last Friday.

ECONOMY

ÁKK plans net issues from discount T-bills in Dec-Feb

Hungary's Government Debt Management Agency (ÁKK) plans net forint securities issues of HUF 262 bln in December-February, practically all from discount T-bills. Nearly all of the HUF 505 bln gross bond issues will finance redemptions, the three-month forint financing plan on ÁKK's website shows.

ECONOMY

Skanska launches Nordic Light office project in Budapest

Skanska Property Hungary has started construction work on its seventh office building in Budapest, dubbed Nordic Light, on inner Váci út, the main office corridor of Budapest. Phase I is scheduled for completion in the first quarter of 2016.

BUSINESS

Magyar Telekom launches contactless mobile payment app

Magyar Telekom, the Hungarian subsidy of German telecoms giant Deutsche Telekom, launched a mobile payment application for near field communication-enabled smartphones, Hungarian news agency MTI reported today.

ECONOMY

EC steps up energy efficiency, sulphur emissions infringement procedures against Hungary

The European Commission (EC) today announced it started infringement procedures against Hungary for failing to conform to EU rules on energy efficiency and on sulphur emissions from ships to the next level.

ECONOMY

Brussels drops road toll infringement procedure against Hungary

The European Commission announced today that it had ended an infringement procedure against Hungary for failing to call a tender to build a road toll system for commercial vehicles, a Commission source informed Hungarian news agency MTI.

BUDAPEST

Budapest public transport company to merge with municipal holding company

The Budapest City Council today announced that it would merge the Budapest Public Transport Centre (BKK) with the Budapest City Administration Holding Company (BVH) as part of a broader plan for public transport in the capital of Hungary, Budapest.

ECONOMY

ÁKK buys back HUF 40 bln of bonds at reverse auction

The Government Debt Management Agency (ÁKK) bought back HUF 40 bln of three bonds before maturity at a reverse auction today. Combined demand for the bonds came to HUF 43.4 bln.

ECONOMY

Hungary's tax office NAV publishes investigation material

Hungary's tax and customs office (NAV) has released the results of an investigation following allegations last November of VAT graft by a former NAV employee, Andras Horváth, Hungarian news agency MTI reported.

ECONOMY

KSH: Retail sales grow by 4.5% y.o.y.

The volume of retail sales saw a year-on-year rise of 4.5% in September, with a y.o.y. rise of 2.4% in food, drinks and tobacco stores, a rise of 5.9% in non-food retail trade and a rise of 7.6% in automotive fuel retailing, Central Statistics Office (KSH) reported today.

ECONOMY

Croatian PM comments on INA dividend proposal

Croatian Prime Minister Zoran Milanovic said late Tuesday that he needs more time to study a proposal for the payment of an extraordinary dividend by oil and gas company INA, Croatian news agency HINA was cited by Hungarian news agency MTI today.

BUSINESS

KITE inaugurates HUF 1.4 bln logistics base

Hungarian agribusiness KITE inaugurated a HUF 1.4 bln logistics base in Nádudvar in norhteastern Hungary, Hungarian news agency MTI reported today.

ECONOMY

Exim launches factoring services

Exim, the joint aegis of Hungarian Export-Import Bank (Eximbank) and Hungarian Export Credit Insurance Company (MEHIB), announced that it would be expanding its credit program for exporters to include factoring, Hungrain news agency MTI reported today.

expert opinion

From Beijing – A Law … and a Warning

From Beijing - A Law ... and a Warning

Murray Scot Tanner

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