ECONOMY

ÁKK sells HUF 51.5 bln of bonds at auction, less than planned

The Government Debt Management Agency (ÁKK) sold a combined HUF 51.5 bln of bonds at auction on Thursday, cutting its original offer from HUF 55 bln.

BUDAPEST

Swiss chamber to celebrate 20 years here

Swisscham, the Swiss chamber of congress in Hungary is celebrating 20 years in Hungary with a gala evening including dinner and a music show at the Budapest Marriott Hotel on March 27.

ECONOMY

Hungary’s trade surplus falls to €6.402 bln in 2014

Hungary had a €6.402 bln trade surplus in 2014, the Central Statistics Office (KSH) said in a second reading of data today. The surplus was revised downward from the €6.499 bln recorded in the first reading released on February 9, slightly under the €6.555 bln surplus of 2013.

OPINION

Expanding Its Reach: Isis And The Caucasus

In September 2014, the terrorist organization known as the Islamic State in Iraq and Syria (ISIS) announced that it was ready “to start a war in Chechnya” and even “liberate Chechnya” and the entire Caucasus. Its ambitions clearly exceeded its capabilities, however, as this has not yet happened.

BUSINESS

Bosch launches HUF 2.2 bln investment at hand tool plant in Hungary

German engineering giant Bosch launched a HUF 2.2 bln development at its hand tool plant in Miskolc (northeastern Hungary) late yesterday. 

BUSINESS

MNB revokes Buda-Cash license

The National Bank of Hungary revoked the license of brokerage Buda-Cash and initiated its liquidation, Hungarian news agency MTI reported late yesterday.

BUSINESS

SIA and Colt to connect Hungarian KELER to TARGET2-Securities

SIA, in partnership with Colt, has been awarded the contract to connect Hungarian central securities depository and clearing house KELER to TARGET2-Securities (T2S), the new single European platform for the settlement of transactions in domestic and cross-border securities, the companies announced yesterday. 

BUSINESS

Danubius Hotels targets 30% revenue rise in Romania

Hungary's Danubius Hotels Group is seeking a 30% revenue rise from its business in Romania this year, the company said yesterday. 

BUSINESS

Skoda JS wins €36 mln Paks safety system upgrade

The Czech company Skoda JS won a CZK 1 bln (€36.4 mln) contract to upgrade the safety system of the Paks nuclear power plant in Hungary, company spokesman Jan Stolar said yesterday.

ECONOMY

BUX turns around

The Budapest Stock Exchange's main BUX index finished up 0.09% at 17,824.28 Wednesday after dropping 1.12% Tuesday. It is up 7.16% from year-end, after losing 10.40% last year. While individual shares performed mixed, the main index ended a four-day spell of losses on upbeat retail trade data and a larger-than-expected policy rate cut in Poland.

ECONOMY

Forint drifts further down on interbank market

The forint was trading at 307.12 to the euro late Wednesday on the interbank forex market, down from 306.48 late Tuesday. At 306.51 to the euro early Wednesday, the forint moved between 305.25 and 307.82, another eleven-day low. At 301.96 last Friday intraday, it hit a nine-month high.

ECONOMY

Local councils to receive government support

Local councils struck by the Buda-Cash scandal are expected to receive approximately HUF 245 mln in government support under an agreement reached today, Bertalan Havasi, spokesperson for the Prime Minister's Office, told Hungarian news agency MTI.

ECONOMY

Official: Paks data handling conforms with Hungarian, international laws

Attila Aszódi, the commissioner in charge of the expansion of Hungary’s sole nuclear plant in Paks, said that making the contract details of the expansion confidential for 30 years is in accordance with both Hungarian and European Union laws, adding that the head of the National Authority for Data Protection and Freedom of Information, Attila Petérfalvy, had been consulted prior to the classification.

BUSINESS

Fundamenta-Lakáskassza new contracts up one-fifth

Hungarian home savings bank Fundamenta-Lakáskassza signed new home savings contracts in the amount of HUF 422 bln last year, an increase of 20% as compared to the previous year, with the number of new contracts rising by 12% to 139,000, chairman-CEO Károly Gergely said today.

ECONOMY

Report: Loans granted in the second phase of the Funding for Growth Scheme

By February 27, credit institutions participating in the first and second phases of the Funding for Growth Scheme (FGS) concluded contracts for a total of HUF 624.3 bln, through 21,809 transactions with 14,908 enterprises, the National Bank of Hungary (MNB) reported in its monthly report.

ECONOMY

ÁKK buys back HUF 71 bln in bonds at year's first reverse auction

The Government Debt Management Agency (ÁKK) bought back a combined HUF 71.0 bln of bonds before their maturity in 2015 and 2016 at a reverse auction on Wednesday.

ECONOMY

Citibank, ING biggest buyers at last year's government securities auctions

Citibank Europe was the biggest buyer at last year's forint bond auctions and ING Bank ranked first at discount T-bill auctions, the 2014 rankings published on the website of Hungary's Government Debt Management Agency (ÁKK) show.

ECONOMY

Car dealers foresee two-digit growth in sales

Importers to Hungary expect a 13% increase in sales of new cars and an 11% increase in sales of used cars, primarily due to improving purchase power and the increasing number of replacements related to the aging of the car fleet, second hand car portal hasznaltauto.hu told Hungarian news agency MTI today.

BUSINESS

BGF hosts sake tasting

Budapest Business School (BGF) yesterday hosted a sake tasting jointly organized by consultant company Sűdy és Társa and the university. Beyond making Hungarian people familiar with the Japanese spirit, the event also served to strengthen Japanese-Hungarian economic relations.

BUSINESS

BCSDH organizes 'Business Breakfasts for Sustainable Development'

The Business Council for Sustainable Development in Hungary (BCSDH), the Embassy of the Kingdom of the Netherlands and the Netherlands-Hungarian Chamber of Commerce are jointly organizing the next series of BCSDH’s “Business Breakfasts for Sustainable Development” on March 26, BCSDH announced in a press release.

expert opinion

Expanding Its Reach: Isis And The Caucasus

Expanding Its Reach: Isis and the Caucasus

by Alexey Malashenko

The MarkNews

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