The Budapest Business Journal on the web

Govt to change wage compensation system

Friday 04:30, February 24th, 2012

According to the new scheme, employees could apply for compensation directly to the state budget.Read more

Still no mandate for start of official IMF-EU negotiations

Thursday 01:25, February 23rd, 2012

Hungary's government awaits the European Commission's reply to the letter on recently launched infringement procedures.Read more

EC proposes suspension of €495 mln in Cohesion Fund allocation for Hungary

Wednesday 01:50, February 22nd, 2012

The proposed the suspension for Hungary for 2013 should be seen as a strong incentive for Hungary to conduct sound fiscal policies and put in place the right macro-economic and fiscal conditions, said the European Commission on Wednesday.Read more

Hungary cohesion fund freeze unlikely, says City

Wednesday 01:25, February 22nd, 2012

The suspension of EU cohesion fund disbursements is "far from being a done deal and, in our view, is still unlikely", according to London-based JP Morgan.Read more

AKK buys back HUF 14.5 bln of bonds at reverse auction

Wednesday 01:20, February 22nd, 2012

The Government Debt Management Agency sold a combined HUF 14.5 billion of 2012/B and 2012/C bonds before maturity at a repurchase auction on Wednesday.Read more

Employees at state-owned companies due HUF 22 bln in wage compensation

Wednesday 12:55, February 22nd, 2012

About 80,000 employees at state-owned companies are eligible for HUF 22 billion in wage compensation this year, the Hungarian National Asset Management Company said on Wednesday.Read more

Gov't to reduce subsidies for medicines, public transport to meet deficit target

Wednesday 12:20, February 22nd, 2012

The government has decided to take necessary measures to meet Hungary's deficit targets for this year and 2013 by reducing state subsidies for medications and cutting central funds for BKV.Read more

CEE, Hungary growth revised up by City analysts on stronger German outlook

Friday 05:55, February 17th, 2012

Revised growth forecast for Germany has raised growth expectations for the CEE region. BNP Paribas now forecasts a 0.1% growth for Hungary, up from their previous prediction of a GDP fall of 0.9% in 2012.Read more

Mayor leaves govt talks on BKV with "cautious optimism"

Friday 04:15, February 17th, 2012

The government's conditions on the capital's public transport company BKV were realistic and could be fulfilled, said Budapest mayor after a meeting with government officials on Friday.Read more

Hungary net gov't financing requirement 4.5% of GDP in 2011 without pension transfer

Friday 12:55, February 17th, 2012

Hungary's government net financing requirement rose to 5.1% of GDP in the fourth quarter of 2011 and reached 4.5% of GDP for the full year, preliminary financial account data by MNB reveal.Read more

Hungary likely to wait on foreign bond issues till after IMF-EU deal

Thursday 04:25, February 16th, 2012

Hungary should wait with foreign bond issues planned for 2012 until after the IMF agreement is sealed, says National Economy Ministry's state secretary.Read more

Budapest Property Market Index little changed in January

Thursday 04:15, February 16th, 2012

The Budapest Property Market Index measured 93.6 points in January, up from 92 points in October. New and resale home market saw some livening in January, but prices fell.Read more

Hungary should hold rates until IMF agreement

Thursday 03:55, February 16th, 2012

The National Bank of Hungary should leave the base rate unchanged until the IMF agreement; after the deal, a rate-cut cycle should begin, Monetary Council members say.Read more

AKK sells announced HUF 50 bln twelve-month T-bills

Thursday 03:40, February 16th, 2012

Hungary's Government Debt Management Agency sold HUF 50 billion twelve-month discount T-bills on Thursday at an auction; yields declined from the previous one but were over the secondary market benchmark.Read more

IMF-EU agreement indispensable to restoring confidence

Thursday 03:20, February 16th, 2012

Central bank governor says that the agreement with the IMF would provide a safety net for Hungary.Read more

Q4 GDP growth better than expected - analysts

Wednesday 04:30, February 15th, 2012

Hungary's economy grew at a faster than expected clip in the fourth quarter, the data were a positive surprise for analysts.Read more

Hungary construction sector edges down 0.8% yr/yr in December

Wednesday 03:40, February 15th, 2012

Output of Hungary's construction sector was down 0.8% in December from the same month a year earlier, according to Central Statistics Office (KSH).Read more

Hungary GDP grows 1.4% yr/yr in Q4, up 1.7% in 2011

Wednesday 03:30, February 15th, 2012

Hungary's GDP rose 1.4% yr/yr in Q4 last year, the Central Statistics Office (KSH) said in a first reading on Wednesday.Read more

Excise tax on tobacco products to increase in February and July

Tuesday 05:45, January 31st, 2012

The excise tax on cigarettes will increase to HUF 11,500 per 1,000 pieces, or 30% of its retail price, from February 1 and to HUF 11,900, or 31% of the retail price, in July, according to legislation adopted in December.Read more

UPDATE - Household debt drops with preferential FX loan repayments in December

Tuesday 03:20, January 31st, 2012

Hungarian households made more repayment in foreign currency than borrowed in forint in December 2011, the National Bank of Hungary (MNB) reported on Tuesday. Most of the FX repayments and all forint borrowing in the month were made under the government’s preferential-rate FX mortgage repayment scheme.Read more

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