BUSINESS

Court postpones ruling on CIB Bank loan contracts

The Municipal Court of Budapest on Monday postponed a ruling on loan contracts of CIB Bank until September 30, Hungarian news agency reported today. The court rejected the bank's request to suspend the case and turn to the Constitutional Court and the European Court of Justice.

ECONOMY

Government to double family tax allowance

Parents raising two children will see their family tax allowance double in 2015, National Economy Minister Mihály Varga said in an interview to Hungarian daily Magyar Nemzet last Saturday. Family tax rebates were introduced by the Fidesz right-wing government after it won the 2010 parliamentary elections. 

BUDAPEST

Tarlós: Olympics not a realistic idea

Budapest will not be an Olympic city. At least not for the time being. The idea of the Hungarian capital hosting the 2024 games is “unrealistic”, the Budapest mayor said today. Although the Olympic Games would have a considerable impact on tourism and sport in Budapest, this is not the right time to raise the issue, he added.

BUSINESS

HYD Pharma to test a new cancer drug

Hungarian pharmaceutical company HYD Pharma has just completed a HUF 250 mln research phase in the development of a new drug for cancer patients, Hungarian news agency MTI reported today. The company’s research and development unit has succeeded in producing a drug which contains deuterium-depleted water or DDW.

BUDAPEST

Conference at Kempinski covers the cloud

As more and more products are connected to the internet, the cloud is becoming a more important intermediary between ourselves and our things. An open conference, set for Tuesday, September 23, in the in Kempinski Hotel Corvinus, will explore the growing importance of the cloud.

BUDAPEST

Air France cancels some Budapest-Paris flights because of strike

Air France cancelled three flights between Budapest and Paris on Monday, because of a pilots' strike, Hungarian news agency MTI reported today.

ECONOMY

KSH: Construction sector output up 17.5%

Output of Hungary's construction sector climbed 17.5% year-on-year in July, accelerating from a 9.8% increase in the previous month, the Central Statistics Office (KSH) says in its report published today.

OPINION

Engineering education traditionally strong in Hungary

Institutions of technical higher education in Hungary have traditionally given a high-level knowledge base to their graduates. Nonetheless, specialized extension and intensification of the acquired general knowledge is the duty of employers, such as evosoft Hungary Kft.

ECONOMY

NAV raids bars and restaurants

NAV, the tax office, carried out its largest raid in recent years last week, with 200 officials inspecting practices at restaurants, bars and pubs from Wednesday afternoon until after midnight, mno.hu reported.

BUSINESS

MOL-INA arbitration starts in Washington

Croatia's deputy economy minister acknowledged the start on Thursday of an arbitration case that Hungarian oil and gas company MOL launched in Washington because of a dispute over Croatian peer INA, Croatian news agency HINA said on Friday.

BUSINESS

Sió-Eckes expects 4-5% revenue increase

Hungarian juice maker Sió-Eckes expects a 4-5% revenue increase this year, sales director János Barna told MTI on Friday. Revenue has been around HUF 9 bln for years, Barna said. Profit is also expected to increase from a pre-tax level of HUF 80-100 mln last year, he said. The company had losses of HUF 80-100 mln in 2012.

POLITICS

Rogán: Banks must settle by end of Feb 2015

Banks in Hungary must settle with borrowers by the end of February in the case of
contracts that the courts have deemed unfair, Fidesz’s group leader said. Repayments on forex loans are expected to drop by 25-30%, the ruling party’s Antal Rogán told a news conference.

ECONOMY

Forint turns south on interbank market

The forint was trading at 314.93 to the euro late Friday on the interbank forex market, down from 314.20 late Thursday. At 314.06 to the euro early Friday, the forint moved between 313.90 and 315.20. It reached the lowest since January 6, 2012, at 317.29 Wednesday morning.

ECONOMY

BUX up in tight range before the weekend

The Budapest Stock Exchange's main BUX index finished up 0.29% at 18,691.80 Friday, after falling 0.38% Thursday. It is up 0.69% from the end of last year, after it rose 2.15% in 2013. The BUX went up and down within plus or minus 0.05% around its previous close, picking up only in the last seconds of trade.

ECONOMY

Hungary asks EU to reconsider aid for farmers

Hungary has asked the European Union to put fruit and vegetable subsidies on the agenda of the Special Committee on Agriculture. Hungary’s request follows the European Commission’s decision to suspend aid to farmers affected by the Russian ban on EU agricultural products.

BUDAPEST

Green Social encourages environmental networking

Budapest's fifth Green Social, set for 8pm on Tuesday, brings together an international group of business people, experts and activists concerned with the environment, for an informal gathering at the popular AnKER’T ruin bar in Budapest.

ECONOMY

Minister explains HUF 212 bln in loans to MVM

In response to a query by an opposition MP posted on the Parliament website, National Development Minister Miklós Seszták explained the reasons for a total of HUF 212 bln in loans that the Hungarian National Asset Management Company (MNV) has extended to one of its assets, the Hungarian Electricity Works (MVM), Hungarian news agency MTI reported today.

BUSINESS

Market overview: Software, ERP firms

From the Sept. 5 print edition of the BBJ: We asked Hungary’s top 10 software developers and top 10 ERP companies to tell us what they do and what makes them special. These are the answers we received.

ECONOMY

MNB: Banking sector forint liquidity grows in August

Forint liquidity of Hungary's banking sector rose in July from a month earlier, evidenced in an increase in the average stock of lenders' overnight deposits, the National Bank of Hungary said in a report on Friday.

ECONOMY

KSH: Hungary’s farm gate prices down 5.1% in July

Farm gate prices in Hungary fell by 5.1% year-on-year in July, the Central Statistics Office (KSH) reported today. Crop products were down by 8.4%, while livestock and animal-product prices rose 0.4%. Grain prices were down 5.6% year-on-year in July. Maize price decreased by 10%.

expert opinion

Engineering education traditionally strong in Hungary

Engineering education traditionally strong in Hungary

Dr. Péter Várady

Managing Director at evosoft Hungary Kft.