ECONOMY

Gov’t brushes off speculation Brussels criticized rural development program

The Prime Minister's Office dismissed speculation that the European Commission had criticized Hungary's program for allocating European Union funding for rural development in a statement today.

ECONOMY

Hungary to launch independent data collector for utilities sector

The Hungarian government decided last week that it would set up an independent entity, known as the Central Data Collection and Processing Company (KAF), which would be responsible for collecting data on the Hungarian utilities sector, the Prime Minister’s Office announced today.

ECONOMY

ÁKK sells HUF 60 bln of three-month bills, as planned

The Government Debt Management Agency (ÁKK) sold HUF 60 bln of discount three-month T-bills at auction on Tuesday, in line with the original offer. Primary dealers bid for HUF 130.4 bln of the papers.

BUSINESS

Budapest to host FLY Conference 2015 on February 4-5

The European Jewish Fund, in cooperation with the Embassy of the State of Israel in Hungary, will present the FLY Conference 2015 in Budapest, an initiative that promotes collaborations between Europe and Israel's finest business professionals, entrepreneurs and investors, the embassy announced today in a press release.

BUSINESS

Hungarian startup attends beauty expo

Hungary-based startup Tappointment, a mobile and web based online appointment scheduling solution for local businesses and their clients, took part in the International Salon and Spa Expo (ISSE) in California this past weekend.

ECONOMY

Franklin Templeton holdings of Hungarian debt drop

American asset manager Franklin Templeton's holdings of Hungarian government securities dropped by 2.2% in Q4 last year, as compared to the preceding quarter, and fell by a year-on-year 4.1% due to the forint weakening to the dollar, Hungarian business daily Napi Gazdaság reported today.

BUSINESS

Elevators in Hungary to meet stricter regulations by 2020

A decree amended by the Hungarian government last year could require thousands of elevators to be either replaced or refurbished by 2020, Hungarian daily Népszabadság reported today.

BUSINESS

Competition office fines Vitabalans for misleading advertising

Hungary's Competition Office (GVH) today announced it had fined Vitabalans Kft. and Vitabalans Oy HUF 10.8 mln due to misleading advertising, which made unsubstantiated claims regarding its Lacto Seven and Lopacut 2 mg products during a period of more than two years beginning in the summer of 2011, Hungarian news agency MTI reported today.

ECONOMY

Zombor: Structural reforms in healthcare will not result in layoffs

Under-secretary for healthcare Gábor Zombor denied rumors that according to government calculations, the planned structural reforms of the national healthcare system would result in the loss of 8,000-10,000 jobs within the sector, as was revealed during an interview with state-owned radio station yesterday.

BUSINESS

Richter to market Bayer's contraceptive patch

Hungarian drugmaker Richter Gedeon announced today that it will "commercialize and distribute" a new contraceptive patch for women, under an agreement with German chemical and pharmaceutical company Bayer.

BUSINESS

New deputy CEO to join MKB Bank in February

Márk Hetényi, the deputy chairman and CEO of the Hungarian unit of Flextronics International, will assume the post of deputy CEO in charge of the financial field and operative management of state-owned MKB Bank from mid-February, the bank said yesterday. 

BUSINESS

Rába wins HUF 5 bln tender to supply chassis for fire engines

Rába Vehicle affiliated with the Hungarian state-owned company Rába Automotive Holding won a HUF 5 bln open tender to supply chassis for disaster relief vehicles to state-owned BM HEROS, yesterday's issue of the Public Procurement Gazette showed. 

ECONOMY

Szijjártó discusses energy, economic cooperation with Turkey

Hungarian Foreign Minister Péter Szijjártó discussed energy, business cooperation, and shared efforts to manage global challenges, with Turkey's Prime Minister Ahmet Davutoglu and two members of his cabinet in Ankara yesterday. 

ECONOMY

Neilsen: Consumer confidence declining

Consumer confidence declined slightly in Hungary in the fourth quarter of 2014 compared to the third quarter, a gauge by market research company Nielsen reveals. Nielsen's consumer confidence index for Hungary stood at 54 points in Q4 last year, down 2 points from the previous quarter. 

BUSINESS

Baumax to become XXXLutz furniture stores in Hungary

Austrian-owned XXXLutz will start transforming the Hungarian stores of do-it-yourself chain Baumax into furniture shops after a deadline for taking over the properties passes on April 15, the managing director of XXXLutz’s Hungarian unit told news agency MTI on Monday. 

ECONOMY

Balog: Fostered worker program creates 'indescribable changes in family’s standard of living'

The government has reached 50,000 Roma families with the fostered worker program where the head of family, typically between 35-40 years of age, has never had a proper job, the Minister of Human Resources, Zoltán Balog told online newsportal vs.hu, adding that “this is a process we need to strengthen, and we need to make more steps to move forward”. 

ECONOMY

Forint mixed on interbank market

The forint was trading at 311.08 to the euro late Monday on the interbank forex market, down from 309.70 late Friday and 310.28 late Sunday. Also at 310.28 to the euro early Monday, the forint moved between 310.07 and 312.27, after a more than five-week high at 308.79 on Friday. It hit an all-time low at 327.62 on January 15.

ECONOMY

BUX up after early profit taking

The Budapest Stock Exchange's main BUX index finished up 0.79% at 16,890.95 Monday after losing 0.11% Friday. It is up 1.54% from year-end, after losing 10.40% last year. Over last week, the BUX rose 6.37% after falling 2.88% in the previous week. 

ECONOMY

Sherbiny Holdings chooses Hungary for engineering center

Saudi Sherbiny Holdings, a family-run business owned by Abdulaziz, Mohammed and Majed Sherbiny (pictured), is planning to establish an engineering service center in Gödöllő, on the outskirts of Budapest, chairman Mohammed Sherbiny announced in Budapest today.

ECONOMY

Hungarian gas deliveries to Ukraine rise 38%

Hungary’s export of gas to Ukraine has grown by 38% to 3.7 million cubic meters since last January, Ukraine's gas transmission system operator Ukrtransgaz reported on its website today.

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