BUSINESS

Danubius delves further into red in Q1 on financial losses

Danubius Hotel and Spa had net losses of HUF 2.83 billion in the first quarter, up from net losses of 1.17 billion a year ago due to financial losses during the period, the company announced in its unaudited first-quarter IAS report.

BUSINESS

Poles putting money in investment funds, report

Net inflows into Polish investment funds amounted to PLN 2.38 billion (€569 million) in April, the Warsaw Business Journal reported citing data published by the Chamber of Fund and Asset Management (IZFiA).

BUSINESS

Lending losses put FHB in red

FHB Bank said late Friday it racked up a first-quarter after-tax loss of HUF 1.6 billion because of lending portfolio write-offs, exchange rate changes and higher provisioning.

POLITICS

Gov’t envisions student loan-type credit for start-ups

The National Economy Ministry wants to offer start-ups credit similar to student loans, business daily Napi Gazdaság said on Tuesday.

BUSINESS

European power firms sound alarm over energy policy

French group GDF Suez led an attack by eight leading European power companies on EU energy policy on Tuesday, saying it had “failed” and was destroying parts of the sector, AFP reported.

BUSINESS

Warsaw’s second airport up for sale

Modlin Airport, opened just outside Warsaw last year to service low cost airlines but shut down for runway repairs last December, is for sale.

ECONOMY

Hungary retail food sales edge up 2%

Retail food sales in Hungary came to HUF 440 billion between last December and March, up 2% from the same period a year earlier, market research company Nielsen said.

BUSINESS

Phylaxia slips into red in Q1 on financial losses, base effect

Asset-management company Phylaxia 1912 Holding had after-tax losses of HUF 6.1 million in the first quarter of 2013, compared to after-tax profit of HUF 68.4 million in Q1 of 2012.

BUSINESS

Romania plans to block solar installations on arable land, report

Romania’s Agriculture Minister Daniel Constantin said on Monday that authorities are currently working on a bill that would block the development of photovoltaic (PV) parks on arable land, local sites reported.

BUSINESS

Slovak Telekom to buy out Digi Slovakia

Slovak Telekom has agreed to buy 100% of Romania-based RCS & RDS’s local TV business Digi Slovakia, digitaltveurope.net reported.

ECONOMY

London analysts see Hungary easing cycle reaching 3.25% by year-end

The National Bank of Hungary's easing cycle could bring the base rate to 3.25% by the end of this year from 4.75% at present, emerging market analysts at JP Morgan's office in London said in a fresh forecast.

BUSINESS

Hungary insurance market grows 1.3% in Q1

Hungarian insurers' combined revenue from premiums rose 1.3% to HUF 245.3 billion in the first quarter from the same period a year earlier, the Hungarian Insurers Association (MABISz) told MTI on Tuesday.

BUSINESS

FYR Macedonia starts construction of first wind farm

FYR Macedonia’s state-owned power utility company ELEM has begun the construction of the country’s first wind farm in an investment worth €55 million.

BUSINESS

Magyar Posta calls real estate appraisal tender

State-owned Hungarian postal company Magyar Posta has called a tender for the appraisal of its real estate, business daily Világgazdaság said on Tuesday.

BUSINESS

Gazprom drives hard bargain as sole major bidder for Greek DEPA

Gazprom is squeezing Athens for better terms to buy DEPA, Greece’s sole retail gas distributor, a Greek official said.

ECONOMY

Lithuanian industrial production increases in April

Lithuania’s industrial production climbed 6.1% from a year earlier in April, the Vilnius-based Statistics Lithuania reported on Tuesday.

BUSINESS

Gov’t signs strategic partnership agreement with Sanofi

The government signed a strategic partnership agreement with the Hungarian unit of French drugmaker Sanofi on Tuesday.

POLITICS

Bulgarian president starts govt talks on Thursday

Bulgarian President, Rosen Plevneliev, is launching consultations on forming the new government with parliamentary represented parties as early as Thursday, May 23.

ECONOMY

Riga Economic Forum organizers cancel invitation of Paul Krugman

Nobel Prize winner in Economics, Princeton University Professor Paul Krugman will not participate in the First Riga Economic Forum due to the controversy that his invitation to the forum has caused in Latvia, reported the Baltic Course.

ECONOMY

GKI still sees Hungary economy stagnating in 2013

In spite of better-than-expected first-quarter GDP data, research company GKI still expects Hungary's economy to stagnate this year.

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19076.40

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1008.91

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EUR/HUF

289.8750

0.1950 (0.0673%)

Low: 287.9160 High: 290.0760

CHF/HUF

230.3400

-0.9750 (-0.4215%)

Low: 228.2050 High: 231.5475

USD/HUF

225.5275

1.0900 (0.4857%)

Low: 221.7525 High: 225.8150

JPY/HUF

2.1868

-0.7400 (-1.0602%)

Low: 68.6200 High: 70.0900

EUR/CZK

26.1322

0.1057 (0.4061%)

Low: 25.9470 High: 26.1637

EUR/PLN

4.1874

0.0066 (0.1591%)

Low: 4.1709 High: 4.1919

Source: portfoliofinancial.hu Data is delayed by at least 15 minutes