Government submits 2015 budget bill

The Hungarian government submitted the 2015 budget bill to Parliament today, one day earlier than the legal deadline. The bill calls for central government revenue of HUF 16.3 trillion and expenditures of HUF 17.2 trillion, which would result in an expected deficit of HUF 877.6 bln, MTI reports.

Czomba: More fostered workers in 2015

The government plans to offer fostered worker employment to another 50,000 people from July 1, Sándor Czomba, state secretary responsible for labor market and vocational training, said yesterday, according to MTI. The average gross earnings of fostered workers in August was reported to be HUF 78,000 a month, which is less than minimum wage. 

MOL announces approval of Akri-Bijeel plan

Hungarian oil and gas company MOL said Thursday that the Field Development Plan (FDP) for the Akri-Bijeel Block in Kurdistan has been officially approved by the Minister for Natural Resources of the Kurdistan Regional Government, MTI reported today.

Report: Multinationals offer better jobs

In spite of official government rhetoric, big multinational corporations offer better jobs in Hungary and Hungarians prefer working for these multinational corporations, according to research by vg.hu. 

Controversial congestion levy expected in 2016

The long anticipated Budapest congestion levy may finally be introduced in 2016, according to a report by figyelő.hu. Widely considered an unpopular measure, the bill would limit traffic within the Buda and Hungária ring roads.

ECONOMY

Report: Nine taxes increases expected in 2015

While the final vote on the tax package in Parliament is set for November 18, a portfolio.hu report calculates that at least nine tax increases will become effective in 2015. More sectoral taxes might be introduced in an effort to fight the budget deficit, the report said.

OPINION

Added value

Experts say companies’ export financing provide significant business opportunities. In this interview, István Fetter, head of CIB’s Trade Finance Division, talks about his bank’s offerings in this area.

ECONOMY

Hungary to join European Space Agency

Hungary will soon join the European Space Agency (ESA), Hungarian business daily Napi Gazdaság said today. According to the newspaper, a government decree on membership in the association could be published in days.

ECONOMY

Appeals court confirms three first-instance rulings

The Budapest Municipal Court of Appeals confirmed on Wednesday first-instance rulings rejecting the loan contract defense cases of Erste Lakaslizing, Santander Consumer Finance and Argenta Credit against the state of Hungary.

ECONOMY

Szijjártó to meet British counterpart during visit to Slovakia

Foreign Minister Peter Szijjártó will have bilateral talks with British foreign minister Philip Hammond on Hungary-UK ties and economic cooperation during a visit in Slovakia today, a foreign ministry announcement of the visit says.

BUSINESS

Hungary 54th in the World Bank's Doing Business survey

Hungary kept its ranking as 54th in a comparison of how easy it is for domestic firms to do business in 189 economies, according to the latest "Doing Business" survey of the World Bank, published yesterday.

ECONOMY

Beijing considers Hungary bridgehead to Europe, says Chinese foreign minister

Hungary is a bridgehead in Chinese-European cooperation, Foreign Minister Wang Yi said at a meeting with Hungarian counterpart Peter Szijjártó on Tuesday. Wang expressed hope that Hungary will continue to fulfil this role, Szijjártó told MTI after the talks.

ECONOMY

Gov’t: No political risk to EU funds

The Prime Minister's Office yesterday rejected the idea that political risks could delay acceptance of Hungary's EU-funded operative programmes in Brussels, according to a Hungarian news agency MTI.

ECONOMY

Gov’t to submit 2015 budget bill this afternoon

The government is scheduled to submit the 2015 budget bill to parliament early this afternoon. The government targets a 2.4%-of-GDP ESA general government deficit for 2015, down from the 2.9% target for this year.

BUSINESS

Tile maker Mediterran to invest HUF 250 mln

Tile maker Mediterran Magyarország Betoncserép Gyártó has launched a HUF 250 mln expansion of its plant in Kunszentmiklós, the family-owned business told MTI on Wednesday. The greater part of the expansion will be financed from internal funds, and 20% will come from applying for subsidies.

BUSINESS

Erste to request revision of second-instance ruling in loan case

Erste Bank intends to request the revision of the parts of a second-instance ruling under which its regulations regarding unilateral changes to retail loan contracts were on fair, the bank said yesterday. Erste is the first affected institution which requests a revision of the second-instance ruling.

BUSINESS

Greiner Bio-One to invest HUF 2 bln in Hungary

Greiner Bio-One, an Austrian manufacturer of disposable health care products, said it will invest HUF 2 bln (€6.5 mln) in the construction of a new 2,000 square meters production hall at its site Mosonmagyaróvár, west Hungary. The project is scheduled to be completed by the beginning of 2017.

BUSINESS

GVH fines Magyar Telekom on charge of misleading advertising

Hungary's Competition Office (GVH) yesterday said it fined Magyar Telekom HUF 90 mln on charges of misleading advertising, for television advertisements of its Next Business XL and M packages, which ran over six weeks in fall 2013.

ECONOMY

Forint down after bond buy-back

The forint was trading at 309.32 to the euro late Wednesday on the interbank forex market, down from 308.91 late Tuesday.  At 308.57 to the euro early Wednesday, the forint moved between 308.40 and 309.37, after it eased back to the wrong side of 310 late Tuesday, the first time since October 3.

ECONOMY

BUX down again in thin trade

The Budapest Stock Exchange's main BUX index finished down 0.82% at 16,898.91 Wednesday, the first time under 17,000 since last March, after falling 0.54% Tuesday. It is down 8.97% from the end of last year, after it rose 2.15% in 2013. The BUX fell for a fourth consecutive day, bucking the slowly rising trend in Western markets of the last two days.

ECONOMY

Demand for early buyback high, yields up at reverse auction

The Government Debt Management Agency (ÁKK) bought back HUF 72.0 bln of the HUF 85.7 bln bids it received for the early repurchase of three bonds maturing in 2015 and early 2016 at a reverse auction on today, Hungarian news agency MTI.

POLITICS

Tax authority rejects corruption charges

The National Tax and Customs Administration of Hungary (NAV) rejected corruption allegations that recently surfaced against its officials, in a statement today. NAV president Ildikó Vida and official Csillag Dezsőné, however, have still not appeared in public after being taped by an RTL TV crew a week ago at an Austrian airport.

ECONOMY

KSH: Retail sales up 2.5 % in August

Retail sales in Hungary rose 2.5% in August year-on-year, according to calendar-adjusted figures, the Central Statistics Office (KSH) revealed today.

ECONOMY

MNB to extend Funding for Growth Scheme until end-2015

The National Bank of Hungary's (MNB) Monetary Council decided on Tuesday to extend the Funding for Growth Scheme until the end of 2015, MNB managing director Márton Nagy said at a conference in Budapest today.

ECONOMY

KSH: Jobless rate falls to 7.4%

Hungary's unemployment rate between July and September 2014 was 7.4%, a decrease of 2.4% compared to the same period last year, according to figures released by the Hungarian Central Statistics (KSH) office today.

expert opinion

Politics of the piece prize

Politics of the piece prize

Geir Lundestad

The MarkNews