ECONOMY

MNB puts 2016 deficit over target in budget bill assessment

Hungaryʼs general government deficit, according to European Union accounting rules, could reach 2.2% of GDP next year, over the 2.0% target, the National Bank of Hungary (MNB) said in an assessment of the governmentʼs budget bill released today.

ECONOMY

MNB lifts restrictions on closing FX swap contracts early

The National Bank of Hungary (MNB) said today it will allow lenders to close, before maturity, all unconditional FX swap contracts related to borrowers relief rebates and the mandatory conversion of retail FX mortgages into forints.

ECONOMY

ÁKK buys HUF 21.2 bln of bonds at reverse auction

The Government Debt Management Agency (ÁKK) bought a combined HUF 21.2 bln of bonds before maturity at a reverse auction on Wednesday, over the HUF 10 bln plan, though it did not accept any bids for bonds maturing next February.

ECONOMY

Wizz Air profit, excluding one-offs, climbs 67%

Net profit of Hungarian low-cost airline Wizz Air, excluding exceptional items, saw a rise of 67%, reaching € 146 mln in its fiscal year ending March 31, an earnings report released today reveals.

BUSINESS

GVH fines Varosetta on charges of misleading advertising

Hungaryʼs Competition Office (GVH) fined Hungarian company Varosetta Kft. HUF 6.3 mln on charges of misleading advertising, Hungarian news agency MTI said today.

BUSINESS

Codie named most promising startup

Hungarian startup Codie was named the most promising startup at this yearʼs Hungarian Innovation TechShow (HITS), the event organizers told Hungarian news agency MTI.

BUSINESS

Szelepkutató Fejlesztési spends HUF 537 mln to develop new valves

Hungarian valve manufacturer Szelepkutató Fejlesztési, will spend HUF 537 mln on the development of a new line of cost-efficient products, the company told Hungarian news agency MTI.

BUDAPEST

Iberia to launch Madrid-Budapest flight

Spanish airline Iberia will launch its daily Madrid-Budapest flight on June 2, scheduled to operate everyday except Saturday on the Airbus A320 aircraft, Budapest’s Liszt Ferenc Airport said in a press release yesterday.

ECONOMY

Hungary, China sign nuclear agreement

Hungary and China signed a declaration of intent yesterday to cooperate in education and research and development in the field of nuclear energy in Budapest, Hungarian news agency MTI reported.

ECONOMY

KSH: Retail sales up 6.5% in March

Retail sales in Hungary saw a year-on-year increase of 6.5% in March, with retail sales reaching HUF 724 bln during the month at current prices, in absolute terms, a second reading of data published today by the Central Statistics Office (KSH) reveals. The rise followed February’s year-on-year increase of 6.4%.

ECONOMY

Report: Retail sales unchanged following Sunday closures

Despite the introduction of a Sunday closure law, a measure which came into effect on March 15 to prohibit retailers from opening on Sundays, retail sales in Hungary changed only slightly in March and April, Hungarian daily Népszabadság reported.

POLITICS

Varga meets EC commissioner for internal market

Hungary’s National Economy Minister Mihály Varga (left) met with Elzbieta Bienkowska (right), the European Commissioner for Internal Market, Industry, Entrepreneurship and SMEs, in Budapest yesterday, the National Economy Ministry said yesterday. 

POLITICS

Minister: Social sector to get HUF 7.6 bln wage supplement

As of June, approximately 65,000 workers in the social services will receive wage supplements, Minister of Human Capacities Zoltán Balog (pictured) said on Friday, adding that some HUF 7.6 bln has been allocated for the top-up in in this yearʼs budget and the amount will rise to HUF 15 bln next year.

ECONOMY

Authority orders restrictions to prevent spread of swamp fever in horses

Hungaryʼs food and animal health authority Nébih has ordered restrictions in ten communities in eight counties around the country to prevent the spread of equine infectious anaemia (EIA), also known by horsemen as swamp fever, the authority said yesterday, responding to a query by Hungarian news agency MTI. 

BUSINESS

INA to sell big portion of properties

Croatian oil company INA has decided to sell a substantial part of its properties and projects revenue of €32 mln from the sale, the Croatian press said at the weekend. The 88 properties on offer include farmland, warehouses, hotels and homes, Croatian daily Vecernji List said. 

BUSINESS

Police investigate Arcadom on suspicion of fraud

The Budapest police launched an investigation against property developer Arcadom, which is owned by construction industry magnate Sándor Demján, on suspicion of fraudulent activities, Hungarian daily Népszabadság reported on Saturday. 

BUSINESS

Vajda Papír carrying out HUF 1.2 bln capacity expansion

Hungarian paper product manufacturer Vajda Papír is spending a combined HUF 1.2 bln on two tissue production lines at its plant in Soroksár, near Budapest, the company told Hungarian news agency MTI. 

POLITICS

Government mulls support program for big companies

Hungaryʼs government is considering creating a program to support large companies that are not eligible for European Union cohesion funds, deputy state secretary at the prime ministerʼs office Nándor Csepreghy said yesterday. 

ECONOMY

BUX tracks peers but loses less

The Budapest Stock Exchangeʼs main BUX index tracked the movements of big Western European indices on Tuesday to finish the session down 0.32% at 22,117.91, still declining far less than its peers.

ECONOMY

Forint softens on interbank forex market

The forint traded at 308.91 to the euro on the interbank forex market around 5:30 in the evening on Tuesday, softening from 307.37 late Friday, the last trading day before the Pentecost holiday. 

expert opinion

Property market performs better with remnants of the crisis still present

Property market performs better with remnants of crisis still present

by Sándor Habóczky and Tamás Balogh at Schoenherr Hetényi Attorneys at Law

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