ECONOMY

Economy Ministry to issue EU tenders earlier

The National Economy Ministry is planning to issue its initial tenders for European Union funding for the 2014-2020 budget period in late summer or early fall, as opposed to the previously scheduled middle or end of October, Balázs Rákossy, the ministry state secretary in charge of the utilization of EU funding, said in an interview on a radio program today.

ECONOMY

Skanska sells Green House office building to FHB unit

Real-estate investment fund Torony, managed by Diófa assets manager, which is part of the Hungarian FHB Group, bought Swedish property developer Skanska's Green House office building located in Budapest, Skanska Magyarország Ingatlan informed Hungarian news agency MTI today.

ECONOMY

ÁKK raises offer at three-month T-bill auction

The Government Debt Management Agency (ÁKK) raised its offer on strong demand at an auction of discount three-month T-bills today, Hungarian news agency MTI reported.

OPINION

EC vice president: Media pluralism in danger

Neelie Kroes, Vice President of the European Commision in charge of digitilization, yesterday published a long post on the European Commission's blog criticizing Hungary's new advertising tax, as well as the general media environment in this country.

ECONOMY

KSH: Slow recovery in the housing sector

Both the number of dwellings built and dwelling construction permits rose by a respective 22% and 18% in the first half of 2014 as compared with a year ago, a report published by Central Statistics Office (KSH) revealed today.

ECONOMY

Gov't: Sanctions on Russia don't hit Paks plans

Preparation for the expansion of the Paks nuclear power plant is not affected by the planned international sanctions against Russia for the moment, government commissioner for the expansion Attila Aszódi said on Kossuth Rádió yesterday.

POLITICS

Socialists call on Seszták to resign

The opposition Socialists have called on development minister Miklós Seszták to resign, repeating complaints that the minister assisted in questionable deals as an attorney in the past.

OPINION

A bright future for Indonesia

On July 22, 2014, Joko Widodo was declared the winner of Indonesia’s presidential election. The election process was phenomenally successful. Indonesians have been waiting for a leader who can effect positive change for their country, and they have put their hope in Widodo.

BUSINESS

First Czech Airlines flight lands at Balaton Airport

The first commercial flight of Czech Airlines from Prague landed at the airport of Hévíz near Lake Balaton today, Hungarian news agency MTI reported.

POLITICS

Official: No big changes to handling of EU funds

Hungary's Directorate General for Audit of European Funds has recommended changes to internal regulations as well as efforts to maintain a headcount in a review of the country's revamped system for managing European Union funding, a government official told Hungarian business daily Napi Gazdaság today.

BUSINESS

Beaver Schutzsysteme wins tender for flood protection

Beaver Schutzsysteme, a Swiss firm specializing in developing mobile flood protection, won a tender to supply Hungary's National Catastrophe Defense Directorate with 10km of movable flood defence equipment for HUF 591 mln, the latest issue of the Public Procurement Gazette reported today.

ECONOMY

Varga: Borrowers' relief won't break the banks

National Economy Minister Mihály Varga dismissed speculation that the borrowers’ relief package will bring banks to the brinks of bankruptcy, Hungarian business daily Világgazdaság reported today.

POLITICS

Orbán's rejection of liberal democracy draws fire

Hungarian Prime Minister Viktor Orbán's speech on Saturday, in which he said Hungary is not a libral democracy and that freedom is not the core value of the state, drew criticism today from the liberal opposition, while the far-right Jobbik party agreed with some aspects of the speech.

BUSINESS

Ticket sales down for Hungarian Grand Prix race

In line with expectations, ticket sales for this year’s Hungaroring – the Hungarian Grand Prix – were down to 169,000 as compared to last year’s record of 247,000, the company in charge of the circuit informed Hungarian news agency MTI today.

BUSINESS

Competition Office OKs Axel Springer-Ringier union

Hungary's Competition Office (GVH) said it approved a merger of the Hungarian businesses of media giants Axel Springer and Ringier. "No competition problems could be identified" with the merger, GVH said.

POLITICS

New MSZP leader wants to get back to basics

József Tóbiás, the new leader of the opposition Hungarian Socialist Party, has promised to strengthen the party, saying that a strong left wing is needed to make Hungary strong, nol.hu reported.

BUSINESS

No progress at MOL, Croatia talks over INA

Hungarian oil and gas company MOL said yesterday that the latest round of talks with the Croatian government brought no progress regarding the future of Croatian energy group INA.

BUSINESS

NAV audits electronic tills, fines 3,000 users

The National Tax and Customs Authority of Hungary (NAV) levied fines worth HUF 260 mln as a result of the more than 25,000 targeted audits of recently installed electronic cash registers, the authority told Hungarian news agency MTI today.

BUSINESS

EU, state help fund hotel expansion

The Arabian-themed Hotel Meses Shiraz in the northern Hungarian town of Egerszalók expanded capacity with a HUF 470 mln European Union and national grant, the hotel told Hungarian news agency MTI.

ECONOMY

HUF 13 bln deposited in tax-free accounts in Q2

Hungarian banks opened "Stability Savings Accounts" with deposits of HUF 12.942 bln in Q2, and the amount deposited doubled from the previous quarter, according to the National Tax and Customs Authority (NAV).

expert opinion

Bad for business and democracy

Bad for business and democracy

Budapest Business Journal 

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