Number of registered jobseekers falls in August

There were 401,500 registered job seekers in Hungary at the end of August, down 3.0% from July and 18.4% lower than a year earlier, the National Labour Affairs Office (NMH) said on its website.

K&H: More firms ready to invest

One third of Hungarian companies are optimistic regarding corporate growth index, especially investing in technology, according to K&H's investment index survey, which was released today. The index rose to 33% for Q2, from Q1's 31%, but it still indicates the majority of corporations do not expect to invest more in the coming 12 months.

State to buy Bombardier's stake in JV with MÁV

The Hungarian National Asset Management Company (MNV) has signed an agreement to buy out a foreign-owned stake in Bombardier Transportation MÁV Hungary, a joint venture between the rolling stock maker headquartered in Germany and the Hungarian railways, the National Development Ministry said on Friday.

Forint further up on interbank market

The forint was trading at 311.05 to the euro late Friday on the interbank forex market, up from 311.68 late Thursday. At 311.60 to the euro early Friday, the forint moved between 310.30, a more than seven-week high, and 311.70. It is up 1.29% on the week in euro terms after falling 0.44% over the previous week. It is down 4.43% year-to-date, after easing 1.95% last year.

BUX dives on blurred outlook

The Budapest Stock Exchange's main BUX index finished down 1.80% at 18,412.40 Friday, after falling 0.14% Thursday. It is down 0.82% from the end of last year, after it rose 2.15% in 2013.

BUSINESS

Court rejects KDB Bank's defense of contract changes

The Municipal Court of Budapest rejected Korean-owned KDB Bank's defense of changes it made to borrowers' contracts in a ruling on Friday. The judge said practically none of the lenders' contract conditions – spelled out in 50 pages of fine print – had met the legal requirements for transparency.

BUSINESS

Nova Bútor building HUF 510 mln furniture plant

Hungarian furniture maker Nova Bútor is building a HUF 510 mln factory in Zalaegerszeg, the city's mayor said on Friday.

ECONOMY

ÁKK plans net bond issues, discount T-bill repayments in Q4

Hungary's Government Debt Management Agency (ÁKK) plans net forint securities issues of HUF 223 bln in the fourth quarter, scheduling net repayment of three-month and 12-month T-bills and net issues of bonds, the fresh three-month forint financing plan published earlier this week shows.

ECONOMY

HUF 6.1 bln invested in cow and pig farm

The Mezort Group yesterday inaugurated a HUF 6.1. bln investment at the Lajta-Hansag dairy farm in Karolyháza, north-western Hungary, said Mezort CEO Ferenc Purgai.

BUSINESS

Mondelez inaugurates capacity expansion

American snack maker Mondelez International inaugurated a HUF 4.5 bln capacity expansion at its biscuits plant in Székesfehérvár, northwest Hungary, today.

POLITICS

PM nominates Szijjártó for foreign minister

Hungarian Prime Minister Viktor Orbán today nominated Péter Szijjártó, incumbent state secretary, for the post of minister of foreign affairs and trade, the head of the PM's press office reported.

BUSINESS

Hungarian National Trading House opens local unit in Brazil

The Hungarian National Trading House (MNKH) has opened a unit in Rio de Janeiro in line with the expectations, the trade promotion company announced today. Brazil is Hungary's second-biggest trade partner in Latin America after Mexico, the MNKH said.

BUSINESS

HUF 17 bln makeover planned for Dagály strand

The central government and Budapest’s City Council will finance a HUF 17 bln development of the Dagály swimming pool and baths complex in Budapest's 13th district, in a project to make Dagály “a national sports and spa centre”, Budapest Deputy Mayor Gábor Bagdy said yesterday, according to Hungarian news agency MTI.

BUSINESS

MNB to review Norbi Update Lowcarb IPO prospectus

The National Bank of Hungary (MNB) will look at Tebesz’ request to suspend an IPO of shares offering of Norbi Update Lowcarb, the bank announced today. Small shareholders association Tebesz asked the National Bank of Hungary to suspend the IPO of shares of Norbi Update Lowcarb.

POLITICS

Navracsics officially quits foreign ministry

Hungary’s foreign minister Tibor Navracsics has officially resigned from his post. He will pursue his career in Brussels, where he has been appointed as commissioner for education, culture, youth and citizenship by Jean-Claude Juncker, president-elect of the European Commission.

POLITICS

Deputy Prime Minister promises renationalization of public utility companies

Public utility companies should all be renationalized, Hungarian Deputy Prime Minister Zsolt Semjén said yesterday at an electoral event in Csákvár, a town 57 km west of Budapest. Local elections are due in Hungary on October 12.

POLITICS

Acquisition of train car maker called 'national strategic' issue

The acquisition of a stake in rolling stock joint venture Bombardier MÁV is an issue of “national strategic significance", and so exempt from review of the competition authority, a government decree dated yesterday says. The decree was published in the official bulletin Magyar Közlöny.

BUSINESS

BBJ in print: Fallout from Ukraine, green business

As the EU and Russia engage in a war of words and sanctions over Ukraine, what do analysts say it means for Hungary's agriculture and energy sectors, investor confidence and our currency? What are offices in Budapest doing to go green, and why are they bothering? Find the answers, and more essential business information, in the latest edition of the BBJ, on newsstands today!

ECONOMY

Russian sanctions cost Hungary's farmers €80 mln so far

The Russian embargo on food imports from the European Union has cost Hungary’s farm sector €80 mln so far, Rural Development Minister Sándor Fazekas said, according to Hungarian online daily napigazdasag.hu.

BUSINESS

Three Hungarian firms win EU's new SME grant

Three Hungarian businesses, ASK-M, BIOMORV and BIOPOLUS, were among the small and medium-sized enterprises (SMEs) from 21 countries that won grants from the new EUR 3bn SME Instrument of the European Commission (EC), the Commission's Hungary office announced on Thursday.

OPINION

EDITORIAL: Uncivil treatment of civil society

The following editorial originally appeared in the September 19-October 2 print edition of the Budapest Business Journal: Not attacking civil society is a pretty small concession, and one that the government should want to make.


OPINION

Who owns your DNA?

The DNA double helix is naturally occurring. Every one of us has millions of them, and they are all unique to us. Francis Crick and James Watson discovered the DNA double helix in 1953. They didn’t patent it. They did, however, win the Nobel Prize for their amazing discovery. In those days, a discovery was not considered an “invention.” But over the years, that has changed.

ECONOMY

BUX down on debtor relief, Ukraine

The Budapest Stock Exchange's main BUX index finished down 0.14% at 18,749.34 Thursday -- but up from an intraday low of 18,607.90 -- after rising 0.26% Wednesday. It is up 1.00% from the end of last year, after it rose 2.15% in 2013.

ECONOMY

Forint firms on interbank market

The forint was trading at 311.92 to the euro late Thursday on the interbank forex market, up from 313.18 late Wednesday. At 313.48 to the euro early Thursday, the forint moved between 311.74, a two-week high, and 313.70.

BUSINESS

UPC: Cloud-delivered YouTube viewers on the rise

Viewing minutes on Liberty Global-owned UPC Hungary’s cloud-delivered YouTube service have exceeded 1 million per day in the three months since the service was launched.

expert opinion

Engineering education traditionally strong in Hungary

Engineering education traditionally strong in Hungary

Dr. Péter Várady

Managing Director at evosoft Hungary Kft.