POLITICS

'Fair banking' law talks set for November 4

Hungarian governing party Fidesz scheduled the first discussion of the “fair banking” bill for November 4 – the same date when party members will begin discussions on the conversion of foreign currency loans into forints, a senior Fidesz lawmaker announced today.

PROMOTION

Ivana Müller: In Common

In Common is an ensemble piece in which 10 performers ”dance” political systems like social choreographies. Sharing the same stage, same language and the same set of ”rules” performers find themselves in positions and problems comparable to those we are familiar with in contemporary democracies.The performers present countless variations on what a ‘common body’ can mean.

ECONOMY

Penzügykutató puts GDP growth at 3.1% in 2014

Economic researcher Penzügykutató projects Hungary's GDP growth will reach 3.1% this year – in line with the government forecast – then slow to 2.3% in 2015. Penzügykutató advisor Éva Várhegyi said economic growth was supported by favorable external and domestic tendencies this year, particularly investments and consumption.

BUDAPEST

Green Social encourages environmental networking

Budapest's sixth Green Social, set for 8pm on Tuesday, October 14, brings together an international group of business people, experts and activists concerned with the environment, for an informal gathering at the popular Ötkert ruin bar in Budapest.

ECONOMY

KSH: Trade surplus at €482 mln in July

Hungary had a €482 mln trade surplus in July, up €50 mln year-on-year, the Central Statistics Office (KSH) revealed in its second estimate report today. This was less than the €497.6 mln trade surplus KSH had projected in its first estimate report a month earlier.

ECONOMY

EC: Hungary's debt reduction steps no substitute for real fiscal consolidation

The European Commission acknowledged recent steps Hungary has taken to reduce its state debt in a report published on Wednesday, but said the steps could not stand in for "genuine fiscal consolidation efforts" and reiterated that the country could face the re-opening of an Excessive Deficit Procedure.

BUSINESS

Toolstyle to invest HUF 600 mln in Miskolc plant

Hungarian engineering company Toolstyle is spending HUF 600 mln, partly from monies won in a tender, on a new production hall and technological developments in Miskolc (northeastern Hungary), Hungarian news agency MTI reported yesterday.

POLITICS

Szijjártó, Jordanian deputy PM discuss cooperation

Hungarian Foreign Minister Péter Szijjártó discussed cooperation in higher education with Jordanian Deputy Prime Minister Amin Mahmud in Budapest yesterday, the foreign ministry's press chief said. The two officials agreed on broadening the scope of the Hungarian-Jordanian agreement on higher-education grants, said Judit Fülöp.

ECONOMY

Forint up again in euro on interbank market

The forint was trading at 309.68 to the euro late Wednesday on the interbank forex market, up from 310.82 late Tuesday. Also at 310.82 to the euro early Wednesday, the forint moved between 309.27, a more than two-month high, and 311.00.

ECONOMY

BUX up in final trades despite global gloom

The Budapest Stock Exchange's main BUX index finished up 0.42% at 17,959.39 Wednesday, after rising 0.26% Tuesday. It is down 3.26% from the end of last year, after it rose 2.15% in 2013.

ECONOMY

Blue chip treasury shares changed minimally in September

The treasury share stocks of the Budapest Stock Exchange's four blue chip issuers changed relatively little in September, with the stock being slightly down for OTP, marginally up for Richter and MOL, and remaining unchanged for the Hungarian subsidiary of German Deutsche Telekom, Magyar Telekom.

BUSINESS

Pannonflax shares to be delisted

The shares of Hungarian textile manufacturer Pannonflax are scheduled to be delisted from the Budapest Stock Exchange as the company winds up, according to a recent announcement posted on the bourse's website yesterday.

ECONOMY

ÁKK buys back HUF 37.4 bln of bonds at reverse auction

The Government Debt Management Agency (ÁKK) bought back about HUF 37.4 bln of two bonds before maturity at a reverse auction, Hungarian news agency reported today. ÁKK accepted all of the HUF 24.3 bln of bids submitted by primary dealers for the early redemption of 2015/A bonds which mature on February 12, 2015. Average yield was 1.33%.

ECONOMY

Hungary expects state debt to fall to 76.9%

According to today’s prediction by the National Economy Ministry, Hungary’s state debt as a percentage of GDP is likely to fall to 76.9% – lower than expected – by the end of the year, down from last year’s 77.3%.

POLITICS

Falus quits BP mayoral race, backs Bokros

Leftist candidate for Budapes mayor Ferenc Falus announced that he quit the elections in favor of conservative Lajos Bokros, the mayoral candidate of the conservative Movement for a Modern Hungary (MoMa).

ECONOMY

Bank card purchases outnumber withdrawals

Hungarians use their bank cards to make purchases about three times more frequently than for cash withdrawals, the National Bank of Hungary said yesterday, citing data from the first half of 2014. In value terms, withdrawals were still two and a half times higher than purchases, the MNB noted. 

ECONOMY

KSH: Deficit 3.8% of GDP, highest level in 18 months

Hungary's general government deficit came to HUF 272.5 bln, which is 3.8% of GDP, in Q2, preliminary data released by the Central Statistics Office (KSH) revealed today. The GDP was HUF 171.9 bln more than the deficit in the corresponding period of the previous year, with a gap of 2.7% of GDP in Q1, while the Q2 reading is the highest since Q1 2013.

ECONOMY

Weaker forint raises Hungary's net external debt

Hungary's net external debt rose slightly, mainly on revaluation effects, in the second quarter of 2014 and reached 39% of GDP at the end of June, the National Bank of Hungary said in its quarterly balance of payments report, released yesterday.

ECONOMY

Hungary PMI climbs to 52.6 in September

Hungary's seasonally-adjusted Purchasing Managers Index (PMI) rose to 52.6 points in September from 51.0 points in August, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim) – which compiles the index – said today.

POLITICS

National asset company buys HUF 3.75 bln stake in gas line

A shareholders' meeting of the state-owned Hungarian Electricity Works (MVM) has decided to sell the company's 49.98% stake in Magyar Gáz Tranzit, the project company for a gas interconnector between Hungary and Slovakia, to the Hungarian National Asset Management Company (MNV) for HUF 3.75 bln.

expert opinion

CIB and SMEs: Awareness, perseverance, trust

CIB and SMEs: Awareness, perseverance, trust

Szerdahelyi Róbert

CIB's SME Regional Director