ECONOMY

MABISZ: Mandatory vehicle insurance premiums little changed

The average annual premium for mandatory vehicle insurance policies in Hungary was HUF 20,094 in Q1-Q3, practically level with a year earlier, but well under those in most other European Union member states, professional association MABISZ announced today.

BUSINESS

MOL to propose INA pay €260 mln extraordinary dividend

Hungarian oil and gas company MOL on Tuesday said it had requested an extraordinary general meeting of shareholders of Croatian peer INA "as soon as possible" to vote on a proposal to pay a HRK 2 bln (€260 mln) dividend.

ECONOMY

OECD predicts slowed economic growth in Hungary

The Organisation for Economic Co-operation and Development (OECD) projected that Hungary's GDP growth would slow to 2.1% next year and to 1.7% in 2016 as a result of "tight credit conditions", in its economic forecast published today, adding that an "uncertain business environment" would limit investment.

ECONOMY

ÁKK sells HUF 30 bln of three-month bills, as planned

The Government Debt Management Agency (ÁKK) sold HUF 30 bln of discount three-month Treasury bills at an auction on Tuesday, in line with the original offer. Primary dealers bid for HUF 97.5 bln of the papers.

BUDAPEST

Report: Russians in line for generous M3 bid

BKK called for a HUF 65 bln tender for the refurbishment of carriages used on Budapest's M3 metro line, an amount that would be sufficient for the purchase of new carriages, according to a report today from online daily nol.hu. Although the tender is open, the government is currently only negotiating with a Russian firm, the report said.

BUSINESS

Continental winds up HUF 1.4 bln investment in Budapest

German automotive industry supplier Continental wound up a HUF 1.4 bln investment at its base in Budapest, plant head Tamás Szabó informed Hungarian news agency MTI.

BUSINESS

Vitép '95 Kft. invests HUF 250 mln at base near Budapest

Hungarian concrete component manufacturer Vitép '95 Kft., which chiefly supplies civil engineering projects, is investing almost HUF 250 mln at its base located in Szigetfalu, near the capital, managing director Tibor Vígh informed Hungarian news agency MTI.

POLITICS

Parliament OKs bank law, sets FX conversion rate

The Hungarian parliament today approved the law on converting retail mortgages denominated in foreign currency and the law on "fair banks", Hungarian news agency MTI reported. The laws are meant to assist borrowers hurt by the financial crisis of 2008 and subsequent declines in the value of the forint.

ECONOMY

Number of registered job seekers falls y.o.y. rises m.o.m

There were 395,200 registered job seekers in Hungary at the end of October, up 3.9% from the end of September and 19.1% lower than a year earlier, the National Labour Affairs Office (NMH) said on its website. 

ECONOMY

Yields on Hungary office transactions drop slightly

Investments on Hungary's real estate market totalled €158 mln in the third quarter, and yields on the office market slightly dropped, the commercial property services firm JLL said yesterday. 

ECONOMY

Hungary cools Ukrainian hopes for gas supply

Hungary's National Development Minister played down Ukraine's hopes for a fast renewal of gas supplies, saying this country would not be able to provide so-called reverse natural gas flows to Ukraine before filling up its own storage tanks.

ECONOMY

EBRD head decries national targets for bank sector ownership

The head of the European Bank for Reconstruction and Development (EBRD) opposed the idea of national targets for ownership of banks yesterday, apparently referring to Hungarian Prime Minister Viktor Orbán's suggestion that several banks should leave and that Hungary should achieve 60% domestic ownership.

BUSINESS

Insurance companies revenue rises, profit drops in year to Q3

Hungary's insurance sector had after-tax profit of HUF 4.9 bln on HUF 195.6 bln of revenue from premiums in the third quarter, data published by the National Bank of Hungary (MNB) yesterday show. Third-quarter profit fell 44% and revenue from premiums rose 7.6% from the same period a year earlier.

BUSINESS

MOL and ING to settle share option agreement in cash, enter new one

Hungarian oil and gas company and Netherlands-based financial services company ING will cash-settle a share option agreement regarding 5,220,000 MOL A-Series Ordinary Shares concluded between them on November 22, 2013 at a strike price of €47.4444 per share, MOL announced yesterday.

BUSINESS

Epson glasses available in Hungary

Epson is introducing its first Augmented Reality (AR) device, dubbed Moverio, in Hungry, offering potential for AR for developers looking to create apps for the consumer and business space, the company announced. 

OPINION

From Beijing – A Law … and a Warning

Beijing’s passage this month of a Counterespionage Law – a revised version of its 1993 National Security Law – sent a powerful message both to Chinese citizens who work closely with foreigners, and to their foreign colleagues. General Secretary Xi Jinping and other Communist Party leaders appear to be increasingly concerned about many of these relationships, and have reaffirmed their authority to subject these ties to heightened scrutiny or surveillance.

ECONOMY

BUX again bucks positive global trend

The Budapest Stock Exchange's main BUX index finished down 0.47% at 17,362.67 Monday, after sinking 0.34% Friday. It is down 6.47% from the end of last year, after it rose 2.15% in 2013. Last week it rose up 0.36% after rising 1.51% the previous week. The Budapest parquet seemed to be immunised from a global upturn for a second day.

ECONOMY

Forint stalls on interbank market

The forint was trading at 305.68 the euro late Monday on the interbank forex market, down from 304.31 late Friday and 304.28 late Sunday. Also at 304.28 the euro early Monday, the forint moved between 304.26 and 305.86, a five-day low. It touched a new close to six-month high at 303.63 on Friday.

BUSINESS

New evidence cited in Hernádi’s case

The preliminary hearing of MOL Chariman-CEO Zsolt Hernádi in Zagreb was postponed to December 8 as Croatia’s anti-graft agency (USKOK) reportedly handed in new evidence regarding Hernádi's corruption case, Hungarian news portal origo.hu reported today.

POLITICS

PM: China’s success is ‘spiritual trauma’ for EU

"Admitting that non-democracies are more successful than Europe is even more difficult than facing the EU's reduced competitiveness," Hungary’s Prime Minister Viktor Orbán told German business daily Handelsblatt today, adding that China's success is a "spiritual trauma" for Europe.

expert opinion

From Beijing – A Law … and a Warning

From Beijing - A Law ... and a Warning

Murray Scot Tanner

The MarkNews

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