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.

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, UPC Hungary said.

EcoSolifer building HUF 15 bln solar panel plant

EcoSolifer, a solar panel producer using Hungarian know-how,  is building a HUF 15 bln solar cell plant in Csorna, northwest Hungary, the company announced today. Hungarian State secretary Péter Szijjártó said the government would support the investment with a HUF 1 bln grant.

Gazprom reduces gas shipments to EU

Russia's natural-gas flows into the EU dropped today as compared to last week, Slovak pipeline operator Eustream said. At the beginning of September, gas was flowing through Ukraine to Slovakia, and from there to the rest of the EU, at a rate of more than 60 million cubic meters, but after September 11 gas flows fell to 50-55 million cubic meters, according to reports.

T-Systems launches location based advertising

German-based T-Systems International is introducing a new mobile advertising service with the technical support of IT Services Hungary Kft., the company announced yesterday. The new service can send advertisements and store discount vouchers  in SMS messages to smartphones of passers-by, based on location data using big data analytics, real time technology and “geo-fencing.”

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.

BUSINESS

Univer Product inaugurates HUF 3.5 bln expansion

Hungarian condiments maker Univer Product inaugurated a HUF 3.5 bln expansion at its base in Kecskemét, Hungarian news agency MTI reported today.

ECONOMY

Hungary’s cereal harvest up 6.1%

Hungary’s cereal harvest reached 7.2 million tons in 2014, up 6.1% from the previous year, the Central Statistics Office (KSH) said today, citing preliminary data. Growth was primarily due to favourable weather, KSH notes.

ECONOMY

ÁKK raises offer for shortest term at bond auction

The Government Debt Management Agency (ÁKK) sold HUF 65 bln of bonds at an auction on Thursday, raising its original offer by HUF 10 bln on strong demand for the shortest term. ÁKK sold HUF 30 bln of three-year bonds, HUF 10 bln more than planned. Primary dealers bid for HUF 67.5 bln of the papers.

ECONOMY

EBRD raises Hungary GDP growth forecast

The European Bank for Reconstruction and Development (EBRD) raised its projection for GDP growth this year to 2.8% in a new forecast for 2014, the bank says in its Regional Economics Prospects report issued today. In an earlier forecast published in May, EBRD had put GDP growth at 1.6%.

ECONOMY

More EU funds for rail and road

The European Commission has approved funding for three major transport projects in Hungary, the National Development Ministry announced today. The three projects are expected to receive more than HUF 87.2 bln in EU funds.

POLITICS

Matolcsy defends MNB's property purchases

National Bank of Hungary governor György Matolcsy defended the central bank's recent real estate purchases against criticism from a predecessor in a letter published on the MNB website yesterday. 

BUSINESS

Wing sells building market leader Market Építő

Hungarian-owned private property developer Wing sold its 51% stake in Hungarian construction company Market Épitő to Garharrt Invest 2014, Hungarian news agency MTI reported yesterday. The sale price was not disclosed. Market Épitő, minority owned by Sándor Scheer, a private person, had a revenue of HUF 35.5 bln last year.

BUSINESS

Apollo Tyres announces HUF 146 bln factory

Company and government officials announced the construction of a HUF 146 bln plant in Hungary by India's Apollo Tyres at a press conference on Wednesday. State secretary Péter Szijjártó said the plant would turn out 16,000 car tires and 3,000 tires for light commercial vehicles a day.

BUSINESS

Tebesz asks for suspension of Norbi IPO

Small shareholders association Tebesz yesterday said it asked the National Bank of Hungary to suspend an IPO of shares of Norbi Update Lowcarb, which runs a lifestyle and nutrition franchise system, due to a violation of disclosure rules.

POLITICS

Kövér: Rules criticised by Strasbourg court no longer in effect

The regulations criticised by a recent Strasbourg Court’s ruling are no longer in effect,
the parliamentary speaker said, according to 444.huThe European Court of Human Rights said earlier on Tuesday that the Hungarian parliament had harmed free speech by fining the opposition LMP and PM parties for acts of protest in the chamber.

ECONOMY

British ambassador calls for strengthening ties

Every opportunity must be seized to strengthen effective cooperation between Hungarian and British economic players, the British ambassador said in the city of Pécs, Baranya daily pecsma.hu reported.

ECONOMY

BUX rises 0.26% on gains from OTP, MTelekom and MOL

The Budapest Stock Exchange's blue-chip BUX index closed Wednesday trade up 0.26% to 18,775.53 as three of four bluechips registered gains. The BUX advanced 47.85 points on a below-average composite exchange turnover of HUF 4.6 bln. 

BUSINESS

Wizz Air enters financing agreement for seven A320 aircraft

Hungarian low-cost airline Wizz Air today said it entered into a sale and leaseback agreement with Goshawk Aviation Limited for seven new Airbus A320 aircraft. The aircraft will be delivered between November 2014 and June 2015.

BUSINESS

Hungarian startups show in Tel Aviv

Ten Hungarian startups were presented to Israeli business leaders in Tel Aviv, Hungarian news agency MTI reported today. The companies were presented to 40-50 investors at the invitation-only event that took place during Start Tel Aviv, a global competition for startups taking place this week.

ECONOMY

Foreign students flock to Hungary

Hungarian universities are successful in attracting students from abroad. More than ten thousand foreigners enrolled in Hungarian universities and colleges last academic year, daily Magyar Nemzet reported today, citing official data.

ECONOMY

MNB: No hasty rise in interest rates

The National Bank of Hungary (MNB) wishes to reduce Hungary’s international debt-exposure and will avoid raising interest rates in the light of recent market upheaval, Deputy Governor Adam Balog said yesterday.

POLITICS

Csányi: PM treats banks like 'Batman'

OTP has problems in three countries: in Ukraine, because of the war, in Russia because of sanctions and in Hungary because of the regulatory environment, OTP chairman Sándor Csányi said yesterday during a lecture at Corvinus university.

ECONOMY

ÁKK buys back HUF 17.7 bln of bonds at reverse auction

The Government Debt Management Agency (ÁKK) bought back about HUF 17.7 bln of two bonds before maturity at a reverse auction, Hungarian news agency MTI reported today. ÁKK accepted HUF 8.1 bln of the HUF 14.3 bln of bids submitted by primary dealers for the early redemption of 2015/A bonds which mature on February 12, 2015. Average yield was 1.39%.

BUSINESS

Sberbank not leaving Hungary

State-owned Russian bank Sberbank denies rumours that it plans to exit Hungary, Austrian economic daily Wirtschaftsblatt said yesterday.

expert opinion

Engineering education traditionally strong in Hungary

Engineering education traditionally strong in Hungary

Dr. Péter Várady

Managing Director at evosoft Hungary Kft.