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.

Lenders’ losses approach HUF 334 bln in Q1-Q3

Hungary’s banking sector had a combined after-tax loss of HUF 333.7 bln in the first three quarters as a result of lenders making provisions for refunds to be paid under borrowers’ relief legislation approved this summer, data released by the National Bank of Hungary (MNB) revealed today.

Ministry presents legislation to protect pensioners

The government submitted a proposal regarding the private pension fund, aimed at protecting the assets originating from earlier mandatory fees and serving as coverage for future pension payments, the National Economy Ministry informed Hungarian news agency MTI on Saturday.

Opposition: Hungary is in deep poverty

Hungary’s leftist opposition Democratic Coalition (DK) lawmaker Tibor Zaveczki said last Friday that the country is on the road to full poverty, commenting on Eurostat data, which reveals that more than 26% of Hungarians (three times the EU average) are classed as seriously deprived.

Hungary rejoins Moscow-based IIB

The Council of the International Investment Bank (IIB) supported the renewal of Hungary's membership in the bank at its November 20-21 meeting in Sofia, the National Economy Ministry said. 

BUSINESS

New evidence appears 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.

ECONOMY

ÁKK sells HUF 50 bln of

The Government Debt Management Centre (ÁKK) sold HUF 50 bln of discount "liquidity" bills maturing at the end of the year at an auction today, in line with the original offer.

BUSINESS

GKI-Erste: Business expectations stable, consumer confidence worsens

GKI-Erste's combined gauge of consumer and business confidence fell to 0.7 points in November from 1.2 points in October as both consumer expectations worsened and business expectations remained stable. The business index edged down to 7.7 points from 7.8 points and the consumer index worsened to minus 19.4 points from minus 17.6 points in November.

BUSINESS

Invitel extending InnoMax grant

Hungarian tele- and info-communications company, Invitel, is expanding its CSR program InnoMax grants, to include schools from 2015, the company announced at its InnoMax Klub conference last week.

ECONOMY

Another 27 savings coops join cross-guarantee pool

Accordingh to recent reports, another 27 savings cooperatives joined a cross-guarantee pool, raising the total number of participants to 78, including TakarékBank, which counts as the "central bank" for savings cooperatives in Hungary and savings cooperative integrator SZHISZ, TakarékBank said today.

ECONOMY

MNB: Hungarian banks' retail NPL ratio reaches 19.4%

The ratio of non-performing loans in Hungarian banks' retail lending portfolio reached 19.4% at the end of the third quarter, up 0.6 percentage point from the previous quarter, data released by the National Bank of Hungary today show.

BUSINESS

Toy seller Formatex targets 13% increase in holiday sales

Hungarian toy seller Formatex has a net revenue target of more than HUF 1 bln in the upcoming winter holiday season, up 13% year-on-year, the company informed Hungarian news agency MTI.

BUSINESS

Get-Energy Magyarország winds up HUF 394 mln R&D project

Get-Energy Magyarország today wound up a HUF 394 mln research and development project designed to find the best tree species, which can be grown locally and used to produce biomass fuel.

ECONOMY

Fitch set to review Hungary sovereign rating

Hungary's sovereign debt ratings are scheduled to be reviewed by Fitch Ratings on Friday. European Union rules require rating agencies to submit an annual ratings review calendar for EU countries and Hungary is in line for a scheduled review by Fitch on November 28.

BUSINESS

Debrecen airport operator, GYSEV plan freight-trains to major ports

Debrecen airport operator Xanga Group and Austrian-Hungarian railways GYSEV Cargo announced they will operate scheduled freight container trains from Debrecen (eastern Hungary) through terminals in Törökbálint, near Budapest and through Vienna to major European ports from January.

ECONOMY

Public media support fund has HUF 80.5 bln budget for 2015

Hungary's Media Support and Asset Management Fund (MTVA), whose assets and staff supply the output of Hungary's public media outlets, has a budget of HUF 80.5 bln for 2015, legislation published in Friday's official gazette Magyar Közlöny shows.

POLITICS

Orbán: EU is a 'stalled project'

Hungary’s Prime Minister Viktor Orbán dubbed the European Union a “stalled project” – and said strong political leadership is needed to solve the continent's problems, which include high energy prices – in a speech in Baden-Baden, Germany on Friday.

ECONOMY

BUX bucks positive global trend

The Budapest Stock Exchange's main BUX index finished down 0.34% at 17,445.12, Friday, after sinking 0.46% Thursday. It is down 6.03% from the end of last year, after it rose 2.15% in 2013. The Budapest parquet was immunised from a global rally while local uncertainties grew around the outcome of the debtors relief process.

ECONOMY

Forint further up on interbank market

The forint was trading at 304.38 the euro late Friday on the interbank forex market, up from 304.62 late Thursday. At 304.85 the euro early Friday, the forint moved between 304.02 and 304.85. It touched a new close to six-month high at 303.90 on Thursday.

ECONOMY

Analysts expect MNB to keep rates on hold on Tuesday

Analysts polled by Reuters expect the National Bank of Hungary's rate-setting Monetary Council to keep the base rate on hold at 2.10pc at a policy meeting on Tuesday. All 15 analysts in the poll, conducted on November 17-20, said the Council would leave the base rate unchanged.

POLITICS

Varga: Laying foundations for sustainable growth is key

The upcoming years should be spent laying the foundations for and ensuring sustainable growth, National Economy Minister Mihály Varga said at a conference organised by the Hungarian Business Leaders Forum (HBLF), adding that Hungary should achieve an annual growth rate of at least 4%.

ECONOMY

FX loan amendment: Banks likely to pay more

A parliamentary committee submitted an amendment to the borrowers' relief legislation that would lower the interest spread lenders may use for forint loans converted from loans denominated in foreign currencies. Analysts said the amendment, likely to be passed on Tuseday, means banks will pay more than was originally anticipated under the bill.

BUSINESS

Competition Office fines ACN Communications

Hungary's Competition Office (GVH) on Friday said it had fined ACN Communications HUF 30 mln for unfair practices in its sales calls and contracts.

BUSINESS

State to compensate clients of bankrupt travel agency

An appellate court has ruled that the state of Hungary must pay compensation to clients of a bankrupt travel agency given that EU law was not correctly transposed into national legislation, daily Népszabadság said on Friday.

BUSINESS

Vrdoljak: Cooperation with gov’t acid test for potential INA investor

Croatia's Economy Minister Ivan Vrdoljak has welcomed interest in the purchase of Hungarian oil and gas company MOL's stake in Croatian peer INA, but said any investor has to first test its ability to cooperate with the Croatian government, INA's other big owner, Croatian news agency HINA said on Friday.

expert opinion

Get yourself connected to stay ahead of the competition

Get yourself connected to stay ahead of competition

Nick Kós

Country Managing Partner at PwC Hungary

Eurolingua Translations Your translation agency in Hungary! 20 years of experience and exceptional quality at the very best prices! Translations for personal use or corporate purposes. Try us now!