Forint Report: Friday

The forint was trading at 316.36 to the euro late Thursday on the interbank forex market, down from 314.55 late Thurssday. At 314.84 to the euro early Friday, the forint moved between 313.28 and 317.01, another almost three-year low.

BUX Report: Friday

The Budapest Stock Exchange's main BUX index finished up 1.13% at 16,382.70 Friday, after sinking 0.33% Thursday. It is down 11.75% from the end of last year, after it rose 2.15% in 2013. The Budapest parquet followed European peers up with a one day delay in a buy-into-loss pattern, while the deputy governor of the central bank said recent falls of the Hungarian currency "do not cause any particular problems."

President returns amendment to lawmakers

Hungarian President János Áder declined to sign an amendment that would essentially force the closure of major supermarket chains that are unprofitable for two years in a row, MTI reported today. The president reportedly said the legislation as written goes against EU regulations and returned it to legislators.

Századvég expects 2.6% GDP growth in 2015

Századvég, a group best known for their research arm, which is closely affiliated with ruling Fidesz party, expects Hungary's economy to grow 2.6% next year, Hungarian news agency MTI reported today.

Origo: Gov’t can lift Sunday closure for some

According to the recently approved law restricting retailers from opening on Sundays and during the night, the Hungarian government has the power to exempt certain shops from the mandatory closure, Hungarian online daily Origo reported today, adding that the exact regulations on exemptions will become public in the first quarter of 2015.

ECONOMY

Investment agency signs cooperation agreement with automotive industry association

Hungary's Grand Automotive Coalition, a professional association representing the interests of carmakers, dealers and mechanics, has signed a cooperation agreement with the Hungarian Investment Promotion Agency (HIPA), HIPA said today.


ECONOMY

Social forum fails to reach agreement on pay raises

The National Economic and Social Council, a broad social forum, failed to reach an agreement on next year's wages at a meeting today, Hungarian news agency MTI reported. The talks broke down after the government failed to respond to unions' request to discuss other demands as a condition to a wage agreement.

BUSINESS

Magyar Posta inaugurates HUF 5.1 bln letter sorting line

Magyar Posta, Hungary's state-owned postal company inaugurated, a HUF 5.1 bln letter sorting line at its Budaörs base on the outskirts of Budapest, the post office reported today.

BUSINESS

GVH fines numismatic company for deceptive advertising

The Hungarian Competition Office (GVH) fined the Coin Art Institute Commerce and Services Company for HUF 10 mln due to misleading consumers, GVH reported today.

ECONOMY

Lázár to involve international help for Paks

Hungary is planning to bring together an international panel of experts to consult on the upgrade of the Paks nuclear power plant, Cabinet Chief János Lázár said today.

POLITICS

Gov’t exempts Főgáz acquisition from GVH scrunity

The Hungarian government declared its acquisition of 49.8% of the shares of Budapest gas distributor Főgáz via state-owned Hungarian Development Bank (MFB) from state-owned Hungarian Electricity Work's (MVM) as being “strategically important for the national economy”, so the sale is exempt from review by the Competition Office (GVH).

ECONOMY

KSH: Gross wages up 3.3%

The average gross wage in Hungary rose by 3.3% to HUF 237,539 in October from the same month a year earlier, while net earnings rose at the same pace to HUF 155,587, according to the Central Statistics Office’s (KSH) report published today.

ECONOMY

KSH: Retail sales climb 5.2%

Retail sales in Hungary rose 5.2% year-on-year in October according to both calendar year-adjusted and unadjusted data, the Central Statistics Office (KSH) said in a second reading of data on Friday.

BUSINESS

Libri to see HUF 9.1 bln revenue this year

Hungarian book retailer Libri said today in a statement that it expects to see a net sales revenue of HUF 9.1 bln this year, HUF 800 mln higher than in the previous year. 

BUSINESS

New production halls valued at HUF 1 bln open in Bonyhád

Two production halls worth almost HUF 1 bln were inaugurated at the Bonyhád industrial park in southwestern Hungary, on Thursday. The park's operator won a HUF 473 mln European Union and state grant for the investment.

ECONOMY

MNB: Economy continues to feel the weight of Russian crisis

Hungary's economic growth is expected to continue to slow due to the currency crisis in Russia, while the low oil price will also weigh on the country's inflation rate, the National Bank of Hungary (MNB) warned again on Thursday. 

ECONOMY

Survey: Salaries to grow by 5.3% in Hungary in 2015

International corporations present in Hungary have, on average, increased salaries by 4.6% in 2014, while inflation was virtually zero during the same period, a survey published by napi.hu on Thursday revealed.

ECONOMY

Fitch predicts stable outlook for CEE banks in 2015

Fitch Ratings on Wednesday said the overall rating outlook for banks in Central and Eastern Europe (CEE) is stable for 2015. However, the proportion of ‘negative outlooks’ for banks increased in 2014 due to expected downward revisions of Support Rating Floors in the EU. 

BUSINESS

EY: GDP growth to slow down in 2015

EY (formerly Ernst and Young) expects the Hungarian GDP to grow 3.2% this year and continue to grow in the coming years, albeit at a more moderate pace, atv.hu reported on Thursday. 

BUSINESS

Gov’t to set up compensation for clients of Széchenyi Bank

The government is establishing a compensation fund for the depositors of the failed Széchenyi Commercial Bank, Prime Minister Viktor Orbán said at a press conference with the central bank governor on Thursday. Orbán said HUF 5.5 bln would be in the fund.

BUSINESS

Bank of China opens regional headquarters in Budapest, Hungary

The Bank of China opened a regional headquarters in Budapest on Thursday, news agency MTI reported.

BUSINESS

Erste Bank Hungary to raise capital at home savings bank

Erste Bank Hungary will raise the registered capital of its home savings bank Erste Lakástakarékpénztár by HUF 500 mln, the bank said on the Budapest Stock Exchange website on Thursday. 

ECONOMY

Deals of the year for 2014

THE FOLLOWING IS FROM THE PRINT EDITION: Every year, the Budapest Business Journal looks back at some of the most significant deals of the past 12 months.

BUSINESS

BTel shares to be suspended Friday

Trade in the shares and corporate bonds of Business Telecom (BTel) will be suspended from 1 p.m. on Friday, December 19, pending an extraordinary announcement by the company, according to a resolution by the Budapest Stock Exchange's chief executive published after the market closed on Thursday. 

ECONOMY

Forint mixed on interbank market

The forint was trading at 313.65 to the euro late Thursday on the interbank forex market, up from 314.18 late Wednesday. Also at 314.18 to the euro early Thursday, the forint moved between 312.94 and 315.60, another almost three-year low.

expert opinion

Torture, Justice and the American Way

Torture, Justice and the American Way

by Joseph Marguiles

The MarkNews