Nolato completes €4 mln expansion in Hungary

Swedish medical devices producer Nolato completed a €4.1 bln expansion at its Hungarian plant located in Mosonmagyaróvár, northwest Hungary, company officials announced today.

Varga reverses course on foreign debt

Hungary’s Economy Minister Mihály Varga said today that the country could sell new foreign currency debt this year if terms were favorable. Officials had previously said the government was swearing off sales of foreign debt for the next couple of years.

Committee supports changes to FX-loan bill

The legislative committee of Hungary's Parliament yesterday approved to a series of amendments to a bill on the settlement of refunds lenders must pay FX-loan borrowers under a law on debtors' relief approved early July.

8-month gov’t deficit at 87.2% of annual target

Hungary's cashflow-based general government deficit, excluding local councils, reached HUF 858.8 bln at the end of August, the National Economy Ministry said yesterday, confirming a first reading released on September 8. The eight-month deficit stood at 87.2% of the HUF 984.6 bln full-year target, the report shows.

HUF 29 bln for poor to be spent on giving advice

The government has approved a HUF 29 bln draft programme to help the needy, and forwarded the plan to the European Commission, Hungarian daily Magyar Hírlap said yesterday. In all, 85% of the programme would be funded by the European Union. The plan reportedly focuses on advising the poor how to break out of poverty.

BUSINESS

Borrowers' relief refunds could cost Raiffeisen up to €240 mln

Austria's Raiffeisen Bank International (RBI) on Monday said refunds its Hungarian business must pay under borrowers' relief legislation could cost it up to €240 mln. RBI noted that a €67 mln charge had been booked already in the second quarter and the remaining balance would be booked in the second half of 2014.

ECONOMY

Orbán, Gazprom chief discuss gas supplies in BP

Hungary’s Prime Minister Viktor Orbán reportedly met the head of Russia's fuel company Gazprom, Alexey Miller, in Budapest yesterday evening.

ECONOMY

ÁKK sells planned volume of three-month T-bills, yields flat

The Government Debt Management Agency (ÁKK) sold the announced HUF 50 bln of discount three-month T-bills at auction today, Hungarian news agency MTI reported. The average yield remained unchanged now for the third auction in a row.

ECONOMY

Government OKs HUF 50 bln in road renovation

Hungary's government has approved HUF 50bn of renovation projects on some 500 km of road, National Development Ministry State Secretary László Tasó said yesterday.

ECONOMY

Economist: Exploration and production drive INA revenues

Exploration and production are the main revenue drivers for INA, and investments must be channeled into to most lucrative businesses, the chief economist of INA, the Croatian peer and subsidiary of Hungary's MOL oil company told Croatian public service radio yesterday, after a new controversy emerged over the weekend regarding MOL's intentions in Croatia. 

BUSINESS

Raiffeisen chief: Exit from Hungary not on agenda

The sale of the Raiffeisen group's Hungarian unit is currently not on the agenda, CEO of the subsidiary Heinz Wiedner was cited saying today in Hungarian business daily Napi Gazdaság. Although the unit was profitable in all business segments in H1.

ECONOMY

Forint back to range on interbank market

The forint was trading at 312.27 to the euro late Monday on the interbank forex market, down from 311.37 late Friday and 311.28 late Sunday. Also at 311.28 to the euro early Monday, the forint moved between 311.28 and 312.48 a four-day low.

OPINION

CIB and SMEs: Awareness, perseverance, trust

The following is an interview with Róbert Szerdahelyi, CIB’s SME Regional Director, who explains what his bank is doing to support Hungary’s vital small- and medium-sized enterprises.

POLITICS

Szijjártó reacts to Clinton's critique of PM

Hungarian Foreign Minister designate Péter Szijjártó said Saturday that former U.S. President Bill Clinton "was conned" by unreliable sources when criticizing the Hungarian prime minister last week. According to Szijjártó, Clinton should have talked to American business owners running businesses in Hungary to find out the real situation in this country.

BUSINESS

Zalaco inaugurates HUF 1 bln factory

Hungarian bakery company Zalaco today inaugurated a HUF 1 bln factory in Zalaegerszeg, Western Hungary.

ECONOMY

GKI raises GDP projection

Economic research institute GKI raised its projection for GDP growth this year to 3%, chairman András Vértes said today. The forecast was raised from 2.5% in June.

BUSINESS

Robert Bosch investing HUF 2.9 bln

German-owned automotive industry supplier Robert Bosch is investing HUF 2.9bn at its base in Hatvan, eastern Hungary, the company announced today.

BUDAPEST

Budapest Airport hosts cargo conference

Approximately 100 cargo industry representatives participated at the conference hosted by Budapest Airport today. Hungary could become a natural hub for air cargo companies with its developed electronics and pharmaceutical industries, said Budapest Airport property director Rene Droese.

BUSINESS

Rondo invests HUF 350mln in automation at Budapest base

Austrian-owned cardboard maker Rondo Hullámkartongyártó is investing HUF 350 mln on automation in its Budapest factory, the company told Hungarian news agency MTI today.

BUSINESS

Quick 2000 inaugurates HUF 134 mln investment

Pharmaceutical machinery maker Quick 2000 inaugurated a HUF 134 mln investment facility at its base located in the town of Tiszavasvári, 200 km north-east of Budapest, on Saturday.

ECONOMY

Gas interconnector between Hungary and Slovakia to start in 2015

The test operation of the gas interconnector between the Hungarian and Slovak networks has been delayed, business daily Napi Gazdasag said today. State-owned Hungarian Electricity Works (MVM), which coordinated the construction of the pipeline, did not explain the delay. 

BUSINESS

Fiers Mechanika completes HUF 511 mln expansion

Hungarian-owned toolmaker Fiers Mechanika completed a HUF 511 mln expansion at its base in Szabadbattyán, the company announced today. Fiers Mechanika won a HUF 150 mln European Union grant for the investment, which added 1,200 sqm of area to its production base.

ECONOMY

Croatia determined to save INA

The Croatian government will try to protect INA, a subsidiary of Hungary's MOL oil company, Croatia's economy minister Ivan Vrdoljak told journalists this weekend, Croatian news agency HINA reported.

ECONOMY

S&P: Hungary's rating still stable

Rating agency Standard and Poor's (S&P) maintains Hungary’s long-term sovereign credit ratings at “stable”, American news wire Dow Jones reported on Friday. S&P affirmed the 'BB/B' long- and short-term foreign and local currency sovereign credit ratings of the country, saying that after a decade of suppressed demand, Hungarian economy was apparently recovering.

ECONOMY

Number of registered jobseekers falls in August

There were 401,500 registered job seekers in Hungary at the end of August, down 3.0% from July and 18.4% lower than a year earlier, the National Labour Affairs Office (NMH) said on its website.

expert opinion

CIB and SMEs: Awareness, perseverance, trust

CIB and SMEs: Awareness, perseverance, trust

Szerdahelyi Róbert

CIB's SME Regional Director