BUX Report: Wednesday

The Budapest Stock Exchange's main BUX index finished up 0.09% at 17,824.28 Wednesday after dropping 1.12% Tuesday. It is up 7.16% from year-end, after losing 10.40% last year. While individual shares performed mixed, the main index ended a four-day spell of losses on upbeat retail trade data and a larger-than-expected policy rate cut in Poland.

Forint Report: Wednesday

The forint was trading at 307.12 to the euro late Wednesday on the interbank forex market, down from 306.48 late Tuesday. At 306.51 to the euro early Wednesday, the forint moved between 305.25 and 307.82, another eleven-day low. At 301.96 last Friday intraday, it hit a nine-month high.

Car dealers foresee two-digit growth in sales

Importers to Hungary expect a 13% increase in sales of new cars and an 11% increase in sales of used cars, primarily due to improving purchase power and the increasing number of replacements related to the aging of the car fleet, second hand car portal hasznaltauto.hu told Hungarian news agency MTI today.

KSH: Retail sales growth of 8.2% best since 2004

Hungarian retail sales saw a year-on-year rise of 8.2% in January, accelerating from 5.7% in the previous month, preliminary calendar year-adjusted data released by the Central Statistics Office (KSH) today reveal. This is the biggest year-on-year increase in retail sales recorded by KSH since 2004.

Alcohol consumption in Hungary jumps 25%

Alcohol consumption in Hungary increased by 25% last year, Hungarian economic daily Napi Gazdaság said yesterday citing data from the Tax and Customs Authority (NAV).

ECONOMY

Local councils to receive government support

Local councils struck by the Buda-Cash scandal are expected to receive approximately HUF 245 mln in government support under an agreement reached today, Bertalan Havasi, spokesperson for the Prime Minister's Office, told Hungarian news agency MTI.

ECONOMY

Official: Paks data handling conforms with Hungarian, international laws

Attila Aszódi, the commissioner in charge of the expansion of Hungary’s sole nuclear plant in Paks, said that making the contract details of the expansion confidential for 30 years is in accordance with both Hungarian and European Union laws, adding that the head of the National Authority for Data Protection and Freedom of Information, Attila Petérfalvy, had been consulted prior to the classification.

BUSINESS

Fundamenta-Lakáskassza new contracts up one-fifth

Hungarian home savings bank Fundamenta-Lakáskassza signed new home savings contracts in the amount of HUF 422 bln last year, an increase of 20% as compared to the previous year, with the number of new contracts rising by 12% to 139,000, chairman-CEO Károly Gergely said today.

ECONOMY

Report: Loans granted in the second phase of the Funding for Growth Scheme

By February 27, credit institutions participating in the first and second phases of the Funding for Growth Scheme (FGS) concluded contracts for a total of HUF 624.3 bln, through 21,809 transactions with 14,908 enterprises, the National Bank of Hungary (MNB) reported in its monthly report.

ECONOMY

ÁKK buys back HUF 71 bln in bonds at year's first reverse auction

The Government Debt Management Agency (ÁKK) bought back a combined HUF 71.0 bln of bonds before their maturity in 2015 and 2016 at a reverse auction on Wednesday.

ECONOMY

Citibank, ING biggest buyers at last year's government securities auctions

Citibank Europe was the biggest buyer at last year's forint bond auctions and ING Bank ranked first at discount T-bill auctions, the 2014 rankings published on the website of Hungary's Government Debt Management Agency (ÁKK) show.

BUSINESS

BGF hosts sake tasting

Budapest Business School (BGF) yesterday hosted a sake tasting jointly organized by consultant company Sűdy és Társa and the university. Beyond making Hungarian people familiar with the Japanese spirit, the event also served to strengthen Japanese-Hungarian economic relations.

BUSINESS

BCSDH organizes 'Business Breakfasts for Sustainable Development'

The Business Council for Sustainable Development in Hungary (BCSDH), the Embassy of the Kingdom of the Netherlands and the Netherlands-Hungarian Chamber of Commerce are jointly organizing the next series of BCSDH’s “Business Breakfasts for Sustainable Development” on March 26, BCSDH announced in a press release.

ECONOMY

Economy ministry to propose heavier fines for investment companies

The National Economy Ministry (NGM) today said that it is planning to submit an amendment, jointly with the National Bank of Hungary (MNB), that will introduce stricter sanction rules, under which the supervisory authority could impose heavier fines, and would also clarify the definition of goodwill, Hungarian news agency MTI reported.

BUSINESS

MNB files criminal complaint over suspected offences at Széchenyi Bank

The National Bank of Hungary (MNB) yesterday announced it had filed a criminal complaint with police against unknown perpetrators over suspected offences committed at Széchenyi Bank, the MNB said yesterday. The central bank told Hungarian news agency MTI that it suspects misappropriation, mismanagement and other financial abuses.

BUSINESS

UniCredit Hungary results more than double last year

The Hungarian unit of Italy's UniCredit bank yesterday posted after-tax profit of HUF 16 bln from last year, more than double of the HUF 6.4 bln reached in 2013, Hungarian news agency MTI reported today.


POLITICS

Lázár puts ad tax at 5-10%

Cabinet Chief János Lázár expects the modified advertising tax to reach 5-10%, as opposed to earlier press reports speculating that the ad tax would not exceed 3-5%, Hungarian commercial channel ATV cited Lázár late yesterday.

BUSINESS

Hungarian company develops product ID technology

Hungary's Vasbeta, based in Miskolc in northeastern Hungary, presented a product identification technology it has developed in Budapest yesterday.

ECONOMY

Japanese automotive industry company plans €50 mln investment in Hungary

A Japanese automotive industry company plans to invest €50 mln in Hungary in the near future, state secretary for economic diplomacy Levente Magyar told Hungarian news agency MTI on the telephone from Tokyo yesterday. 

ECONOMY

Russia could soften food embargo for Hungary and Greece

Russia is reportedly seeking to explore ways of softening the embargo against food from Hungary and Greece, to be consistent with WTO norms, Russian news agency TASS quoted minister of economic development Alexey Ulyukayev as saying on Monday. 

BUSINESS

Magyar Posta strengthens position on express, package delivery market

Hungarian state-owned postal company Magyar Posta yesterday said it was able to strengthen its position in the local express and package delivery business to take more than 30% of market share. 

ECONOMY

Forint still drifts on interbank market

The forint was trading at 306.61 to the euro late Tuesday on the interbank forex market, down from 304.81 late Monday. At 304.87 to the euro early Tuesday, the forint moved between 304.25 and 306.87, an eleven-day low. At 301.96 last Friday intraday, it hit a second nine-month high within two days. 

ECONOMY

BUX down for a fourth day

The Budapest Stock Exchange's main BUX index finished down 1.12% at 17,808.58 Tuesday after dropping 1.10% Monday. It is up 7.06% from year-end, after losing 10.40% last year. Hungarian blue chips tried to step on the brake downhill while the Russian rouble recovered most of its Monday loss against major currencies and the Hungarian forint, but global mood pushed the BUX down for the fourth day in a row.

ECONOMY

OBA to start compensating DRB group depositors

Hungary's National Deposit Fund (OBA) said today that it will begin compensating depositors of the DRB banking group as of tomorrow, for an amount not to exceed the European Union threshold of €100,000 or HUF 30,461,000, which will be paid automatically within 20 working days, Hungarian news agency MTI reported.

BUSINESS

Culevit appeals Competition Office decision

Culevit Rákkutató és Gyógyszerfejlesztő has appealed an earlier decision by the Competition Office (GVH) fining it HUF 25 mln, managing director László Lex said at a press conference in Budapest today.

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