BUDAPEST

Expect Nagykörút traffic and transit delays

Due to construction, delays can be expected in traffic and transit between Oktogon and Széll Kálmán tér, especially on the Margit bridge, from March 21 for at least two months according to transit authority BKK. The tramlines 4 and 6 will be shortened and replaced in certain sections by buses. It is recommended that travelers avoid the Nagykörút and Margitkörút.

BUSINESS

Meva-Hu winds up HUF 146 mln base

Czech-owned waste management industry supplier Meva-Hu today inaugurated a HUF 146 mln base at the industrial park in Tatabánya, northwestern Hungary, Hungarian news agency MTI reported.

BUSINESS

Wabererʼs sets up Italian subsidiary

Hungary-based haulage company Wabererʼs International has established a subsidiary in Milan, Italy, the company informed Hungarian news agency MTI today.

BUSINESS

MNB fines MKB insurance companies for violations

The National Bank of Hungary (MNB) today announced it had fined life insurance company MKB Életbiztosító HUF 14 mln and general insurer MKB Általanos Biztosító HUF 10 mln on charges of failing to comply with rules regarding informing clients and managing complaints.

ECONOMY

ÁKK sells less securities than planned on weak demand

The Government Debt Management Agency (ÁKK) sold just HUF 30 bln of securities at auction on Thursday, well under the planned HUF 55 bln as demand weakened.

ECONOMY

MNB: Government deficit in 2014 around 2.3-2.4% of GDP

The 2014 general government deficit may have been around 2.3-2.4% of GDP, 0.1-0.2 percentage points lower than forecast in December, the National Bank of Hungary (MNB) said in its quarterly Inflation Report released today.

ECONOMY

Report: Hungary’s Acceleration Indicator grows 2.8% in March

The Acceleration Indicator (GYIA), which is a measure of economic and financial indicators compiled by Hungarian economic daily Világgazdaság, increased by a year-on-year 2.8% in March, growing by 0.68% in month-on-month terms, the paper reported today.

ECONOMY

Elmű, Émász shareholders approve dividend proposals

Shareholders of electricity distributors Elmű and Émász, both majority-owned by Germanyʼs RWE, approved proposals to receive dividends of HUF 1,200 per Elmű share and HUF 900 per Émász share, on 2014 earnings, Hungarian news agency MTI said today.

BUSINESS

OTP board proposes HUF 147 per share dividend

OTP Bank said today its board would propose to shareholders the payment of 145% of the face value of its shares as dividend that counts as HUF 147 per share for the business year 2014, according to reports.

POLITICS

EC: Paks talks must continue

Hungary was in talks with the European Unionʼs Euratom Supply Agency yesterday about plans to provide fuel to the Paks nuclear power plant after its pending upgrade according to an EC spokeserson, but she would not confirm cabinet chief János Lázárʼs assertion that an agreement was reached.

ECONOMY

GfK: Consumer confidence up in Q1

GfK Hungáriaʼs consumer confidence index rose approximately one point to 164.8 in Q1 from the previous quarter, up due to an improved tendency to make purchases, the market researcher announced yesterday, according to Hungarian news agency MTI. 

ECONOMY

Insurersʼ profits up by just over 11%

Profits of Hungarian insurance companies rose 11.6% to HUF 30.7 bln last year, but were still just half pre-crisis levels, the head of the Hungarian Insurers Association (MABISZ) said at a conference on Wednesday, news agency MTI reported. 

ECONOMY

Pénzügykutató projects 2.4% GDP growth for 2015

Pénzügykutató expects Hungaryʼs GDP growth rate to fall to 2.4% this year as investments slow, the economic research company said in a forecast released Wednesday, Hungarian news agency MTI reported. 

ECONOMY

Economy ministry exploring effects of VAT reduction

The Economics Ministry is looking into the potential fiscal and economic effects of a VAT rate reduction but reducing the personal income tax to a single-digit has remained a priority, the ministry told Hungarian news agency MTI yesterday. 

BUSINESS

Erste Bank tells police about rumormongering

In response to reports that customers crowded several of the bankʼs branches in Debrecen after rumors circulated that the bank was about to file for bankruptcy, Erste Bank Hungary Deputy CEO László Harmati said yesterday on M1 public TV that his company had filed a complaint with the police about rumormongering.

ECONOMY

Hungarian consumer electronics franchise has ambitious plans for growth

Electric World Hungary Kft. has its sights set on expansion in Austria, Slovakia and Romania, as well as in the domestic market, vg.hu reported yesterday. The company currently operates seven shops and one webshop in Hungary under the brand Elektro Outlet and it hopes to expand its franchise network by 30-40 stores by the end of the year. 

ECONOMY

Lázár: We have removed obstacles from Paks fuel supply deal

All obstacles have been removed from the fuel supply agreement necessary for the planned upgrade of the Paks nuclear power plant, cabinet chief János Lázár said after talks with European Commissioner for Climate Action and Energy Miguel Arias Canete in Brussels on Tuesday, according to Hungarian news agency MTI. 

BUSINESS

Mediterran tile makerʼs revenue increases 14%

Roof tile manufacture Mediterran Magyarországʼs revenue climbed 14% to more than HUF 7 bln last year, the company announced yesterday, according to MTI.

ECONOMY

BUX rises further against trend in European

The Budapest Stock Exchangeʼs main BUX index finished up 2.93% at 20,106.09 on Wednesday, rising on high turnover for the fifth session in a row, and defying a generally pesimistic mood elsewhere in Europe. All blue chips rose except for the oil stock MOL.

ECONOMY

Forint firms on interbank market

The forint was trading at 298.985 to the euro shortly after 7pm on Wednesdayʼs interbank market, firming from 299.50 late on Tuesday although weakening after reaching its strongest point at just over 298 by 3 pm.

expert opinion

Licensing intra-group financing activity

Licensing intra-group financing activity

Csaba Ember

Senior Associate at Gide Loyrette Nouel-dʼOrnano Iroda

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