ECONOMY

Tractor sales booming

Sales of tractors climbed 71% to over 3,200 in H1, compared to the same period last year. About 1,800 tractors were sold in the first half of 2013, according to data published by the Hungarian Leasing Association.

BUSINESS

Hungarian-Chinese joint venture to make wine barrels

A new Hungarian-Chinese joint venture will produce oak wine barrels in China. The joint venture is owned by Trust Hungary Zrt. and Chinese Huai Lai Amethyst Manner Co. who signed an agreement yesterday in Budapest. Each company holds 50 % of the shares.

BUSINESS

Bábolna TETRA breeds two new chicken hybrids

Poultry company Bábolna TETRA has bred two new chicken hybrids in a HUF 590 mln project in partnership with the Kaposvár University, the company told MTI on Friday.

BUSINESS

ELMŰ-EMÁSZ revenue falls in H1

Electricity distributors EMÁSZ and ELMŰ had decreased revenue in y.o.y. terms in the first half of 2014, while EMASZ's net profit rose y.o.y. and ELMŰ's declined, the companies' consolidated IFRS reports for the period published on Friday evening show.

BUSINESS

MNB withdraws license of Alba Takarék bank

The National Bank of Hungary (MNB) has withdrawn the operating license of savings cooperative Alba Takarékszövetkezet after an investigation revealed serious deficiencies in the cooperative's functions, the MNB announced on Friday.

ECONOMY

Analysts: Russia-Ukraine conflict hurts forint

Analysts attribute fluctuations in the rate of the Hungarian currency to developments in the conflict between Russia and Ukraine. The forint weakened on Friday morning, nearly reaching 316.5 against the euro before starting to firm.

BUDAPEST

Addressing pervasive work-place discrimination

Around half of all Hungarian workers report experiencing discrimination at work, according to a survey released recently. This compares poorly with Western Europe, where 35% of workers report discrimination. Read the full story from our print edition here.

BUSINESS

Noerr is BP advisor on investment in BalaBit

Noerr, the international law firm, announced yesterday that it advised English private equity investor C5 Capital Limited on its investment in Hungarian IT start-up company BalaBit, which provides innovative solutions in the field of cyber security.

ECONOMY

Investments grow at healthy 21.2% in Q2

Investments in the Hungarian economy grew by a robust 21.2% in the second quarter of 2014 as compared to the same period a year earlier, the Hungarian Statistics Office (KSH) said today. "The output value of investments was HUF 1,210 billion at current prices," KSH reported.

POLITICS

Utility firms to merge; Lázár to take charge

The government plans to roll the state-owned electricity, gas and district-heating companies into a single, non-profit holding company, origo.hu reported yesterday. The head of the Prime Minister’s Office, a position currently held by János Lázár, will exercise ownership rights and regulatory powers over the utility company.

POLITICS

MNB funds schools to replace 'neoliberal economics'

In an effort to create a new generation of Hungarian economists who do not hew to “obsolete doctrines and mistakes of the neoliberal economics school”, the Hungarian National Bank (MNB) is contributing HUF 200 bln to four foundations established to support instruction in economics and finance, central bank governor György Matolcsy was reported as saying yesterday.

BUSINESS

AKK sells HUF 70 bln in securities at auction

The Government Debt Management Agency (AKK) sold HUF 70 bln in government securities at auction yesterday, HUF 10 bln more than planned. AKK sold HUF 40 bln of discount 12-month T-bills, in line with the original offer.

ECONOMY

Producer prices down y.o.y., up since June

Industrial producer prices edged down by 0.3% in July from a year earlier, after declining 0.6% in June, the Central Statistics Office (KSH) said yesterday. In a month-on-month comparison, producer prices inched up 0.5% as domestic prices were up 0.2% and export prices rose 0.6%.


BUSINESS

NNG to develop software at new Szeged site

Hungarian navigation software developer NNG, which makes the iGO navigation application, will open a development centre in Szeged this fall, chairman David Wiernik announced yesterday, according to regional news portal delmagyar.hu. 

POLITICS

Gyurcsány: Left faces extinction without cooperation

Hungary’s left-of-centre democratic parties have the choice of either uniting and forming a single Democratic Party or “political death”, Ferenc Gyurcsány, leader of the leftist Democratic Coalition (DK), was reported as saying yesterday. 

BUSINESS

Rogán: FX debt burdens to drop by 1/4

Even without converting foreign-currency debt into forints, the average forex debt burden is likely to decline by a quarter, thanks to court rulings based on new FX-loan legislation, Antal Rogán, ruling Fidesz’s group leader, said yesterday.

ECONOMY

Central bank to limit personal borrowing

As of Jan. 1, the Hungarian National Bank (MNB) will enforce a debt cap that prevents consumers from borrowing excessively, MTI, the Hungarian news agency announced today.

ECONOMY

KSH: May-July unemployment drops to 7.9%

Hungary's unemployment rate was 7.9% in May-July, an improvement over the same period a year ago, when unemployment was at 10.1%, according to the Central Statistics Office (KSH).

OPINION

Hard times ahead for Iraq’s Yazidis

In Nineveh Province, in northern Iraq, an extinction event unfolds. The delicate latticework of religious communities that have co-existed for centuries has been smashed by the bludgeon of the Islamic State, which unexpectedly took Mosul in June...

POLITICS

Boom in 'baby bonds' for newborns

So far this year more than HUF 1 bln has been placed in Hungarian "baby bonds", the head-start savings accounts opened by the state for newborns, according to business daily Világgazdaság.