ECONOMY

ÁKK sells HUF 50 bln of three-month T-bills, as planned

The Government Debt Management Agency (ÁKK) sold HUF 50 bln of discount three-month T-bill at auction on Tuesday, in line with the original offer.

ECONOMY

Hungarian spy chief resigns

The Director General of the Hungarian Constitution Protection Office, László Göbölös (pictured), has handed in his resignation to take effect on March 2, Hungarian online daily hvg.hu reported today.

ECONOMY

Bloomberg places Tokaj among the World's Next Big Wine Regions

Hungarian wine region Tokaj, with its 5,500 hectares of vineyards, at an 800-foot elevation on volcanic slopes, is among the world’s emerging wine regions as the reputation of “old” and “long-famous” regions fade away, Bloomberg reported.

ECONOMY

Report: Residency bond subscriptions reach 68 in February

Sales of Hungarian residency bonds reached 68 in February, with 33 bonds having a face value of €300,000 and 35 having a face value of €250,000, Hungarian economic daily Napi Gazdaság reported today citing data from the Government Debt Management Agency (ÁKK).

ECONOMY

Government plans to exempt fishing lakes from VAT

Hungary’s farming ministry is planning to eliminate the VAT charge for stocking fishing lakes, Hungarian daily Magyar Nemzet reported today.

ECONOMY

Hungary’s advertising sector expenditures rise to HUF 189 bln

The total money spent on advertising in Hungary rose by approximately 8%, to HUF 189 bln, last year, the head of the Hungarian Advertising Association said today.

ECONOMY

MOL to raise vehicle fuel prices

Hungarian oil and gas company MOL is scheduled to raise its wholesale vehicle fuel prices by from Wednesday, industry insiders told MTI yesterday. 

ECONOMY

MNB revokes DRB Bank group members' licences

The National Bank of Hungary (MNB) has revoked the operating licences of members of the DRB Bank group, paving the way for their depositors to be compensated, the central bank's deputy governor in charge of oversight told MTI yesterday.

ECONOMY

BSE share turnover climbs past HUF 188 bln in February

Share turnover on the spot market of the Budapest Stock Exchange reached HUF 188.4 bln in February, up a sharp 42% from the previous month, the bourse said yesterday. Share turnover for January-February came to HUF 320.9 bln, down 17.5% from the same period a year earlier. 

ECONOMY

More than 100,000 ducks slaughtered in eastern Hungary on avian flu scare

The total stock of ducks, consisting of more than 100,000 animals, was slaughtered at a poultry farm in Füzesgyarmat (eastern Hungary) where a type of avian flu was found last week. With this, the prevention operation is over, Hungary's chief veterinarian and deputy state secretary at the Agricultural Ministry, Lajos Bognár, told Hungarian news agency MTI yesterday. 

ECONOMY

Forint down on interbank market

The forint was trading at 304.69 to the euro late Monday on the interbank forex market, down from 303.03 late Friday and 302.92 late Sunday. At 302.90 to the euro early Monday, the forint moved between 302.80 and 304.72, a four-day low. At 301.96 Friday intraday, it hit a second nine-month high within two days.

ECONOMY

BUX down for a third day

The Budapest Stock Exchange's main BUX index finished down 1.10% at 18,009.66 Monday after dropping 1.52% Friday. It is up 8.27% from year-end, after losing 10.40% last year. Last week the BUX added 1.10% after dropping 0.40% in the previous week.

BUSINESS

Groupama Garancia premiums revenue reached HUF 94 bln last year

French-owned Hungarian insurer Groupama Garancia Biztositó saw its revenue rise by 5% to HUF 94 bln due to premiums, raising the rank of the company to third in the market, Groupama announced today.

ECONOMY

Labor authority finds issues with 73% of the country’s employers

Hungary's labor authority found that 73% of the over 18,000 employers it surveyed last year had violated some of the labor regulations, the National Economy Ministry said today. The ministry added that the ratio was slightly higher than to the previous year’s 70%.

ECONOMY

MNB: Retail loan stock drops further in Q4

Although Hungarian banks' disbursals of retail loans rose sharply in the fourth quarter of last year, overall retail lending stock continued to fall, a lending survey by the National Bank of Hungary shows.

ECONOMY

Competition office launches procedure against UPC

The Hungarian Competition Office (GVH) today said it has launched a procedure against Luxembourg-based telecommunications and cable TV company UPC Magyarország Telekommunikációs on the suspicion that the service provider abused its monopoly position in District 29, Monor, near the capital Budapest, and its vicinity.

ECONOMY

Report: New car registrations grow y.o.y. 18%

New passenger car registrations in Hungary saw a year-on-year rise of 18%, to 5,914, in February, with light commercial vehicle registrations increasing by a y.o.y. 31% to 1,242, automotive industry information service Jato Dynamics told Hungarian news agency MTI today.

ECONOMY

Krisztina Palace receives green building rating

Krisztina Palace, the property of Union Investment, has been awarded the BREEAM In Use ‘Very Good’ rating in two categories due to its offering of high quality services, environmentally friendly operation, organized transportation connections, advanced technical background and proactive property management, Cushman and Wakefield said today in a press release.

POLITICS

Analysis: Putin gains little from BP visit

FROM THE LATEST PRINT EDITION: Analysts in Moscow say that Russian President Vladimir Putin wants Hungary’s exit from the EU. In that sense, it would seem that, while Hungary got the cheap natural gas it was after, the Russian leader did not make much progress toward his own goals during his February 17 visit to Budapest.

BUSINESS

Garantiqa new guarantees worth HUF 282.1 bln in 2014

SME and local-council loan guarantor Garantiqa Hitelgarancia, which is part of the state-owned Hungarian Development Bank (MFB) Group, undertook new guarantees worth HUF 282.1 bln through 26,000 contracts in 2014, CEO Éva Buza told Hungarian news agency MTI.

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