Hungarian gas deliveries to Ukraine rise 38%

Hungary’s export of gas to Ukraine has grown by 38% to 3.7 million cubic meters since last January, Ukraine's gas transmission system operator Ukrtransgaz reported on its website today.

Ministry may close Unite Against State Debt Fund

Hungary's National Economy Ministry has recommended winding up the Unite Against State Debt Fund, following an audit last year that found payments into the fund had fallen sharply, Hungarian business daily Napi Gazdaság reported today.

Official: Russia may lift food embargo in 6 months

Russia is considering lifting the ban on agricultural imports from Hungary and six other countries, and trade could resume within six months, according to reports. Russia announced the ban on farm imports from Europe last year, not long after the EU announced that Russia would face economic sanctions because of the Ukraine conflict.

Dunapack welcomes HUF 1.7 bln expansion

Hungary-based paper packaging company Dunapack, a member of Austria's Prinzhorn group, inaugurated a HUF 1.7 bln technology investment at its plant in Nyíregyháza, in northeastern Hungary, on Friday.

Büki: Road blockade will be held

Zoltán Büki, the former MP of Együtt-PM, said the road blockade he is organizing will be held on March 1, starting from 5.00 p.m., despite the “fine-tuning” the Hungarian Government did in January to the legislation of the new road toll system the parliament approved in December, Büki told Hungarian commercial channel ATV last week.

ECONOMY

MNB could expand cheap credit program to big companies

The National Bank of Hungary could expand a cheap credit program for SMEs as well as larger companies, central bank governor György Matolcsy said on a public radio program broadcast yesterday.

BUSINESS

Reuters: OTP to raise offer for NKBM

Hungary's OTP bank is currently in negotiations with its Slovenian state-owned peer Nova KBM (NKBM) and is planning to raise its offer if the bank's Serbian branches and leasing unit are removed from the deal, international news service Reuters reported today citing an OTP insider. An OTP spokesman failed to comment on a query made by Reuters.

ECONOMY

Hungarian startup receives €1 mln

Budapest-based start-up QuantisLabs which created SmartVineyard, a cutting edge Hungarian diagnostic technology designed to protect vineyards grapes against diseases, has received €1 mln in European Union support for further development, Hungarian daily Népszabadság reported this weekend.

ECONOMY

MNB: NET pricing policy needs rethink

The operation of Hungary's National Asset Management Company (NET), established to buy the homes of troubled borrowers and allow them to stay as renters, needs a rethink, National Bank of Hungary (MNB) managing director Márton Nagy said in an interview published in daily Magyar Nemzet on Saturday.

ECONOMY

GKI-Erste: Consumer, business confidence decline

Both consumer and business expectations worsened in January, as the combined gauge of consumer and business confidence index fell to -2.9 points from the previous month’s -0.2 points, GKI-Erste said today.

BUSINESS

Hotel and Restaurant Association distributes hotel awards

The Hungarian Hotel and Restaurant Association has awarded Corinthia Hotel Budapest and Mamaison Hotel Andrássy Budapest with the "Hotel of the Year" title in the five- and in the four-star category, respectively, Hungarian news agency MTI reported today.

BUSINESS

ENEFI could pay HUF 700 mln in back taxes

Hungarian Tax and Customs Authority launched a collection procedure against energy service provider ENEFI on the request of the Romanian Tax Authority, ENEFI announced on the website of the Budapest Stock Exchange (BSE) yesterday.

ECONOMY

Falcon partner fails to complete Hungarian drilling project

The Serbian partner Naftna Industrija Srbije (NIS) of Denver-based Falcon Oil and Gas company, which has a license to operate in Hungary, has failed to complete a drilling project by its assigned deadline, international news wire Proactive Investors reported today.

BUSINESS

RTL Klub chief executive receives threats of violence

Hungary's leading TV channel, RTL Klub’s director has decided to move his family out of the country after receiving threats of violence via e-mail and through friends, Dirk Gerkens told Bloomberg Businessweek

ECONOMY

Bourse suspends trade in Enefi at issuer's request

The Budapest Stock Exchange (BSE) said it suspended trade in the shares and bonds of energy service provider Enefi at the issuers request, starting from 3 p.m. Friday and running until the end of trading on Tuesday. 

ECONOMY

Private pension fund yields up in 2014

Most private pension funds outperformed fixed-income assets in 2014, a study published on Sunday by azenpenzem.hu revealed.

POLITICS

OLAF probes Budapest development project

The European Union's anti-fraud office, OLAF, has been screening public procurement deals connected to a refurbishment project that took place in central Budapest, in an investigation of alleged fraud and irregularities, the organization told MTI today.

POLITICS

Juncker pulls Orbán off the stage

European Commission’s President Jean-Claude Juncker grabbed the hand of Hungary’s Prime Minister Viktor Orbán following their handshake in front of the journalists’ cameras yesterday in Brussels and pulled the Hungarian prime minister off the stage.

ECONOMY

BUX slightly down in week-end profit taking

The Budapest Stock Exchange's main BUX index finished down 0.11% at 16,759.10 Friday after soaring 2.35% Thursday. It is up 0.75% from year-end, after losing 10.40% last year. The Budapest parquet snapped a five-day winning streak on Friday in week-end profit taking after the ECB announced its practically open-ended quantitative easing programme on Thursday.

ECONOMY

Forint soars further against euro

The forint was trading at 310.15 to the euro late Friday on the interbank forex market, up from 312.43 late Thursday. At 312.45 to the euro early Thursday, the forint moved between 309.38, a more than five-week high, and 312.74. It hit an all-time low at 327.62 last week Thursday.

BUSINESS

Masterplast, Italian partner sign strategic agreement

Hungarian building materials company Masterplast signed a long-term strategic agreement with an Italian building materials manufacturer and distributor at the Munich trade fair BAU 2015, Masterplast announced today.

ECONOMY

Hungary’s central budget debt rises 8.6% in year to December

Gross debt of Hungary's central budget rose HUF 1,8 trillion, or 8.6%, to HUF 23.8 trillion in the twelve months to the end of December, the Government Debt Management Agency (ÁKK) said in part of the National Economy Ministry's December budget report.

BUSINESS

Self Store Budapest boasts more than 1,000 renters

Hungarian self-storage company Self Store Budapest has more than 1,000 customers six years after launching its business in the Hungarian capital, and it expects to double this number in five years, managing director Márk Ablonczy said.

ECONOMY

State-owned utility company to be launched February 28

The Hungarian government has mandated that the First National Utilities Company (ENKSZ) launch its business with share capital of HUF 1 bln and capital reserves of HUF 14 bln, as stated in a decree published in the latest issue of the official gazette Magyar Közlöny. The company is scheduled to begin operations by February 28.

BUSINESS

Gyula Castle Spa visitor numbers rise in 2014

Despite last summer's unfavorable weather, visitor numbers at the expanded Gyula Castle Spa in southeast Hungary reportedly rose by a year-on-year 20% to 556,000 in 2014, marketing manager Hajnalka Keszeli said today.

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