State to acquire Émász, Elmű retail businesses

Hungaryʼs First National Utilities Company (ENKSZ), recently established by the state to act as an efficient, predictable and cheap utilities provider, could take over the retail business of regional electricity distributors Elmű and Émász under a declaration of intent signed by the government and German owner RWE yesterday.

Provident Financial wins EBA

Provident Pénzügyi Zrt., the Hungarian subsidiary of Provident Financial, received two prestigious prizes at the annual European Business Award (EBA) ceremony in London, the financial corporation announced today.

Varga: Gov’t to seal Budapest Bank deal by Dec

Hungary’s National Economy Minister Mihály Varga said that the Hungarian government is planning to seal a deal to purchase Budapest Bank from GE Capital by December and merge it with MKB – which the government bought in 2014 – as they consider this to be "a highly logical step," Reuters reported today.

NetIQ launches cloud management software

Software company NetIQ Novell Hungary launched NetIQ Cloud Manager 2.4, a new application which will facilitate the management of infrastructure services, the corporation announced in a press release today.

Fitch: Eximbank, MFB, K&H revised to positive

Fitch Ratings yesterday affirmed the Long-term Issuer Default Ratings (IDRs) of the Hungarian Export Import Bank (Eximbank) and the Hungarian Development Bank (MFB) at “BB+” and of Kereskedelmi és Hitelbank Zrt. (K&H) at “BBB-”, revising the outlook for the state-owned bank from stable to positive.

ECONOMY

MNB: Financial risk reduced, but regulatory intervention still needed

Risk in the financial sector has been reduced, but the high ratio of NPLs and FX personal and vehicle loans will "all require regulatory intervention", the National Bank of Hungary (MNB) said in its Financial Stability Report today.

BUSINESS

Herbro initiates HUF 1 bln hatchery investment

Hungary-based agribusiness Herbro yesterday inaugurated a HUF 1 bln technology investment at its hatchery in Hernád, near Budapest, Hungary’s Ministry of Agriculture reported.

ECONOMY

MNB starts buying Chinese bonds

The National Bank of Hungary (MNB) yesterday announced a decision to invest "a small portion" of its foreign exchange reserves in Chinese government securities, Hungarian news agency MTI reported.

POLITICS

Lázár: Fostered workers to be allowed leave for seasonal employment

The Hungarian government is planning to allow fostered workers temporary leave for seasonal work during the summer months, Cabinet Chief János Lázár said yesterday at his regular weekly press conference.

ECONOMY

Report: Lázár may resign if Rogán is promoted

Cabinet Chief János Lázár might resign if Caucus Leader Antal Rogán is appointed as the leader of the Prime Minister’s Office, according to unnamed sources cited by Hungarian online daily hvg.hu. Rogán reportedly declined comment on the news.

POLITICS

Some press excluded from PM’s speech

Left-leaning Hungarian online media outlets were rejected when applying for accreditation to attend Prime Minister Viktor Orbán’s state-of-the-state speech, scheduled for today, according to press reports this morning.

BUSINESS

MKIK: Business confidence improves in 2015 Q1

A gauge of SME confidence by the Hungarian Chamber of Commerce and Industryʼs (MKIK) Economy and Business Research Institute (GVI) rose to a record 24 points in April, up from 19 points in January. 

ECONOMY

Rosatom feeds Paks II data into modelling program

Russiaʼs Rosatom has fed all of the necessary data for planning the upgrade of Hungaryʼs Paks nuclear power plant into the "multi-d" modelling program of its unit NIAEP-Atomstroyexport, the unitʼs marketing director said at a press conference yesterday. 

BUSINESS

Ericsson to open collaborative innovation space in Budapest

Swedenʼs Ericsson announced the opening of a collaborative workspace at its research and development base in Budapest. The "Ericsson Garage" will offer "representatives from operators, academia, start-up companies and players from other industries as well as local communities" a place to innovate, Ericsson said. 

BUSINESS

Metecno to invest €25 mln in Hungary

Buildings material manufacturer Metecno will spend €25 mln to construct two plants in Hungary by the spring of 2017, the managing director of the companyʼs local unit said yesterday. Swedsteel-Metecno managing director Alyyan Nabeel said the first plant, which will make wall and roof coverings as well as drainpipes, will be completed in Q1 2016. 

ECONOMY

Forint fairly stable on interbank market

The forint was trading at 309.36 to the euro late Thursday on the interbank forex market, slightly down from 309.10 late Wednesday. At 309.26 to the euro early Thursday, the forint moved between 308.25 and 309.54, after a more than three-month low at 309.94 Wednesday intraday.

ECONOMY

BUX hovers around breakeven

The Budapest Stock Exchangeʼs main BUX index finished down 0.16% at 22,445.82 Thursday, after rising 1.65% Wednesday. It is up 34.94% from year-end, after losing 10.40% last year.

ECONOMY

Saint-Gobain creates architecture award for Hungarian university students

Saint-Gobainʼs Hungarian group of companies founded a new award for architecture university students on the occasion of its 350th anniversary, the company announced in a press release today.

ECONOMY

Coding competition to open for girls

Skool, an independent Hungarian organization, the University of ELTE and Facebook are jointly organizing a coding competition, entitled Scratchmeccs, for young ladies between the ages of 12-16.

ECONOMY

Deposit insurance fund head to become chief of investor insurance fund

The managing director of the National Deposit Insurance Fund (OBA) will take over operative leadership of the Investor Protection Fund (Beva), Beva announced today.

BUSINESS

Wabererʼs inaugurates HUF 600 mln retreat

Hungarian road haulage company Wabererʼs International today inaugurated a HUF 600 mln corporate retreat on the shores of Lake Balaton, in Balatonvilágos, Hungarian news agency MTI reported.

ECONOMY

The NFM offers tenders to replace old washing machines

The National Development Ministry (NFM) is offering HUF 500 mln non-refundable financial support to replace household washing machines in Hungary, as the continuation of tenders for new refrigerators, freezers, windows and boilers, the ministry said in a press release today.

BUSINESS

C&W renews Budapest Bank’s office lease

Hungarian state-owned Budapest Bank, represented by global real estate advisor Cushman & Wakefield (C&W), renewed a lease for its 8,200 sqm office at Csaba Center in Békéscsaba, Hungary, C&W said in a press release today.

ECONOMY

ÁKK sells HUF 65.5 bln of bonds auction, well over HUF 47 bln plan

The Government Debt Management Agency (ÁKK) sold a combined HUF 65.5 bln of bonds at auction today, well over the planned HUF 47 bln as demand from primary dealers exceeded expectations.

POLITICS

Orbán, Varga meet transport association leaders

Hungary’s Prime Minister Viktor Orbán and National Economy Minister Mihály Varga met leaders of the Hungarian Road Transport Association this morning to discuss the situation in the industry, Orbán’s press chief Bertalan Havasi told Hungarian news agency MTI.

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