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...

ECONOMY

Central bank leaves base lending rate at 2.10%

As expected, the National Bank of Hungary's Monetary Council decided to leave the base lending rate unchanged at 2.10% at a meeting yesterday, MTI reported. 

POLITICS

BP Council votes to borrow for Metro 3 upgrade

The Municipal Council of Budapest yesterday voted to move ahead on the financing of renovations on the city’s Metro Line 3, including making preparations for a loan to fund the project, according to reports.

ECONOMY

Court acts swiftly as 79 banks challenge debt relief

As a Budapest Court began hearing banks' petitions under the new FX loan law yesterday, MKB bank was told its case will be ruled upon on Sept. 9 and K&H was denied its petition to refer its case to the Constitutional Court and the European Court of Justice, according to reports. Some 79 banks have lined up to challenge the law in court.

BUDAPEST

ATM in Budapest dispenses Bitcoins

Hungary’s first Bitcoin ATM started operation yesterday at the Anker Klub on Anker köz in the heart of Budapest, the machine’s owner announced.

BUSINESS

UN body set to block sales of INA shares by MOL

The United Nations Commission on International Trade Law (UNCITRAL) will soon prohibit the Croatian government and Hungarian oil and gas company MOL from selling their shares in Croatia's INA until the arbitration court takes a decision on the disputes between the stakeholders, according to reports in the Croatian press.

BUSINESS

Growing Wizz Air adds destinations, flights, planes

Wizz Air announced it would be adding commercial flights to Lisbon and Maastricht in a Budapest press conference today. The low-cost airline also announced it would be buying new Airbus A320 planes by spring, and that it is projecting 15% growth year-on-year in 2015.

BUSINESS

MOL to lower fuel prices

Hungarian oil and gas company MOL will lower its wholesale diesel and petrol prices by HUF 4 and HUF 3 per litre, respectively, today, industry insiders told Hungarian news agency MTI on Friday.

ECONOMY

Economic confidence holds steady

Rising confidence among businesses and falling confidence among consumers cancelled each other out, leaving the GKI-Erste economic confidence index basically unchanged in August, GKI reported today.

BUSINESS

Raiffeisen Bank: We're not leaving yet

Austria’s Raiffeisen Bank International may leave Ukraine and Hungary in the future, but there are no specific plans to sell either one of these businesses at the moment, although both are under constant review, the bank’s CEO Karl Sevelda told news agencies.

BUSINESS

Half-done hotel on the hill up for sale

A blot on the Budapest landscape for years, the 23,000 sqm Rose Hill site known as the SZOT (National Committee of Trade Unions) Hotel in one of Budapest’s most exclusive residential areas overlooking the Danube from the Buda Hills, has been put up for sale by the current owner, CIB Group. 

ECONOMY

Hungary to discuss sanctions with Russia

Hungary’s Agricultural Minister Sándor Fazekas will hold talks with his Russian counterpart within the next two or three weeks. The discussion will focus on the import ban on European Union farm products by Russia, State Secretary István Nagy announced in a public radio interview today.

POLITICS

FX loans could be converted into forints this fall

The government is expected to decide this fall on the issue of converting foreign currency denominated loans into forints, National Economy Minister Mihály Varga said in an interview on public television yesterday evening.

BUSINESS

New luxury train: Jewels of Persia

MÁV Nosztalgia, a Hungarian state-owned railway company, is planning to launch a new luxury train, Golden Eagle – Danube Express. The new line expected to start this October would include 13 luxury historical carriages.

ECONOMY

KSH: Gross wages up 3.7% in June

Average gross wages in Hungary rose 3.7% year-on-year in June, the latest publication of the Central Statistics Office (KSH) revealed today. Wage growth went slightly down from 4.9% year-on-year in May.

BUSINESS

Lidl Magyarország exports more Hungarian vegetables and fruit

Lidl Magyarország, the Hungarian subsidiary of the German discount chain, exported 22,500 tons of fresh fruit and vegetable worth HUF 3.5 bln in H1 this year, the company informed Hungarian news agency MTI.

BUSINESS

More and more Europeans buy from Hungarian e-shops

Hungarian webshops saw their foreign PayPal turnover rose by 21% year-on-year in H1 this year, online banking service provider PayPal told Hungarian news agency MTI yesterday.

BUDAPEST

Hantech expects revenue to drop 5%-8%

Hungarian agricultural-machinery and machinery-parts maker Hantech expects revenue of HUF 3.5 3.6 bln in 2014, down from HUF 3.8 bln in 2013...

OPINION

Should Japan restart its nuclear reactors?

Only luck and real courage at 14 nuclear reactors on Japan’s Pacific coast overcame the technical failures of nuclear power and prevented the nation from being destroyed by radiation.

BUSINESS

Raiffeisen could leave Hungary

Raiffeisen CEO announced that the bank may leave Hungary, but has not yet made specific plans to do so, Dow Jones reported today.