ECONOMY

Student loan rates to stay unchanged

State-owned student loan provider Diákhitel Központ is planning to keep the interest rate on its loans unchanged for the period between January 1 and June 30, 2015, the provider announced today.

ECONOMY

Varga: 2015 GDP growth to reach 3%

Hungary's GDP growth rate is expected to rise 0.5-0.6 percentage point over the 2.5% target for next year if oil prices remain low, with a probability of reaching 3%, National Economy Minister Mihály Varga announced today.

ECONOMY

MNB publishes guidelines for banks on application of 'fair banking'

The National Bank of Hungary (MNB) published guidelines on the main principles it expects banks to follow when applying the recently approved law on "fair banks", which locks in interest rates for loans under three years and requires lenders to use an indicator, approved by the MNB, to calculate rate changes for loans with longer terms, Hungarian news agency MTI reported today.

POLITICS

MSZP gathers support for road toll parliament session

The Hungarian Socialist party (MSZP) collected the required number of signatures for an extraordinary parliamentary session initiated by the party on the planned changes in the road toll system, the party's parliamentary group told Hungarian news agency MTI late yesterday.

ECONOMY

Russian economic worries batter BSE, forint

Concerns about troubles with the Russian economy today continued to plague the Budapest Stock Exchange, which was down 1.76% at 11 a.m., and the forint, which was trading at EUR 312.295 at 10 a.m. today.

ECONOMY

State Treasury completes EU-financed programs

The Hungarian State Treasury has completed two operative programs worth more than HUF 2 bln, fully financed from European Union funding, president József Dancsó told the press today.

ECONOMY

Tobacco firms: New law could hurt economy

The law on a single centralized tobacco distribution company, which was approved by the Parliament on Monday, carries substantial economic risks, tobacco companies said in a joint statement yesterday.

BUSINESS

Thousands of Suzukis to be recalled

Thousands of Suzuki cars have been recalled to the Hungarian Suzuki factory in Esztergom, Hungarian online daily HVG reported late yesterday.

ECONOMY

Hungarian National Trading House to open in Tel Aviv

Another office of the Hungarian National Trading House (MNKH) is expected to open in Tel Aviv in Q1 next year, the Hungarian Foreign Ministry announced late yesterday.

POLITICS

Thousands join another anti-government march

Thousands of anti-government protesters, many carrying EU flags, marched from József Nádor tér to the Parliament building yesterday evening. They listened to speeches along the route and chanted anti-government slogans in a mostly peaceful demonstration that ended with scattered skirmishes between demonstrators and police.

ECONOMY

MNB reduces inflation forecast

The National Bank of Hungary (MNB) reduced its inflation forecast for both 2014 and 2015, the main figures released on Tuesday from its fresh quarterly Inflation Report show, according to news agency MTI

ECONOMY

MNB leaves interest rate unchanged at 2.1%

Hungary’s main interest rate remains unchanged at a record low of 2.1% after yesterday's rate-setters meeting, and the MNB substantially reduced next year’s inflation forecast to 0.9%, down from a 2.5% forecast in September, Dow Jones said

BUSINESS

Porsche Hungária plans to sell 25,000 cars domestically in 2015

Porsche Hungária expects to sell 24,000-25,000 cars in Hungary next year after selling 23,000 this year, managing director János Eppel said at a press conference on Tuesday. New car traders anticipate that the entire market of new cars and light commercial vehicle will reach about 105,000 in 2015 after rising more than 20% to exceed 93,000 this year, he said. 

ECONOMY

Paks project could have foreign managers and partners

The government hopes to reduce operation costs of the Paks 1 power plant by revising existing contracts. Operation of the nuclear power plant must be transparent and the government intends to achieve this by employing international experts from relevant fields, vs.hu reported yesterday citing Lázár János’ speech in today’s parliamentary session.

OPINION

Regime Change in Burkina Faso: Implications for Sub-Saharan Africa

A political upheaval in the West African country of Burkina Faso from October 29–31, 2014 resulted in the premature departure of President Blaise Compaoré, who had been head of state since 1987.

ECONOMY

Forint down on flight from emerging assets

The forint was trading at 313.33 to the euro late Tuesday on the interbank forex market, down from 309.14 late Monday. At 309.05 to the euro early Tuesday, the forint moved between 308.43 and 314.38, a day short of a three-month low.

ECONOMY

BUX tumbles on Russia, Richter warning

The Budapest Stock Exchange's main BUX index finished down 4.80% at a nine-month low of 16,169.18 on Tuesday, after falling 1.93% Monday. It is down 12.90% from the end of last year, after it rose 2.15% in 2013.

ECONOMY

Union: State control of tobacco to cost 1,200 jobs

The bill approved by the Hungarian parliament yesterday on the establishment of a centralized distribution company for tobacco products will mean the dismissal of 1,200 Hungarians working in the business, Lajos Csizmadia, the spokesperson of the tobacco workers union (DDTSZ) told the Budapest Business Journal today.

ECONOMY

Appellate court rejects lender's contract defense

The Budapest Municipal Court of Appeals on Tuesday upheld a first-instance ruling rejecting Lombard Pénzügyi és Lízing Zrt's defense of unilateral changes it made to contracts.

BUDAPEST

Extraordinary healthcare contribution by tobacco companies approved

The Hungarian Parliament approved a legislation requiring tobacco companies to pay a one-off healthcare contribution next year, Hungarian news agency MTI reported today.

expert opinion

Regime Change in Burkina Faso: Implications for Sub-Saharan Africa