ECONOMY

E-commerce booms in Hungary

Though electronic commerce reaches only 3% in Hungary as compared to Austria’s 9%, the growth of the e-commerce has been greater than traditional commerce for the past years, CBRE reported yesterday.

ECONOMY

Four new drugs banned

From the beginning of this week “four new psychoactive substances are being included the so-called C list as designer drugs; consequently, the police may initiate the respective proceedings following their confiscation”, the Ministry of Human Resources revealed in its latest publication.

ECONOMY

MNB publishes guideline for FX loan contracts

National Bank of Hungary (MNB) has published a guideline for recalculating retail loan contracts after legislation voided the use of exchange rate margins.

BUDAPEST

MOL's green gas station in Buda wins award

A solar powered MOL gas station in Budapest's District XII was awarded the Energy Globe National Award (EGNA), the company reported on Tuesday. 

ECONOMY

ÁKK sells HUF 50.5 bln of bonds at switch auction

The Government Debt Management Agency (ÁKK) sold primary securities dealers HUF 50.5 bln of bonds maturing in 2022 and 2023 for papers that run until 2016 at a switch auction on Wednesday, about half of the original offer, Hungarian news agency MTI reported today.

ECONOMY

Number of children could impact pension

The Demographic Roundtable's recent proposal to take the number of children and their attained level of education into account in the calculation of their parents' pension is compatible with the government's family policy, thus Parliament could adopt the proposal in September, Christian Democratic People's Party (KDNP) Parliamentary Group Chairman Peter Harrach told the daily newspaper Magyar Nemzet on Tuesday.

ECONOMY

KSH: Hungarians take fewer domestic trips

Although Hungarians' daily spending rose in 2013, total spending on domestic tourism was little changed from 2012, as both the number of trips and the time spent declined considerably, the Central Statistics Office (KSH) said in its fresh publication. 

POLITICS

House speaker notes centenary of WWI

Europe will only have a future if its nation states are based on Christian morals, creative work and fair international cooperation, House Speaker László Kövér said on Monday, according to hvg.hu.

BUSINESS

Erste: FX law cuts assets by more than 10%

The net assets of Erste Bank Hungary dropped more than 10% by the end of June from the end of 2013 as a result of provisioning made necessary by a recently-passed law on debt relief, the bank announced.

ECONOMY

GVH levies fines of more than HUF 3 bln in H1

Hungary’s Competition Office (GVH) reported on its website that it levied fines of HUF 3.2 bln on offenders in the first half of 2014.

POLITICS

Ombudsman asks gov't to discuss Norway funds

The governments of Hungary and Norway must consult on the interpretation of an existing contract that governs the management of Norway Funds, the ombudsman for basic rights was reported as saying.

BUSINESS

K&H analysis: Enterprise sector improves

Judging by the K&H corporate growth index, the expectations of domestic enterprises improved, K&H Bank reported in its analysis published today. The growth in expectations is chiefly the result of the positive perception of the macro environment, according to the report.

ECONOMY

Hungary, Bosnia & Herzegovina ink farm pact

Hungary signed an agricultural agreement with Bosnia and Herzegovina today, Hungarian news agency MTI reported. The agreement was signed by Hungary's farm minister Sándor Fazekas and Bosnia and Herzegovina's foreign trade minister Boris Tucic.

BUSINESS

WING creates new production hall for GE

Property developer WING reported the completion of its new 11,000sqm, HUF 4.5 bln production hall for General Electric at its East Gate Business Park in Fót, near Budapest.

ECONOMY

Paks fuel rods could be delivered by air

The Hungarian government is drafting a plan to deliver fuel to the Paks nuclear plant by air, Hungarian daily Népszabadság reported today.

ECONOMY

Economy Ministry to issue EU tenders earlier

The National Economy Ministry is planning to issue its initial tenders for European Union funding for the 2014-2020 budget period in late summer or early fall, as opposed to the previously scheduled middle or end of October, Balázs Rákossy, the ministry state secretary in charge of the utilization of EU funding, said in an interview on a radio program today.

ECONOMY

Skanska sells Green House office building to FHB unit

Real-estate investment fund Torony, managed by Diófa assets manager, which is part of the Hungarian FHB Group, bought Swedish property developer Skanska's Green House office building located in Budapest, Skanska Magyarország Ingatlan informed Hungarian news agency MTI today.

ECONOMY

ÁKK raises offer at three-month T-bill auction

The Government Debt Management Agency (ÁKK) raised its offer on strong demand at an auction of discount three-month T-bills today, Hungarian news agency MTI reported.

OPINION

EC vice president: Media pluralism in danger

Neelie Kroes, Vice President of the European Commision in charge of digitilization, yesterday published a long post on the European Commission's blog criticizing Hungary's new advertising tax, as well as the general media environment in this country.

ECONOMY

KSH: Slow recovery in the housing sector

Both the number of dwellings built and dwelling construction permits rose by a respective 22% and 18% in the first half of 2014 as compared with a year ago, a report published by Central Statistics Office (KSH) revealed today.

expert opinion

Bad for business and democracy

Bad for business and democracy

Budapest Business Journal 

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