ECONOMY

ÁKK sells less than planned short-term bonds, more long ones at auction

The Government Debt Management Agency (ÁKK) cut its sale of three-year bonds, sold the announced volume of five-year bonds and raised its offer of 10-year bonds at a bond auction on Thursday, Hungarian news agency MTI reported today.

POLITICS

Budapest court to hear unilateral FX loan issues

The Budapest Capital Regional Court will on Friday hear the first challenge from financial institutions to the unfairness of the unilateral amendment of foreign-currency-denominated loan contracts. Kéthely és Vidéke Társszövetkezet launched the challenge to be heard on Friday.

POLITICS

Democratic Coalition says poverty is up

Leftist opposition Democratic Coalition deputy head MEP Péter Niedermüller said that the Hungarian population is getting poorer due to the government’s policies, which may soon lead to social unrest.

POLITICS

Quarrel over public debt ratio

Public debt figures released yesterday have prompted a political debate. Hungary’s public debt reached HUF 25,432 bln or 85.1% of GDP by the end of the first half, rising from 84.4 % at the end of March and from 79.4 %  at the end of 2013.

POLITICS

Hungary to support Afghan forces with $1.5 mln

Hungary will support the Afghan military and police for 3 years with an annual contribution of $500,000 between 2015 and 2017, the spokesperson for the Ministry of Foreign Affairs said yesterday.

ECONOMY

ÁKK sells HUF 40 bln of three-month T-bills, as planned

The Government Debt Management Agency (ÁKK) sold HUF 40.0 bln of discount three-month T-bills at an auction on Thursday, in line with the original offer, Hungarian news agency reported today.

BUSINESS

Dozens of companies ready to hire laid off Nokia workers

Dozens of companies are willing to recruit Nokia workers after the Hungarian plant closes, Hungarian daily Népszabadság reported today.

ECONOMY

Flour prices to climb 10%

Hungarian mills are expected to raise the price of flour by about 10%, Hungarian daily Népszabadság reported today.

ECONOMY

Ministry raises GDP forecast to 3.1%

The Hungarian Ministry for National Economy raised its projection for GDP growth this year to 3.1% in a new forecast for 2014, Minister Mihály Varga announced yesterday.

ECONOMY

MOL takes delivery of Kurdistan oil

Hungarian oil and gas company MOL on Monday confirmed it purchased 80,000 tonnes of crude oil from the regional government of Kurdistan, responding to a query by Hungarian news agency MTI.

BUSINESS

Diehl Aircabin unit to build new production hall

Diehl Aircabin Hungary, the Hungarian unit of German aircraft-parts manufacturer Diehl Aircabin, will build a new 5,400-square-meter production hall at the company's plant in Nyírbátor, the town's mayor, János Balla announced yesterday.

BUSINESS

Hungarian navigation software firm NNG acquires US peer

Hungarian navigation software developer NNG, which makes the iGO application, has bought US peer nFuzion with the aim of expanding its profile, the company's media agent told National news agency MTI.

OPINION

Opening borders for child refugees

I’ve lived in the United States for the past six decades. I’ve worked with presidents and cabinet secretaries, and with the most desperate refugees from around the world. Today’s emergency with child refugees at the border is just that: today’s emergency. 

ECONOMY

NAV to extend crackdown on black market cigarette sales

More than 70 million illegal cigarettes were seized by the Hungarian National Tax and Customs Authority (NAV) in the first half of this year, Hungarian daily Magyar Nemzet reported today.

BUDAPEST

Reconstruction of third metro line to end in 2019

Renovation of the capital’s third metro line (M3) will be completed by 2019 at the earliest, Budapest mayor István Tarlós said in an interview published by Hungarian daily Magyar Nemzet today.

ECONOMY

Budapest Court to rule on unilateral changes to FX loan contracts

Five banks and financial institutions have submitted files on FX loans to the Budapest’s Regional Court, the court's press department announced on Friday.

ECONOMY

NAV : less audits, more unpaid taxes

Hungarian Tax and Customs Authority (NAV) is auditing fewer Hungarian companies but uncovering more unpaid taxes, Hungarian business daily Világgazdaság reported today.

POLITICS

Socialists and Jobbik accuse government after E-on deal revelations

Far-right wing party Jobbik and the Socialist party have accused Prime Minister Viktor Orbán of overpaying for gas storage facilities when buying them from German company E.ON last year.

BUSINESS

Intersnack Magyarország expects unchanged revenue

Intersnack Magyarország, which manufactures Chio-brand snacks as a unit of the German-based Intersnack Group expects to generate revenue of around HUF 11.3 bln in 2014, unchanged from 2013, the company informed Hungarian news agency MTI late last week.

ECONOMY

Hungary's debt ratio reaches 85.1% of GDP (UPDATE)

Hungary's gross consolidated government sector debt, calculated at nominal value, in line with Maastricht methodology, reached HUF 25,432bn, or 85.1pc of GDP, at the end of June...