ECONOMY

ÁKK CEO: FX debt share to shrink to around 20% in 5 years

The share of FX-denominated debt could shrink by 2-3% a year, and could reach approximately 20% in five years, György Barcza (pictured), CEO of the Government Debt Management Agency (ÁKK) told news channel M1 today.

ECONOMY

Bank accounts worth of HUF 7 bln receive tax amnesty in Q1

Some 98 new "Stability Savings Accounts" with deposits totaling HUF 7.1 bln were opened at Hungarian banks in the first quarter of 2015, daily Magyar Nemzet reported today, based on data from the National Tax and Customs Office (NAV).

BUSINESS

MOL to buy Ithaca Petroleum Norge for $60 mln

Hungarian oil and gas company MOL today said it had agreed with Ithaca Petroleum Ltd. to buy its subsidiary in Norway Ithaca Petroleum Norge for an initial offer of $60 mln, Hungarian news agency MTI reported. The firm could also receive up to $30 mln from MOL as an additional bonus payment dependent on the exploration success of the existing license portfolio.

ECONOMY

KSH: Hungary’s retail sales climb 6.4%

Retail sales in Hungary saw a year-on-year rise of 6.4% in February, according to both calendar year-adjusted and unadjusted data, the Central Statistics Office (KSH) said in a second reading of data today.

BUDAPEST

BBJ in print: Clouds, taxes, rate cut

How much can taxpayers expect out of the 2016 budget, and how will it effect the economy? How are local SMEs, and the Hungarian government, taking advantage of cloud computing? How did entrepreneurs from this country fare at the massive SXSW startup conference in Texas? Find out in the print edition of the Budapest Business Journal, on newsstands now!

POLITICS

Government turns to EC to dispute Gyurcsány’s company contract

The Hungarian government has put forward a request to the European Commission for information regarding a HUF 1.5 bln contract given to Altus, a company owned by former Prime Minister Ferenc Gyurcsány, the current leader of the Democratic Coalition opposition party, cabinet chief János Lázár said at press conference yesterday, according to Hungarian news agency MTI. 

BUSINESS

Graphisoft Park shareholders agree to HUF 60-per-share dividend

Shareholders of Graphisoft Park, which operates a business park in northern Budapest, decided at an annual general meeting yesterday that the company would pay a HUF 60-per-share dividend on last yearʼs earnings, state news agency MTI reported. 

BUSINESS

Tetra Pak Hungary 2014/15 revenue just shy of HUF 40 bln

The Hungarian unit of Swedish packaging firm Tetra Pak reported revenue of just under HUF 39.8 bln in the 2014/15 fiscal year, nearly on par with the previous year, the company said yesterday, according to Hungarian news agency MTI.

POLITICS

Government orders audit of local councils

The government has requested the State Audit Agency to investigate local governments that invested in the three Hungarian brokerages that recently went bankrupt, cabinet chief János Lázár said a press conference yesterday, Hungarian news agency MTI reported. 

BUSINESS

Danubius shareholders vote to pay no dividend

Shareholders of Danubius Hotels decided at an annual general meeting yesterday that the company would pay no dividend on last yearʼs earnings, according to Hungarian news agency MTI. 

POLITICS

Anti-corruption website launches whistleblower support service

MagyarLeaks anti-corruption website operator atlatszo.hu launched the whistleblower protection service beved.hu in cooperation with Átlátszónet Alapítvány, K-Monitor and Transparency International. 

BUSINESS

Twenty-four municipalities lost HUF 10.8 bln in Quaestor case

Twenty-four municipalities lost HUF 10.8 bln after independent broker Quaestor owned by Fidesz-friendly serial entrepreneur Csaba Tarsoly went bankrupt – cabinet chief János Lázár told journalists in his weekly press conference yesterday.

ECONOMY

Top advertisement tax bracket to be set at 5.3%

Cabinet chief János Lázár confirmed yesterday at a press conference that a new bill will be submitted in April to reduce the top rate of the advertising tax to 5.3%, as was previously announced by Lázár.

ECONOMY

Lázár: Telecom sector tax remains; bank levy will gradually decrease from 2016

The government has no intention of eliminating the telecom tax, but bank taxes will be reduced in 2016 and banks will not be forced to increase lending, János Lázár told journalists at a press conference yesterday. 

ECONOMY

BUX on the back burner again

The Budapest Stock Exchangeʼs main BUX index finished up 0.43% at 21,050.59 Thursday after rising 0.24% Wednesday. It is up 32.56% from year-end, after losing 10.40% last year. Outperforming most European bourses, the Budapest parquet continued up, but still at a slow pace in narrow volumes.

ECONOMY

Forint rises against euro, more versus the dollar after US data

The forint was trading at 300.28 to the euro late Thursday on the interbank forex market, slightly up from 300.48 late Wednesday. At 300.49 to the euro early Thursday, the forint moved between 299.82 and 302.47, a six-day low after a six-day high at 296.82 Tuesday intraday.

ECONOMY

Hungary general government deficit HUF 536.7 bln in January

Hungaryʼs cashflow-based general government balance, excluding local councils, came to HUF 536.7 bln in January-March, or 61.2% of the full-year target, the National Economy Ministry said in a second reading of data today, according to Hungarian news agency MTI.

ECONOMY

EIB continues supporting Hungary’s growth prospects with €756 million in 2014

The European Investment Bank (EIB) said that its outlays to Hungary reached €891 mln last year and Hungary signed new contracts for €756 mln worth of credit in 2014, EIB Vice-President László Baranyay said today at a press conference in Budapest.

ECONOMY

Szijjártó: ʼGoodʼ T-TIP could create 20,000-30,000 jobs

According to Hungary’s foreign minister Péter Szijjártó, a “good” free trade agreement between the European Union and the United States could boost Hungarian exports to America by 15-20% and create 20,000-30,000 jobs, the minister said at a meeting today organized by business association MGYOSZ.

ECONOMY

Patent and trademark office handles 77,000 procedures

Hungaryʼs Intellectual Property Office handled approximately 77,000 procedures last year, Hungarian economic daily Napi Gazdaság reported today.

expert opinion

Hays Hungary Issues New Salary Guide

Hays Hungary Issues New Salary Guide

by Tammy Nagy-Stellini

Managing Director at Hays Hungary

BBJ video: Innovation