POLITICS

Csányi: PM treats banks like 'Batman'

OTP has problems in three countries: in Ukraine, because of the war, in Russia because of sanctions and in Hungary because of the regulatory environment, OTP chairman Sándor Csányi said yesterday during a lecture at Corvinus university.

ECONOMY

ÁKK buys back HUF 17.7 bln of bonds at reverse auction

The Government Debt Management Agency (ÁKK) bought back about HUF 17.7 bln of two bonds before maturity at a reverse auction, Hungarian news agency MTI reported today. ÁKK accepted HUF 8.1 bln of the HUF 14.3 bln of bids submitted by primary dealers for the early redemption of 2015/A bonds which mature on February 12, 2015. Average yield was 1.39%.

BUSINESS

Sberbank not leaving Hungary

State-owned Russian bank Sberbank denies rumours that it plans to exit Hungary, Austrian economic daily Wirtschaftsblatt said yesterday. However the bank’s branch in Győr, northwest Hungary, is experiencing difficulties, Sberbank’s Vienna-based European headquarters acknowledged in a statement to the daily.

BUDAPEST

Jury rejects designs for City Park museum quarter

No plans and designs submitted at the tender for the new National Gallery and Ludwig Museum met all the criteria, so the international jury has not recommended any of them, ministerial commissioner for the project László Baán has announced, according to epiteszforum.hu.

BUSINESS

Salgglas spends HUF 1 bln on new technology

Hungary’s largest industrial glass manufacturer Salgglas, a supplier of the vehicle-manufacturing industry, is spending HUF 1 bln on developing a new technology that will enable it to offer new glass products to its customers, Hungarian news agency MTI reports.

POLITICS

Parliament starts fall session with talk of banks and NGOs

Antal Rogán, head of the parliamentary group of the ruling Fidesz party, noted bank settlements involved not only foreign currency borrowers, but also forint-denominated ones, hvg.hu reported. “They, too, have a right to fair treatment and must be served justice” he said.

BUSINESS

Court rejects contract defense of 12 lenders on Tuesday

The Municipal Court of Budapest yesterday rejected the defense of 12 lenders to changes they made to borrowers' contracts. Under borrowers' relief legislation approved this summer, banks were ordered to refund clients unless they could convince the courts that the modifications were fair.

BUSINESS

Air France cancels five more Budapest-Paris flights

French national airline Air France is canceling five flights today between Paris and Budapest due to a pilots' strike, Liszt Ferenc International Airport Communications Director Mihály Hardy announced.

POLITICS

Siófok Holocaust memorial unveiled

A memorial has been erected in Siófok to pay tribute to a community of 500 local Jews who were deported to Nazi death camps in 1944, origo.hu reported. At the unveiling ceremony, the government was represented by state secretary for foreign affairs László Szabó, who commemorated the victims.

POLITICS

8,142 mayoral candidates fielded for election

Local election offices registered 8,142 candidates for mayor running in the upcoming municipal elections by the Friday midnight deadline, nol.hu reported. According to information from the National Election Office, 79% of the candidates are running as independent. 

ECONOMY

Forint little changed to euro

The forint was little changed to the euro on Tuesday, trading at 314.04 to the single European currency at 5:20 p.m., compared to a rate of 314.10 at 5:20 p.m. on Monday.

ECONOMY

BUX rises 0.28% on gains from OTP and MOL

The Budapest Stock Exchange's blue-chip BUX index closed Tuesday trade up 0.28% to 18,727.68 on gains from heavyweight issuers OTP Bank and MOL.

BUSINESS

Avalon opens 4 carsharing points in Budapest

Hungary’s market leading carsharing company Avalon is opening four new carsharing points in the country’s capital, the company announced today. Avalon is now operating five sharing points.

BUSINESS

Govt signs strategic pact with Takata

The Hungarian government signed a strategic cooperation agreement with Japanese automotive industry supplier Takata in Budapest today, Hungarian news agency MTI reported. State secretary Péter Szijjártó said the agreement is in line with Hungary’s intentions to become a production center in Europe, and a center for R&D, as well. 

ECONOMY

Social justice report: Hungary near bottom in EU

Hungary ranks 25th out of 28 EU member states in the latest ranking of the EU Social Justice Index, according to the Social Inclusion Monitor Europe Index Report, put out yesterday by the Bertelsmann Foundation.

ECONOMY

Court rejects Sberbank contract defense

The Municipal Court of Budapest rejected Sberbank Magyarország's defense of changes it made to borrowers' contracts in a ruling today, Hungarian news agency MTI reported. The judge in the case said Sberbank's contract conditions failed to comply with the principles of objectivity, actuality and proportionality.

BUSINESS

Hungarian firms put HR management on a tablet

Two Hungarian IT companies, HR software firm Nexon and applied research company Bay, announced today that they have developed a new application designed to help human-resources management. Optimized for tablets, the application is a self-service platform providing various HR and payroll tasks.

BUSINESS

Russian region of Yugra promotes business ties

The government of Hungary is working to strengthen its business cooperation with the Russian region of Yugra, the Russian press said today. Hungarian Council General Sándor Molnár met today with Natalia Komarova, the governor of Yugra, in the city of Yekaterinburg, where the two discussed economic cooperation, the reports said.

BUSINESS

Jüllich Glas Solar to quadruple production

Hungarian-owned Jüllich Glas glass making company expects  its production to quadruple as a result of growing global demand for solar panels, one of its key products, the company announced today.

POLITICS

Brunszvik-Beethoven Event Center opens in Martonvásár

The Brunszvik-Beethoven center and its Library and the Kindergarten Historical Museum were inaugurated today by Minister of Justice László Trócsányi. The new center and the museum are located in a renovated wing of the Brunszvik castle near the town of Martonvásár, about 35 km/20 miles west of Budapest.

expert opinion

Engineering education traditionally strong in Hungary

Engineering education traditionally strong in Hungary

Dr. Péter Várady

Managing Director at evosoft Hungary Kft.