Forint further up on interbank market

The forint was trading at 311.05 to the euro late Friday on the interbank forex market, up from 311.68 late Thursday. At 311.60 to the euro early Friday, the forint moved between 310.30, a more than seven-week high, and 311.70. It is up 1.29% on the week in euro terms after falling 0.44% over the previous week. It is down 4.43% year-to-date, after easing 1.95% last year.

BUX dives on blurred outlook

The Budapest Stock Exchange's main BUX index finished down 1.80% at 18,412.40 Friday, after falling 0.14% Thursday. It is down 0.82% from the end of last year, after it rose 2.15% in 2013.

PM nominates Szijjártó for foreign minister

Hungarian Prime Minister Viktor Orbán today nominated Péter Szijjártó, incumbent state secretary, for the post of minister of foreign affairs and trade, the head of the PM's press office reported.

HUF 17 bln makeover planned for Dagály strand

The central government and Budapest’s City Council will finance a HUF 17 bln development of the Dagály swimming pool and baths complex in Budapest's 13th district, in a project to make Dagály “a national sports and spa centre”, Budapest Deputy Mayor Gábor Bagdy said yesterday, according to Hungarian news agency MTI.

Deputy PM: All utility firms to be renationalized

Public utility companies should all be renationalized, Hungarian Deputy Prime Minister Zsolt Semjén said yesterday at an electoral event in Csákvár, a town 57 km west of Budapest. Local elections are due in Hungary on October 12.

ECONOMY

ÁKK plans net bond issues, discount T-bill repayments in Q4

Hungary's Government Debt Management Agency (ÁKK) plans net forint securities issues of HUF 223 bln in the fourth quarter, scheduling net repayment of three-month and 12-month T-bills and net issues of bonds, the fresh three-month forint financing plan published earlier this week shows.

ECONOMY

HUF 6.1 bln invested in cow and pig farm

The Mezort Group yesterday inaugurated a HUF 6.1. bln investment at the Lajta-Hansag dairy farm in Karolyháza, north-western Hungary, said Mezort CEO Ferenc Purgai.

BUSINESS

Mondelez inaugurates capacity expansion

American snack maker Mondelez International inaugurated a HUF 4.5 bln capacity expansion at its biscuits plant in Székesfehérvár, northwest Hungary, today.

BUSINESS

Hungarian National Trading House opens local unit in Brazil

The Hungarian National Trading House (MNKH) has opened a unit in Rio de Janeiro in line with the expectations, the trade promotion company announced today. Brazil is Hungary's second-biggest trade partner in Latin America after Mexico, the MNKH said.

BUSINESS

MNB to review Norbi Update Lowcarb IPO prospectus

The National Bank of Hungary (MNB) will look at Tebesz’ request to suspend an IPO of shares offering of Norbi Update Lowcarb, the bank announced today. Small shareholders association Tebesz asked the National Bank of Hungary to suspend the IPO of shares of Norbi Update Lowcarb.

POLITICS

Navracsics officially quits foreign ministry

Hungary’s foreign minister Tibor Navracsics has officially resigned from his post. He will pursue his career in Brussels, where he has been appointed as commissioner for education, culture, youth and citizenship by Jean-Claude Juncker, president-elect of the European Commission.

POLITICS

Acquisition of train car maker called 'national strategic' issue

The acquisition of a stake in rolling stock joint venture Bombardier MÁV is an issue of “national strategic significance", and so exempt from review of the competition authority, a government decree dated yesterday says. The decree was published in the official bulletin Magyar Közlöny.

BUSINESS

BBJ in print: Fallout from Ukraine, green business

As the EU and Russia engage in a war of words and sanctions over Ukraine, what do analysts say it means for Hungary's agriculture and energy sectors, investor confidence and our currency? What are offices in Budapest doing to go green, and why are they bothering? Find the answers, and more essential business information, in the latest edition of the BBJ, on newsstands today!

ECONOMY

Russian sanctions cost Hungary's farmers €80 mln so far

The Russian embargo on food imports from the European Union has cost Hungary’s farm sector €80 mln so far, Rural Development Minister Sándor Fazekas said, according to Hungarian online daily napigazdasag.hu.

BUSINESS

Three Hungarian firms win EU's new SME grant

Three Hungarian businesses, ASK-M, BIOMORV and BIOPOLUS, were among the small and medium-sized enterprises (SMEs) from 21 countries that won grants from the new EUR 3bn SME Instrument of the European Commission (EC), the Commission's Hungary office announced on Thursday.

OPINION

EDITORIAL: Uncivil treatment of civil society

The following editorial originally appeared in the September 19-October 2 print edition of the Budapest Business Journal: Not attacking civil society is a pretty small concession, and one that the government should want to make.


OPINION

Who owns your DNA?

The DNA double helix is naturally occurring. Every one of us has millions of them, and they are all unique to us. Francis Crick and James Watson discovered the DNA double helix in 1953. They didn’t patent it. They did, however, win the Nobel Prize for their amazing discovery. In those days, a discovery was not considered an “invention.” But over the years, that has changed.

ECONOMY

BUX down on debtor relief, Ukraine

The Budapest Stock Exchange's main BUX index finished down 0.14% at 18,749.34 Thursday -- but up from an intraday low of 18,607.90 -- after rising 0.26% Wednesday. It is up 1.00% from the end of last year, after it rose 2.15% in 2013.

ECONOMY

Forint firms on interbank market

The forint was trading at 311.92 to the euro late Thursday on the interbank forex market, up from 313.18 late Wednesday. At 313.48 to the euro early Thursday, the forint moved between 311.74, a two-week high, and 313.70.

BUSINESS

UPC: Cloud-delivered YouTube viewers on the rise

Viewing minutes on Liberty Global-owned UPC Hungary’s cloud-delivered YouTube service have exceeded 1 million per day in the three months since the service was launched.

BUSINESS

Univer Product inaugurates HUF 3.5 bln expansion

Hungarian condiments maker Univer Product inaugurated a HUF 3.5 bln expansion at its base in Kecskemét, Hungarian news agency MTI reported today.

BUSINESS

EcoSolifer building HUF 15 bln solar panel plant

EcoSolifer, a solar panel producer using Hungarian know-how,  is building a HUF 15 bln solar cell plant in Csorna, northwest Hungary, the company announced today. Hungarian State secretary Péter Szijjártó said the government would support the investment with a HUF 1 bln grant.

ECONOMY

Gazprom reduces gas shipments to EU

Russia's natural-gas flows into the EU dropped today as compared to last week, Slovak pipeline operator Eustream said. At the beginning of September, gas was flowing through Ukraine to Slovakia, and from there to the rest of the EU, at a rate of more than 60 million cubic meters, but after September 11 gas flows fell to 50-55 million cubic meters, according to reports.

BUSINESS

T-Systems International launches location based mobile advertising

German-based T-Systems International is introducing a new mobile advertising service with the technical support of IT Services Hungary Kft., the company announced yesterday. The new service can send advertisements and store discount vouchers  in SMS messages to smartphones of passers-by, based on location data using big data analytics, real time technology and “geo-fencing.”

ECONOMY

Hungary’s cereal harvest up 6.1%

Hungary’s cereal harvest reached 7.2 million tons in 2014, up 6.1% from the previous year, the Central Statistics Office (KSH) said today, citing preliminary data. Growth was primarily due to favourable weather, KSH notes.

expert opinion

Engineering education traditionally strong in Hungary

Engineering education traditionally strong in Hungary

Dr. Péter Várady

Managing Director at evosoft Hungary Kft.