OLAF probes Budapest development project

The European Union's anti-fraud office, OLAF, has been screening public procurement deals connected to a refurbishment project that took place in central Budapest, in an investigation of alleged fraud and irregularities, the organization told MTI today.

Juncker pulls Orbán off the stage

European Commission’s President Jean-Claude Juncker grabbed the hand of Hungary’s Prime Minister Viktor Orbán following their handshake in front of the journalists’ cameras yesterday in Brussels and pulled the Hungarian prime minister off the stage.

State-owned utility firm to launch on Feb. 28

The Hungarian government has mandated that the First National Utilities Company (ENKSZ) launch its business with share capital of HUF 1 bln and capital reserves of HUF 14 bln, as stated in a decree published in the latest issue of the official gazette Magyar Közlöny. The company is scheduled to begin operations by February 28.

Vintner Bock expands hotel for HUF 334 mln

József Bock, a well-known vintner from Hungary's Villány wine-growing region, yesterday inaugurated a HUF 334 mln expansion of the Bock Hotel Ermitage, which will raise the number of rooms on offer from 19 to 31, Hungarian news agency MTI reported today.

Szijjártó seeks ‘new chapter’ in relations with U.S.

With the arrival of Colleen Bell, the new U.S. ambassador to Hungary, Hungary’s Foreign Minister Péter Szijjártó is expecting to open a “new chapter” in the political cooperation between the two countries, Szijjártó said on public television this morning.


BUX slightly down in week-end profit taking

The Budapest Stock Exchange's main BUX index finished down 0.11% at 16,759.10 Friday after soaring 2.35% Thursday. It is up 0.75% from year-end, after losing 10.40% last year. The Budapest parquet snapped a five-day winning streak on Friday in week-end profit taking after the ECB announced its practically open-ended quantitative easing programme on Thursday.


Forint soars further against euro

The forint was trading at 310.15 to the euro late Friday on the interbank forex market, up from 312.43 late Thursday. At 312.45 to the euro early Thursday, the forint moved between 309.38, a more than five-week high, and 312.74. It hit an all-time low at 327.62 last week Thursday.


Masterplast, Italian partner sign strategic agreement

Hungarian building materials company Masterplast signed a long-term strategic agreement with an Italian building materials manufacturer and distributor at the Munich trade fair BAU 2015, Masterplast announced today.


Hungary’s central budget debt rises 8.6% in year to December

Gross debt of Hungary's central budget rose HUF 1,8 trillion, or 8.6%, to HUF 23.8 trillion in the twelve months to the end of December, the Government Debt Management Agency (ÁKK) said in part of the National Economy Ministry's December budget report.


Self Store Budapest boasts more than 1,000 renters

Hungarian self-storage company Self Store Budapest has more than 1,000 customers six years after launching its business in the Hungarian capital, and it expects to double this number in five years, managing director Márk Ablonczy said.


Gyula Castle Spa visitor numbers rise in 2014

Despite last summer's unfavorable weather, visitor numbers at the expanded Gyula Castle Spa in southeast Hungary reportedly rose by a year-on-year 20% to 556,000 in 2014, marketing manager Hajnalka Keszeli said today.


Eximbank outlays reach HUF 327bn in 2014

State Secretary László Szabó said today that outlays of Magyar Export-Import Bank (Eximbank) reached HUF 327 bln in 2014.


Court postpones ruling in OTP contract defense case until Feb. 9

The Budapest Municipal Court on Friday postponed a ruling until February 9, in a contract defense case brought by OTP Bank and its mortgage unit. Under borrowers' relief legislation approved last year, lenders must refund clients for unilateral changes to contracts if they cannot successfully defend the practice in court.


Competition office fines OTP, Eximbank

Due to delayed submission of the request for approval for the acquisition of joint control over "Fordulat" Equity Fund, the Hungarian competition office (GVH) has fined OTP Bank and state-owned Magyar Export-Import Bank (Eximbank) HUF 32.85 mln, while also approving the two banks’ acquisition of joint control over the Fund, Hungarian news agency MTI reported today.


Varga presents Prize for Successful Business

National Economy Minister Mihály Varga presented the Prize for Successful Business, a monthly acknowledgement, to three Hungarian companies at a ceremony, Hungarian news agency MTI reported today.


Hungary fourth-largest investor in Croatia

Hungary was the fourth-largest investor in Croatia last year for the seventh year in a row, Milan Radacsi from the Hungarian embassy in Zagreb announced today, citing data from the Croatian central bank. Hungary followed Austria, the Netherlands and Germany.


BTel to sue angel investor who backed out

The board of Business Telecom (BTel) is suing the angel investor who broke his promise to inject HUF 950 mln in the company despite the several written warnings. As a result preparations for a court case have begun, BTel announced today.


HungaroControl launches WALTER

Hungarian air traffic control company HungaroControl yesterday launched an online flight tracking system, called "Walter", which tracks flights to and from the Liszt Ferenc International Airport in Budapest, the company announced.


OKI Systems’ revenue to climb 36% in Hungary

Japanese printer manufacturer OKI Systems is expecting revenue in Hungary to rise by a year-on-year 36% within its fiscal year which ends in March, Loránd Tamás, the company’s regional finance director, announced yesterday.


Potential Traps on the Path to U.S.–Cuba Normalization

On December 17, 2014, presidents Barack Obama and Raúl Castro made history by each taking a bold and politically brave step: They agreed to begin the process of normalizing relations between their two countries.


GMO-free milk, meat and eggs to be produced in Hungary

Hungary has plans in place to produce GMO-free milk, meat and eggs, and has already made the initial steps required in the case of milk, farm ministry state secretary István Nagy said yesterday, according to Hungarian news agency MTI


University of Szeged could withdraw Merkel’s honorary degree

The University of Szeged is considering withdrawing Merkel’s honorary doctorate degree if she does not make time to accept the honor in person, online news portal vs.hu reported yesterday. 


2014 government deficit reaches 71.7% of target

Hungary's cashflow-based general government balance, excluding local councils, came to HUF 825.7 bln for 2014, at 71.7% of the full-year target, the National Economy Ministry announced yesterday, confirming a first reading of data released on January 8.


Penalty-free period on transport tracking system extended

The penalty-free test period for the new real-time transport tracking system to combat tax fraud has been extended to March 1. 


Tire sales climb nearly 12% in Hungary

Brand dealers sold more than 2.35 mln car tires in Hungary last year, approximately 12%, Continental Hungária managing director Dániel Rábai said yesterday, according to news agency MTI

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