ELMŰ-EMÁSZ revenue falls in H1

Electricity distributors EMÁSZ and ELMŰ had decreased revenue in y.o.y. terms in the first half of 2014, while EMASZ's net profit rose y.o.y. and ELMŰ's declined, the companies' consolidated IFRS reports for the period published on Friday evening show.


MNB withdraws license of Alba Takarék bank

The National Bank of Hungary (MNB) has withdrawn the operating license of savings cooperative Alba Takarékszövetkezet after an investigation revealed serious deficiencies in the cooperative's functions, the MNB announced on Friday.


Analysts: Russia-Ukraine conflict hurts forint

Analysts attribute fluctuations in the rate of the Hungarian currency to developments in the conflict between Russia and Ukraine. The forint weakened on Friday morning, nearly reaching 316.5 against the euro before starting to firm.


Addressing pervasive work-place discrimination

Around half of all Hungarian workers report experiencing discrimination at work, according to a survey released recently. This compares poorly with Western Europe, where 35% of workers report discrimination. Read the full story from our print edition here.


Noerr is BP advisor on investment in BalaBit

Noerr, the international law firm, announced yesterday that it advised English private equity investor C5 Capital Limited on its investment in Hungarian IT start-up company BalaBit, which provides innovative solutions in the field of cyber security.


Investments grow at healthy 21.2% in Q2

Investments in the Hungarian economy grew by a robust 21.2% in the second quarter of 2014 as compared to the same period a year earlier, the Hungarian Statistics Office (KSH) said today. "The output value of investments was HUF 1,210 billion at current prices," KSH reported.


Utility firms to merge; Lázár to take charge

The government plans to roll the state-owned electricity, gas and district-heating companies into a single, non-profit holding company, reported yesterday. The head of the Prime Minister’s Office, a position currently held by János Lázár, will exercise ownership rights and regulatory powers over the utility company.


MNB funds schools to replace 'neoliberal economics'

In an effort to create a new generation of Hungarian economists who do not hew to “obsolete doctrines and mistakes of the neoliberal economics school”, the Hungarian National Bank (MNB) is contributing HUF 200 bln to four foundations established to support instruction in economics and finance, central bank governor György Matolcsy was reported as saying yesterday.


AKK sells HUF 70 bln in securities at auction

The Government Debt Management Agency (AKK) sold HUF 70 bln in government securities at auction yesterday, HUF 10 bln more than planned. AKK sold HUF 40 bln of discount 12-month T-bills, in line with the original offer.


Producer prices down y.o.y., up since June

Industrial producer prices edged down by 0.3% in July from a year earlier, after declining 0.6% in June, the Central Statistics Office (KSH) said yesterday. In a month-on-month comparison, producer prices inched up 0.5% as domestic prices were up 0.2% and export prices rose 0.6%.


NNG to develop software at new Szeged site

Hungarian navigation software developer NNG, which makes the iGO navigation application, will open a development centre in Szeged this fall, chairman David Wiernik announced yesterday, according to regional news portal 


Gyurcsány: Left faces extinction without cooperation

Hungary’s left-of-centre democratic parties have the choice of either uniting and forming a single Democratic Party or “political death”, Ferenc Gyurcsány, leader of the leftist Democratic Coalition (DK), was reported as saying yesterday. 


Rogán: FX debt burdens to drop by 1/4

Even without converting foreign-currency debt into forints, the average forex debt burden is likely to decline by a quarter, thanks to court rulings based on new FX-loan legislation, Antal Rogán, ruling Fidesz’s group leader, said yesterday.


Central bank to limit personal borrowing

As of Jan. 1, the Hungarian National Bank (MNB) will enforce a debt cap that prevents consumers from borrowing excessively, MTI, the Hungarian news agency announced today.


KSH: May-July unemployment drops to 7.9%

Hungary's unemployment rate was 7.9% in May-July, an improvement over the same period a year ago, when unemployment was at 10.1%, according to the Central Statistics Office (KSH).


Hard times ahead for Iraq’s Yazidis

In Nineveh Province, in northern Iraq, an extinction event unfolds. The delicate latticework of religious communities that have co-existed for centuries has been smashed by the bludgeon of the Islamic State, which unexpectedly took Mosul in June...


Boom in 'baby bonds' for newborns

So far this year more than HUF 1 bln has been placed in Hungarian "baby bonds", the head-start savings accounts opened by the state for newborns, according to business daily Világgazdaság.


Amendment cuts electricity bills by 5.7%

An amendment to the electricity price regulation mandates a 5.7% cut in the retail price of electricity by Sept. 1, the government gazette reported yesterday.


Audi already planning to expand new facility

German carmaker Audi plans to expand its recently inaugurated logistics base in Győr, northwest Hungary, regional daily Kisalföld said yesterday.


Central bank leaves base lending rate at 2.10%

As expected, the National Bank of Hungary's Monetary Council decided to leave the base lending rate unchanged at 2.10% at a meeting yesterday, MTI reported.