ECONOMY

ÁKK sells HUF 40 bln of three-month bills, in line with expectations

The Government Debt Management Agency (ÁKK) sold HUF 40 bln of discount three-month T-bills at an auction today, in line with the original offer.

POLITICS

Deficit at 82.6% of full-year target by June

Hungary's cashflow-based general government deficit, excluding local councils, came to HUF 813.7 bln by the end of June, equivalent to 82.6% of the full-year target, detailed data released by the National Economy Ministry late yesteray show.

OPINION

Mixed signals: China’s unpredictable foreign policy

The 18th Party Congress in November 2012 produced new leadership for China, but it did not produce much optimism for the future of China’s relationship with its East Asian neighbors or the United States.

BUSINESS

Unnamed bakery chain fined HUF 4.5 mln

The National Tax and Customs Authority of Hungary (NAV) fined a foreign-owned bakery chain HUF 4.5 mln after it was found guilty of illegally employing staff and keeping inventories of undefined origin, the authority announced today.

BUSINESS

Hungary opens trading house in Macedonia

Hungary opened a trading house in Skopje, Macedonia, today, MTI, the Hungarian news agency, reported. At an official opening ceremony, Hungary's State Secretary for Foreign Affairs and Trade Péter Szijjártó said the house was part of the Hungarian government’s strategy to make inroads on eastern markets, according to MTI.

BUSINESS

CIG Pannonia to transfer general retail policies to Aegon

Hungarian insurer CIG Pannonia today announced that it had decided to transfer the retail policies of its general insurance unit to Aegon Magyarország.

BUDAPEST

Controversial statue goes up overnight

Around midnight Saturday, just hours after a court rejected opposition to the memorial, a controversial statue that opponents call an apology for fascists, supporters call a revisiting of a troubled time in Hungarian history and the government calls "a project of primary importance for the national economy" was erected in Szabadság tér.

BUSINESS

MKB: FX loan law to cost bank HUF 5.1 bln

The new law requiring banks to compensate borrowers for fluctuations in foreign exchange loans will cost MKB Bank an estimated HUF 5.1 bln, the bank announced today.

POLITICS

Varga: Personal income tax to stay as is

Although Prime Minister Viktor Orbán expressed hopes of lowering the personal income tax to a single digit figure just a few weeks earlier, National Economy Minister Mihály Varga said in an interview that personal tax rate will not go below 10%, Hungarian news weekly HVG reported on its website today.

BUSINESS

Alteo sells HUF 925 mln of bonds in private placement

Hungarian energy supplier and trader Alteo today said it sold five-year zero-coupon bonds with a nominal value of HUF 925 mln in a private placement. The corporate bonds have a yield of 7.5%.

ECONOMY

OTP Bank commits to mortgage business

OTP Bank undertook an “unconditional and irrevocable obligation” to its mortgage and leasing units, despite the effects of the recently approved "FX-loan" borrowers' relief legislation, the bank announced today.

ECONOMY

Next talks on INA set for July 25

Next discussions on INA by the negotiators of the Croatian government an Hungarian oil and gas company MOL will be held on July 25, Croatian Economy Minister Ivan Vrdoljak told his country's news agency HINA.

ECONOMY

GKI-Erste: Businesses not as confident as consumers

GKI-Erste announced today that their combined index of consumer and business confidence fell in July as a result of worsening expectations among companies.

ECONOMY

Analysts: MNB to cut rates 10bp on Tuesday

Analysts polled by international news agency Reuters expect the National Bank of Hungary's rate-setting Monetary Council to continue an easing cycle at a meeting on Tuesday, reducing the central bank's key rate by 10bp to 2.20%

BUSINESS

State fails to sell Kapuvári meat assets, 7th tender set

State-owned liquidator National Reorganization Nonprofit (NRN) cancelled the contract it signed with Saudi Arabian investors in May to sell the assets of troubled meat companies Kapuvári Hús and Kapuvári Bacon after the investors failed to meet the payment deadline, NRN Managing Director Csaba Kovács told Hungarian news agency MTI late yesterday.

ECONOMY

KSH: Gross wages up 4.9% y.o.y. in May

Flat prices helped average gross wages in Hungary rise 4.9% year-on-year in May, the latest publication of the Central Statistics Office (KSH) revealed today.

POLITICS

MAL assets offered for HUF 17 bln

State-owned liquidator Nemzeti Reorganizációs Nonprofit offered the assets of troubled aluminum-oxide maker MAL for the price of HUF 17 bln, the official company publication Cégközlöny reported.

BUSINESS

BOS group lays HUF 5bln expansion cornerstone

German-owned Bos Automotive Products Magyarország laid the cornerstone of a HUF 5 bln expansion at its plant in Mosonszolnok today.

ECONOMY

ÁKK to start selling two new series of Bónusz bonds next week

The Government Debt Management Centre (ÁKK) closed sales of the 2018/O and 2020/P series of its Bónusz bonds introduced in March on Thursday and will start selling two new series next week, ÁKK told Hungarian news agency MTI yesterday.

POLITICS

Orbán: Spending freeze precautionary measure

The HUF 110 bln freeze in central budget spending, which was announced yesterday, is a “precautionary measure”, Hungary’s Prime Minister Viktor Orbán said in his regular radio interview today.

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Bad for business and democracy

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