Hungarian Natl Trading House opens 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.

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.

Train car maker acquisition called ‘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.

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? Find the answers, and more key business information, in the latest BBJ, on newsstands today!

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.

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.

ECONOMY

ÁKK raises offer for shortest term at bond auction

The Government Debt Management Agency (ÁKK) sold HUF 65 bln of bonds at an auction on Thursday, raising its original offer by HUF 10 bln on strong demand for the shortest term. ÁKK sold HUF 30 bln of three-year bonds, HUF 10 bln more than planned. Primary dealers bid for HUF 67.5 bln of the papers.

ECONOMY

EBRD raises Hungary GDP growth forecast

The European Bank for Reconstruction and Development (EBRD) raised its projection for GDP growth this year to 2.8% in a new forecast for 2014, the bank says in its Regional Economics Prospects report issued today. In an earlier forecast published in May, EBRD had put GDP growth at 1.6%.

POLITICS

Matolcsy defends MNB's property purchases

National Bank of Hungary governor György Matolcsy defended the central bank's recent real estate purchases against criticism from a predecessor in a letter published on the MNB website yesterday. 

BUSINESS

Wing sells building market leader Market Építő

Hungarian-owned private property developer Wing sold its 51% stake in Hungarian construction company Market Épitő to Garharrt Invest 2014, Hungarian news agency MTI reported yesterday. The sale price was not disclosed. Market Épitő, minority owned by Sándor Scheer, a private person, had a revenue of HUF 35.5 bln last year.

BUSINESS

Apollo Tyres announces HUF 146 bln factory

Company and government officials announced the construction of a HUF 146 bln plant in Hungary by India's Apollo Tyres at a press conference on Wednesday. State secretary Péter Szijjártó said the plant would turn out 16,000 car tires and 3,000 tires for light commercial vehicles a day.

BUSINESS

Tebesz asks for suspension of Norbi IPO

Small shareholders association Tebesz yesterday said it asked the National Bank of Hungary to suspend an IPO of shares of Norbi Update Lowcarb, which runs a lifestyle and nutrition franchise system, due to a violation of disclosure rules.

POLITICS

Kövér: Rules criticised by Strasbourg court no longer in effect

The regulations criticised by a recent Strasbourg Court’s ruling are no longer in effect,
the parliamentary speaker said, according to 444.huThe European Court of Human Rights said earlier on Tuesday that the Hungarian parliament had harmed free speech by fining the opposition LMP and PM parties for acts of protest in the chamber.

expert opinion

Engineering education traditionally strong in Hungary

Engineering education traditionally strong in Hungary

Dr. Péter Várady

Managing Director at evosoft Hungary Kft.