ECONOMY

Szijjártó to meet British counterpart during visit to Slovakia

Foreign Minister Peter Szijjártó will have bilateral talks with British foreign minister Philip Hammond on Hungary-UK ties and economic cooperation during a visit in Slovakia today, a foreign ministry announcement of the visit says.

OPINION

Added value

Experts say companies’ export financing provide significant business opportunities. In this interview, István Fetter, head of CIB’s Trade Finance Division, talks about his bank’s offerings in this area.

ECONOMY

Beijing considers Hungary bridgehead to Europe, says Chinese foreign minister

Hungary is a bridgehead in Chinese-European cooperation, Foreign Minister Wang Yi said at a meeting with Hungarian counterpart Peter Szijjártó on Tuesday. Wang expressed hope that Hungary will continue to fulfil this role, Szijjártó told MTI after the talks.

BUSINESS

Erste to request revision of second-instance ruling in loan case

Erste Bank intends to request the revision of the parts of a second-instance ruling under which its regulations regarding unilateral changes to retail loan contracts were on fair, the bank said yesterday. Erste is the first affected institution which requests a revision of the second-instance ruling.

BUSINESS

Greiner Bio-One to invest HUF 2 bln in Hungary

Greiner Bio-One, an Austrian manufacturer of disposable health care products, said it will invest HUF 2 bln (€6.5 mln) in the construction of a new 2,000 square meters production hall at its site Mosonmagyaróvár, west Hungary. The project is scheduled to be completed by the beginning of 2017.

BUSINESS

GVH fines Magyar Telekom on charge of misleading advertising

Hungary's Competition Office (GVH) yesterday said it fined Magyar Telekom HUF 90 mln on charges of misleading advertising, for television advertisements of its Next Business XL and M packages, which ran over six weeks in fall 2013.

ECONOMY

Forint down after bond buy-back

The forint was trading at 309.32 to the euro late Wednesday on the interbank forex market, down from 308.91 late Tuesday.  At 308.57 to the euro early Wednesday, the forint moved between 308.40 and 309.37, after it eased back to the wrong side of 310 late Tuesday, the first time since October 3.

ECONOMY

BUX down again in thin trade

The Budapest Stock Exchange's main BUX index finished down 0.82% at 16,898.91 Wednesday, the first time under 17,000 since last March, after falling 0.54% Tuesday. It is down 8.97% from the end of last year, after it rose 2.15% in 2013. The BUX fell for a fourth consecutive day, bucking the slowly rising trend in Western markets of the last two days.

ECONOMY

Demand for early buyback high, yields up at reverse auction

The Government Debt Management Agency (ÁKK) bought back HUF 72.0 bln of the HUF 85.7 bln bids it received for the early repurchase of three bonds maturing in 2015 and early 2016 at a reverse auction on today, Hungarian news agency MTI.

POLITICS

Tax authority rejects corruption charges

The National Tax and Customs Administration of Hungary (NAV) rejected corruption allegations that recently surfaced against its officials, in a statement today. NAV president Ildikó Vida and official Csillag Dezsőné, however, have still not appeared in public after being taped by an RTL TV crew a week ago at an Austrian airport.

ECONOMY

KSH: Retail sales up 2.5 % in August

Retail sales in Hungary rose 2.5% in August year-on-year, according to calendar-adjusted figures, the Central Statistics Office (KSH) revealed today.

ECONOMY

MNB to extend Funding for Growth Scheme until end-2015

The National Bank of Hungary's (MNB) Monetary Council decided on Tuesday to extend the Funding for Growth Scheme until the end of 2015, MNB managing director Márton Nagy said at a conference in Budapest today.

ECONOMY

KSH: Jobless rate falls to 7.4%

Hungary's unemployment rate between July and September 2014 was 7.4%, a decrease of 2.4% compared to the same period last year, according to figures released by the Hungarian Central Statistics (KSH) office today.

POLITICS

Gov’t not to back away from internet tax

Fidesz MP Szilárd Németh, who is responsible for utility fee cuts, said today on Hungarian commercial television channel ATV that the government is not abandoning the idea of introducing an internet tax, neither would it lower the amount to be paid.

BUSINESS

Telenor Magyarország revenue up by 3.3%

Telenor Magyarország, the Hungarian subsidiary of Norwegian telecoms company Telenor Group, had a revenue of HUF 39.634 bln in Q3, up 3.3% year-on-year, while EBITDA reached HUF 13.118 bln excluding one-off items, only slightly below HUF 13.141 bln achieved a year earlier, the company informed Hungarian news agency MTI  today.

ECONOMY

Analysts: Chances for relaunch of Hungary rate cuts grow

Some analysts polled by MTI see a growing chance for the National Bank of Hungary (MNB) to restart rate reductions, though not before the beginning of next year.

POLITICS

EC: Internet tax 'bad direction'

Hungary is behind the EU average concerning digital penetration and levying a tax on internet use would point to "a bad direction" and would further hold back online data traffic, the spokesman of outgoing EC commissioner for digital agenda Neelie Kroes said yesterday.

POLITICS

Analysts: PM went too far

Analysts speculate, that the governing Fidesz party and Hungary’s Prime Minister Viktor Orbán went too far with the proposed introduction of an internet tax, and some said it could lead to the downfall of this government.

BUSINESS

Wescast to invest HUF 4.8 bln

Car parts manufacturer Wescast plans to invest HUF 4.8 bln in machinery at its Hungarian production facility at Oroszlány (central Hungary) by the end of H2 2015, plant manager Gábor Matajsz told MTI yesterday. By 2020, a HUF 22 bln of investment is planned.

BUSINESS

ICE clears Hungarian CDS

Intercontinental Exchange ICE announced yesterday that ICE Clear Credit has introduced clearing for Hungary and South Africa credit default swap (CDS) instruments for dealer to dealer and client clearing.

expert opinion

Politics of the piece prize

Politics of the piece prize

Geir Lundestad

The MarkNews