ECONOMY

Court rejects Sberbank contract defense

The Municipal Court of Budapest rejected Sberbank Magyarország's defense of changes it made to borrowers' contracts in a ruling today, Hungarian news agency MTI reported. The judge in the case said Sberbank's contract conditions failed to comply with the principles of objectivity, actuality and proportionality.

BUSINESS

Hungarian firms put HR management on a tablet

Two Hungarian IT companies, HR software firm Nexon and applied research company Bay, announced today that they have developed a new application designed to help human-resources management. Optimized for tablets, the application is a self-service platform providing various HR and payroll tasks.

BUSINESS

Russian region of Yugra promotes business ties

The government of Hungary is working to strengthen its business cooperation with the Russian region of Yugra, the Russian press said today. Hungarian Council General Sándor Molnár met today with Natalia Komarova, the governor of Yugra, in the city of Yekaterinburg, where the two discussed economic cooperation, the reports said.

BUSINESS

Jüllich Glas Solar to quadruple production

Hungarian-owned Jüllich Glas glass making company expects  its production to quadruple as a result of growing global demand for solar panels, one of its key products, the company announced today.

POLITICS

Brunszvik-Beethoven Event Center opens in Martonvásár

The Brunszvik-Beethoven center and its Library and the Kindergarten Historical Museum were inaugurated today by Minister of Justice László Trócsányi. The new center and the museum are located in a renovated wing of the Brunszvik castle near the town of Martonvásár, about 35 km/20 miles west of Budapest.

ECONOMY

ÁKK raises three-month T-bill sale, yields flat

The Government Debt Management Agency (ÁKK) sold HUF 60 bln of discount three-month T-bills, HUF 10 bln more than the original offer, at auction on Tuesday. Yields remained unchanged, Hungarian news agency MTI reported.

ECONOMY

How to build more homes: MEASZ’s strategy

Hungarian building material suppliers association MEASZ proposes a number of incentives to boost the construction of new homes in the country, Hungarian news agency MTI reported today. The association urges the establishment of cheap mortgages at a 2.5% rate, MEASZ chair Győző Vidor said. 

ECONOMY

Hungary’s July c/a surplus up from June

Hungary’s current-account surplus reached €373.5 mln in July, up from €297 mln in June, data published by the National Bank of Hungary (MNB) show today. In July the MNB started to use the new Balance of Payments and International Investment Position Manual 6th edition (BPM6) methodology to compile its monthly reports. 

BUSINESS

Hungarian National Trade House to open unit in Rio

State-owned Hungarian National Trade House Company (MNKH) is about to open its first unit in the Americas, Hungarian business daily Napi Gazdaság reported today. The new branch will open in Rio de Janeiro (Brazil) in a few days, CEO György Kerekes said to the newspaper.

BUSINESS

Győr-Gönyű port to get HUF 6.5 bln investment

An investment of HUF 6.5 bln (€ 20.7 mln) at the Győr-Gönyü port on the Danube could start in January and wind up by November of next year, according to regional daily KisalföldWhen the investment is completed, German steelmaker Wuppermann can start building a HUF 30 bln galvanizing plant at the site. 

OPINION

Central African Republic: Should the world pay attention?

As the world focuses on the atrocities of the Islamic State in Iraq and Syria (ISIS), a far more brutal scenario has been unfolding some 2,500 miles directly south of Damascus. Situated in the sub-Sahel region of Africa, the poverty-stricken former French colony of the Central African Republic (CAR), torn throughout its post-colonial history by coups and rebellions, has had its latest coup deteriorate into an orgy of intercommunal violence, which has increasingly taken on interreligious connotations as groups have broken into Muslim and Christian camps.

ECONOMY

Central bank could assist conversion of €8 bln in FX loans

The Hungarian National Bank (MNB) is ready to use some of its foreign exchange reserves to ease the conversion of forex loans to forint loans, said Márton Nagy, managing director of the bank, according to reports.

BUDAPEST

Tarlós announces Metro 3 tender, lido work

The tender for the renovation of carriages on the city's Metro 3 line will be called within two or three weeks, Budapest mayor István Tarlós said at a press conference in Budapest's Gellért bath on Monday. Tarlós also said a total of HUF 15 bln will be spent modernising and expanding six major Budapest thermal baths and lidos between 2015 and 2020.

ECONOMY

Forint strengthens on interbank market

The forint strengthened on Monday's interbank market, trading at 314.10 to the euro at 5:20 p.m., compared to a rate of 314.93 at 5:20 p.m. on Friday, Hungarian news agency MTI reported.

ECONOMY

BUX loses 0.09% on decline from Richter

The Budapest Stock Exchange's BUX index closed Monday trade down 0.09% to 18,675.80 on a decline of nearly 1.8% from blue-chip drug company Richter.

ECONOMY

Hungarian apple producers affected by Polish dumping

The extra pain inflicted on Hungarian farmers by Russian sanctions on EU agriculture were noted in the Russian press earlier this month. According to a report carried by the BBC in Russia, Polish farmers have reacted to the Russian ban on EU products by flooding the market with cheap apples. 

BUSINESS

Sole-Mizo invests HUF 1.8bln

Hungarian dairy company Sole-Mizo is investing HUF 1.8 bln in its “túró” – a dairy product similar to cottage cheese – and yoghurt business, Sole-Mizo’s CEO István Herczeg announced today in Szeged.

ECONOMY

Households consume more imported electricity

Imported electricity accounted for approximately one-third of Hungary’s domestic consumption in the first half of the year, Hungarian business daily Napi Gazdaság reported tuday, citing data from Hungarian transmission system operator Mavir.

BUSINESS

Court postpones ruling on CIB Bank loan contracts

The Municipal Court of Budapest on Monday postponed a ruling on loan contracts of CIB Bank until September 30, Hungarian news agency reported today. The court rejected the bank's request to suspend the case and turn to the Constitutional Court and the European Court of Justice.

ECONOMY

Government to double family tax allowance

Parents raising two children will see their family tax allowance double in 2015, National Economy Minister Mihály Varga said in an interview to Hungarian daily Magyar Nemzet last Saturday. Family tax rebates were introduced by the Fidesz right-wing government after it won the 2010 parliamentary elections. 

expert opinion

Engineering education traditionally strong in Hungary

Engineering education traditionally strong in Hungary

Dr. Péter Várady

Managing Director at evosoft Hungary Kft.