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, origo.hu 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 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 is contributing HUF 200 bln to support instruction in economics and finance, central bank governor György Matolcsy said yesterday.

BUSINESS

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.

ECONOMY

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%.


BUSINESS

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 delmagyar.hu. 

POLITICS

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. 

BUSINESS

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.

ECONOMY

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.

ECONOMY

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).

OPINION

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...

POLITICS

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.

ECONOMY

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.

BUSINESS

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.

ECONOMY

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. 

POLITICS

BP Council votes to borrow for Metro 3 upgrade

The Municipal Council of Budapest yesterday voted to move ahead on the financing of renovations on the city’s Metro Line 3, including making preparations for a loan to fund the project, according to reports.

ECONOMY

Court acts swiftly as 79 banks challenge debt relief

As a Budapest Court began hearing banks' petitions under the new FX loan law yesterday, MKB bank was told its case will be ruled upon on Sept. 9 and K&H was denied its petition to refer its case to the Constitutional Court and the European Court of Justice, according to reports. Some 79 banks have lined up to challenge the law in court.

BUDAPEST

ATM in Budapest dispenses Bitcoins

Hungary’s first Bitcoin ATM started operation yesterday at the Anker Klub on Anker köz in the heart of Budapest, the machine’s owner announced.

BUSINESS

UN body set to block sales of INA shares by MOL

The United Nations Commission on International Trade Law (UNCITRAL) will soon prohibit the Croatian government and Hungarian oil and gas company MOL from selling their shares in Croatia's INA until the arbitration court takes a decision on the disputes between the stakeholders, according to reports in the Croatian press.

BUSINESS

Growing Wizz Air adds destinations, flights, planes

Wizz Air announced it would be adding commercial flights to Lisbon and Maastricht in a Budapest press conference today. The low-cost airline also announced it would be buying new Airbus A320 planes by spring, and that it is projecting 15% growth year-on-year in 2015.

BUSINESS

MOL to lower fuel prices

Hungarian oil and gas company MOL will lower its wholesale diesel and petrol prices by HUF 4 and HUF 3 per litre, respectively, today, industry insiders told Hungarian news agency MTI on Friday.

ECONOMY

Economic confidence holds steady

Rising confidence among businesses and falling confidence among consumers cancelled each other out, leaving the GKI-Erste economic confidence index basically unchanged in August, GKI reported today.

BUSINESS

Raiffeisen Bank: We're not leaving yet

Austria’s Raiffeisen Bank International may leave Ukraine and Hungary in the future, but there are no specific plans to sell either one of these businesses at the moment, although both are under constant review, the bank’s CEO Karl Sevelda told news agencies.