ECONOMY

ÁKK sells HUF 40 bln of three-month T-bills, as planned

The Government Debt Management Agency (ÁKK) sold HUF 40.0 bln of discount three-month T-bills at an auction on Thursday, in line with the original offer, Hungarian news agency reported today.

ECONOMY

MOL takes delivery of Kurdistan oil

Hungarian oil and gas company MOL on Monday confirmed it purchased 80,000 tonnes of crude oil from the regional government of Kurdistan, responding to a query by Hungarian news agency MTI.

BUSINESS

Diehl Aircabin unit to build new production hall

Diehl Aircabin Hungary, the Hungarian unit of German aircraft-parts manufacturer Diehl Aircabin, will build a new 5,400-square-meter production hall at the company's plant in Nyírbátor, the town's mayor, János Balla announced yesterday.

BUSINESS

Hungarian navigation software firm NNG acquires US peer

Hungarian navigation software developer NNG, which makes the iGO application, has bought US peer nFuzion with the aim of expanding its profile, the company's media agent told National news agency MTI.

OPINION

Opening borders for child refugees

I’ve lived in the United States for the past six decades. I’ve worked with presidents and cabinet secretaries, and with the most desperate refugees from around the world. Today’s emergency with child refugees at the border is just that: today’s emergency. 

ECONOMY

NAV to extend crackdown on black market cigarette sales

More than 70 million illegal cigarettes were seized by the Hungarian National Tax and Customs Authority (NAV) in the first half of this year, Hungarian daily Magyar Nemzet reported today.

BUDAPEST

Reconstruction of third metro line to end in 2019

Renovation of the capital’s third metro line (M3) will be completed by 2019 at the earliest, Budapest mayor István Tarlós said in an interview published by Hungarian daily Magyar Nemzet today.

ECONOMY

Budapest Court to rule on unilateral changes to FX loan contracts

Five banks and financial institutions have submitted files on FX loans to the Budapest’s Regional Court, the court's press department announced on Friday.

ECONOMY

NAV : less audits, more unpaid taxes

Hungarian Tax and Customs Authority (NAV) is auditing fewer Hungarian companies but uncovering more unpaid taxes, Hungarian business daily Világgazdaság reported today.

POLITICS

Socialists and Jobbik accuse government after E-on deal revelations

Far-right wing party Jobbik and the Socialist party have accused Prime Minister Viktor Orbán of overpaying for gas storage facilities when buying them from German company E.ON last year.

BUSINESS

Intersnack Magyarország expects unchanged revenue

Intersnack Magyarország, which manufactures Chio-brand snacks as a unit of the German-based Intersnack Group expects to generate revenue of around HUF 11.3 bln in 2014, unchanged from 2013, the company informed Hungarian news agency MTI late last week.

ECONOMY

Hungary's debt ratio reaches 85.1% of GDP (UPDATE)

Hungary's gross consolidated government sector debt, calculated at nominal value, in line with Maastricht methodology, reached HUF 25,432bn, or 85.1pc of GDP, at the end of June...

ECONOMY

State to buy Hungary-Slovak gas transit company from state-owned shareholder

The state will take direct ownership in Magyar Gáz Tranzit, a Hungarian company responsible for the Slovak-Hungarian gas interconnector, currently owned by two state-owned companies by the end of September, a government resolution taken on Thursday and published in the Hungarian official gazette Magyar Közlöny shows.

ECONOMY

Hungary’s farm gate prices down 9.8% in June

Farm gate prices in Hungary fell by 9.8% year-on-year in June, the Central Statistics Office (KSH) reported today.

BUSINESS

OTP books a HUF 153 billion loss

OTP Bank booked a HUF 153.1bn loss for Q2 because of the legislation requiring banks to compensate borrowers, an earnings report published today reveals. The bank expects to pay out as much HUF 216 bln in Q2 to debtors who incurred losses due to foreign-exchange fluctuations.

BUSINESS

Btel’s profit down

Telecommunications company Business Telecom (BTel) saw its revenue rose sharply in H1. However its profit fell due to financial losses, an earnings report published yesterday shows.

POLITICS

Szijjártó reacts to Swedish minister’s remarks

Hungary and Hungarians deserve greater respect from the Swedish European affairs minister, state secretary for foreign and trade affairs Péter Szijjártó said, in reaction to Birgitta Ohlsson’s criticism of Hungarian Prime Minister Viktor Orbán.

POLITICS

Central bank buys castle

The National Bank of Hungary (MNB) bought a historic castle located on the banks of River Tisza as part of the central bank’s corporate social responsinbility strategy.

OPINION

Fighting terrorism and securing liberties in Tunisia

This week, the National Constituent Assembly (NCA) in Tunisia will begin discussing an antiterrorism and money-laundering law. While a clear improvement over the law used in the Ben Ali era, this law opens the door for potential clampdowns on fundamental freedoms and a return to draconian rule.

BUSINESS

Békés Drén spending HUF 481 mln on excavation equipment

Hungarian civil engineering company Békés Drén is planning to spend HUF 481 mln for purchasing excavation equipment, the company announced today.