ECONOMY

Forint still drifts on interbank market

The forint was trading at 306.61 to the euro late Tuesday on the interbank forex market, down from 304.81 late Monday. At 304.87 to the euro early Tuesday, the forint moved between 304.25 and 306.87, an eleven-day low. At 301.96 last Friday intraday, it hit a second nine-month high within two days. 

ECONOMY

BUX down for a fourth day

The Budapest Stock Exchange's main BUX index finished down 1.12% at 17,808.58 Tuesday after dropping 1.10% Monday. It is up 7.06% from year-end, after losing 10.40% last year. Hungarian blue chips tried to step on the brake downhill while the Russian rouble recovered most of its Monday loss against major currencies and the Hungarian forint, but global mood pushed the BUX down for the fourth day in a row.

ECONOMY

OBA to start compensating DRB group depositors

Hungary's National Deposit Fund (OBA) said today that it will begin compensating depositors of the DRB banking group as of tomorrow, for an amount not to exceed the European Union threshold of €100,000 or HUF 30,461,000, which will be paid automatically within 20 working days, Hungarian news agency MTI reported.

BUSINESS

Culevit appeals Competition Office decision

Culevit Rákkutató és Gyógyszerfejlesztő has appealed an earlier decision by the Competition Office (GVH) fining it HUF 25 mln, managing director László Lex said at a press conference in Budapest today.

ECONOMY

Vehicle sales rise by 20.5% in January-February

Altogether 14,500 vehicles were sold in the first two months of the year, increasing by 20.5% on year on year terms, the Hungarian Leasing Association said today in a press release. The association expects the industry to continue developing in the future.

BUSINESS

Adecco presents fourth installment of ‘Way to Work’ program

This year, Adecco is organizing its fourth job fair entitled “Way to Work” to help young jobseekers, the Hungarian subsidiary of the Zurich-based HR firm said today in a press release.

BUSINESS

ING separates banking, insurance businesses

Netherlands-based ING has decided to separate its global banking and insurance businesses as of April 1, Cornelia Coman, head of ING's Hungarian unit, said at a press conference today.

ECONOMY

ÁKK sells HUF 50 bln of three-month T-bills, as planned

The Government Debt Management Agency (ÁKK) sold HUF 50 bln of discount three-month T-bills at auction on Tuesday, in line with the original offer.

ECONOMY

Bloomberg places Tokaj among the World's Next Big Wine Regions

Hungarian wine region Tokaj, with its 5,500 hectares of vineyards, at an 800-foot elevation on volcanic slopes, is among the world’s emerging wine regions as the reputation of “old” and “long-famous” regions fade away, Bloomberg reported.

ECONOMY

Report: Residency bond subscriptions reach 68 in February

Sales of Hungarian residency bonds reached 68 in February, with 33 bonds having a face value of €300,000 and 35 having a face value of €250,000, Hungarian economic daily Napi Gazdaság reported today citing data from the Government Debt Management Agency (ÁKK).

ECONOMY

Government plans to exempt fishing lakes from VAT

Hungary’s farming ministry is planning to eliminate the VAT charge for stocking fishing lakes, Hungarian daily Magyar Nemzet reported today.

ECONOMY

Hungary’s advertising sector expenditures rise to HUF 189 bln

The total money spent on advertising in Hungary rose by approximately 8%, to HUF 189 bln, last year, the head of the Hungarian Advertising Association said today.

BUSINESS

Opel’s expansion receives state subsidy

The Hungarian unit of U.S.-owned carmaker Opel is supported with a HUF 154 mln state subsidy for the establishment of a training center at its Szentgotthárd-located base (western Hungary), the National Economy Ministry said yesterday. 

ECONOMY

MOL to raise vehicle fuel prices

Hungarian oil and gas company MOL is scheduled to raise its wholesale vehicle fuel prices by from Wednesday, industry insiders told MTI yesterday. 

ECONOMY

MNB revokes DRB Bank group members' licences

The National Bank of Hungary (MNB) has revoked the operating licences of members of the DRB Bank group, paving the way for their depositors to be compensated, the central bank's deputy governor in charge of oversight told MTI yesterday.

ECONOMY

BSE share turnover climbs past HUF 188 bln in February

Share turnover on the spot market of the Budapest Stock Exchange reached HUF 188.4 bln in February, up a sharp 42% from the previous month, the bourse said yesterday. Share turnover for January-February came to HUF 320.9 bln, down 17.5% from the same period a year earlier. 

ECONOMY

More than 100,000 ducks slaughtered in eastern Hungary on avian flu scare

The total stock of ducks, consisting of more than 100,000 animals, was slaughtered at a poultry farm in Füzesgyarmat (eastern Hungary) where a type of avian flu was found last week. With this, the prevention operation is over, Hungary's chief veterinarian and deputy state secretary at the Agricultural Ministry, Lajos Bognár, told Hungarian news agency MTI yesterday. 

ECONOMY

Forint down on interbank market

The forint was trading at 304.69 to the euro late Monday on the interbank forex market, down from 303.03 late Friday and 302.92 late Sunday. At 302.90 to the euro early Monday, the forint moved between 302.80 and 304.72, a four-day low. At 301.96 Friday intraday, it hit a second nine-month high within two days.

ECONOMY

BUX down for a third day

The Budapest Stock Exchange's main BUX index finished down 1.10% at 18,009.66 Monday after dropping 1.52% Friday. It is up 8.27% from year-end, after losing 10.40% last year. Last week the BUX added 1.10% after dropping 0.40% in the previous week.

BUSINESS

Groupama Garancia premiums revenue reached HUF 94 bln last year

French-owned Hungarian insurer Groupama Garancia Biztositó saw its revenue rise by 5% to HUF 94 bln due to premiums, raising the rank of the company to third in the market, Groupama announced today.

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