Utility firms to merge; Lázár to take charge

Friday 08:55, August 29th, 2014

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.Read more

MNB funds schools to replace 'neoliberal economics'

Friday 08:40, August 29th, 2014

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 (MNB) is contributing HUF 200 bln to four foundations established to support instruction in economics and finance, central bank governor György Matolcsy was reported as saying yesterday.Read more

Gyurcsány: Left faces extinction without cooperation

Thursday 09:40, August 28th, 2014

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. Read more

Boom in 'baby bonds' for newborns

Wednesday 08:05, August 27th, 2014

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.Read more

BP Council votes to borrow for Metro 3 upgrade

Tuesday 07:40, August 26th, 2014

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.Read more

FX loans could be converted into forints this fall

Friday 12:35, August 22nd, 2014

The government is expected to decide this fall on the issue of converting foreign currency denominated loans into forints, National Economy Minister Mihály Varga said in an interview on public television yesterday evening.Read more

Hungary worried about further Russian sanctions

Thursday 12:30, August 21st, 2014

If Russia decides on new sanctions and stops importing industrial goods from the EU, Hungary will be affected, National Economy Minister Mihály Varga said today on Hungarian public channel Kossuth Rádió.Read more

Foreign Minister Navracsics stresses links to the West

Thursday 11:45, August 21st, 2014

Hungary and Central Europe cannot survive unless being connected to Western Europe through its culture and values, Hungary’s Foreign Minister Tibor Navracsics said yesterday in Budapest, in a speech marking the national holiday.Read more

Budapest court to hear unilateral FX loan issues

Thursday 09:00, August 21st, 2014

The Budapest Capital Regional Court will on Friday hear the first challenge from financial institutions to the unfairness of the unilateral amendment of foreign-currency-denominated loan contracts. Kéthely és Vidéke Társszövetkezet launched the challenge to be heard on Friday.Read more

Democratic Coalition says poverty is up

Thursday 08:30, August 21st, 2014

Leftist opposition Democratic Coalition deputy head MEP Péter Niedermüller said that the Hungarian population is getting poorer due to the government’s policies, which may soon lead to social unrest.Read more

Quarrel over public debt ratio

Tuesday 01:30, August 19th, 2014

Public debt figures released yesterday have prompted a political debate. Hungary’s public debt reached HUF 25,432 bln or 85.1% of GDP by the end of the first half, rising from 84.4 % at the end of March and from 79.4 %  at the end of 2013.Read more

Hungary to support Afghan forces with $1.5 mln

Tuesday 01:00, August 19th, 2014

Hungary will support the Afghan military and police for 3 years with an annual contribution of $500,000 between 2015 and 2017, the spokesperson for the Ministry of Foreign Affairs said yesterday.Read more

Socialists and Jobbik accuse government after E-on deal revelations

Monday 10:55, August 18th, 2014

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.Read more

Szijjártó reacts to Swedish minister’s remarks

Friday 10:00, August 15th, 2014

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.Read more

Central bank buys castle

Friday 09:30, August 15th, 2014

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.Read more

Socialists: Gripens used for goverment propaganda

Thursday 09:45, August 14th, 2014

Hungary’s armed forces were used for government propaganda when Gripen fighters flew over the Ferencváros football stadium in Budapest as part of its opening ceremony Socialist MP Márta Demeter told Hungarian online business publication hvg.hu.Read more

E-PM to run independently

Thursday 08:30, August 14th, 2014

The liberal opposition E-PM party said it has decided to act independently, despite prolonged negotiations with other liberal opposition parties about fielding joint candidates, according to Hungarian online news service hvg.hu.Read more

EU commissioner receives legion of honour

Wednesday 09:30, August 13th, 2014

László Andor, Hungary’s European Commissioner, has been decorated with the Legion of Honour by French President Francois Hollande, according to Hungarian human resources webpage hrportal.hu.Read more

Hungary probes foundation coordinating Norway grants

Monday 09:45, August 11th, 2014

The public prosecutor's office has launched an investigation against Okotars Foundation, an organisation coordinating the distribution of funds from the EEA/Norway Grants in Hungary, under suspicion of embezzlement, a spokesperson for the prosecutor's office said on Thursday, according to MTI. Read more

Government deficit reaches HUF 851.4 bln in July

Friday 11:30, August 8th, 2014

Hungary's cashflow-based general government deficit, excluding local councils, reached HUF 851.4 bln at the end of July, a first reading of data published by the National Economy Ministry revealed yesterday.Read more