http://www.bbj.hu/economy/ Complete and independent daily business news from Hungary. en-us bbj@bbj.hu webmaster@bbj.hu PHP RSS Feed Generator \"We\'re interested in signing an agreement in the shortest time possible, but, realistically, we can count on early autumn,\" Varga told the paper. http://www.bbj.hu/economy/hungary-seeks-three-year-eur15-bln-precautionary-financing-from-imf-eu_63424 2012-05-16T19:25:00+02:00 http://www.bbj.hu/economy/hungary-seeks-three-year-eur15-bln-precautionary-financing-from-imf-eu_63424 At the same time, the bank reduced operating costs sharply. http://www.bbj.hu/economy/weaker-huf-eur-sales-to-mortgage-repayments-give-mnb-extra-huf-136-bln-_63404 2012-05-14T12:05:00+02:00 http://www.bbj.hu/economy/weaker-huf-eur-sales-to-mortgage-repayments-give-mnb-extra-huf-136-bln-_63404 Seasonally-adjusted core inflation fell on the month and rose on the year. http://www.bbj.hu/economy/hungary-cpi-picks-up-to-57percent-in-april-_63397 2012-05-12T16:55:00+02:00 http://www.bbj.hu/economy/hungary-cpi-picks-up-to-57percent-in-april-_63397 The projection for 2012 is down from 2.8% forecast last autumn. http://www.bbj.hu/economy/ec-forecast-puts-hungary-deficit-under-3percent-threshold-in-2012-2013-_63396 2012-05-12T16:45:00+02:00 http://www.bbj.hu/economy/ec-forecast-puts-hungary-deficit-under-3percent-threshold-in-2012-2013-_63396 If voted in parliament, telecommunications companies should pay a HUF 2 tax per minutes of voice calls and text messages from July. http://www.bbj.hu/economy/government-introduces-tax-bills_63394 2012-05-12T15:10:00+02:00 http://www.bbj.hu/economy/government-introduces-tax-bills_63394 Hungary's exports fell in March in the second yr/yr drop in a row, bringing Q1 exports down. March imports were practically unchanged in euro terms, preliminary figures published by the Central Statistics Office (KSH) on Wednesday show. http://www.bbj.hu/economy/hungary-exports-drop-imports-down-slightly-yr-yr-in-march_63383 2012-05-10T07:25:00+02:00 http://www.bbj.hu/economy/hungary-exports-drop-imports-down-slightly-yr-yr-in-march_63383 Default insurance costs on Hungary's sovereign debt followed those of both core and periphery eurozone countries to a multi-week high on Wednesday in London, reflecting renewed market fears over Greece's future in the monetary union after the Greek elections last weekend had produced an inconclusive outcome. http://www.bbj.hu/economy/hungary-debt-insurance-costs-surge-on-greece-worries_63382 2012-05-10T07:25:00+02:00 http://www.bbj.hu/economy/hungary-debt-insurance-costs-surge-on-greece-worries_63382 Consultations also continues on the introduction of a 30% corporate tax rate for energy companies and utilities in addition to the current two, 10% and 19%, rates. http://www.bbj.hu/economy/govt-approves-new-taxes-in-szell-kalman-plan-20_63381 2012-05-10T06:30:00+02:00 http://www.bbj.hu/economy/govt-approves-new-taxes-in-szell-kalman-plan-20_63381 Consultations also continues on the introduction of a 30% corporate tax rate for energy companies and utilities in addition to the current two, 10% and 19%, rates. http://www.bbj.hu/economy/govt-approves-new-taxes-in-szell-kalman-plan-20_63380 2012-05-10T06:25:00+02:00 http://www.bbj.hu/economy/govt-approves-new-taxes-in-szell-kalman-plan-20_63380 A drop in industrial output in March could point to an economic contraction for the first quarter, analysts told MTI on Tuesday, after the Central Statistics Office (KSH) published fresh data. Hungary's unadjusted industrial output declined 1.6% in March from the same month a year earlier. http://www.bbj.hu/economy/drop-in-march-industrial-output-could-augur-gdp-fall-in-q1_63377 2012-05-09T07:40:00+02:00 http://www.bbj.hu/economy/drop-in-march-industrial-output-could-augur-gdp-fall-in-q1_63377 Hungary's government has started structural reforms in the right areas, but the pace of implementation could be speeded up, Hungarian Chamber of Commerce and Industry (MKIK) chairman László Parragh told MTI. Parragh said structural reforms often require the tools of a "front-line medic", adding that Hungary's return to the right path from longtime, deeply faulted systems would not be possible without serious conflicts. He agreed with the government on the necessity of a policy of consolidation in the second half of their term, but noted the risk that restructuring would not be of a sufficient scale. http://www.bbj.hu/economy/business-chamber-head-acknowledges-progress-but-says-pace-of-reform-could-be-faster_63375 2012-05-09T07:10:00+02:00 http://www.bbj.hu/economy/business-chamber-head-acknowledges-progress-but-says-pace-of-reform-could-be-faster_63375 The audit and budget committee of the Hungarian parliament cleared amendments to Hungary's Central Bank Act and a related constitutional amendment for general debate at a meeting on Monday. General debate on the amendments is due on Tuesday. http://www.bbj.hu/economy/parliamentary-committee-clears-amendments-to-central-bank-act-for-general-debate_63373 2012-05-08T07:05:00+02:00 http://www.bbj.hu/economy/parliamentary-committee-clears-amendments-to-central-bank-act-for-general-debate_63373 Mihály Varga attributes the current delay in the start of official talks on the financial assistance to the need of consultations between the IMF and the European Commission on the exact conditions for the launch of the talks. http://www.bbj.hu/economy/state-secretary-would-see-eur15-billion-three-year-precautionary-assistance-from-imf_63371 2012-05-08T06:35:00+02:00 http://www.bbj.hu/economy/state-secretary-would-see-eur15-billion-three-year-precautionary-assistance-from-imf_63371 Disputed issues between Hungary and the European Union have mostly arisen from Hungary's changing not only its government but its philosophy two years ago, Prime Minister Viktor Orbán said in Kazakhstan on Friday. http://www.bbj.hu/economy/dispute-with-eu-rooted-in-changed-philosophy-says-orban_63369 2012-05-07T07:25:00+02:00 http://www.bbj.hu/economy/dispute-with-eu-rooted-in-changed-philosophy-says-orban_63369 Hungary had a €691.2 million trade surplus in February, practically unchanged from a €690.1 million preliminary surplus reported on April 6, the Central Statistics Office (KSH) said in a second reading on Thursday. Terms of trade worsened as export rose in volume but fell in euros while imports volume and value rose at a similar pace. http://www.bbj.hu/economy/hungary-trade-surplus-widens-in-february-terms-of-trade-worsen_63365 2012-05-04T07:25:00+02:00 http://www.bbj.hu/economy/hungary-trade-surplus-widens-in-february-terms-of-trade-worsen_63365 When asked whether it will be possible to stop banks from passing the financial transaction tax on to consumers, Prime Minister said "it was possible in the case of the bank levy". http://www.bbj.hu/economy/parliament-should-approve-key-figures-of-2013-budget-tax-laws-before-summer-recess-pm-suggests-_63362 2012-05-02T23:00:00+02:00 http://www.bbj.hu/economy/parliament-should-approve-key-figures-of-2013-budget-tax-laws-before-summer-recess-pm-suggests-_63362 The 2012 budget earmarks HUF 64 billion for wage compensation in total. http://www.bbj.hu/economy/govt-approves-huf-299-bln-in-wage-compensation-for-public-sector-workers_63343 2012-04-27T13:35:00+02:00 http://www.bbj.hu/economy/govt-approves-huf-299-bln-in-wage-compensation-for-public-sector-workers_63343 The average unemployment rate for the full year is estimated to be at 11.0%. http://www.bbj.hu/economy/higher-activity-rate-positive-_63342 2012-04-27T13:30:00+02:00 http://www.bbj.hu/economy/higher-activity-rate-positive-_63342 There were 504,100 unemployed in Hungary in the 15-74 age group on average in Q1, fresh KSH data show. http://www.bbj.hu/economy/hungary-jobless-rate-up-at-117percent-in-q1_63336 2012-04-27T10:55:00+02:00 http://www.bbj.hu/economy/hungary-jobless-rate-up-at-117percent-in-q1_63336 A major part of the transaction tax will be paid by the banks and not by customers. http://www.bbj.hu/economy/transaction-tax-telecom-tax-could-cost-huf-500-550-per-month_63335 2012-04-27T10:35:00+02:00 http://www.bbj.hu/economy/transaction-tax-telecom-tax-could-cost-huf-500-550-per-month_63335 "...The Fund is ready to start negotiations as soon as adequate steps are taken to ensure central bank independence as has been discussed with the Hungarian government," Ivaschenko says. http://www.bbj.hu/economy/imf-ready-to-start-negotiations-with-hungary-after-cen-bank-independence-steps_63334 2012-04-27T09:00:00+02:00 http://www.bbj.hu/economy/imf-ready-to-start-negotiations-with-hungary-after-cen-bank-independence-steps_63334 Concerns include Hungary’s exposure to the eurozone economy and eurozone banks, its high public and private indebtedness, policy unpredictability, and the scope for fiscal slippage. http://www.bbj.hu/economy/move-towards-eu-talks-_63331 2012-04-27T08:35:00+02:00 http://www.bbj.hu/economy/move-towards-eu-talks-_63331 The resolution contains a breakdown of a combined HUF 44.6 billion in government spending freezes. http://www.bbj.hu/economy/govt-publishes-resolution-on-szell-kalman-plan-20-measures_63329 2012-04-27T08:30:00+02:00 http://www.bbj.hu/economy/govt-publishes-resolution-on-szell-kalman-plan-20-measures_63329 The government continues to view the package as a kind of safety net which it does not want to draw down, Antal Rogán says. http://www.bbj.hu/economy/fidesz-mp-expects-imf-eu-agreement-by-end-q2_63321 2012-04-26T16:30:00+02:00 http://www.bbj.hu/economy/fidesz-mp-expects-imf-eu-agreement-by-end-q2_63321 The negotiations that will provide the framework for the actual economic negotiations, Tamás Fellegi says. http://www.bbj.hu/economy/talks-on-timetable-for-imf-eu-negotiations-could-start-in-may_63320 2012-04-26T16:00:00+02:00 http://www.bbj.hu/economy/talks-on-timetable-for-imf-eu-negotiations-could-start-in-may_63320 Borrowers who took out loans up to HUF 20 million may participate in the scheme. http://www.bbj.hu/economy/significant-part-of-eligible-borrowers-expected-to-participate-in-exchange-rate-limit-scheme_63319 2012-04-26T15:55:00+02:00 http://www.bbj.hu/economy/significant-part-of-eligible-borrowers-expected-to-participate-in-exchange-rate-limit-scheme_63319 The Hungarian government, the National Bank of Hungary, the IMF, EC and European Central Bank will participate at the talks. http://www.bbj.hu/economy/hungary-to-negotiate-for-precautionary-financial-package-from-imf-eu_63314 2012-04-25T22:00:00+02:00 http://www.bbj.hu/economy/hungary-to-negotiate-for-precautionary-financial-package-from-imf-eu_63314 Talks could start after the Central Bank Act is amended as agreed on with the European Union. http://www.bbj.hu/economy/hungary-talks-with-imf-eu-could-start-_63311 2012-04-25T21:40:00+02:00 http://www.bbj.hu/economy/hungary-talks-with-imf-eu-could-start-_63311 The expansion came as a result of a more than 6% rise in exports. http://www.bbj.hu/economy/hungary-food-industry-expands-for-first-time-in-years_63310 2012-04-25T21:35:00+02:00 http://www.bbj.hu/economy/hungary-food-industry-expands-for-first-time-in-years_63310 EU regulation states that the maximum allowed GMO-level in soy and maize products is at 0.9%. http://www.bbj.hu/economy/hungarian-food-authority-inspection-finds-no-unauthorized-gmo_63304 2012-04-25T13:00:00+02:00 http://www.bbj.hu/economy/hungarian-food-authority-inspection-finds-no-unauthorized-gmo_63304 "The Commission has today assessed that Hungary has taken sufficient action and commitments to enter into negotiations on precautionary balance of payment assistance," the body says. http://www.bbj.hu/economy/ec-decides-to-start-talks-with-hungary-on-precautionary-financial-assistance_63302 2012-04-25T12:50:00+02:00 http://www.bbj.hu/economy/ec-decides-to-start-talks-with-hungary-on-precautionary-financial-assistance_63302 Domestic consumption of milk in Hungary is an annual 140 liters per person. http://www.bbj.hu/economy/hungary-dairy-industry-grows-to-huf-200-bln_63296 2012-04-25T10:30:00+02:00 http://www.bbj.hu/economy/hungary-dairy-industry-grows-to-huf-200-bln_63296 The bank's experts had had little time to digest the Széll Kálmán Plan 2.0, Simor said. http://www.bbj.hu/economy/hungary-rate-setters-keep-key-rate-on-hold-for-fourth-month-in-a-row_63293 2012-04-24T22:50:00+02:00 http://www.bbj.hu/economy/hungary-rate-setters-keep-key-rate-on-hold-for-fourth-month-in-a-row_63293 Experts still expect a wheat output of 3.5-4 million tons. http://www.bbj.hu/economy/dry-weather-means-average-grain-harvest-at-best_63291 2012-04-24T20:20:00+02:00 http://www.bbj.hu/economy/dry-weather-means-average-grain-harvest-at-best_63291 The fresh data do not signal a turnaround, analysts said.  http://www.bbj.hu/economy/retail-sales-drop-more-than-expected-in-feb_63284 2012-04-24T13:25:00+02:00 http://www.bbj.hu/economy/retail-sales-drop-more-than-expected-in-feb_63284 The central government already had acquired the ownership rights of seven municipality-owned hospitals in January 2012. http://www.bbj.hu/economy/central-government-to-acquire-assets-and-debt-of-70-hospitals_63281 2012-04-24T12:45:00+02:00 http://www.bbj.hu/economy/central-government-to-acquire-assets-and-debt-of-70-hospitals_63281 The Széll Kálmán Plan 2.0 is likely to prove sufficient to lift Hungary from the Excessive Deficit Procedure and to unfreeze part of next year's cohesion funds, City analysts say. http://www.bbj.hu/economy/new-convergence-plan-likely-sufficient-to-unfreeze-cohesion-funds-says-city_63272 2012-04-24T07:20:00+02:00 http://www.bbj.hu/economy/new-convergence-plan-likely-sufficient-to-unfreeze-cohesion-funds-says-city_63272 Hungary wants a financial safety net, but the International Monetary Fund wants to offer the country a loan, Prime Minister Viktor Orbán said at a lecture at the European Policy Centre in Brussels on Monday. http://www.bbj.hu/economy/hungary-seeks-financial-safety-net-but-imf-offers-loan-says-pm_63271 2012-04-24T07:20:00+02:00 http://www.bbj.hu/economy/hungary-seeks-financial-safety-net-but-imf-offers-loan-says-pm_63271 In March alone, the general government had a deficit of HUF 230.9 billion. The annual deficit target is HUF 576.2 billion. http://www.bbj.hu/economy/ministry-confirms-hungary-q1-fiscal-deficit-at-almost-90percent-of-full-year-target_63269 2012-04-23T15:45:00+02:00 http://www.bbj.hu/economy/ministry-confirms-hungary-q1-fiscal-deficit-at-almost-90percent-of-full-year-target_63269 Measures contained in the plan will improve the fiscal balance by HUF 750 billion in 2012-2013, the government says. http://www.bbj.hu/economy/govt-unveils-szell-kalman-plan-20_63268 2012-04-23T15:40:00+02:00 http://www.bbj.hu/economy/govt-unveils-szell-kalman-plan-20_63268 Until a safety net materializes in the form of a stand-by arrangement, City analysts do not see a case for rate cuts. http://www.bbj.hu/economy/mnb-on-hold-now-eyes-imf-eu-deal-for-future-rates-guidance-says-city_63264 2012-04-23T14:10:00+02:00 http://www.bbj.hu/economy/mnb-on-hold-now-eyes-imf-eu-deal-for-future-rates-guidance-says-city_63264 Amendments to the Central Bank Act submitted by the government clear up questions on which agreements have already been reached, but contested matters remain, National Bank of Hungary governor András Simor told Parliament's Economy and IT Committee on Monday. http://www.bbj.hu/economy/simor-tells-mps-issues-with-central-bank-legislation-remain_63263 2012-04-23T13:40:00+02:00 http://www.bbj.hu/economy/simor-tells-mps-issues-with-central-bank-legislation-remain_63263 The business condfidence index worsened in April after two months of improvement, while the consumer confidence slightly improved. http://www.bbj.hu/economy/gki-erste-confidence-index-edges-down-in-april_63258 2012-04-23T07:30:00+02:00 http://www.bbj.hu/economy/gki-erste-confidence-index-edges-down-in-april_63258 Fidesz party MP Zsolt Nyitrai is "positively sure there will be no such thing as an internet tax". http://www.bbj.hu/economy/there-will-be-no-internet-tax-ruling-party-representative-says_63256 2012-04-23T07:20:00+02:00 http://www.bbj.hu/economy/there-will-be-no-internet-tax-ruling-party-representative-says_63256 The National Economy Ministry is proposing to the government a tax on landline and mobile telephone and internet usage that could raise HUF 40 billion-50 billion, internet portal Origo said on Friday, citing sources at the ministry. http://www.bbj.hu/economy/govt-mulls-tax-on-telephone-internet-usage-_63253 2012-04-21T20:00:00+02:00 http://www.bbj.hu/economy/govt-mulls-tax-on-telephone-internet-usage-_63253 Hungary needs a safety net rather than a loan to ensure protection if the economic situation in Europe worsens, Prime Minister Viktor Orbán says. http://www.bbj.hu/economy/hungary-needs-safety-net-rather-than-loans-says-orban-_63252 2012-04-21T19:55:00+02:00 http://www.bbj.hu/economy/hungary-needs-safety-net-rather-than-loans-says-orban-_63252 Default insurance costs on Hungary's sovereign debt flirted with the 600bps threshold on Friday, the highest level since late January, driven up by renewed market fears over the prospects of a new IMF/EU financing deal. http://www.bbj.hu/economy/hungary-debt-insurance-costs-surge-to-multi-month-high-on-imf-talks-worries-_63251 2012-04-21T19:50:00+02:00 http://www.bbj.hu/economy/hungary-debt-insurance-costs-surge-to-multi-month-high-on-imf-talks-worries-_63251 The European Commission's analysis of Hungary's official responses to letters concerning infringement procedures is "proceeding swiftly", Commission spokesman Alejandro Ulzurrun de Asanza y Munoz said at a regular press briefing in Brussels on Friday. http://www.bbj.hu/economy/commission-work-on-hungary-infringement-procedures-_63248 2012-04-20T16:35:00+02:00 http://www.bbj.hu/economy/commission-work-on-hungary-infringement-procedures-_63248 There is no chance Hungary will have to repay European Union funding in cases involving the country's application of EU support for VAT, the National Economy Ministry said on Friday. http://www.bbj.hu/economy/hungary-eu-vat-cases-pose-no-risk-of-funding-recovery_63244 2012-04-20T14:10:00+02:00 http://www.bbj.hu/economy/hungary-eu-vat-cases-pose-no-risk-of-funding-recovery_63244 The proposed tax could raise HUF 40 billion-50 billion, says internet portal Origo. http://www.bbj.hu/economy/gov`t-mulls-tax-on-telephone-internet-usage_63242 2012-04-20T13:55:00+02:00 http://www.bbj.hu/economy/gov`t-mulls-tax-on-telephone-internet-usage_63242 "....We will not agree to losing a single forint, we will get every forint we are entitled to," Orbán said. http://www.bbj.hu/economy/hungary-needs-safety-net-rather-than-loans-says-orban_63240 2012-04-20T13:45:00+02:00 http://www.bbj.hu/economy/hungary-needs-safety-net-rather-than-loans-says-orban_63240 All Reuters analysts said the MNB would keep the base rate on hold at 7% for the fourth month in a row. http://www.bbj.hu/economy/mnb-expected-to-keep-rates-on-hold-at-tues-meeting_63237 2012-04-20T09:40:00+02:00 http://www.bbj.hu/economy/mnb-expected-to-keep-rates-on-hold-at-tues-meeting_63237 The Hungarian government is still waiting for the European Commission's responses to its stands on the questions of the remuneration of the National Bank of Hungary's governors and deputy-governors and the oaths they swear, government spokesman András Giró-Szász said on public television early Thursday. http://www.bbj.hu/economy/hungary-still-waiting-for-ecs-response-on-central-bank-management-remuneration-oaths_63236 2012-04-20T08:35:00+02:00 http://www.bbj.hu/economy/hungary-still-waiting-for-ecs-response-on-central-bank-management-remuneration-oaths_63236 The number of employees in Hungary's business sector, which includes private as well as state-owned companies, fell 1.5% year-on-year in February, dropping for the third month in a row, data published by the Central Statistics Office (KSH) on Thursday show. http://www.bbj.hu/economy/business-sector-employment-drops-15percent-yr-yr-in-february_63235 2012-04-20T08:30:00+02:00 http://www.bbj.hu/economy/business-sector-employment-drops-15percent-yr-yr-in-february_63235 Gross wages rose faster than expected in February, but the increase does not augur inflationary pressure, analysts say. http://www.bbj.hu/economy/in-spite-of-higher-wage-rise-inflationary-pressure-absent_63234 2012-04-20T08:30:00+02:00 http://www.bbj.hu/economy/in-spite-of-higher-wage-rise-inflationary-pressure-absent_63234 Hungary has moved no closer to the start of official negotiations since January, head of the prime minister's office says. http://www.bbj.hu/economy/hungary-waiting-in-the-wings-on-imf-deal-says-varga_63228 2012-04-18T11:40:00+02:00 http://www.bbj.hu/economy/hungary-waiting-in-the-wings-on-imf-deal-says-varga_63228 The cabinet rejects any preconditions to negotiations that do not have anything to do with economic policy, says Hungary's chief negotiator. http://www.bbj.hu/economy/start-of-imf-talks-remains-top-priority-for-govt_63217 2012-04-17T14:15:00+02:00 http://www.bbj.hu/economy/start-of-imf-talks-remains-top-priority-for-govt_63217 The talks in Frankfurt were expected to produce a solution on disputed points of the law. http://www.bbj.hu/economy/talks-on-hungary-central-bank-act-held-at-ecb-headquarters_63208 2012-04-17T11:10:00+02:00 http://www.bbj.hu/economy/talks-on-hungary-central-bank-act-held-at-ecb-headquarters_63208