OPINION

Formula 1 of Energy Industry

What does it take to win the Formula 1 championship? A perfect composition of professionals, strategy, dynamic teamwork, IT background and continuous innovation of cutting edge technology that increases speed, efficiency, reliability and the ability of immediate reaction. It’s no different in the energy sector, other than a bit less fanfare when victories are won.

ECONOMY

ÁKK buys HUF 11.2 bln of bonds at reverse auction

The Government Debt Management Agency (ÁKK) bought a combined HUF 11.2 bln of bonds before maturity at a reverse auction today, a little more than HUF 1 bln over the announced amount.

POLITICS

Hungary-Kazakh PMs agree on cooperation

Hungary’s Prime Minister Viktor Orbán and his Kazakh counterpart Karim Massimov have reached an agreement on supporting the launch of direct flights between the two countries, the officials said at a joint press conference today in Astana.

ECONOMY

Official: Hungarian dairy sector ready for new EU system

The Hungarian dairy sector is prepared to operate in the new system after the European Union phased out milk quotas on April 1, moreover it is expected to gain from the changes, agrarian ministry state secretary György Czerván told Hungarian news agency MTI late yesterday.

ECONOMY

Hungary allocates HUF 5.5 bln for fight against IS

The Hungarian government will allocate HUF 5.5 bln to fund preparations for Hungaryʼs participation in the international coalition against the Islamic State, Hungarian news agency MTI reported according to a government resolution published in the Monday edition of the official gazette Magyar Közlöny.

ECONOMY

Szijjártó discusses Hungary-Kazakhstan economic ties

Excellent political cooperation between Hungary and Kazakhstan will lay the ground work for strengthening economic relations between the two countries, Hungary’s foreign minister Péter Szijjártó announced at a bilateral business conference in Astana today.

BUSINESS

Invitel extends InnoMax deadline

Hungarian tele- and info-communications company, Invitel is extending the deadline of its CSR program InnoMax grant scheme to April 26 following the request of a number of NGOs and educational institutions, the company announced yesterday.

BUSINESS

Knorr-Bremse winds up HUF 700 mln development project

Knorr-Bremse Fékrendszerek, the Hungarian unit of German braking systems manufacturer Knorr-Bremse, today wound up a braking system development for approximately HUF 700 mln in a consortium with the Budapest University of Technology, the company told Hungarian news agency MTI.

ECONOMY

KSH: Hungary’s 2014 general government deficit 2.6% of GDP

Hungaryʼs general government deficit calculated according to Maastricht criteria, came to HUF 829.1 bln last year, which is 2.6% of GDP, preliminary data released by the Central Statistics Office (KSH) reveal today.

BUSINESS

Rogán urges MNB to scrutinize Lombard Lízing

Ruling Fidesz party’s Caucus Leader Antal Rogán yesterday asked the National Bank of Hungary to carry out a full investigation into Hungarian lender Lombard Lízing regarding its compliance with borrowers’ relief legislation, Hungarian news agency MTI reported today.

ECONOMY

Decree set to simplify EKAER

In accordance with a decree drafted by Hungary’s economy ministry, large haulage companies will be able to apply for EKAER, a new electronic control system for road haulage companies, in a simplified procedure of reporting just three data instead of the standard 21, Hungarian news agency MTI said late yesterday.

BUSINESS

MKB losses grow to HUF 148 bln in 2014

MKB Bankʼs after-tax loss grew to HUF 148.1 bln last year on the impact of borrowers relief legislation and write-downs on bad loans, from the previous year’s HUF 122.2 bln Hungarian news agency MTI reported early this morning.

ECONOMY

KSH: Hungary’s January trade surplus jump to €709 mln

Hungary’s trade surplus revised upwards to €709 mln in January, up from the €691 mln of the first reading released March 11, the Central Statistics Office (KSH) today revealed in a second reading of data.

POLITICS

Official: State-owned MVM could enter Montenegrin energy market

Hungarian state-owned energy group MVM is considering entering the Montenegrin gas and electricity market as part of the privatisation process there, state secretary for economic diplomacy Levente Magyar said after a meeting of the Hungarian-Montenegrin Intergovernment, Joint Economic Committee that took place in Budapest yesterday. 

ECONOMY

NAV tightens regulations over online gambling

Hungary’s National Tax and Customs Authority (NAV) made 82 resolutions against organizers of online gambling, which will result in the media authority (NMHH) blocking such websites, NAV said according to Hungarian economic daily Világgazdaság.

ECONOMY

M4 work halted after EC says it suspects cartel activity

Hungaryʼs cabinet chief and development minister have ordered construction of a section of the M4 motorway halted because of suspicion of cartel activity raised by the European Commission, the state secretary for development policy communications said yesterday.

ECONOMY

Hungarian-Montenegrin Intergovernment Joint Economic Committee meets in Budapest

A meeting of the Hungarian-Montenegrin Intergovernment Joint Economic Committee took place in Budapest yesterday. Hungary seeks to strengthen its economic partnership with Montenegro, in terms of joint investments and trade, state secretary for economic diplomacy Levente Magyar said after the meeting. 

ECONOMY

China New Energy to build biorefinery in Hungary

Chinese bioethanol and biobutanol projects developer China New Energy Ltd (CNE) on Tuesday said it is expecting to commence work this year on three ethanol production plants in Hungary, Thailand and Nigeria. In Hungary, bioethanol developer Visontai Bioetanol Fejlesztő, northern Hungary, secured €30 mln in project financing from local banks for the corn-ethanol biorefinery, CNE said.

POLITICS

Tarsolyʼs letter goes public

In a letter sent to Hungary’s Prime Minister Viktor Orbán, Csaba Tarsoly, CEO of bankrupt Quaestor investment house, asked for a state loan to buy government bonds to exchange for its own corporate bonds, in order to prevent the brokerage from going bankrupt and leaving clients without money, Hungarian online daily origo.hu reported yesterday.

ECONOMY

Forint volatile on interbank market

The forint was trading at 300.38 to the euro late Tuesday on the interbank forex market, down from 299.35 late Monday. At 299.39 to the euro early Tuesday, the forint moved between 298.67 after a four-day high at 298.48 Monday intraday, and 300.52. It reached a 13-month high at 297.25 last Wednesday intraday.

expert opinion

Formula 1 of Energy Industry

Forumula 1 of Energy Industry

Balázs Zempléni

Director of Wholesale and Business Development at MET Power Hungary LLC

BBJ video: Innovation