BUX Report: Friday

The Budapest Stock Exchange's main BUX index finished down 0.34% at 17,445.12, Friday, after sinking 0.46% Thursday. It is down 6.03% from the end of last year, after it rose 2.15% in 2013. The Budapest parquet was immunised from a global rally while local uncertainties grew around the outcome of the debtors relief process.

Forint Report: Friday

The forint was trading at 304.38 the euro late Friday on the interbank forex market, up from 304.62 late Thursday. At 304.85 the euro early Friday, the forint moved between 304.02 and 304.85. It touched a new close to six-month high at 303.90 on Thursday.

State to repay clients of bankrupt travel agency

An appellate court has ruled that the state of Hungary must pay compensation to clients of a bankrupt travel agency given that EU law was not correctly transposed into national legislation, daily Népszabadság said on Friday.

Gov’t asks for cooperation from INA investor

Croatia's Economy Minister Ivan Vrdoljak has welcomed interest in the purchase of Hungarian oil and gas company MOL's stake in Croatian peer INA, but said any investor has to first test its ability to cooperate with the Croatian government, INA's other big owner, Croatian news agency HINA said on Friday.

Average take-home pay climbs to HUF 153,300

The average Hungarian full-time salary before taxes was HUF 234,000 a month in the first three quarters of this year, a 2.9% improvement over the same period last year, according to a report today from KSH. The average salary after taxes was HUF 153,300, the report said.


Analysts expect MNB to keep rates on hold on Tuesday

Analysts polled by Reuters expect the National Bank of Hungary's rate-setting Monetary Council to keep the base rate on hold at 2.10pc at a policy meeting on Tuesday. All 15 analysts in the poll, conducted on November 17-20, said the Council would leave the base rate unchanged.


Varga: Laying foundations for sustainable growth is key

The upcoming years should be spent laying the foundations for and ensuring sustainable growth, National Economy Minister Mihály Varga said at a conference organised by the Hungarian Business Leaders Forum (HBLF), adding that Hungary should achieve an annual growth rate of at least 4%.


FX loan amendment: Banks likely to pay more

A parliamentary committee submitted an amendment to the borrowers' relief legislation that would lower the interest spread lenders may use for forint loans converted from loans denominated in foreign currencies. Analysts said the amendment, likely to be passed on Tuseday, means banks will pay more than was originally anticipated under the bill.


Competition Office fines ACN Communications

Hungary's Competition Office (GVH) on Friday said it had fined ACN Communications HUF 30 mln for unfair practices in its sales calls and contracts.


Report: Bunge notified tax authority of VAT fraud cases over two years ago

American food company Bunge had informed the Hungarian Tax Authority (NAV) in detail about massive VAT fraud cases more than two years ago, hvg.hu revealed on Thursday. 


Brussels reviews Hungarian government's support for Audi expansion

The European Commission is reviewing €133.3 million in state support for an expansion of German carmaker Audi's base in Hungary, Hugarian daily Magyar Nemzet said today.


Szijjártó: EU, Russia should accelerate dialogue on South Stream

The construction of the South Stream gas pipeline is in the interest of both Hungary and Serbia, and the whole region, Hungarian Foreign Minister Péter Szijjártó said in Belgrade at a business forum on Thursday. 


Fidesz MP proposes tighter interest spread on converted loans

The parliamentary group of the governing Fidesz party will initiate a tightening of the bill on FX loan conversions to prevent banks from circumventing the obligations to refund borrowers, group leader Antal Rogán told MTI on Thursday. 


Ten-month fiscal deficit confirmed at 82.2% of full-year target

Hungary's central government – the general government, excluding local councils – had a ten-month cashflow-based deficit of HUF 809.6 bln, reaching 82.2% of the full-year target, the National Economy Ministry said on Thursday, confirming a first reading released on November 6.


MNB demands transparency from insurance brokers

The Hungarian National Bank (MNB) is demanding more transparency from online insurance brokers, vg.hu reported Thursday. The draft of a new set of recommendations from MNB is aimed at requiring more accuracy, reliability and information in general from brokers providing online services to their clients. 


Klesch group said to be interested in INA

Klesch Group is doing due diligence in Croatian oil company INA, controlled by its Hungarian peer MOLBloomberg reported late Wednesday, quoting two unnamed individuals with knowledge of the matter. 


Report: Ruling party’s campaign came with high price tag

Ruling party Fidesz and their coalition partner KDNP spent HUF 2.072 billion on the most recent municipal elections campaign; five times more than all the left-wing parties combined, and more than twice that of all other major parties combined, research by Átlátszo.huK-MonitorPolitical Capital and Transparency International Magyarország reveals.


How to Avoid the Climate Change Storm

Humanity has a critical choice to make. We can continue to ignore the gathering threat of climate change and face growing peril from an increasingly unstable climate system, or we can embrace the many options we have to adapt to and mitigate climate change, and, in the process, build a world that we will be proud to leave to future generations.


Forint up on interbank market

The forint was trading at 304.42 the euro late Thursday on the interbank forex market, up from 305.02 late Wednesday. At 305.24 the euro early Thursday, the forint moved between 304.36 and 305.35. It touched a close to six-month high at 304.07 on Wednesday.


BUX follows negative global trend

The Budapest Stock Exchange's main BUX index finished down 0.46% at 17,504.38 Thursday, after rising 0.78% Wednesday. It is down 5.71% from the end of last year, after it rose 2.15% in 2013. After two days of healthy rises, the Budapest parquet turned back after dismal preliminary PMIs in the euro area, China, Japan and the US soured global mood.


Ustream wins Streaming Media Readers’ Choice Awards

Hungarian-founded online video streaming service Ustream won in the category of “The Best Live Video Platform” as part of the Streaming Media Readers’ Choice Awards this year for the second time in a row. The award, which is distributed by Streaming Media magazine, was voted on by its users.


MBSZ: Sunday closure law would bring layoffs, price hikes

The support of some Hungarian chains for Sunday closings is not based on facts or considerations of market reality, and the proposed law will lead to layoffs and price hikes, the Association of Hungarian Retail Stores (MBSZ) said in a press release.


Hungarians use social media to seek employment

Adecco’s international survey, involving over 17,272 collected responses from job seekers, reveals that 61% of Hungarian individuals looking for work use social media as a means of finding employment.


CPI Hungary sees an increase of 20%

CPI Group member CPI Hungary (formerly called Ablon) says it sees signs of the office market recovering after an increase of 20% in leased premises in the Business Center 91 Office Building.


Vodafone clarifies CEO's remark on Hungary unit

Vodafone Group announced today that it is not considering selling its Hungarian assets, in a statement meant to clarify CEO Vittorio Colao’s remark yesterday at a Barcelona conference.

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