BUSINESS

MVM purchases hydroelectric power plant in Romania

State-owned Hungarian Electricity Works (MVM) has purchased a 7.48MW hydroelectric power plant in Romania, more precisely it a 90% stake in the plant in order to “further strengthen its renewables portfolio” Romanian daily Kronika reported today.

BUSINESS

Central bank fines savings cooperatives

The Hungarian central bank today said that it had fined savings cooperatives Bak and Environs and Pannonhalma and Environs on violation of rules, Hungarian news agency MTI reported.

ECONOMY

MNB: Hungarian banks booked HUF 447 bln loss last year on borrowers relief

Hit hard by compensation for retail clients mandated under law, Hungarian credit institutions had a combined after-tax loss of HUF 446.5 bln last year, fresh data released by the National Bank of Hungary (MNB) reveal.

BUSINESS

Labornite fined on charges of misleading advertising

Hungary's Competition Office (GVH) today fined Labornite Kereskedelmi és Szolgáltató HUF 1.5 mln on charges of misleading advertising.

ECONOMY

KSH: Hungary's jobless rate falls to 7.4% in Nov-Jan

The unemployment rate in Hungary among those aged 15 to 74 was 7.4% in November-January last year, down from 8.8% in the same period a year earlier, but up from 7.1% in October-December, the Central Statistics Office (KSH) said today.

ECONOMY

MNB: Corporate lending stock falls on net FX repayment

Corporate lending stock of Hungarian banks fell HUF 31.2 bln to HUF 6.798 trillion in January from a month earlier on net repayments of FX loans, a report by the National Bank of Hungary (MNB) published today reveal.

BUDAPEST

Hungexpo opens tourism fair

Hungarian fair and exhibition organizer Hungexpo yesterday opened its annual travel fair in Budapest, featuring 258 exhibitors in an area of 20,000 sqm, the organizer announced.

ECONOMY

Banks' accounting of FX conversion lifts retail lending stock in MNB stats

Hungarian banks' retail lending stock jumped by HUF 378.1 bln to HUF 7.104 trillion in January from the previous month as lenders recorded the difference between a conversion rate for FX loans stipulated under the law and the central bank's official exchange rate, a monthly report by the National Bank of Hungary (MNB) shows.

BUSINESS

Invitel, Microsoft sign strategic cloud partnership

Invitel and Microsoft announced today that they have signed a joint partnership agreement to help Inivitel develop its cloud services with Microsoft Cloud Platform technology.

OPINION

Editorial: Complaining is fun, but not enough

FROM TODAY'S PRINT EDITION: While opinion polls, and the vote in Veszprém, make it clear that voters are tired of Fidesz, the popular Hungarian pastime of complaining about the current situation is not enough. If democracy is going to function, we need to do the work of establishing a viable new leadership.

BUSINESS

GE's Global Operations Center in Budapest eyes expansion

On the occasion of the first anniversary of its Global Operations Center in Budapest, GE today announced plans to expand the center. The expansion also involves doubling headcount, which is currently at 900, by adding roles in commercial, supply chain, legal and tax services, on top of existing finance, IT and HR services, the firm said.

BUSINESS

Tesco to terminate fewer than 50 employees

The Hungarian unit of U.K. retailer Tesco released the number of workers it would be letting go, following a thorough review of business practices over the past few weeks, according to online news portal hvg.hu

BUSINESS

Foodpanda hikes commission fee

Following the acquisition of online Hungarian food delivery service NetPincer by German peer Foodpanda in December of last year, partner restaurants' commission fees are expected to more than double, online news portal hvg.hu reported yesterday.

BUSINESS

Indemnification of investors may start next week

Indemnification of the clients of banks whose licenses were withdrawn on Tuesday in connection with the Buda-Cash scandal and which are being investigated by the Hungarian National Bank (MNB) on suspicion of criminal activity, can begin as early as next week, hvg.hu reported yesterday. 

BUSINESS

Buda-Cash management may have reported misconduct to financial services watchdog

Hungarian boutique brokerage firm Buda-Cash’s management allegedly reported misconduct to the Hungarian National Bank (MNB) when the central bank’s investigation of the company was already underway, online business news site napi.hu reported yesterday. 

ECONOMY

Visegrad countries sign agreement on joint patent institute

Representatives of industrial property offices of the V4 member countries – Czech Republic, Hungary, Poland, and Slovakia – signed an agreement on the Visegrad Patent Institute in Bratislava yesterday, Slovak news agency SITA reported. 

BUSINESS

ELMŰ-ÉMÁSZ say they're unaware of plans for state acquisition

Regional electricity distributors ELMŰ and ÉMÁSZ yesterday said they have no knowledge of any intent by the state to purchase their shares from German owners RWE, news agency MTI reported. 

ECONOMY

Szijjártó: Gov’t backs EU-US free trade agreement if it serves Hungarian interests

Although the outcome of free trade talks between the European Union and the United States is still uncertain, the Hungarian government will only support the agreement if it serves Hungarian interests, Foreign Minister Peter Szijjártó said yesterday, according to Hungarian news agency MTI.

ECONOMY

Forint hits 9-month high vs euro

The forint was trading at 302.73 to the euro late Thursday on the interbank forex market, up from 304.71 late Wednesday. At 304.70 to the euro early Thursday, the forint moved between 302.66, a nine-month high, and 304.79.

ECONOMY

BUX down after three-day rise

The Budapest Stock Exchange's main BUX index finished down 0.41% at 18,490.94 Thursday after rising 0.32% on Wednesday. It is 11.16up % from year-end, after losing 10.40% last year. The Budapest parquet fell after three days of slowing rise.

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