Central bank to limit personal borrowing

As of Jan. 1, the Hungarian National Bank (MNB) will enforce a debt cap that prevents consumers from borrowing excessively, MTI, the Hungarian news agency announced today.


KSH: May-July unemployment drops to 7.9%

Hungary's unemployment rate was 7.9% in May-July, an improvement over the same period a year ago, when unemployment was at 10.1%, according to the Central Statistics Office (KSH).


Hard times ahead for Iraq’s Yazidis

In Nineveh Province, in northern Iraq, an extinction event unfolds. The delicate latticework of religious communities that have co-existed for centuries has been smashed by the bludgeon of the Islamic State, which unexpectedly took Mosul in June...


Boom in 'baby bonds' for newborns

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.


Amendment cuts electricity bills by 5.7%

An amendment to the electricity price regulation mandates a 5.7% cut in the retail price of electricity by Sept. 1, the government gazette reported yesterday.


Audi already planning to expand new facility

German carmaker Audi plans to expand its recently inaugurated logistics base in Győr, northwest Hungary, regional daily Kisalföld said yesterday.


Central bank leaves base lending rate at 2.10%

As expected, the National Bank of Hungary's Monetary Council decided to leave the base lending rate unchanged at 2.10% at a meeting yesterday, MTI reported. 


BP Council votes to borrow for Metro 3 upgrade

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.


Court acts swiftly as 79 banks challenge debt relief

As a Budapest Court began hearing banks' petitions under the new FX loan law yesterday, MKB bank was told its case will be ruled upon on Sept. 9 and K&H was denied its petition to refer its case to the Constitutional Court and the European Court of Justice, according to reports. Some 79 banks have lined up to challenge the law in court.


ATM in Budapest dispenses Bitcoins

Hungary’s first Bitcoin ATM started operation yesterday at the Anker Klub on Anker köz in the heart of Budapest, the machine’s owner announced.


UN body set to block sales of INA shares by MOL

The United Nations Commission on International Trade Law (UNCITRAL) will soon prohibit the Croatian government and Hungarian oil and gas company MOL from selling their shares in Croatia's INA until the arbitration court takes a decision on the disputes between the stakeholders, according to reports in the Croatian press.


Growing Wizz Air adds destinations, flights, planes

Wizz Air announced it would be adding commercial flights to Lisbon and Maastricht in a Budapest press conference today. The low-cost airline also announced it would be buying new Airbus A320 planes by spring, and that it is projecting 15% growth year-on-year in 2015.


MOL to lower fuel prices

Hungarian oil and gas company MOL will lower its wholesale diesel and petrol prices by HUF 4 and HUF 3 per litre, respectively, today, industry insiders told Hungarian news agency MTI on Friday.


Economic confidence holds steady

Rising confidence among businesses and falling confidence among consumers cancelled each other out, leaving the GKI-Erste economic confidence index basically unchanged in August, GKI reported today.


Raiffeisen Bank: We're not leaving yet

Austria’s Raiffeisen Bank International may leave Ukraine and Hungary in the future, but there are no specific plans to sell either one of these businesses at the moment, although both are under constant review, the bank’s CEO Karl Sevelda told news agencies.


Half-done hotel on the hill up for sale

A blot on the Budapest landscape for years, the 23,000 sqm Rose Hill site known as the SZOT (National Committee of Trade Unions) Hotel in one of Budapest’s most exclusive residential areas overlooking the Danube from the Buda Hills, has been put up for sale by the current owner, CIB Group. 


Hungary to discuss sanctions with Russia

Hungary’s Agricultural Minister Sándor Fazekas will hold talks with his Russian counterpart within the next two or three weeks. The discussion will focus on the import ban on European Union farm products by Russia, State Secretary István Nagy announced in a public radio interview today.


FX loans could be converted into forints this fall

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.


New luxury train: Jewels of Persia

MÁV Nosztalgia, a Hungarian state-owned railway company, is planning to launch a new luxury train, Golden Eagle – Danube Express. The new line expected to start this October would include 13 luxury historical carriages.


KSH: Gross wages up 3.7% in June

Average gross wages in Hungary rose 3.7% year-on-year in June, the latest publication of the Central Statistics Office (KSH) revealed today. Wage growth went slightly down from 4.9% year-on-year in May.