RTL moves Hungarian channels to Luxembourg

RTL Group is moving its cable portfolio in Hungary to Luxembourg, and its only service remaining in Hungary will be its flagship RTL Klub channel, local news portal index.hu has learned late today. The restructuring does not affect the company’s advertising tax obligation in Hungary.

BUX Report: Wednesday

The Budapest Stock Exchange's main BUX index finished down 0.31% at 17,552.46 Wednesday, after rising 1.41% Tuesday. It is down 5.45% from the end of last year, after it rose 2.15% in 2013. With European markets unimpressed by a new investment plan of the EU unveiled Wednesday, and dismal data coming in from the US, the Budapest parquet returned to the slope.

Forint Report: Wednesday

The forint was trading at 306.98 the euro late Wednesday on the interbank forex market, down from 306.31 late Tuesday. At 306.27 the euro early Wednesday, the forint moved between 305.89 and 307.23, a nine-day low. It touched a new close to six-month high at 303.63 on last Friday.

MTel launches contactless mobile payment app

Magyar Telekom, the Hungarian subsidy of German telecoms giant Deutsche Telekom, launched a mobile payment application for near field communication-enabled smartphones, Hungarian news agency MTI reported today.

Tax office publishes investigation material

Hungary's tax and customs office (NAV) has released the results of an investigation following allegations last November of VAT graft by a former NAV employee, Andras Horváth, Hungarian news agency MTI reported.

ECONOMY

ÁKK plans net issues from discount T-bills in Dec-Feb

Hungary's Government Debt Management Agency (ÁKK) plans net forint securities issues of HUF 262 bln in December-February, practically all from discount T-bills. Nearly all of the HUF 505 bln gross bond issues will finance redemptions, the three-month forint financing plan on ÁKK's website shows.

ECONOMY

Skanska launches Nordic Light office project in Budapest

Skanska Property Hungary has started construction work on its seventh office building in Budapest, dubbed Nordic Light, on inner Váci út, the main office corridor of Budapest. Phase I is scheduled for completion in the first quarter of 2016.

ECONOMY

EC steps up energy efficiency, sulphur emissions infringement procedures against Hungary

The European Commission (EC) today announced it started infringement procedures against Hungary for failing to conform to EU rules on energy efficiency and on sulphur emissions from ships to the next level.

ECONOMY

Brussels drops road toll infringement procedure against Hungary

The European Commission announced today that it had ended an infringement procedure against Hungary for failing to call a tender to build a road toll system for commercial vehicles, a Commission source informed Hungarian news agency MTI.

BUDAPEST

Budapest public transport company to merge with municipal holding company

The Budapest City Council today announced that it would merge the Budapest Public Transport Centre (BKK) with the Budapest City Administration Holding Company (BVH) as part of a broader plan for public transport in the capital of Hungary, Budapest.

ECONOMY

ÁKK buys back HUF 40 bln of bonds at reverse auction

The Government Debt Management Agency (ÁKK) bought back HUF 40 bln of three bonds before maturity at a reverse auction today. Combined demand for the bonds came to HUF 43.4 bln.

ECONOMY

KSH: Retail sales grow by 4.5% y.o.y.

The volume of retail sales saw a year-on-year rise of 4.5% in September, with a y.o.y. rise of 2.4% in food, drinks and tobacco stores, a rise of 5.9% in non-food retail trade and a rise of 7.6% in automotive fuel retailing, Central Statistics Office (KSH) reported today.

ECONOMY

Croatian PM comments on INA dividend proposal

Croatian Prime Minister Zoran Milanovic said late Tuesday that he needs more time to study a proposal for the payment of an extraordinary dividend by oil and gas company INA, Croatian news agency HINA was cited by Hungarian news agency MTI today.

BUSINESS

KITE inaugurates HUF 1.4 bln logistics base

Hungarian agribusiness KITE inaugurated a HUF 1.4 bln logistics base in Nádudvar in norhteastern Hungary, Hungarian news agency MTI reported today.

ECONOMY

Exim launches factoring services

Exim, the joint aegis of Hungarian Export-Import Bank (Eximbank) and Hungarian Export Credit Insurance Company (MEHIB), announced that it would be expanding its credit program for exporters to include factoring, Hungrain news agency MTI reported today.

ECONOMY

Nomura: Hungary eyes cosmetic cuts in debts

The government and the Hungarian National Bank (MNB) are cooperating to achieve aggressive, cosmetic, reductions in debt-to-GDP ratio at year's end via a range of cash management, repo, temporary transfer of ownership, buy back and foreign exchange policy moves, Japanese financial holding company Nomura reported yesterday.

BUSINESS

Competition office gives go-ahead to Agrofert purchase of IKR assets

The Hungarian competition office GVH said Tuesday it had approved the purchase of some of the regional centers and related assets of IKR Kereskedelmi by some Hungary-based units of the Czech Agrofert Group. 

ECONOMY

Block 2 of Hungary’s Paks NPP licensed to operate until end-2034

Hungary’s National Atomic Energy Office (OAH) issued a license to extend the lifespan of the number 2 block of the Paks nuclear plant by 20 years until December 31, 2034, the energy office said on its website yesterday. 

ECONOMY

Moody's sees improved, but still sluggish, mid-term outlook for Hungary

Hungary's medium-term economic growth prospects have improved, though they remain low, continue to lag behind those of regional peers and thus complicate the government's efforts to reduce its substantial debt burden, Moody's Investors Service said yesterday. 

BUSINESS

Bourse fines BTel for HUF 3 mln

The Budapest Stock Exchange yesterday said it fined Business Telecom (BTel) HUF 3 mln in connection with infractions related to disclosure regulations and paying of fees. The BSE also requested the issuer to comply fully and on-time in future with disclosure regulations and to immediately settle its debt towards the bourse.

BUSINESS

Dutch Accell Group expands Hungary plant

Bicycle manufacturer Accell Hunland Kerékpárgyártó, part of the Dutch Accell Group has built a more than HUF 600 mln new production hall at its plant in Tószeg, managing director Zsolt Steurer informed Hungarian news agency MTI yesterday.

BUSINESS

Enbrite.ly wins biggest prize at Slush 100

Hungary-based Enbrite.ly, which says it develops solutions to verify that online advertising spending reaches actual humans, won the biggest prize, €500,000, for any pitching competition in history at Slush 2014 in Helsinki.

ECONOMY

BUX rises on fewer uncertainties

The Budapest Stock Exchange's main BUX index finished up 1.41% at 17,606.86 Tuesday, after sinking 0.47% Monday. It is down 5.16% from the end of last year, after it rose 2.15% in 2013. After two days in digging in, the Budapest parquet joined and even outperformed the mostly rising global trend.

ECONOMY

Forint eases on interbank market

The forint was trading at 306.59 the euro late Tuesday on the interbank forex market, down from 305.73 late Monday. At 305.70 the euro early Tuesday, the forint moved between 305.65 and 306.66, a one-week low. It touched a new close to six-month high at 303.63 on Friday.

BUSINESS

Wizz Air tops 100,000 flights in a year

Hungary-based low-cost airline Wizz Air, announced today that it flew 100,000 flights between November a year ago and this November – the most ever in a 12-month period.

expert opinion

From Beijing – A Law … and a Warning

From Beijing - A Law ... and a Warning

Murray Scot Tanner

The MarkNews

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