ECONOMY

Hungarian, Czech foreign ministers anticipate favorable cooperation

Trade conditions between Hungary and Czech Republic have improved considerably of late and are expected to develop further, according to Foreign Minister Péter Szijjártó who spoke to the press yesterday following a meeting with his Czech counterpart Lubomir Zaoralek in Prague, according to Hungarian news agency MTI.

BUSINESS

MOL rebrands its Czech subsidiaries

Hungarian oil and gas company MOL yesterday began a re-branding campaign of its petrol stations in Czech Republic, Hungarian news agency MTI reported. 

ECONOMY

Economy Minister speaks to Swiss-Hungarian Chamber of Commerce

Hungary’s Economy Minister Mihály Varga yesterday acknowledged the importance of investments made by Swiss companies in Hungary and developments supported by the Swiss Contribution Fund, at a meeting of the Swiss Hungarian Chamber of Commerce, Hungarian news agency MTI reported. 

ECONOMY

Sunday closure going ahead at Lake Balaton; details of Sunday retail sales unknown

Retail shops will have to close on Sundays in the Balaton region even during the peak summer season, the Minister of State for Economic Regulation Kristóf Szatmáry told state television channel M1 on Monday according to nol.hu, adding that small shops which are normally allowed to remain open on Sundays will be enough to satisfy tourist demand. 

POLITICS

Putin: Abandoning Paks deal would hurt Hungary

Russian President Vladimir Putin said today that it would hurt Hungary’s national interests if the country backed out of the deal to upgrade the countrys sole nuclear power plant at Paks, though he noted that the country could be forced to drop the deal by the European Commission, Russian news agency Tass reported.

ECONOMY

Forint recovers on interbank market

The forint was trading at 303.90 to the euro late Tuesday on the interbank forex market, down from 303.53 late Monday. At 303.61 to the euro early Tuesday, the forint moved between 301.21, a six-day high, and 303.73.

ECONOMY

BUX plods ahead

The Budapest Stock Exchangeʼs main BUX index finished up 0.15% at 22,588.62 Tuesday after sinking 0.26% Monday. It is up 35.80% from year-end, after losing 10.40% last year.

BUSINESS

Starschema leases 900 sqm from CPI Hungary

Big Data solutions company Starschema began leasing more than 900 sqm in CPI Hungary’s ‘A’ category Balance Building in the BC99 office park as of the beginning of May, CPI Hungary said today in a press release.

BUSINESS

Reckitt Benckiser eyes HUF 1.3 bln expansion in Hungary

Cleaning and hygienic products manufacturer Reckitt Benckiser will spend HUF 1.3 bln to expand its base in Tatabánya, northwestern Hungary, by installing new production lines in an area of 2,000 sqm, thereby creating 250 new jobs, managing director Cezary Romanski told Hungarian news agency MTI.

ECONOMY

Hungary plans cooperation with Mexico, Brazil

After returning from Mexico and Brazil, state secretary for economic diplomacy Levente Magyar said on Hungarian state-owned news channel M1 that the two countries have expressed interested in cost-effective Hungarian technologies for sewage management.

ECONOMY

ÁKK sells HUF 50 bln of three-month bills at auction, as planned

The Government Debt Management Agency (ÁKK) sold HUF 50 bln of discount three-month T-bills at auction today, in line with the original offer, Hungarian news agency MTI said. Primary dealers submitted bids of HUF 100.9 bln.

BUSINESS

MNB lifts suspension of trade in TR Investment shares

The National Bank of Hungary (MNB) today lifted the suspension of trade in shares of TR Investment after the company published its audited consolidated financial report for 2013, the central bank and market regulator said in a statement.

ECONOMY

BSE: Daily share turnover climbs almost 22% in April

Daily share turnover on the Budapest Stock Exchange came to HUF 13.5 bln in April, up 21.7% from the previous month, the bourse said yesterday. Spot market turnover exceeded HUF 276 bln for the month, including almost HUF 270 bln in share turnover.

POLITICS

Magyar Nemzet’s sports columnists resign

The five-member sports staff at Hungarian daily Magyar Nemzet resigned from their posts to join Hungarian economic daily Napi Gazdaság, Hungarian daily Népszabadság Online reported today.

POLITICS

PM: Gov’t to extend regulatory reforms to brokerages

Hungaryʼs government plans to extend regulatory reforms within the financial sector to brokerages, Prime Minister Viktor Orbán said in an interview with commercial television station Echo TV on Friday, Hungarian news agency MTI reported. 

BUSINESS

Alteo acquires Sinergy from RWE-EnBW-owned peers

Hungarian energy services provider Alteo yesterday said it had acquired Sinergy from the local units of Germanyʼs RWE-EnBW for an undisclosed price, MTI news agency reported. 

BUSINESS

Budapest Bank pays out HUF 59 bln in borrowers relief rebates

Budapest Bank settled a combined HUF 59 bln in rebates with its clients by the deadline stipulated in the borrowers relief legislation, the lender said yesterday, according to Hungarian news agency MTI. 

ECONOMY

Hungary and neighbors discuss reverse VAT implementation

Hungary, along with Czech Republic, Slovakia, Bulgaria and Austria, are urging joint legislation against VAT evasion, including making the use of reverse VAT a more common practice, National Economy Minister Mihály Varga told MTI yesterday.

ECONOMY

Government to limit ownership of large farmlands

The conflict between Prime Minister Viktor Orbán and media oligarch Lajos Simicska began with the revision of farmland subsidies, the prime minister said in an interview with government friendly Echo TV last Friday. 

ECONOMY

Templeton reduces Hungarian bonds in its portfolio

Emerging Market specialist Franklin Templeton Investments has reduced its Hungarian debt exposure by HUF 432 bln, napi.hu reported yesterday. 

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