ECONOMY

ÁKK raises offer at three-month T-bill auction

The Government Debt Management Agency (ÁKK) raised its offer on strong demand at an auction of discount three-month T-bills, Hungarian news agency MTI reported today.

ECONOMY

Banking Association appeals to President on settlement law

The Hungarian Banking Association has asked the President of the Republic not to sign legislation on settlement due borrowers from banks, but send it to the Constitutional Court for review.

ECONOMY

MNB fines MagNet Bank in money laundering case

The National Bank of Hungary (MNB) yesterday announced it fined MagNet Bank HUF 19 mln after being found guilty of violating the law against money laundering. The MNB cited several shortcomings related to anti-money laundering regulations in a targeted investigation it launched in March...

ECONOMY

Hungary debt ratio reaches 85.0% of GDP

Hungary's gross consolidated government sector debt, calculated at nominal value, in line with Maastricht methodology, reached HUF 25,437 bln, equivalent to 85.0% of GDP, at the end of June, a second reading of financial accounts data released by the National Bank of Hungary (MNB) today show.

BUSINESS

IT Services Hungary opens new base

German-owned IT service provider IT Services Hungary has opened a new 2,500 sqm base in Pécs (southwestern Hungary) the company announced yesterday. Headcount at the company's local operations increased by 50 from 340. 

ECONOMY

INTERBANK MARKET REPORT: Monday

The forint was trading at 311.82 to the euro late Monday on the interbank forex market, up from 312.59 late Friday and 312.18 late Sunday. Also at 312.18 to the euro early Monday, the forint moved between 311.73 and 313.03.

ECONOMY

BUX REPORT: Monday

The Budapest Stock Exchange's main BUX index finished up 1.24% at 17,838.87 Monday, after falling 1.23% Friday. It is down 3.91% from the end of last year, after it rose 2.15% in 2013. Last week, it lost 4.31% after dropping 1.49% the previous week.

BUSINESS

INA board to discuss refineries in early Oct

The board of Croatian oil and gas company INA, a unit of Hungary's MOL, could discuss its refining business at a meeting scheduled for October 7 at the earliest, Croatian news agency HINA said on Monday, citing a "well-informed" source that it did not name.

BUSINESS

Daimler marks production milestone in Hungary

German car manufacturer, Daimler turned out a quarter of a million cars at its Hungarian plant, which was inaugurated in the spring of 2012, Mercedes-Benz Manufacturing Hungary announced today.

ECONOMY

Court of appeals refers EvoBank contract case to Constitutional Court

The Budapest Municipal Court of Appeals is turning to the Constitutional Court in an appeal brought by EvoBank against a ruling rejecting its defense of unilateral changes made to loan contracts.

BUSINESS

Magyar Telekom wins bid for frequencies

Magyar Telekom, the Hungarian subsidiary of Germany's Deutsche Telekom, will pay a combined price of HUF 58.65 bln to license new frequencies that it won in a tender, the company announced today.

BUSINESS

BorgWarner launches HUF 9 bln expansion in Hungary

US automotive industry supplier BorgWarner laid the cornerstone of a HUF 9 bln turbocharger plant at its base in Oroszlány (located in northwestern Hungary) today. The company won an HUF 850 mln government grant for the investment.

BUSINESS

Tax office greenlights EuroJackpot for Hungary

Hungary's National Tax and Customs Authority (NAV) authorized state lottery company Szerencsejáték Zrt. to participate in the EuroJackpot international lottery, Hungarian business daily Világgazdaság reported today.

POLITICS

Lázár: National utility provider up by March 2015

Hungary is planning to establish a national utility provider, which would be a state-run and non-profit utility holding company, Cabinet Chief János Lázár told reporters in Makó, southern Hungary, yesterday. According to reports, Lázár said the holding company would be ready to launch at the end of March 2015.

POLITICS

PM: Hungary needs Christian democracy

Hungary's Prime Minister Viktor Orbán expressed the country's need for a governance of Christian democracy in a speech given Saturday at the 70th anniversary of the Hungarian Christian Democratic People's Party (KDNP). He added that a liberal government could never have lowered utility costs or helped those dealing with the fallout of foreign exchange loans.

BUSINESS

Agricolae inaugurates HUF 180 mln warehouse

Hungarian fruit processor Agricolae inaugurated a HUF 180 mln warehouse investment in Jankmajtis (northeast Hungary) on Friday.

BUSINESS

Ringier Axel Springer Media buys jobs portal

Hungary's Central Médiacsoport on Friday said it is selling its jobs portal Profession.hu to Ringier Axel Springer Media. The transaction will close after it is cleared by the Competition Office. Central Médiacsoport did not disclose the sale price

BUSINESS

Window maker ISO inaugurates HUF 400 mln expansion

Hungarian window and shutter maker ISO inaugurated a HUF 400 mln construction hall and showroom in Szentendre, near the capital, on Friday.

BUSINESS

HUF 360 mln business incubator completed

A HUF 360 mln business incubator has been completed in Gödöllő, near Budapest, the managing director of project manager Elszer Invest informed Hungarian news agency MTI. The establishment of Rézgombos Szolgáltató- és Inkubátorhaz was supported with a European Union grant of HUF 156 mln, Antal Csaba said.

ECONOMY

Forint eases further on interbank market

The forint was trading at 312.31 to the euro late Friday on the interbank forex market, down from 312.00 late Thursday. At 311.69 to the euro early Friday, the forint moved between 310.98 and 312.91, a four-day low.

expert opinion

CIB and SMEs: Awareness, perseverance, trust

CIB and SMEs: Awareness, perseverance, trust

Szerdahelyi Róbert

CIB's SME Regional Director