Kategória: PORTFOLIO.HU – Online Financial Journal
The stakes are extremely high – The fate of Hungary hangs in the balance
Hungary needs reforms in the area of competitiveness so that it would not be stuck in the middle-income trap, this is how we could sum…
The stakes are extremely high – The fate of Hungary hangs n the balance
Hungary needs reforms in the area of competitiveness so that it would not be stuck in the middle-income trap, this is how we could sum…
Hungary's new competitiveness package delayed
There will be no competitiveness package by the end of this year yet, a state secretary at Hungary’s Finance Ministry said on Thursday. Balázs Rákossy…
Hungary's OTP gets green light to buy Bulgarian bank
Bulgaria’s central bank has given Hungary’s OTP Bank the green light to buy Societe Generale’s Bulgarian businesses, Reuters cited the central bank as saying in…
Orbán: Hungary needs to be in the Top5 EU member states by 2030
By 2030 Hungary needs to belong to the five best countries of the European Union, where it is the best to live, reside and work,…
Takeover bid on Hungary's Magyar Telekom rumoured
The share price of Hungary’s Magyar Telekom has risen sharply on Wednesday and kept on soaring on Thursday morning, as local business daily Világgazdaság reported…
Hungary's growth is a minor miracle, but not unique in Europe
The Hungarian economy was in excellent shape in the third quarter of 2018, and the country finished in the top section of the European Union…
Russia reacts to U.S. threat of putting the crimp into gas pipeline project
Alexey Miller, the CEO of Russian energy giant Gazprom involved in Nord Stream 2 gas pipeline project, vowed to finish the construction of the pipeline…
Péter Tordai Receives CFO of the Year 2018 Award
Portfolio and Credit Management Group held one of the largest business and finance conference of the year on 8 November. The Business and Finance Summit…
Hungary FinMin cautiously ups GDP estimate over Q3 surprise
The upside surprise caused by the third-quarter 2018 GDP data caused has nudged the Hungarian government’s growth estimate upwardly, comments made by Finance Minister Mihály…
Time to pop the cork – Raiffeisen posts highest quarterly profit in years
Almost each of Raiffeisen Bank International’s key results in the third quarter beat the market’s expectations, the bank’s earnings report showed on Wednesday. The Austrian…
Hungary upside surprise delivered by Hungary’s third-quarter GDP data
Hungary’s gross domestic product grew by 5.0% in the third quarter of 2018, according to data adjusted seasonally and for working days. The raw figures…
USA asks a big favour of Hungary, tug-of-war over Russia ensues
U.S. Secretary of Energy Rick Perry has called for the diversification of Central Europe’s energy supply at a joint Hungarian-American ministerial press conference in Budapest…
Egis expands is plant in Körmend Hungary
Hungarian drugs maker Egis is to spend nearly 8 billion forints (EUR 24.79 mn) on expanding its plant in Körmend (western Hungary) with a packaging…
USA has means to stop Nord Stream 2, says U.S. Ambassador to EU
The United States has instruments to slow down or even stop the Nord Stream 2 gas pipeline project that would connect Germany with Russia, U.S….
We'll find out soon if Hungary's economic growth soared further or not
Growth of the Hungarian economy likely started to decelerate in the third quarter of 2018, but it still remained robust, this is how we could…
Hungarian MPs adopt new tax package
Hungarian MPs have on Tuesday adopted the government’s latest tax package. Among other things it includes the raise of the tax exemption ceiling of sole…
Hungarian MPs adopt new tax pacakge
Hungarian MPs have on Tuesday adopted the government’s latest tax package. Among other things it includes the raise of the tax exemption ceiling of sole…
A lot of nurses are missing from Hungarian hospitals
According to a survey by the Chamber of Hungarian Health Care Professionals (CHHCP), 25,000 skilled health workers are needed in hospitals immediately. A total of…
ECB to assess six Bulgarian banks, including unit of Hungary's OTP
European Central Bank (ECB) will conduct a comprehensive assessment of six Bulgarian banks as part of the Balkan country’s bid to join the European Union’s…
Hungary's industrial production declines in September
The volume of industrial output in Hungary declined by 0.6% year on year in September 2018, following a 1.6% growth in August, the Central Statistical…
Debrecen to host yet another automotive group
Germany’s industrial services specialist Leadec Group is to expand in Hungary by adding Debrecen to its five existing locations in the country, local business daily…
Europe split: half of the population shrinks, Hungary in trouble too
Hungary should brace itself for a major dwindling in its population in the next couple of decades. And this will not be changed significantly even…
Motor fuel prices are to be lowered again in Hungary
Hungarian oil and gas group Mol is to lower the wholesale list price of 95-octane gasoline by HUF 7 and the price of diesel by…
Wage boom seen continuing in Hungary in 2019
ING Bank projects low unemployment rate, intensifying labour shortage and dynamic wage increase for Hungary for 2019. It also believes inflation will accelerate that will…
ANALYST VIEW – HSBC raises target price for Hungary's OTP
HSBC has raised its target price for Hungary’s OTP. The new TP offers a 23.4% upside potential over OTP’s closing share price on Friday. HSBC…
Hungary construction sector continues to expand
The volume of construction output in Hungary edged up by 0.2% month on month in September, according to figures adjusted seasonally and for working days,…
Hungary construction output edges up in September
The volume of construction output in Hungary edged up by 0.2% month on month in September, according to figures adjusted seasonally and for working days,…
We'll learn this week how the Hungarian economy fared in Q3
The key macroeconomic release this week in Hungary is undoubtedly that of the third-quarter GDP data, plus there’s the central bank’s (MNB) statistical balance sheet,…
Hungary is in cautious camp when it comes to euro adoption – Orbán
Hungary needs to be about when it comes to adopting the euro as it should remain open toward other parts of the world, Hungary’s Prime…
Hungary is in cautious camp when it comes to euro adtopion – Orbán
Hungary needs to be about when it comes to adopting the euro as it should remain open toward other parts of the world, Hungary’s Prime…
OTP to announce further acquisitions – Deputy CEO
Hungary’s OTP Bank could carry out further acquisitions within the next year, Deputy CEO László Bencsik told reporters on Friday, after the release of OTP…
Hungary posts 2nd highest budget deficit in October
Hungary posted 181.6 billion general government deficit in October, which is the second-highest on record after the one posted exactly a year earlier. The reason…
One billion euro annual profit is within reach for Hungary's OTP
OTP Bank, Hungary’s largest bank by assets, keeps on breaking records. It has never before posted such huge revenues as in the third quarter of…
New car emissions testing knocks of some of Hungary's growth
The net impact of a new vehicle emissions testing procedure on Q3 GDP growth appears to have been minimal in Poland and the Czech Republic,…
Hungary's long-maturity bonds remain popular
Hungary’s Government Debt Management Agency (ÁKK) allotted 72.5 billion forints worth of government bonds at its biweekly auction on Thursday instead of the planned HUF…
Commission opens infringement procedure against Hungary
In its monthly package of infringement decisions, the European Commission has opened an infringement procedure against Hungary, calling on the country – and another seven…
Magyar Telekom revenues rise nicely, but so do costs
Revenues of Magyar Telekom, Hungary’s leading telecommunications group, turned out better than expected in the third quarter of 2018. Slowly but surely, equipment sales and…
EU sees higher growth in Hungary in 2018, 2019, slowdown afterwards
The European Commission has revised its 2018 GDP growth estimate for Hungary to 4.3% in its Autumn Forecasts from 4.0% projected in the spring. The…
Hungary Richter reports double-digit drop in Q3 after-tax profit
Gedeon Richter, Hungary’s leading pharmaceutical producer, has published lower-than-expected revenue and profit figures for the third quarter of 2018, as the results were hit by…
Hungary's inflation accelerates to almost 6-year high in October
Consumer prices grew by 3.8% year on year in Hungary in October 2018, the Central Statistical Office (KSH) reported on Thursday. We have not seen…
Hungary Richter seen reporting drop in Q3 profits
Gedeon Richter, Hungary’s leading pharmaceutical producer, is to release its earnings report for the third quarter of 2018 early on Thursday. Analysts polled by Portfolio…
Wizz Air kept under pressure by higher fuel prices
Wizz Air shares fell sharply on the half-yearly earnings report by the no-frills airline, but a quick recovery followed. The knee-jerk reaction came on the…
Hungary's state monopoly over mobile payments ruled illegal by EU Court
The European Court of Justice (ECJ) has ruled on Wednesday that the Hungarian state’s monopoly over national mobile payment services was illegal. The ruling would…
Doosan to receive HUF 4.7 state grant for new plant in Hungary
South Korea’s Doosan Corp. is to receive a non-refundable state subsidy of 4.7 billion forints for a new HUF 32 billion (EUR 99.34 mn) plant…
Price of gasoline lowered in Hungary
Hungarian oil and gas group Mol has lowered the wholesale list price of 95-octane gasoline by 5 forints per litre as of Wednesday, while the…
Hungary retail sales growth decelerates
The volume of retail sales in Hungarian shops grew surprisingly slowly, by 5.4% in September, according to data adjusted for calendar effects, the Central Statistical…
Hungary to keep preferential VAT rate on new homes for another 5 years
The Hungarian government is going to keep in effect the preferential 5% VAT rate until 31 December 2023 on the sale of new homes that…
Moody's 2019 outlook on global sovereigns still stable, but risks mount
The outlook for sovereign creditworthiness in 2019 is stable, balancing the global economy’s continued but slowing growth momentum against rising uncertainty over longer-term economic and…
Hungarians borrow like there's no tomorrow
In September 2018, Hungarian households have taken out three times as much home loans and 1.5 times as much personal credit than in the same…
Investors flock to Hungary's debt manager despite negative yield
Hungary’s Government Debt Management Agency (ÁKK) allotted 44 billion forints worth of 3-month discount Treasury Bills at its weekly auction on Tuesday instead of the…
We now have an idea about the number of homes to be built this year
The number of dwelling construction permits issued in the third quarter of 2018 was the same as in Q3 2017, while the number of dwellings…
PepsiCo sells out in Hungary, new beverage baron created
The respective competition authorities of the Czech Republic, Hungary and Slovakia have all green-lighted the acquisition of PepsiCo’s Hungarian subsidiary by Karlovarské minerální vody (Kmv)……
New passenger car registrations up 24% yr/yr in Hungary
New passenger car registrations were up by 5.4% year on year in Hungary in October 2018, and the growth in the first ten months reached…
Hungary may grant interest-free loan to young people
The Hungarian government is launching a so-called national consultation this week, and the wording of one of the questions suggests that young people could be…
Hungarian PM Orbán meets President of China
Hungary’s Prime Minister Viktor Orbán has a bilateral discussion with President of China Xi Jinping in Shanghai on Monday, the head of the PM’s Press…
Hungary Mol to lower price of gasoline on Wednesday
Hungarian oil and gas group Mol is to lower the wholesale list price of 95-octane gasoline by five forints on Wednesday, while the price of…
New large solar plant to be built in Hungary
China-based Unisun Energy Group has recently announced it was about to commence construction of the first phase of its ground-mounted solar power facility in Tiszaszőlős,…
Hungarian gov't “acknowledges” trade unions' wage hike proposal
The Hungarian government has acknowledged the importance of a recommendation by trade unions for a double-digit raise to the minimum wage and the wage minimum…
Hungary foreign trade surplus plummets
Hungary recorded a foreign trade surplus of 31 million euros in August 2018, versus an estimated EUR 51 mn. This means that the country’s foreign…
Eurozone slowdown leaves Hungary unfazed
Hungary’s manufacturing purchasing manager index (PMI) shot up to 57.3 points in October form 53.8 in September, the Hungarian Association of Logistics, Purchasing and Inventory…
Barrage of data in the pipeline this week in Hungary
After a few relatively quiet weeks it’s time for a flood of macroeconomic data, especially in Hungary. Of course, there will be key events elsewhere…
Hungary fares poorly in important ranking
Hungary is ranked 53rd in the World Bank’s Doing Business ranking of 190 countries. Although the country scored higher than last year, it is now…
Raiffeisen closes sale of Polish unit
Having received the necessary regulatory approval, Raiffeisen Bank International (RBI) has successfully closed the sale of the core banking operations of Raiffeisen Bank Polska S.A.,…
Hungary to stand out in CEE in terms of Q4 growth – analysts
London-based analysts believe Central and Eastern European and European Union economies kicked off the fourth quarter with a slackening growth momentum, except for Hungary. Capital…
Hungary Mol reports soaring third-quarter profits
Hungarian oil and gas group Mol has reported much higher profit figures for the third quarter of 2018 than for the base period, also beating…
Here's how much an average Hungarian can spend a year
Hungary has an average per capita purchasing power of 6,654 euros, almost 47% of the European average and 7.25% more than in 2017. This puts…
One more day to spend your old 1,000 forint bills in Hungary
The last day to pay with the old 1,000 forint bills issued before 2017 is 31 October when the National Bank of Hungary (MNB) will…
Lázár vs. Orbán: commissioner to table anti-smoking proposals
If we examine the issue of a ban on smoking as a question of freedom, we might ask why are drugs controlled in Hungary by…
Hungary debt manager raises auction, yield remains negative
Hungary’s Government Debt Management Agency (ÁKK) has put up for auction a HUF 35 billion lot of 3-month discount Treasury Bills instead of the usual…
It's final: Hungary to sack nearly 7,000 from public sector
Ministries will have to axe 2,600 jobs by 1 January 2019, and their support institutions will have to lay off another 4,210 people. The cabinet…
Hungary has no plans to reintroduce ban on Sunday trading
The ban on Sunday trading is a done deal, the cabinet has no intention to revisit the issue, the Government Information Center stated in a…
Is this the end of employment growth in Hungary?
The number of employed people in Hungary has been hovering slightly below 4.5 million for months now. According to third-quarter figures published by the Central…
They just can't let it go – Hungary's Sunday shopping ban discussed again
The issue of the Sunday shopping ban will be put on the agenda of ministries in charge of the retail sector and employment policy, pro-government…
Hungary's Orbán would not ban smoking
Hungary’s Prime Minister Viktor Orbán does not support banning smoking in the country. He talked with news portal azonnali.hu in Parliament late on Monday when…
Mol seen reporting higher earnings for Q3
Hungarian oil and gas group Mol is scheduled to publish its earnings report for the third quarter of 2018 on 31 October. Here’s what analysts…
Raiffeisen to move to new HQ in Budapest
Global real estate development company HB Reavis announced that Raiffeisen Bank is moving is moving to Agora Budapest, which is located in the new city…
Hungary Mol to raise price of diesel on Wednesday
Hungarian oil and gas group Mol is to raise the wholesale list price of diesel by 3 forints per litre as of Wednesday, while the…
Slovenia-Hungary powerline to be built after 20 years in planning
After two decades of planning, the construction of a 400-kilovolt powerline between Hungary and Slovenia is finally starting, as Slovenia’s Energy Agency has recently approved…
You seldom hear about auctions such as the one Tesco will have in Hungary
Auctions are still the most successful way of selling used machinery, parts and tools that have become unnecessary for a business. What more evidence do…
Hungary among the best in battery recycling in EU
Across the European Union as a whole, an estimated 44% of the batteries and accumulators sold were later collected for recycling. The ratio in Hungary…
Hungary has a short week again
Hungary is looking at another three-day (alright, three working-day) week, but the rest of the world does not go on vacation on Thursday and Friday,…
Trade union says stores should close sooner in Hungary
The Trade Union of Retail Employees (KASZ) is recommending that stores should be open only until noon instead of 2 P.M. on 24 December. KASZ…
Macron: Rule of law situation in Hungary shows worrying developments
He has a good relationship with Hungary’s Prime Minister Viktor Orbán, but he does not agree with the self-proclaimed anti-immigration knight of Christian values in…
More dismal data about the number of live births in Hungary
In August 2018, there were 3.5% fewer live births in Hungary than in the same month of 2017 and the number of deaths was up…
EU to reform road use charges, Hungary is not happy
Under draft rules adopted by MEPs on Thursday, road charging imposed by European Union member states would need to become distanced-based from 2023 for heavy-duty…
Hungary adds EUR 74 mn to anti-immigration budget
The Hungarian government has approved the Ministry of the Interior to exceed its migration management budget by up to 24 billion forints (EUR 74.1 mn)…
There's a small window to resolve CEU situation in Hungary – U.S. Ambassador
The U.S. Ambassador to Hungary said he understands the position the Central European University (CEU) is in, but believes there still might be a solution….
Hungary sells bonds with ease, yields drop markedly
Even though demand was not particularly robust, Hungary’s Government Debt Management Agency (ÁKK) has allotted 72 billion worth of government bonds at its biweekly auctions…
CEU to open Vienna campus for U.S. degrees in 2019
The Board of Trustees of Central European University (CEU) announced today that incoming students for its U.S.-accredited masters and doctoral programs will study at a…
CEU to leave Budapest if cabinet does not sign agreement by December
If the Hungarian government does not sign a draft agreement with New York State authorities by December this year, Central European University (CEU) will move…
Hungary expands family housing allowance scheme
The Hungarian government is expanding the family housing allowance programme (CSOK), the minister leading the Prime Minister’s Office announced on Thursday. CSOK to be expanded…
Hard Brexit would be particularly painful for Hungary
A ‘hard Brexit’ would deliver the second-biggest blow to Hungary’s economic growth in Central and Eastern Europe, Erste Group warned in a research note. The…
CEU to make important announcement in Hungary today
Central European University (CEU) has sent an invitation to its students, Hungarian news portal 24.hu reported on Thursday. Rector Michael Ignatieff invited students to the…
Scrapping of seasonal time changes in EU seen delayed
European Union member states may scrap summertime clock changes as of 2021 instead of 2019, according to a draft legislative proposal seen by Bloomberg. The…
MEPs back EU ban on throwaway plastics by 2021
Single-use plastic items such as plates, cutlery, straws, balloon sticks or cotton buds, will be banned in the EU from 2021 under plans MEPs adopted…
Mol to lower motor fuel prices in Hungary
Hungarian oil and gas group Mol is to lower the wholesale list price of 95-octane gasoline and diesel by 3 forints per litre each on…
Hungary sells short T-bills with negative yield again
Hungary’s Government Debt Management Agency (ÁKK) has once again sold short-maturity Treasury Bills with negative yield on Wednesday. Moreover, it allotted HUF 30 bn of…
Eurostat continues spat with Hungary over cenbank foundations
Hungary’s Central Statistical Office (KSH) has published its second EDP notification in 2018 on Wednesday, which shows that Eurostat, the statistical office of the European…
Budapest to become BlackRock's largest EU office after Brexit
BlackRock, the world’s largest asset manager, will keep its biggest European operation and regional headquarters in Britain after Brexit, moving “only very few” roles to…
Erste CEO: Do you think Hungary is a bigger political risk than the UK?
Do you think that Hungary is a bigger political issue for us than the UK, or Italy, or Spain, or Portugal, or Greece are for…
Hungary economic sentiment index rises after two-month decline
After a two-month decline following its historic peak in July, the economic sentiment index of Hungarian think tank GKI has risen slightly in October. According…
Hungarian cenbank does not have to tighten policy any time soon – analysts
London-based financial analysts agree that there are no macroeconomic or market factors at play that would force the National Bank of Hungary (MNB) to start…
Budapest commercial property rents unchanged in H1
The typical rent for commercial properties in Budapest remained unchanged in most segments in the first half of 2018 from the second half of 2017,…
Morgan Stanley warns Hungary inflation could be more than 4% in 2019
Financial analysts at London-based Morgan Stanley forecast inflation in Hungary to rise above 4% year-on-year for a short period next year due to high global…
Hungary FinMin submits 2019 tax package
The Finance Ministry on Friday submitted a tax bill to Parliament, with several new items added to the changes already known, such as a slight…
Hungary small cap signs global distributon deal with Asura
OTT-ONE, traded on the Budapest Stock Exchange, yesterday announced that it has signed an exclusive worldwide distribution deal with UK-based Asura Vision Ltd. for the…
Inflation slows Hungary real wage growth in August
Although salaries in the private sector continue to grow dynamically in Hungary, the growth of real wages has slowed as inflation climbed to a 5.5-year…
OTP to buy Société Générale Srbija, newspaper reports
OTP Bank will buy the Serbian unit of Société Générale, Serbian daily Novosti reported on Thursday. The newspaper cited unofficial sources claiming that OTP, which…
U.S. rate hike top concern, Hungary doing well – Commerzbank chief economist
Dr Marco Wagner, senior economist with Germany’s Commerzbank, will hold the keynote speech at Portfolio’s Business and Finance conference in November, where the award for…
EBRD sees no problem with Hungary axing home savings scheme
The European Bank for Reconstruction and Development (EBRD) does not see Hungary’s sudden abandonment of its home savings scheme (LTP or the Building Society Fund…
Yield on Hungary's 12-month T-bill lowest since May
Only HUF 21 bn worth of 12-month discount Treasury Bills were sold at the Government Debt Management Agency’s (ÁKK) biweekly auction on Thursday out of…
Hungary small caps announce merger plans
The board of directors of exchange-listed Opus Global voted to begin preparations for a merger with Konzum, also traded on the Budapest Stock Exchange, Opus…
Cold winter could cause trouble in Hungary's gas supply
Extreme cold weather could pose a risk to the security of natural gas supply, the Hungarian Energy and Public Utility Regulatory Authority (MEKH) said in…
Hungary investment funds hit wall in September
The combined assets managed by Hungarian investment funds grew to more than HUF 6,300 billion in September, but all is not rosy: only property funds…
EU records dramatic drop in new passenger car registrations
The number of new passenger car registrations declined by a quarter in annual terms in the European Union in September 2018 due to the introduction…
Hungary could launch new family housing allowance scheme already in 2018
Gergely Gulyás, the head of the Prime Minister’s Office, has held a press conference for journalists on Wednesday, and shared several key pieces of information…
This could be really big: Hungary sets eye on money kept under mattresses
The Hungarian state would have the means to further incentivise households to keep buying government securities. The question is whether it would be worth paying…
Hungary's competitiveness on maps!
Compared to the world average, Hungary’s competitiveness is not bad, but it is definitely not a great sight when compared to other European Union member…
Hungary Mol lowers fuel prices afrer major hike
Hungarian oil and gas group Mol has lowered the wholesale list price of 95-octane gasoline by 7 forints per litre and the price of diesel…