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London-based economists see smaller Hungarian rate hike and later

Fitch Solutions Macro Research, member of Fitch Group, has modified its forecast and now believes that the National Bank of Hungary (MNB) will start raising…

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Commission refers Poland to ECJ to protect Supreme Court

As Polish authorities failed to alleviate legal concerns of the European Commission about the country’s judicial reform, the EU executive has referred the country to…

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Hungary Mol to cut fuel prices on Wednesday

Hungarian oil and gas group Mol is to lower the wholesale list price of 95-octane gasoline by 3 forints per litre and the price of…

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Posted in PORTFOLIO.HU - Online Financial Journal

Hungary is seen preparing for Eurobond issuance

Hungary’s Government Debt Management Agency (ÁKK) has called for the arrangement of an investor meeting for the issuance of a 7-year Eurobond, Reuters reported on…

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Posted in PORTFOLIO.HU - Online Financial Journal

Hungary fares poorly in health care efficiency rankings

Hungary is on the 42nd spot in a Bloomberg Health Care Efficiency ranking, which marks a drop of nine places compared to the previous list…

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Posted in PORTFOLIO.HU - Online Financial Journal

Business expectations drop to 12-month low in Hungary

The economic sentiment index of Hungarian think tank GKI reached its historic peak in July and its lowest point this year in August, from where…

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This is how government measures make life more expensive in Hungary

Since the release of the Hungarian central bank’s (MNB) June Inflation Report, the cabinet has adopted several measures that influence the inflationary processes. According to…

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Here's the list of investments that will shake Hungary up

The National Bank of Hungary (MNB) has identified 34 large-volume and 11 further smaller capacity-increasing corporate investment projects that could set the future course for…

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Hungary is the most vehemently anti-refugee nation – survey

Three years after a record 1.3 million migrants sought asylum in Europe, a majority of people in several European countries say they support taking in…

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Spar spends billions of forints on store modernisation in Hungary

Retail chain Spar is spending 23 billion forints on developments, of which it has first upgraded three stores in Budapest and two in the country….

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Hungary at the bottom of EU's renewable source ranking

While electricity generation from renewable sources contributed more than one quarter (30 %) to total gross electricity consumption in the European Union in 2016, the…

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Number of cars on Hungarian roads rises to new record, their age too

If the number of new passenger car registrations matches the first-half figure, a new record will be set in Hungary in 2018. The highest number…

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Hungarians' willingness to purchase tumbles abruptly

The volume of sales in retail shops in Hungary increased by 5.3% year on year in July 2018, according to data adjusted for calendar effects….

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Posted in PORTFOLIO.HU - Online Financial Journal

U.S. automotive firm to invest billions of forints in Hungary

Sanmina is upgrading its factory in Tatabánya, Hungary with a 6.7 billion investment. The government is pitching in with a HUF 1.2 bn non-refundable grant….

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Audi to produce electric motors in Hungary

Audi AG will manufacture cars with electric drive in the future, the group’s Interim CEO Bram Schot has announced on Thursday in Győr, northwest Hungary,…

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Hungary OTP could post EUR 1 bn profit this year – Csányi

Profits of Hungary’s OTP Group could reach up to one billion euros, Chairman-CEO Sándor Csányi told a conference organised by the Budapest Stock Exchange (BSE)…

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Payment of EU funds to Hungary could be delayed – Commission source

A dispute between Hungary and the European Commission about some EU-funded projects may not be settled this year which could delay payments from the EU,…

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This is how much Hungary's new BMW plant will add to growth

The Hungarian economy will grow by 4.4% in 2018, 3.5% in 2019 and 3.0% in 2020, according to the latest projections by the National Bank…

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Wage boom is not over in Hungary

Wages have grown dynamically in July, and so it seems that the faltering (slower growth rate) in the previous months is now over. Even inflation…

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Posted in PORTFOLIO.HU - Online Financial Journal

EPP has no plans to expel Orbán until end of disciplinary process – President

The European People’s Party (EPP) will not expel Hungarian Prime Minister Viktor Orbán’s Fidesz party while the EU’s Article 7 disciplinary process against the country…

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Hungarian gov't to spend over EUR 18 mn on anti-Sargentini campaign

The Hungarian government led by Prime Minister Viktor Orbán is to launch a “wide-scale information campaign” in order to make it evident for everyone that…

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This is how you sell monetary easing as tightening

By István Madár 1. The National Bank of Hungary (MNB) made decisions of significant importance on Tuesday that set it on the path of monetary…

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Csányi's Singapore-based fund big support for OTP

After 2016, OTP Chairman-CEO Sándor Csányi’s Singapore-based fund is piling up OTP shares again. It purchased another minor package on Tuesday. Sertorius Global Opportunities Fund,……

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Intesa Sanpaolo sees interesting opportunities in Hungary – Chairman

Increasing profits is the greatest challenge for banks in Europe, and covering capital costs is also difficult for them. For Intesa Sanpaolo, which has joined…

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INSTANT VIEW – Hungarian c.bank announces gradual policy normalisation

The National Bank of Hungary (NBH) announced the return of the Funding for Growth Scheme (FGS) for small and medium-sized enterprises. The new FGS Fix…

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Hungary's Richter receives good news

Gedeon Richter, Hungary’s leading pharmaceutical producer, has received good news, namely that its wholesaler subsidiary was granted the licence to operate again. Richter announced on……

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Hungarian central bank publishes new growth, inflation estimates

The National Bank of Hungary (MNB) has left both its GDP and inflation estimates unchanged in its updated Report on Inflation to be published in…

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Hungary c.bank to change unconventional toolkit, prepares for normalisation

Consistent with the practice of leading central banks, the MNB is also prepared for the gradual and cautious normalisation of monetary policy, the National Bank…

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Hungarian central bank holds policy meeting

The National Bank of Hungary (MNB) has left its base rate, as well as the overnight deposit and lending rates on hold at its monthly…

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Hungary is the worst country to live in when you are old

Hungary is at the very bottom of the ranking listing the best countries to live in when you are old. Hungary scored merely 23 out…

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OTP chief's Singapore-based fund buys OTP shares again

OTP Bank has announced on Tuesday that Sertorius Global Opportunities Fund PTE. Ltd., closely associated with OTP Chairman-CEO Sándor Csányi, has acquired more than 48,000…

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Stadler plant in Hungary starts major production

Swiss manufacturer Stadler has started the production of the 52 trains in Szolnok, Hungary that will comprise Merseyrail’s new 460 million pound (cc. HUF 170…

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Hungary's Richter to sell new drug in EU

Richter, Hungary’s leading pharmaceutical producer, has announced on Tuesday that it has entered into a license and distribution agreement with L.D. Collins & Co. Limited…

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Hungary challenges EP decision on Article 7 proceedings in court

The Hungarian government has challenged a decision by the European Parliament on the Sargentini Report at the European Court of Justice, as – contrary to…

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Posted in PORTFOLIO.HU - Online Financial Journal

Hungary plans to add civil function to military air base in Kecskemét

The military air base in Kecskemét, central Hungary, which currently functions as the base for Gripen fighter jets, is planned to be used also for…

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Hungary's central bank cannot delay this decision for much longer

It is no question that the National Bank of Hungary (MNB) will keep its so-called benchmark policy rate on hold on Tuesday. The market, however,…

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Hungary PM Orbán meets Deutsche Telekom execs in Parliament

Hungary’s Prime Minister Viktor Orbán received executives of Deutsche Telekom (DT) in Parliament on Monday, reviewing the results achieved jointly in the field of Hungary’s…

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Hungary could provide for as many as 20 million people – Orbán

The autumn session of the Hungarian Parliament has kicked off with a speech by Prime Minister Viktor Orbán on Monday. Highlights of Orbán’s speech: Hungary…

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U.S. President Trump applauds Hungary for building gas pipeline

The United States remains committed to working with the 12 member nations of the Three Seas Initiative (3SI) to continue expanding, energy, transportation, and digital…

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Hungary plans to completely ban plastic bags

Hungary’s Ministry of Innovation and Technology plans to tighten regulations significantly in a bid to eliminate plastic bags and single-use plastics. The new draft legislation,…

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Major wage hike may await Hungary's state-owned companies next year

On top of the wage agreement already in place, state-owned companies may seal a new deal as soon as next year, and talks are already…

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Markets await central bank policy meeting in Hungary

The main event in Hungary this week will be the policy meeting of the central bank (MNB) on Tuesday, not to mention that the bank…

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Dramatic figures leaked about Hungary's public work scheme

The redirection of people in public work programmes to the primary labour market is inefficient in Hungary, according to an Interior Ministry document obtained by…

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Hungary's Orbán to hold key speech on Monday

The Hungarian Parliament’s autumn session is going to start with an extraordinary speech by Prime Minister Viktor Orbán on Monday, the agenda of that meeting…

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OTP CEO Csányi's Singapore-based fund buys OTP shares for over HUF 1 bn

OTP Bank has announced on Friday that Sertorius Global Opportunities Fund PTE. Ltd., closely associated with OTP Chairman-CEO Sándor Csányi, has acquired 63,000 OTP shares…

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Orbán and Putin to discuss Russian gas, Paks 2

The key items on the agenda of the next meeting between Russian President Vladimir Putin and Hungary’s Prime Minister Viktor Orbán in Moscow on 18…

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Hungary forint approaching a brick wall

Hungary’s forint was flat against the euro on Friday morning, starting the day at around 324. In the meantime, the euro has settled down a…

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Hungary's construction sector goes to ludicrous speed

The volume of construction output rose 4.5% month on month in June, according to data adjusted seasonally and for working days. This is not an…

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Posted in PORTFOLIO.HU - Online Financial Journal

EPP could expel Fidesz, says Hungarian PM Orbán

Hungary’s Prime Minister Viktor Orbán thinks there is a 50% chance that his Fidesz party will be expelled from the European People’s Party (EPP) family,…

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Huge Turkish rate hike helps Hungary's forint recover

Hungary’s forint was flat against the euro on Friday morning, starting the day at around 324. In the meantime, the euro has settled down a…

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Erste announces successor of outgoing CEO Treichl

Erste Group Bank AG CEO Andreas Treichl is stepping down as of January 2020. The Austrian banking group has revealed on Thursday that he will…

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Yields jump at Hungary's bond auctions

Hungary’s Government Debt Management Agency (ÁKK) has allotted 64.5 billion worth of government bonds at its biweekly auctions on Thursday instead of the planned HUF…

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NEPI Rockcastle buys controlling stake in Mammut shopping centre in Budapest

NEPI Rockcastle has announced on Thursday the acquisition of 100% of Mammut 2 and 81% of Mammut 1, which jointly form the Mammut shopping centre…

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Pending EU censure could hit Hungary's reputation, investments

Hungary is closer to facing censure by Europe for allegedly flouting EU rules. Although the move should not lead to any short-term direct economic consequences,…

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OTP chief Csányi's Singapore-based fund buys a lot of OTP shares

OTP Bank has announced on Thursday that Sertorius Global Opportunities Fund PTE. Ltd., closely associated with OTP Chairman-CEO Sándor Csányi, has acquired over 43,000 OTP…

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Commission reveals how it plans to put an end to seasonal clock changes

The European Commission is proposing to end seasonal clock changes in Europe in 2019, giving Member States the freedom to decide once and for all…

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New details leaked about what bothers Orbán about health care system

The situation of Hungary’s health care system has gained a lot of exposure recently. According to leaked information, even Prime Minister Viktor Orbán mentioned upcoming…

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HUF could hit all-time low versus euro after Hungary censure motion passes

After the abrupt weakening of the Hungarian currency, sentiment could easily turn negative on the forint market now that the European Parliament adopted the Sargentini…

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EP decision is “revenge” against Hungary by pro-migration politicians – Szijjártó

The decision of the European Parliament on the adoption of the Sargentini Report is the petty revenge of the pro-immigration politicians”, Hungary’s Minister of Foreign…

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EU goes for “nuclear option” against Hungary

For the first time in its history, the European Parliament has on Wednesday called on the Council of the European Union to act against a…

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Automotive companies in Hungary turn machines off

The volume of Hungary’s industrial production dropped 2% month on month in July, the Central Statistical Office (KSH) reported on Wednesday. The summer was not…

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Hungary Mol speeds up EUR 1.2 billion project with thyssenkrupp

Hungarian oil and gas group Mol and thyssenkrupp Industrial Soliutions AG have signed four separate lump-sum engineering, procurement and construction (EPC) contracts for their 1.2…

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Hungary Richter adds new item to product line

Gedeon Richter, Hungary’s leading pharmaceutical producer, and Mithra Pharmaceuticals announced on Wednesday that they have entered into a license and supply agreement to commercialize Estelle……

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Hungary forint starts day at 325 versus euro

Hungary’s forint started trading on Wednesday around 325 versus the euro, while the US dollar crossed south of 1.16 against the single European currency. Emerging…

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U.S. Ambassador to Hungary: CEU is going to stay

The Ambassador of the United States to Hungary has made positive remarks after his meeting with Prime Minister Viktor Orbán about the future of Central…

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Hungary never missed this many workers before

As the economy grows companies need more employees, but the shortage of skilled labour is posing an increasingly serious problem. An evidence to this is…

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Hungary Mol to lower price of gasoline

Hungarian oil and gas group Mol is to lower the wholesale list price of 95-octane gasoline by 4 forints per litre on Wednesday, while the…

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Posted in PORTFOLIO.HU - Online Financial Journal

Ranking of Hungarian banks: some have beaten even OTP

OTP Bank simply cannot be beaten in Hungary in respect of its size and profit. But there are some indicators in the central bank’s (MNB)…

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Hungary forint remains unfazed by inflation data

Hungary’s forint started the day by moderate appreciation and it is currently quoted at 324.5 against the euro. Further direction for the HUF may be…

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Hungary inflation remains at 5.5-year high

Consumer prices in Hungary rose by 3.4% year on year in August, unchanged from July, the Central Statistical Office (KSH) reported on Tuesday. Analysts’ consensus…

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Hungary forint awaits inflation data around 324.5 vs. EUR

Hungary’s forint started the day by moderate appreciation and it is currently quoted at 324.5 against the euro. Further direction for the HUF may be…

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Hungarian pensioners seen receiving 'premium' this year and next

The Hungarian state paid a ‘premium’ to pensioners in 2017 for the first time, and in view of the better-than-expected preliminary economic growth data this…

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Flat profit, outstanding lending at Budapest Bank

Budapest Bank has posted 9.2 billion forint worth of after-tax profit in the first half of 2018, unchanged from H1 2017, the bank told state-owned…

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Bridgestone brings additional investment to Hungary

Japanese tire manufacturer Bridgestone is to launch another 9.2 billion forint investment project in Tatabánya, Hungary, for which the cabinet has granted a non-refundable subsidy…

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Hungary's Orbán reveals first step in health care overhaul

Hungary’s Prime Minister Viktor Orbán told a picnic organised in Kötcse, western Hungary, for the entourage of the ruling Fidesz party on the weekend that…

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ANALYST VIEW – Morgan Stanley cuts target price for Hungary's OTP

Morgan Stanley has lowered its target price for Hungary’s OTP Bank to 12,800 forints from HUF 13,600 previously. The rating remains ‘Overweight’. Morgan Stanley cut…

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Turkey may steal the show this week as well

Central banks are going to take centre stage this week again. In any normal case we’d say that decisions by the European Central Bank (ECB)…

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Hungary aims for “smart reduction” of utility tariffs – innovation minister

Regardless of the fact that small and medium-sized enterprises generate half of Hungary’s GDP, they are characterised by weak research and development activity and underdeveloped…

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Fund managers most upbeat about Hungarian stocks since 2009

Fund managers in Hungary have not been this optimistic about the prospects of the Budapest Stock Exchange (BSE) since 2009, Portfolio’s latest survey reveals. The…

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Fund managers have not been this upbeat about Hungarian stocks since 2009

Fund managers in Hungary have not been this optimistic about the prospects of the Budapest Stock Exchange (BSE) since 2009, Portfolio’s latest survey reveals. The…

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BWM choosing Debrecen makes one thing clear, cenbank chief says

Now that German carmaker BMW chose Debrecen as the location for its new manufacturing plant, it is now certain that this city will be Hungary’s…

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Hungary records all-time high budget gap for January-August

Hungary’s general government posted 155 billion forint deficit in August, which takes the cumulated gap to HUF 1,646 billion, Finance Ministry data revealed on Friday….

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Hungarian credit institutions post HUF 300 bn profit in first half

Credit institutions in Hungary recorded combined after-tax profit of 140 billion forints in the second quarter of the year and HUF 300 bn in the…

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Most of Ukraine's electricity exports go to Hungary

Hungary is the biggest buyer of Ukrainian electricity exports, nearly 60% of which were directed to Hungary in the first eight months of 2018. According…

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Hungary's credit rating upgraded

Japan’s R&I credit rating agency has upgraded Hungary’s foreign currency issuer rating to BBB from BBB- previously. The outlook on the rating is stable. More…

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It's started: Hungarian households flee into more expensive loans

Those that signed mortgage loan agreements last December, did that on an average interest rate of 4.0%. The rise in interest rates has started, and…

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Hungary plans panda bond sale, FinMin says

Hungary is looking to sell its second bond on the domestic Chinese market in as many years, encouraged by foreign demand for its debt during…

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Are there many hospital beds in Hungary? Here are the latest figures!

There were 68,263 hospital beds in Hungary in 2017, which means that there was practically no change in their number in the last few years….

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Hungary debt manager easily sells 1-yr T-bills

Hungary’s Government Debt Management Agency (ÁKK) allotted 40 billion forints worth of 12-month discount Treasury Bills at an auction on Thursday, instead of the planned…

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EPP chief pledges no concession to Hungary's Orbán and his party

Messages started to fly back and forth like rabid bats between Hungary and leading politicians of the European Union over the last few days about…

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Hungary's industry goes on vacation

The volume of Hungary’s industrial production dropped 2% month on month in July, the Central Statistical Office (KSH) reported on Thursday. The summer months were…

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Posted in PORTFOLIO.HU - Online Financial Journal

We no longer want to pay for Hungary, Poland, says French foreign minister

France does not want to finance a populist Europe, countries that do not respect fundamental principles, the country’s foreign minister Jean-Yves Le Drian has indicated….

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Carmageddon in Hungary: passenger car fleet gets older and older

The number of passenger cars registered for the first time in Hungary reached 150,000 in the first half of 2018, which suggests that there could…

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High-speed rail to be built between Visegrad Four countries

The competent ministers of the Visegrad Four countries have agreed that a feasibility study will be conceived by the autumn of 2019 on a high-speed…

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Sky-high profits at Hungarian arm of KBC Group

K&H Bank, the Hungarian operation of Belgium’s KBC Group, posted such a huge profit in the first half of 2018 that would be acceptable also…

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Momentum fading out in Hungary’s building construction

It would not be surprising if some of the already announced home building projects were simply cancelled, especially where works have not started yet and…

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Posted in PORTFOLIO.HU - Online Financial Journal

ANALYST VIEW – Erste raises target price for Hungary's Mol

Erste has raised its target price for Hungarian oil and gas group Mol to HUF 3,380 from HUF 3,230 previously, while it has retained its…

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Hungarian economy grows faster than previously thought

Hungary’s gross domestic product grew by 4.6% year on year in the second quarter, according to figures adjusted seasonally and for working days, which is…

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Hungary to riase price for 10-day motorway “stickers”

Hungary is raising the price of all 10-day motorway “stickers”, not just for passenger cars. Gergely Gulyás, the minister leading the Prime Minister’s Office, announced…

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Tax advisors urge abolishment of tourism tax in Hungary

Iván Vadász, Vice-President of the National Association of Tax Advisors and Bookeeping Service Providers (MAKSZOE) in Hungary argues that as the administrative burdens of business…

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Hungary debt manager easily sells HUF 40 bn worth of short bills

Hungary’s Government Debt Management Agency (ÁKK) has sold 40 billion forints worth of 3-monthy discount Treasury Bills as planned at its weekly auction on Tuesday….

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Hungarians extremely worried about state of health care

71% of Hungarians polled by Ipsos in July said their primary concern was the country’s health care system. This figure stands out in global comparison….

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Teacher shortage is dramatic in Hungary

More than 4,000 teachers were missing in Hungary in August, according to data provided by the Klebelsberg Centre, which makes it increasingly obvious that the…

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Hungary supports capital increase of World Bank institutions

Hungary supports the capital increase of the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC), members of the World Bank…

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Cash-killing continues, yet only 1.4 mn Hungarians use their bank cards

More than one quarter of bank card holders in Hungary try to use their plastics instead of cash any time they can, which resulted in…

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Hungary forint does not cross “pain threshold” of central bank

The National Bank of Hungary is not under pressure to tighten policy, though some clearer guidelines about its exit plan at the 18 September rate-setting…

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Hungary Mol to raise motor fuel prices on Wednesday

Hungarian oil and gas group Mol is to raise the wholesale list price of 95-octane gasoline by 2 forints per litre and the price of…

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Posted in PORTFOLIO.HU - Online Financial Journal

Spar opens several new stores in Hungary

Spar is expanding its Hungarian network further. The retail chain has added 25 new stores to its network over the last 12 months. The franchise…

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Posted in PORTFOLIO.HU - Online Financial Journal

We'll learn this week why Hungary had such robust Q2 GDP growth

A few weeks ago, the Hungarian economy delivered a surprise when it showed 4.6% annual growth in the second quarter, while the market expected 4.2%….

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Hungary's industry may get back on its feet

Hungary’s manufacturing purchasing manager index (PMI) has risen to 56.3 points in August 2018 from 53.3 in July, the Hungarian Association of Logistics, Purchasing and…

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Hungary PM Orbán asked to reintroduce Sunday shopping ban

Hungary’s Independent Trade Union of Retail Employees (KDFSZ) has asked Prime Minister Viktor Orbán to reintroduce the Sunday shopping ban, pro-government daily Magyar Idők reported…

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Hungarian PM Orbán meets Rosatom chief in Budapest

Hungary’s Prime Minister Viktor Orbán has held a working meeting with Alexey Likhachev, Director General of Rosatom and his colleagues about the expansion of the…

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European Commission secures windfall gain for Hungary

The European Commission has approved more than 300 million euros worth of expenditure Hungary had in relation to border protection, announced Gergely Gulyás, the minister…

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Posted in PORTFOLIO.HU - Online Financial Journal

European Commission to retire bi-annual clock change

Jean-Claude Juncker, President of the European Commission, has announced in the German public television on Friday that the European Union will bow to the results…

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Hungary to hike 10-day motorway toll

Hungary is to raise the price of the 10-day motorway toll as of 1 January 2019, the minister leading the Prime Minister’s Office has announced…

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Posted in PORTFOLIO.HU - Online Financial Journal

Hungary forint suddenly gains strength, gets close to 326 vs. EUR

Turkey’s lira has firmed markedly on Friday morning, which also helped Hungary’s forint a bit and the last technical barrier before 330 stopped the HUF…

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Posted in PORTFOLIO.HU - Online Financial Journal

Hungary forint easing stops before 330 to euro

Turkey’s lira has firmed markedly on Friday morning, which also helped Hungary’s forint a bit and the last technical barrier before 330 stopped the HUF…

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There have never been this many doctors practicing in Hungary

A total of 39,132 doctors worked in Hungary in 2017, which translates into one doctor per every 40,000 people. The Central Statistical Office (KSH) has…

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Posted in PORTFOLIO.HU - Online Financial Journal

Public investments soar in Hungary instead of private developments

The volume of investments in Hungary rose 15.3% year on year in the second quarter of 2018, the Central Statistical Office (KSH) reported on Thursday….

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Posted in PORTFOLIO.HU - Online Financial Journal

Real estate investment volume keeps on rising in Hungary

The volume of investments in the Hungarian economy grew further in the second quarter of 2018. The investment volume of real estate activities also rose…

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