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Bank of China notes introduced to trading on Budapest bourse

Bonds issued by the Hong Kong Branch of the Bank of China Limited will be introduced into exchange trading on the Budapest Stock Exchange (BSE)…

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Posted in PORTFOLIO.HU - Online Financial Journal

Starbucks to open three more Hungarian units in 2018

U.S. coffee shop chain Starbucks will open three more units in Hungary this year, bringing the total number of outlets in its Hungarian network to…

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Hungary PM insists 'slavery bill' is in workers' interests

The government will not withdraw its proposed amendment to the Labour Code as it serves the interest of workers, Prime Minister Viktor Orbán said in…

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Low demand, higher yields at Hungary T-bill auction

The Government Debt Management Agency (ÁKK) managed to sell only HUF 48 bn of the originally planned HUF 50 bn lot of 3-month treasury bills…

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Hungary agriculture output up 3.1% in 2018

The volume of output of agriculture grew by 3.1% in 2018, the Central Statistical Office (KSH) said on Tuesday. The volume of crop products rose…

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Hungary's OTP buys own shares for HUF 2.2 bn

Hungary’s OTP Bank bought another 200,000 own shares on the Budapest Stock Exchange (BSE) on Monday, the bank announced on Tuesday. The shares were purchased…

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Hungary 3.1% November CPI shocks analysts (2)

Consumer prices in Hungary were 3.1% higher on average in November 2018 than a year earlier, down from 3.8% in October, the Central Statistical Office…

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OTP leads 2015-2018 CEE M&A ranking

OTP has been the biggest buyer in the regional banking market for the past two years, ahead of the Polish government, Deloitte said in a…

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Hungary 3.1% November CPI shocks analysts

Consumer prices in Hungary were 3.1% higher on average in November 2018 than a year earlier, down from 3.8% in October, the Central Statistical Office…

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OTP leads 2015-2018 CEE M&A ranking

OTP has been the biggest buyer in the regional banking market for the past two years, ahead of the Polish government, Deloitte said in a…

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Posted in PORTFOLIO.HU - Online Financial Journal

Huge turnaround in Hungary: CPI has not done this for eight months

After Hungary’s annual inflation accelerated close to a six-year high in October 2018, consumer prices rose at a less drastic pace in November, mainly due…

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Tesco to open new Business Services Centre in Budapest

UK-based retail chain Tesco has announced on Monday that it is setting up a new Central European business service centre in Budapest, creating several hundreds…

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Hungarian fund managers name favourite stocks

Global stock markets have had a busy month in November, but despite trade war concerns and downside risks one of the main surprises was delivered…

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Fate of Brexit to be decided this week

It will turn out within a few days if any chance is left for Brexit if the British Parliament does not adopt the agreement, as…

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Clouds are gathering over Hungary's banking sector

Credit institutions in Hungary posted 425 billion combined profit in the first three quarters of 2018, down from HUF 483 bn in the same period…

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Hungary's Orbán makes “confession” about wage hike plans

Hungary’s Prime Minister Viktor Orbán has addressed economic growth, wage hikes in the public sector and the expected direction of economic policy in his regular…

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Planned wage hikes seen upsetting Hungary's budget in 2020

In recent weeks Hungarian ministers announced three waves of public sector wage increases that will affect the spending side of the budget. Analysts at OTP…

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Moody's says Hungary's credit profile balances robust growth

Hungary’s credit profile is supported by robust growth, the authorities’ commitment to fiscal policies that will keep budget deficits within the 3% of GDP Maastricht…

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Hungarian budget helped out by EU transfers

Hungary’s general government posted a shortfall of 164.3 billion in November, which is not an outstanding figure compared to the previous November readings. However, the…

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Lear Corporation to shut down plant in Hungary

Lear Corporation Hungary Ltd., the Hungarian arm of Lear Corp., a leading global supplier of automotive seating and electrical distribution systems, is shutting down its…

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Hungary Supreme Court makes critical announcement

Hungary’s Curia (Supreme Court) is starting a comprehensive investigation into foreign currency lending, announced György Wellmann, head of the civil division at the institution’s annual……

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Hungary's exports increase markedly in October

Hungary’s exports rose by 6.5% year on year in October in euro terms, while imports increased by 9.7% over the base period, the Central Statistical…

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Hungary to sign strategic agreement with Tungsram

The Hungarian government is to sign a strategic co-operation agreement with Tungsram Operations Ltd., a government decree published in the Official Gazette showed on Friday….

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No agreement on minimum wage hike in Hungary

As social partners were unable to agree on the minimum wage and the wage minimum for skilled workers to be in effect as of 1…

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Mercedes staff can expect major wage hike in Hungary

Trade unions at the Mercedes plant in Kecskemét, Hungary signed a new two-year wage agreement with the carmaker’s management on Thursday, 24.hu reported. The portal…

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Hungarian government bonds as popular as ever, yields plummet

Hungary’s Government Debt Management Agency (ÁKK) allotted 75 billion forints worth of government bonds at its biweekly auction on Thursday instead of the planned HUF…

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CEZ to set up charging stations in Hungary

Czech energy group CEZ is to set up fast-charging stations in Hungary. In the first stage, CEZ will focus on its home market, but then…

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Hungary's industry recovers after faltering

After hitting the breaks in September, Hungary’s industry managed to accelerate again in October and its year-on-year growth rate picked up, preliminary data published by…

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Budapest Corvinus University among best business schools in Europe

Budapest’s Corvinus University is ranked 82nd in the European Business School Rankings 2018 by The Financial Times. This marks a slippage of six spots compared…

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Hungary Mol amends employee share ownership program

The Board of Directors of Hungarian oil and gas group Mol has decided to amend the funding process of Mol Employee Share Ownership Program Organization…

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ANALYST VIEW – HSBC cuts target price for Hungary's Magyar Telekom

HSBC has lowered its target price for Hungary’s Magyar Telekom to HUF 535 per share from HUF 570 previously, while it maintained its ‘Buy’ recommendation…

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Templeton guru disappointed, identifies worrying trend in Hungary

Outside of the Eurozone, countries like Hungary, Poland and the Czech Republic have slid even further toward protectionism and far-right nationalism. This is a worrying…

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OTP's Bulgarian acquisition is on track

After Bulgaria’s central bank gave the go-ahead to Hungary’s OTP buying a bank from Societe Generale in the country, the local financial supervision has also…

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EU calls on Hungary again to implement fiscal adjustment

As the Hungarian authorities have disregarded the European Commission’s recommendations, it is now the Council of EU finance ministers (ECOFIN) that urges Hungary to implement…

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Hungary forint seen depreciating markedly in 2019 – analysts

Hungary’s forint was found to be the second riskiest Emerging Market currency in November, up from the sixth spot in October in Nordea Bank’s ranking…

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Hungary Magyar Telekom has frequency usage rights extended

Magyar Telekom, Hungary’s leading telecommunications group, has announced that it has extended its frequency usage rights for 11 billion forints. Based on the resolution of…

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Fitch sees strong resilience by CEE banks to expected economic slowdown

Fitch Ratings has a Stable Outlook on Central and eastern European (CEE) banks, saying it should be resilient to the expected moderation of economic growth…

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Hungary takes 2030 climate target very seriously – official

By 2030, Hungary will be able to reduce greenhouse gas emission by 40%, a state secretary at the Ministry of Innovation and Technology reassured on…

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Hungary short bill yield drops to all-time low

The average yield on Hungary’s 3-month discount Treasury Bills dropped to a new all-time low at the Government Debt Management Agency’s (ÁKK) weekly auction on…

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Hungary's Orbán has firm opinion on Mol-INA dispute

“I know of no economic issue more valuable than the 800-year friendship between the Hungarians and the Croatians,” said Hungary’s Prime Minister Viktor Orbán in…

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Germany's Bosch to invest EUR 43.5 million in Hungary

Germany’s Robert Bosch Power Tool, the biggest Bosch hand tool factory of the world, is to set up a European battery competence centre in Miskolc,…

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Hungary's 'slavery bill' level 9000 – No extra pay for overtime work!

The Hungarian government’s recently announced plan to amend the Labour Code sparked outcry from trade unions and had the law amendment proposal dubbed ‘slavery bill’….

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U.S. Ambassador to Hungary is “so sad” about CEU driven into exile

The U.S. Ambassador to Hungary said he is “so, so said” that Central European University (CEU) was unable to reach an agreement with the government…

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This is how Hungary plans to amend 'slavery bill'

Hungary’s ruling Fidesz party is to submit a package of proposals to the planned amendment of the Labour Code on Tuesday, said Lajos Kósa, MP…

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Hungary needs 'slavery bill' to please BMW?

Heated debate occurred in Parliament on Monday about a recently submitted and highly contested bill that seeks to raise the cap on annual overtime work…

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CEU to move U.S. degree programs to Vienna from Budapest

Central European University (CEU) has announced on Monday that it will launch all U.S.-accredited degree programs in Vienna in September 2019, as Hungary’s Lex CEU…

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Danish multinational company expands Hungarian operation

Denmark Vestfrost is to expand its refrigerator production and warehouse capacities in Csongrád, Hungary by a 4.4 billion forint (EUR 13.65) investment. Hungary is providing…

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Hungary's Mátra Power Plant to open new coal mine

Management of Hungary’s Mátra Power Plant (Mátrai Erőmű Zrt.) projects positive pre-tax profit for 2018, although the company closed the first half of the year…

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We'll learn this week what was driving Hungary's 5% GDP growth

The week ahead is packed with macroeconomic events and releases. There will be manufacturing PMI data coming out in several countries. In Hungary, we’ll learn…

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Has the Hungarian economy started to cool down?

Hungary’s manufacturing purchasing manager index (PMI) stood at 53.5 points in November 2018, the Hungarian Association of Logistics, Purchasing and Inventory Management (HALPIM) reported on……

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Raiffeisen now has enough capital to consider acquisitions

A lengyel leánybank eladásával elég tőkéje lett a Raiffeisennek ahhoz, hogy akár új felvásárlásba kezdjen – mondta Johann Stobl vezérigazgató. A Reuters szerint a vezérigazgató…

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Hungary savings co-operatives to be turned into single universal bank

Hungary’s 12 savings co-operatives and an additional three banks operating within Takarég Group as joint stock companies will be merged into a single large universal…

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This is how Hungary's ruling party will amend 'slavery bill'

Lajos Kósa, member of Hungary’s ruling Fidesz party, said a law amendment proposal he submitted with a fellow Fidesz MP and which was dubbed ‘slavery…

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Detailed reports about Hungarian doctors in limbo

There are statistics on how many doctors worked in Hungary in 2016 and 2017, only these are not available for the public. A minister holds…

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Hungary to transform entire health care system – minister

A methodological proposal to improve the efficiency of financial management of hospitals could be ready by early 2019, Minister of Human Capacities Miklós Kásler told…

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Hungary OTP buys own shares for over HUF 1 billion

Hungary’s OTP Bank bought another 100,000 own shares on the Budapest Stock Exchange (BSE) on Thursday, which corresponded to 16% of all transactions with OTP…

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ANALYST VIEW – Jefferies ups targert price for Hungary's Richter

Jefferies has raised its target price for Richter, Hungary’s leading pharmaceutical producer. Jefferies has raised its target price for Richter to HUF 5,520 per share…

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Fuel prices in Hungary have just been lowered again

Hungarian fuels group Mol has lowered motor fuel prices for the second time this week on Friday. The wholesale list price of 95-octane gasoline has…

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Minister promises major wage hike for Hungary's defence staff

Hungary’s defence staff can expect a 35% salary hike, the Minister of Defence told a press conference on Thursday. Tibor Benkő announced that as of…

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Hungary plans massive wage hike in health care

The Hungarian government has decided to extend a 55 billion forint bailout to debt-ridden local hospitals, announced the Minister of Human Resources on Thursday. This…

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Hungary FinMin contests labour shortage estimates

The Finance Ministry says about 150,000 to 200,000 skilled workers are missing from Hungary. The estimate is lower than most market estimates. Applying a cautious…

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Average yield on Hungary's 12-m T-bill drops at auction

Hungary’s Government Debt Management Agency (ÁKK) received 55.4 billion forint worth of bids from primary dealers on a HUF 30 bn lot of 12-month discount…

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South Korea's Hanon Systems brings EUR 113 mn investment to Hungary

South Korean global automotive supplier Hanon Systems is to invest a total of36.7 billion forints (EUR 113.16 mn) in Hungary, setting up two new facilities…

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Hungary records investment boom in third quarter

The volume of investments in Hungary increased by 22% year on year in the third quarter of 2018, the Central Statistical Office (KSH) reported on…

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Did poverty in Hungary really decrease so much in 2017?

Data by Eurostat, the statistical office of the European Union, show that the share of Hungarians unable to face unexpected financial expenses dropped the most…

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Posted in PORTFOLIO.HU - Online Financial Journal

Hungary is the tax reduction champion of the EU

Hungary lowered its tax-to-GDP ratio to 38.4% in 2017 from 39.3% in 2016, which was the largest reduction in the European Union, reported Eurostat, the…

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Hungary's ruling party backpedals, willing to soften 'slavery bill'

The Hungarian government is backing down and will modify a recently submitted and widely contested bill that seeks to raise the legal annual overtime to…

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Hungary Mol wins Energy Company of the Year Award (mid cap)

Hungarian oil and gas group Mol and its executive vice-president for consumer services are among the winners of the 2018 Petroleum Economist Awards that were…

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EU tables new plan to fight for ‘climate neutrality’ by 2050

The European Commission announced on Wednesday its intention to achieve a climate neutral economy 2050. The EU executive has adopted a strategic long-term vision for…

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Thanks, but no thanks! – Audi trade union to Hungary's overtime plan

The trade union at the Hungarian arm of German luxury carmaker Audi is objecting to a planned change to the Labour Code that would allow…

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Hungarian government mulls making historic move

If the government decides so, the ratio of foreign currency debt within Hungary’s total debt could be lowered to 3.3% seven years from now. By…

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Hungary sets new record: 4.5 million people employed

The number of employed people in Hungary rose to a new record high of 4.5 million in the August-October 2018 period, the Central Statistical Office…

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Hungary has never borrowed this cheaply before

Demand was massive for a 50 billion forint lot of Hungary’s 3-month discount Treasury Bills on Tuesday, as a result of which the average yield…

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Hungarians continue to be fond of shares

The stock of equity held by Hungarian household has increased close to a record level, which is not attributed to rising share prices, but to…

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Ryanair announces new Budapest routes

Ryanair has announced its new summer 2019 schedule that includes the most flights for Budapest so far. It will kick off the season in the…

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Foo Fighters, Florence + The Machine added to Sziget line-up

Following Ed Sheeran, Sziget, one of the biggest multicultural music & arts festivals in the world, has added Foo Fighters and Florence + The Machine…

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Hungarian cabinet to discuss new competitiveness package

Hungary’s Finance Minister Mihály Varga and Minister of Innovation and Technology László Palkovics announced late on Monday that the National Competitiveness Council adopted a new…

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Hungarian and Austrian banks seen widening footpring in the Balkans

Bank sales in the former Yugoslav republics have started to pick up. Austrian and Hungarian lenders may be among bidders for stakes, Bloomberg reported. The…

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Hungarian cabinet to discuss new competitiveness pacakge

Hungary’s Finance Minister Mihály Varga and Minister of Innovation and Technology László Palkovics announced late on Monday that the National Competitiveness Council adopted a new…

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Hungary Mol settles option agreement, signs new deal with ING

ING Bank has obtained over 33.7 million shares of Hungarian fuels group Mol via a share option agreement, and the two companies have entered into…

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

Morgan Stanley has raised its target price for Hungary’s OTP to HUF 13,800 from HUF 13,200 previously. The new TP offers a 20.4% upside potential…

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Star economist explains why we need a strong Europe

One of the most known French economists, Ludovic Subran, has shared his thoughts about the world economy, Europe and Central and Eastern Europe at Portfolio’s…

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Spectacular turnaround on the pension fund front in Hungary

After six months of struggling voluntary and private pension funds in Hungary have finally recovered, and made profits on their investment in the third quarter…

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Posted in PORTFOLIO.HU - Online Financial Journal

Hungary Mol to carry out sharpest fuel price cut in years

Hungarian oil and gas group Mol is to lower the wholesale list price of 95-octane gasoline by HUF 8 and the price of diesel by…

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U.S.-China might bury the hatchet at G20 summit

It’s clear that all eyes will be on the G20 summit this week, as the U.S. President can finally meet his Chinese counterpart, and reportedly…

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Building a global company from Hungary

Is it possible to build a global brand from Hungary? This question was answered by Joerg Bauer, Chairman-CEO of Tungsram, at Portfolio’s Business and Finance…

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Not too good to be true?

“It’s such a good deal that it won’t last for long”, cried hundreds of business owners in response to the suggestions of setting up an…

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Posted in PORTFOLIO.HU - Online Financial Journal

Moody's keeps both rating and outlook on Hungary unchanged

Moody’s Investors Service has today affirmed Hungary’s long-term issuer and senior unsecured debt ratings at Baa3. Concurrently, the government’s senior unsecured shelf rating of (P)Baa3…

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Will U.S.-China trade war drive world economy off a cliff?

Senior economists that attended Portfolio’s Business and Finance Summit on 8 November 2018 are concerned mostly about the escalation of the trade war waged by…

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Hungary's massive growth surprised everyone, but peak has been reached

It surprised everyone how robust the performance of the Hungarian economy was in the third quarter, but this rate is unsustainable therefore we should be…

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Collapse of retail shops continues in Hungary

Regardless of the rise in retail sales in Hungary, the number of stores has been gradually decreasing over the last few years, and there is…

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Hungary's demographic situation worsens in September

Hungary’s demographic processes continued to deteriorate in September: 3.0% fewer infants were born when in the base period, while 20 more people died than a…

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Hungary's planned Labour Code change would put lives at risk

Hungarian bus drivers do not want to do more overtime and are strongly against the ruling Fidesz party’s plan to amend the Labour Code and…

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Star economist reveals what Hungary needs to catch up with Austria

Hungary is on the right track to converge with Western Europe, however, policymakers will need to maneuver carefully to avoid overheating the country’s economy, according…

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Wizz Air announces further expansion of Budapest network

Hungary’s low-cost airline Wizz Air is adding 17 weekly flights to is Budapest schedule, including Oslo, next year, and it will also fly to London…

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Hungarian bonds scooped up at auctions

Hungary’s Government Debt Management Agency (ÁKK) allotted 69 billion forints worth of government bonds at its biweekly auction on Thursday instead of the planned HUF…

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Juncker Plan triggers hundreds of billions in investment for Hungary

The Investment Plan for Europe – the Juncker Plan – has exceeded its initial target and expectations and has now mobilised 360 billion euros worth…

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Hungary FinMin reveals details about new retirement bond

Hungary plans to launch a new retirement bond to complement already available retirement savings programmes on the market, such as private pension funds, Finance Minister…

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Hungary Fidesz party submits radical labour proposal to Parliament

Two MPs of Hungary’s ruling Fidesz party have submitted a bill to Parliament that would raise the cap on annual overtime to 400 hours from…

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Hungary's dependence on Russian gas grows

Hungary has purchased 6.1% more natural gas from Russia’s Gazprom so far this year than in the same period of 2017. In the period between…

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Inflation hurts more and more – Will it kill Hungary's wage boom?

Wages continued to rise rapidly in Hungary in September, driven by the hike to the minimum wage and by labour shortage. However, accelerating inflation has…

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Indian plastics packaging maker to set up production plant in Hungary

India’s Flex Films will be establishing a flexible packaging materials production plant in Rétság, northern Hungary, with a 23 billion forints (EUR 71.5 million) investment,…

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Gerendai and partners buy into world-famous Hungarian success story

Károly Gerendai, one of the founders of Hungary’s world-famous Sziget Festival, and his former fellow owners of Sziget Ltd. ventured into a whole new area…

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Commission insists Hungary should take corrective steps in 2019 too

The European Commission has issued on Wednesday a recommendation for Hungary of an annual structural adjustment of 1% of GDP in 2019. For Hungary, the…

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OECD warns Hungary to pay heed to possible overheating

The strong economic expansion is projected to slow gradually in the next two years, while wage growth and employment are to continue to support growth,…

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Posted in PORTFOLIO.HU - Online Financial Journal

Five scenarios for 2025: Hungary, Czech Republic might exit EU

One of the five potential scenarios for Central Europe include Hungary exiting the European Union by 2025, according to a study by Visegrad/Insight in co-operation…

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Very few Hungarians use smart TV to watch online content

In 2016 11 % of Europeans watched internet streamed TV or other video content on a smart TV; 4% of individuals used a smart TV…

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Employee and employer representatives want wage deal for several years

Employee and employer representatives would like to ink a multi-year agreement on the rate of raise to the minimum wage and the guaranteed wage minimum…

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Posted in PORTFOLIO.HU - Online Financial Journal

INSTANT VIEW – When and how will the Hungarian c.bank tighten policy?

The November policy meeting of the National Bank of Hungary (MNB) was a non-event, and it was no surprise to anyone that the Monetary Council…

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Posted in PORTFOLIO.HU - Online Financial Journal

INSTANT VIEW – When and how the Hungarian c.bank will tighten policy?

The November policy meeting of the National Bank of Hungary (MNB) was a non-event, and it was no surprise to anyone that the Monetary Council…

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Posted in PORTFOLIO.HU - Online Financial Journal

Hungary cenbank expects drop in inflation due to fall in fuel prices

The Monetary Council of the National Bank of Hungary (MNB) has acknowledged in its official post-meeting statement on Tuesday that the measures of underlying inflation…

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BREAKING NEWS: Defaulting home owners may repurchase property from state

Under a bill submitted on Tuesday, the Hungarian government would sell the homes back to previous owners that got into the National Asset Management Programme…

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Hungary cenbank leaves monetary conditions on hold

The Monetary Council of the National Bank of Hungary (MNB) has not changed either the base rate, or the ends of the interest rate corridor…

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Posted in PORTFOLIO.HU - Online Financial Journal

OTP chief Csányi hopes branches will become paperless and cashless soon

Hungary’s OTP Bank has opened an innovation branch in Budapest’s Árkád shopping mall where customers can experience first hand the technological novelties of the country’s…

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Hungary debt manager easily sells short Treasury Bills

Hungary’s Government Debt Management Agency (ÁKK) allotted 56 billion forints worth of 3-month discount Treasury Bills at its weekly auction on Tuesday instead of the…

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Posted in PORTFOLIO.HU - Online Financial Journal

Hungarian PM Orbán congratulates new President of Brazil

Hungary’s Prime Minister Viktor Orbán conducted talks on Monday afternoon with Brazil’s elected president Jair Bolsonaro by telephone, Bertalan Havasi, the Deputy State Secretary heading……

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Austria's AVL to set up EUR 39 million R&D centre in Hungary

AVL AUTÓKUT Engineering Ltd., the Hungarian subsidiary of Austria’s AVL, is to embark on a 12.5 billion forint (EUR 38.9 million) investment to set up…

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These countries are the best at attracting talent

Switzerland clinched the top spot for the fifth consecutive year on the World Talent Ranking report published by IMD Business School. The runners-up were Denmark…

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It's hard to fathom that Hungarians “invest” in these instruments

Demand deposit accounts, cash and government securities are the favourite forms of savings of Hungarians, in that order, the central bank’s (MNB) preliminary financial accounts…

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Posted in PORTFOLIO.HU - Online Financial Journal

Hungarian financial institutions would be more efficient with better back office systems

Banks have a tendency of emphasizing how important they consider the clients’ needs to be, but few corporations exist that make the lives of their…

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