Kategória: PORTFOLIO.HU – Online Financial Journal
Hungary's central bank gets new Deputy Governor
János Áder, President of the Republic of Hungary, has on Wednesday appointed Mihály Patai Deputy Governor of the National Bank of Hungary (MNB). Patai’s appointment…
BDPST Group to build five-star hotel in downtown Budapest
BDPST Group has received the building permit for the renewal of a building complex comprising the headquarters of former Mahart (Hungarian Shipping Co.) and the…
Hungarians were after property, while passing up the bargain
Whereas the size of assets managed by Hungary’s investment funds reached a new record in March, money market funds have practically zeroed out, and assets…
Norwegian gas could reduce Hungary's dependence on Russia
The European Commission is providing 215 million euros of funding for the Baltic Pipe connecting the Danish and Polish gas transmission systems, which could help…
Pepco to embark on gigantic investment project in Hungary
Clothing and accessories chain Pepco is to build a warehouse base on 100,000 square metres in Hungary. The 27.2 billion forint investment is to create…
AliPay to be launched in Hungary in May
The first POS terminals accepting the Alipay app will be in Hungarian stores in May 2019. The terminals will be provided by Ingenico Group, the…
Hungarians love cash, hate credit cards
Cash remains a most popular form of payment and savings in Hungary, the latest survey by Intrum showed on Tuesday. Similar subjects will also be…
More Hungarians are born in Germany than in some Hungarian counties
The number of Hungarian expats living in Germany has risen further and exceeded 210,000 at the end of 2018, data published by Germany’s statistical office…
Giro d'Italia to cost Hungary more than EUR 24 million
The 2020 Giro d’Italia will begin in Budapest with another two stages also being held in Hungary, organizers confirmed on Monday. The cabinet earmarks no…
Hungary MVM to set up joint venture with Russia's Rusatom
A Memorandum of Understanding was signed for the establishment of a joint venture by the Hungarian Electricity Works (MVM) and Rusatom, a member of Russian…
ANALYST VIEW – J.P. Morgan raises target price for Hungary's Richter
J.P. Morgan has raised its target price for Hungary’s Richter, and its new recommendation is ‘overweight’. J.P. Morgan upgraded its rating for Richter to ‘overweight’……
EU Council defines key objectives for future research programme
The Council of the European Union has on Monday agreed on key parts of the EU’s framework programme for research and innovation for the years…
Hungary Mol enters into recycled plastic compounding by acquisition
Hungarian energy group Mol has announced on Monday that it has signed a sales-purchase agreement to acquire Aurora, a recycled plastic compounder with production plants…
Hungary Mol to raise fuel prices further
Hungarian oil and gas group Mol is to raise the wholesale list price of 95-octane gasoline by HUF 5 per litre and that of diesel…
Commission tightens medium-term budgetary objective for Hungary
A new type of fiscal disciplinary action by the European Commission has been in progress against Hungary for almost a year now. Prime Minister Viktor…
Hungary's construction sector shifts into ludicrous speed
The volume of construction output in Hungary, jumped 48% year on year in February, according to raw data. The growth is gigantic even compared to…
We'll find out this short week whether concerns are China are valid
The week ahead is going to be rather dull, compared to a usual week, as there are only four working days in Hungary due to…
Hungary's Orbán wants to do more business with China
The construction contracts for the modernisation of the Budapest-Belgrade railroad may be signed shortly, Hungarian Prime Minister Viktor Orbán said at the 16+1 summit, a…
Hungary Mol to buy outstanding Slovnaft shares
Hungarian energy group Mol has announced on Friday that it is going to make a voluntary public offer to the shareholders of Slovnaft a.s. for…
Hungary's Mol faces no risk of hostile takeover attempts – Hernádi
Hungarian energy group Mol held its annual general meeting on Thursday. Chairman-CEO Zsolt Hernádi talked with analysts and journalists after the AGM about the main…
Hungary's OTP to buy three more banks and then it will stop – Csányi
OTP Bank, Hungary’s largest lender, is holding its annual general meeting today. Besides the usual matters there are two more interesting items on its agenda,…
Hungary under increased pressure to restore original BRUA route
Pressure mounts on Hungary to restore the original route of the Bulgaria-Romania-Hungary-Austria (BRUA) pipeline, reported Interfax Global Energy, a site that is generally well-informed in…
No airline ups passenger numbes as much as Hungary's Wizz Air
No-frills airlines have recorded the largest growth in passenger numbers in Europe in the first quarter of 2019 compared to Q1 2018, passenger traffic data…
Hungarian Premier to meet Chinese counterpart
On Thursday afternoon, Hungary’s Prime Minister Viktor Orbán will travel to Dubrovnik, Croatia where he will attend the eighth “16+1″ summit, the most senior economic…
Inflation-linked government securities steal the show in Hungary
The total stock of retail government securities reached 7,637 billion forints by the end of March 2019, which marks a HUF 4.3 bn decline over…
Hunters keep gathering around Budapest Bank
Hungarian banks take excessive risks mainly in corporate lending, they should pay particular attention to project financing, and operating challenges are also significant, bank executives…
A host of banks could disappear in the following years
As the Central and Eastern European market is so fragmented, it is most difficult to operate a successful bank in the region. We’re still in…
Raiffeisen confirms intention to bid for Budapest Bank
Raiffeisen Bank International (RBI) is ready to make a bid for Budapest Bank, the Austrian bank has confirmed to Hungarian business daily Világgazdaság on Thursday….
Hungary needs five large universal banks – central banker
The global banking sector has not yet regained investors’ confidence, but Hungary and the Central and Eastern European are doing well. Yet, banks in Hungary…
Swings and roundabouts
60, 59, 58, 55… this is how the number of taxes has changed in Hungary over the past 4 years. The trend is certainly encouraging,…
Hungary wants to overhaul health care funding regime
Everyone today is expecting the renewal of the health care system and the government is providing all assistance to the birth of a new health…
EU-funded scientists unveil first ever image of a black hole
The European Commission has on Wednesday revealed the first ever image of a black hole taken by Event Horizon Telescope, a global scientific collaboration involving…
Hungarian banks employ more people, but branch network is a goner
The number of bank employees has decreased by one tenth and the number of bank branches has declined by one third in Hungary since 2008….
Hungary opens USD 620 mn credit line to help local companies in Mexico
Hungary’s Eximbank signed an agreement with Latin American development bank Bancomext of Mexico on supporting Hungarian corporate investments in Mexico, the Ministry of Foreign Affairs…
Chinese goods reach Hungary in record time
Regular container transports have started on railroad between China’s Xi’an, the capital of Shaanxi Province with a population of 13 million people, and Budapest, the…
Motorway to be built between Debrecen and Békéscsaba
Under the Hungarian government’s transport strategy, all expressways must reach the border, cities with county rights need to be connected by expressways and it also…
Thousands of people quit at Hungarian government offices
A total of 2,500 people working in Hungary’s central and provincial administration have asked to be discharged, but the Prime Minister’s Office said this will…
Magyar Telekom distributes HUF 26 billion as dividend
Magyar Telekom, Hungary’s leading telecommunications group, has held its annual general meeting on Tuesday, where shareholders also voted on the size of dividend MTel should…
IMF raises 2019 GDP growth estimate for Hungary
The International Monetary Fund (IMF) has raised its 2019 economic growth estimate for Hungary compared to six months ago. The IMF has, however, slashed its…
Hungarian price increase at 10-yr high – Should central bankers start to worry?
Core inflation adjusted for the effect of indirect taxes, a key metric for the National Bank of Hungary (MNB), rose to 3.5% in March 2019…
Hungary Constitutional Court overrules objection to 'slave law'
Hungary’s Constitutional Court has announced on Tuesday it has found no factor that would render the so-called ‘slave law’ null and void. Parliament adopted an…
Co-ordinated EU raid at five Hungarian corporations
The European Union raided five Hungarian companies, probing collusions in public procurement contracts and competition regulation infringements, local news portal index.hu reported on Tuesday. The……
Hungary wants to see Budapest-Belgrade railroad ready by 2023
Hungary is committed to the earliest realisation of the Budapest-Belgrade railway line, said Finance Minister Mihály Varga at talks with China’s Eximbank in Beijing, China…
Hungary's core inflation jumps to over six-year high
Consumer prices grew by 3.7% year on year in Hungary in March, the Central Statistical Office (KSH) reported on Tuesday. Analysts polled by Portfolio expected…
Today is the big day for Magyar Telekom
We’re in the middle of the general meeting season that kicked off with the AGM of Nyomda on Monday and will be continues with the…
Hungary's core inflation jumps to six-year high
Consumer prices grew by 3.7% year on year in Hungary in March, the Central Statistical Office (KSH) reported on Tuesday. Analysts polled by Portfolio expected…
Hungary would buy 25% stake in Krk LNG terminal
Under particular circumstances Hungary would buy a 25% stake in the liquefied natural gas (LNG) terminal on the island of Krk, Croatia, said Tomislav Coric,…
Motor fuels to become more expensive in Hungary
Hungarian oil and gas group Mol is to raise the wholesale list price of 95-octane gasoline by HUF 3 per litre and that of diesel…
EU to start probe of Hungary's 'slave law'
The European Commission is starting an investigation into Hungary’s new overtime work law adopted last December which came to be known as ‘slave law’, for…
Hungary's state budget is in excellent shape
Hungary’s general government balance showed HUF 141.9 billion deficit at the end of March, while the end-February print still showed surplus. The main processes are…
Budapest Honvéd football club sold
George F. Hemingway has sold the football team of Budapest Hovéd to Reditus Equity Zrt., member of Metalcom Group, the owner and CEO of which…
Continental plans no mass layoff at Makó plant
A rumour surfaced at the Makó-based plant of automotive supplier Continental that due to the hardships of the sector the company plans a major downsizing,…
Hungary's exports grow fast, trade balance deterioration stops
Hungary’s exports increased by 6.9% year on year and imports grew by 7.0% in euro terms in February, the Central Statistical Office (KSH) reported on…
All eyes on Mario Draghi this week
Several key macroeconomic releases are in the pipeline in Hungary this week, but Tuesday’s inflation statistics will steal the show, partly because it may also…
Is this the kill shot? Orbán cabinet to rip bank deposits too
Although the Hungarian cabinet has declared war on cash, it is likely that efforts to persuade households to buy more government securities, the marked crowding…
Banks in Hungary lost 5 trillion forints worth of profits – Csányi
The owners of Hungarian banks earned 5,000 billion forints less in the last 32 years than how much they could have expected on the basis…
Hungary is 2nd largest nuclear heat producer in Eastern Europe
In 2017, there were nuclear reactors in operation in 14 European Union Member States. As regard nuclear heat production, Hungary is 9th in the EU…
Hungary to spend over EUR 3 billion on road development scheme
Hungary is to embark on a five-year road development programme, a decree published in the Official Gazette showed on Thursday. The cabinet is to spend…
EP adopts new rules on paternity leave
The European Parliament has on Thursday adopted rules that ensure a ten-day paid paternity leave for fathers with pay no less than the level of…
Midcaps take over – Hungarian fund managers have new top pick
Global stock markets had a turbulent month in March, as tensions following trade talks between the USA and China, as well as concerns about global…
Hungary's HUF 10 mn 'free loan' available to buy used homes too
Just like the prenatal baby support (interest-free general purpose loan), the Hungarian government will launch the so-called ‘Village CSOK’ (Family Housing Benefit in communities of…
Hungary's HUF 10 mn 'free loan' may be used to buy used homes too
Just like the prenatal baby support (interest-free general purpose loan), the Hungarian government will launch the so-called ‘Village CSOK’ (Family Housing Benefit in communities of…
Lending in Hungary is not overheated – cenbank
According to the National Bank of Hungary (MNB), the credit market is growing in a sound structure, therefore using a tool for mitigating systemwide overheatedness…
Hungary's current account surplus is almost gone
Hungary’s current account surplus ebbed further in 2018, mostly because domestic demand became stronger, central bank (MNB) data showed on Thursday. The C/A surplus amounted…
Bulgaria awards pipeline deal to Saudi company
Bulgaria has picked a Saudi-led consortium to build a 474-kilometer (295-mile) natural gas pipeline, part of a grid upgrade designed to help transfer Russian gas…
Duna House releases first-quarter earnings figures
The franchise real estate brokerage arm of Hungary’s Duna House Group grew in the first quarter of 2019, while the own office segment weakened. The…
BDPST Group plans foreign expansion
BDPST Group is gearing up to conquer foreign markets. The real estate developer is looking at several properties abroad with the aim of purchasing them,…
Hungary to issue new retail government security – Varga
Hungary’s Finance Minister Mihály Varga has confirmed reports from earlier today, announcing that there is indeed going to be a new retail government security introduced,…
Hungary to issue new retail government security – portal
The Hungarian government is going to make government securities to be issued after 1 June 2019 exempt from the savings tax because it wants to…
4iG rumoured to be eyeing T-Systems Hungary
There is a rumour on the Hungarian market that 4iG, an interest of Lőrinc Mészáros, a billionaire ally of Prime Minister Viktor Orbán, is eying…
Retail sales shift into higher gear in Hungary
The volume of sales in Hungary’s retail shops grew sharply in February 2019, reaching 8.4% year on year, according to both raw and calendar-adjusted data….
Rales sales shift into higher gear in Hungary
The volume of sales in Hungary’s retail shops grew sharply in February 2019, reaching 8.4% year on year, according to both raw and calendar-adjusted data….
Date for reveal of 2020 draft budget leaked
The 2020 draft budget could be submitted to Parliament at the end of May, Hungarian business daily Világgazdaság reported on Wednesday. This year’s budget may…
BKV staff will not go on strike
There will be no strike at the Budapest Transport Company (BKV), said the President of the United Transportation Trade Union (EKSZ) after leaving the location…
EU grants Hungary EUR 105 million for Budapest ring road upgrade
The European Commission has on Tuesday adopted a 4 billion euro investment package for 25 large infrastructure projects across ten member states. Hungary is one…
Hungary Mol has good news about its refineries
Hungarian Mol Group’s refinery margin has risen further from 2.2 USD/bbl in January and 3.0 USD/bbl in February to 4.2 USD/bbl in March, the energy…
Hungarians fear illnesses, have downbeat assessment of medical services
Most Hungarians have a negative opinion about local medical services, they are afraid of illnesses but they would not willingly spend money on private health…
U.S.-based multinational company opens service centre in Budapest
International Flavors & Fragrances Inc. has announced on Tuesday that it has opened its new global service center in Budapest, Hungary, consolidating key finance processes…
Wizz Air share price soars on good news
Wizz Air’s share price has jumped more than 4% early on Tuesday on the London Stock Exchange, after the Hungary-based no-frills airline said its financial…
Hungary have not been this prepared for downturn in 100 years – Patai
This week will be weaker than the last all over the world, but Hungary will still remain in the group of countries that grow robustly,…
ECB warns Hungary's central bank again
In its annual report published on Monday, the European Central Bank (ECB) has expressed its concerns over the involvement on the Hungarian central bank (MNB)…
The harmful addiction that claimed the lives of almost 1 mn people in Hungary
Every year, we lose the equivalent of the population of a small town because of smoking, which is a major demographic problem for a country…
The harmful addiction that has claimed the lives of almost one million people in Hungary
Every year, we lose the equivalent of the population of a small town because of smoking, which is a major demographic problem for a country…
Hungary Mol venture capital fund makes record investment
Enter Tomorrow Europe capital fund has carried out the largest foreign venture capital investment from Hungarian source of the last few years. Lead Ventures, a…
Here's Hungary's official budget deficit figure for 2018
Hungary’s general government sector posted 934 billion forint deficit in 2018, according to preliminary data published by the Central Statistical Office (KSH) on Monday. This…
Downturn in Europe starts to stymie Hungarian growth
Hungary’s manufacturing purchasing manager index (PMI) dropped to 52.4 points in March 2019, the Hungarian Association of Logistics, Purchasing and Inventory Management (HALPIM) reported on……
Hungary OTP closes bank acquisition in Albania
OTP Bank, Hungary’s largest bank by assets, has announced on Monday that on 29 March 2019 the financial closure of the Albanian transaction has been…
Let's see if the Hungarian economy hit the breaks or not!
The macroeconomic calendar is not exactly full this week; what we should keep an eye mainly on purchasing manager indices. The March manufacturing PMI prints…
Hungary PM Orbán meets Deutsche Telekom CEO
Hungary’s Prime Minister Viktor Orbán has received in his office Timotheus Höttges, Chief Executive of Deutsche Telekom (DT), Srini Gopalan, Deputy CEO in charge of…
Romania cuts 'greed tax' on bank assets
The Romanian government has on Friday lowered the tax on bank assets enforced through a controversial fiscal emergency decree at the end of 2018. The…
Hungary KSH reveals wage data not published before
As the Hungarian Central Statistical Office (KSH) revised its methodology, the door opened to compare how much men and women earn, and the monthly reports…
Wage boom in Hungary continues
Average gross earnings in Hungary amounted to HUF 343,500 in January 2019, and average net earnings without tax benefits reached HUF 228,400. Both were 10.6%…
Apple takes mobile payment to a new level – What are tech giants up to?
It has been recently announced that Apple and Goldman Sachs will introduce a new joint credit card that will not only offer cash back on…
Hungary's inflation will not take off despite massive wage growth
The divergence between domestic and external economic process will be even more pronounced, the National Bank of Hungary (MNB) projects in its quarterly Report on…
Risks are symmetrical, any outcome is possible – central banker
The National Bank of Hungary (MNB) has two risk scenarios besides its baseline scenario. In one of these, the inflation trajectory is higher due to…
Hungary cenbank in no position to give strong forward guidance – Dep.Gov.
The monetary tightening carried out by Hungary’s central bank on Tuesday was a one-off measure, and the MNB cannot give a strong forward guidance because…
Hungary Mol to raise motor fuel prices markedly again
Hungarian oil and gas group Mol is to raise the wholesale list price of 95-octane gasoline by HUF 6 per litre and that of diesel…
Hungary central bank estimates fiscal impact of family protection scheme
The budgetary and lending impact of the family protection action plan announced by the Hungarian government in February will mainly emerge in 2020 and 2021…
Employment rises to new record in Hungary
4.497 million people worked in Hungary in December 2018-February 2019, 56,000 people more than in the same period a year earlier, and it is also…
Hungary FinMin proposal on transaction tax to be shelved
A proposal by Hungary’s Finance Ministry to introduce a bundle deal for the financial transaction tax on retail money transfers will be swept off the…
European Parliament seals ban on throwaway plastics by 2021
The European Parliament on Wednesday approved a new law banning single-use plastic items such as plates, cutlery, straws and cotton buds sticks. Products that are…
Patai endorsed as c.bank Deputy Governor by parliamentary committee
The Hungarian Parliament’s Economic Committee approved, with 10 votes in favour, 1 vote against and 1 abstention, the nomination of Mihály Patai as the successor…
Hungary's central bank takes odd decision – What does it want?
In line with expectations, the Monetary Council of Hungary’s central bank (MNB) has taken a step towards tightening monetary conditions on Tuesday by raising the…
Hungary displays straits of tax haven, EU report finds
The European Parliament adopted at its plenary meeting on Tuesday a detailed roadmap towards fairer and more effective taxation, and tackling financial crimes. According to…
INSTANT VIEW – Hungarian cenbank tightens, yet retains loose stance
The National Bank of Hungary raised its overnight deposit rate to -0.05% from -0.15% at its monthly policy meeting on Tuesday. Governor György Matolcsy stressed…
Hungary's Richter buys minority stake in U.S. company
Gedeon Richter Plc., Hungary’s leading pharmaceutical producer, has announced on Wednesday that it underwrote convertible notes issued by Prima-Temp Inc. for a consideration of 5…
Hungary's central bank expects higher inflation, bigger growth
Hungarian central bank (MNB) staff have raised their forecast for this year’s annual average inflation by 0.2 percentage points to 3.2% in the bank’s new…
Details of Hungarian cenbank's new corporate bond scheme published
Surprisingly, the National Bank of Hungary (MNB) has on Tuesday announced the launch of a new corporate bond programme from 1 July 2019. A detailed…
Hungary cenbank chief says this is not the start of a tightening cycle
Matolcsy György, Governor of the National Bank of Hungary (MNB) has held a joint press conference with Deputy Governor Márton Nagy and László Windisch on…
Unexpected twist in official statement by Hungary's central bank
The Monetary Council of Hungary’s central bank (MNB) has not only decided to raise the overnight deposit rate by 10 basis points to -0.05%, it…
Summer-winter clock change to end in EU in 2021
The European Parliament has voted on Tuesday to end the practice of adjusting clocks by an hour in spring and autumn from 2021, the EP…
Rate hike by Hungary's central bank weakens forint
Hungary’s forint has eases some versus the euro after the central bank raised its overnight deposit rate by 10 basis points, starting monetary tightening after…
Hungary cenbank carries out first rate hike in more than 7 years
The Monetary Council of the National Bank of Hungary (MNB) has on Tuesday raised the overnight deposit rate by 10 basis points, taking the lower…
Hungary c.bank chief Matolcsy told hold press conference today
National Bank of Hungary (MNB) Governor György Matolcsy is going to hold a press conference at 3 P.M. on Tuesday, one hour after the Monetary…
Flu takes its toll in January, number of live births drops further in Hungary
5.5% fewer children were born in Hungary in January 2019 than in the same month a year earlier, preliminary data published by the Central Statistical…
All eyes on Hungary's central bank – How will the forint react?
The market has been waiting for the Hungarian central bank’s (MNB) March policy meeting for months, as it could have a material impact on the…
Exclusive details about one of the largest investments in Hungarian history
Germany’s Fakt AG could obtain its possession in Bezenye, western Hungary in the summer, but until then the network of project companies and suppliers is…
IIB has debut HUF bond issue, while it also stokes spy fears
Capitalising on the upcoming relocation of its headquarters to Budapest, the International Investment Bank (IIB) has issued a three-year forint bond on Monday. This is…
Hungary Mol to raise price of petrol on Wednesday
Hungarian oil and gas group Mol is to raise the wholesale list price of 95-octane gasoline by HUF 5 per litre, while it is to…
Hungarian mineral water producer to expand capacity
Hungarian mineral water maker producer Phoenix-Drink Ltd. is expanding its capacity with two new halls and new, innovative tools in Soltvadkert from a nearly 400…