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Hungary’s BUX up 0.05% at 22,742.94 on 8th May

BUDAPEST: The Budapest Stock Exchangeʼs main BUX index finished up 0.05% at 22,742.94 Friday, after falling 0.52% Thursday. It is up 36.73% from year-end, after losing 10.40% last year. With euro zone markets already picking up sharply, the Budapest parquet only pared losses in the afternoon and reached a meagre gain in close. Market sentiment is still volatile after earlier, ... Read More »

Hungary’s to reduce VAT rate from 27% to 18% on internet subscriptions

BUDAPEST: The Hungarian government is planning on reducing the VAT rate from 27% to 18% on internet subscriptions as of next January, Hungarian economic daily Napi Gazdaság reported today. The paper added that the tax could be reduced as of 2017, if a superfast broadband network is established. The government may even contribute HUF 150 billion to the project, the ... Read More »

Retail government securities stock grows HUF 51b in April

BUDAPEST: The stock of government securities targeted at retail investors rose by HUF 51 billion to HUF 2,653 billion in April, the Government Debt Management Agency (ÁKK) said yesterday, according to state news agency MTI. Premium Hungarian Government Bonds were the most sought-after securities in April with sales reaching HUF 32 billion and total stock rising to HUF 635 billion. Sales ... Read More »

General government deficit nears 70% of 2015 target

BUDAPEST: Hungary’s cash flow-based general government deficit, excluding local councils, reached HUF 609.8 billion at the end of April, the National Economy Ministry said in a preliminary report yesterday, according to state news agency MTI. The deficit rose to 69.5% of the HUF 877.4 billion full-year target, based on MTI calculations. The ministry noted that at the same time last ... Read More »

Hungary’s MNB inflation indicators rise to 1.2% in April

BUDAPEST:  All three of the National Bank of Hungaryʼs (MNB) “underlying measures of inflation” rose in April, data published by the central bank on today reveal. The indicator for core inflation, excluding indirect tax effects, was 1.2% in April, edging up from 1.0% in March. The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, rose to 1.9% ... Read More »

Spar Magyarország revenue reaches at HUF 474b in 2014

BUDAPEST: Supermarket chain Spar Magyarországʼs gross revenue increased by 4.5%, reaching HUF 473.7 billion last year, managing director Gabriella Heiszler said today. Spar operates 419 stores in Hungary with a combined retail space of 403,000 sqm, the director said, adding that the company has invested approximately €1 billion in the country in the past 23 years. Read More »

Hungarian Bourns inaugurates HUF 1.8b expansion

BUDAPEST: Hungarian automotive industry supplier Bourns inaugurated a HUF 1.8 billion expansion at its base in Ajka, northwestern Hungary, today, Hungarian news agency MTI reported. The investment will be used to expand the companyʼs production hall by 5,000 sqm and will reportedly create 50 new jobs, state secretary Béla Glattfelder said. The expansion is also expected to increase the company’s ... Read More »

MOL Q1 profit falls 57% as forint weakens against dollar

BUDAPEST: A wider margin lifted Hungarian oil and Gas Company MOLʼs first-quarter operating profit, but net income fell 57% to HUF 9.1 billion as the forint weakened against the dollar, causing financial losses to swell, an earnings report published today reveals. MOLʼs total operating revenue fell 18% to HUF 930.6 billion, but raw material costs declined at a faster pace, ... Read More »

Hungary’s Gallicoop revenue reaches HUF 33.6b in 2014

BUDAPEST: Hungarian poultry processing firm Gallicoopʼs saw a 4% rise in revenue last year, to HUF 33.6 bln, with output rising by 8% to 32,000 tons, the company said yesterday. Gallicoop bought 40,000 tons of live turkeys from suppliers, 9% more than a year earlier, and turned out 7,700 tons of processed products and 4,300 tons of breaded products. Sales ... Read More »

Hungary’s industrial output rose 11,6% YoY in march 2015

BUDAPEST: Hungary’s industrial output grew by an annual 11.6% in March, the Central Statistical Office (KSH) said. The working day adjusted index shows output growth of 9% from a year earlier. In a month-on-month comparison, industrial output rose by 2.6% in March. Output growth was driven by vehicle manufacturing, the electronics sector and food industry, KSH statistician Ildikó Mikó said. ... Read More »

Retail government securities stock grows HUF 51b in April

BUDAPEST: The stock of government securities targeted at retail investors rose by HUF 51 bln to HUF 2,653 billion in April, the Government Debt Management Agency (ÁKK) said yesterday, according to state news agency MTI. Premium Hungarian Government Bonds were the most sought-after securities in April with sales reaching HUF 32 billion and total stock rising to HUF 635 billion. ... Read More »

Hungary’s CPI drops 0.3% in April 2015

BUDAPEST: The consumer prices index in Hungary saw a year-on-year decrease of 0.3% year-on-year in April, accelerating from the previous month’s 0.6% drop, despite analysts expecting a drop of 0.5%, the Central Statistics Office (KSH) reported today. In year-on-year terms, food prices rose by 0.4%. A price decrease was reported in the case of sugar (16%), cheese (6.3%), milk (4.1%) ... Read More »

Hungary’s factoring market grows 43%

BUDAPEST: Gross turnover of factoring companies in Hungary saw a year-on-year rise of 43%, reaching HUF 270.2 bln, in the first quarter this year, Hungarian economic daily Világgazdaság reported today referencing data from the Hungarian Factoring Association. Világgazdaság said that net turnover was up 8.6% at HUF 108.2 bln, while client numbers were just over 2,000, down by approximately 10%. ... Read More »

Hungary’s Invitel launches €30m network development

BUDAPEST: Hungarian tele- and info-communications company, Invitel is launching a more than €30 million development program in the retail and corporate sectors, which will bring high-speed internet and interactive television to an additional 120,000 households this year, Invitel said at a press conference today co-hosted by CEO David Blunck (pictured) and deputy-CEO Marianne Langsteiner. “Invitel was able to double its ... Read More »

Hungary’s industrial output climbs 11.6% in March

BUDAPEST: Hungaryʼs industrial output grew by a year-on-year 11.6% in March and by a month-on-moth 2.6% – while the workday-adjusted index showed a y.o.y. output growth of 9%, the Central Statistics Office (KSH) reported yesterday. Analysts Vivien Barczel and Gergely Ürmössy of Erste Bank told Hungarian news agency MTI that the March industrial output increase was well above expectations, adding ... Read More »

MNB international reserves up a slight €37b in April 2015

BUDAPEST: The National Bank of Hungaryʼs (MNB) international reserves stood at €36.945 bln at the end of April, up €37 mln from a month earlier, fresh data published by the central bank today reveal. Reserves rose €500 mln in March after a €1.824 bln fall in February due to the redemption of a $1.5 bln bond, issued by the state ... Read More »

Hungary’s Graphisoft Park profits up by 61% in Q1 of 2015

BUDAPEST: Graphisoft Park, the owner and operator of a business park in north Budapest, reported after-tax profit of €924,000 in the first quarter of this year, up 60.9% from the same period a year earlier, according to the company’s consolidated first-quarter IFRS report, Hungarian news agency MTI reported yesterday. Graphisoft Park generated revenue of €2.43 million in Q1, up 23.9%. ... Read More »

Hungarian GVH fines Henkel HUF 9m

BUDAPEST: Hungaryʼs competition office GVH today fined household products manufacturer Henkel HUF 9 million on charges of unlawful advertising, the office reported. According to GVH, Henkel was not objective in its comparison of its dish detergent Pur Gold with another product Jar Platinum in a television advertisement broadcast between July 7 and August 10, 2014. The office added that Henkel ... Read More »

Hungary’s INA to consider HRK 15 per share dividend

BUDAPEST: The management of Croatian oil and gas company INA,  a subsidiary of Hungarian oil and gas company MOL, is proposing that the payment of a HRK 15-per-share dividend be drawn from retained earnings, to the tune of HRK 150 million (€19.8 million), Hungarian news agency MTI reported yesterday. “This payment has been proposed to demonstrate the strength of the ... Read More »

Hungarian Dreher 11% exports to Slovakia now eyes U.K. markets

BUDAPEST: Hungarian brewer Dreher, well-known for its beers in Hungary and a member of the SABMiller group, is planning to enter the U.K. market, Hungarian daily Magyar Nemzet reported today. Acting CEO Tamás Glattfelder told the paper that Hungarian expatriates in the U.K. could provide Dreher with a foothold in the market. Glattfelder noted that Dreher already exports about 11% ... Read More »