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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 »

Registration of companies in Hungary decline by 2.3% YoY

BUDAPEST: The number of companies in Hungary fell by a year-on-year 2.3% to 540,000 in the first quarter this year, with a little more than 6,500 companies being established in the period, down from more than 10,000 in the same period a year earlier, business information company Bisnode reported today. The company attributes the decline to a high base, a ... Read More »

Fehrer wraps HUF 3.48b plant expansion

BUDAPEST: Fehrer Automotive-Raba, which produces foam products for car seats, completed a HUF 3.48 billion expansion at its base in Mór, central Hungary, according to state news agency MTI. Fehrer used the funds, HUF 639 million of which were provided by a grant from the European Union, to renovate its production hall, build a warehouse, install three production lines and ... Read More »

Lower costs lift Richter 3% to HUF 32.1b

BUDAPEST: First-quarter net income of Hungarian drugmaker Gedeon Richter rose 61% to HUF 15 billion from the same period a year earlier as costs fell, an earnings report published today reveals. Earnings per share came to HUF 81 for the period. Revenue edged down 0.7% to HUF 87.7 billion. Direct cost of sales fell almost 3% to HUF 32.1billlion, widening ... Read More »

Hungary’s government to reduce PIT to 15% from 2016

BUDAPEST: Hungary’s Minster Mihály Varga announced that Hungary’s Economy Ministry proposes to reduce personal income tax (PIT) from 16% to 15% from 2016, Mihály Varga announced after talks with ruling Fidesz-KDNP leaders on Hungary’s next year budget. The Economy Minister also said that the VAT rate on pork is planned to be slashed to 5% from 27% currently, and that ... Read More »

Starschema leases 900 sqm from CPI Hungary

BUDAPEST: Big Data solutions company Starschema began leasing more than 900 sqm in CPI Hungary’s ‘A’ category Balance Building in the BC99 office park as of the beginning of May, CPI Hungary said today in a press release. “It was a key factor for our decision that Balance Building, both in its quality and exclusivity, met the demands and expectations ... Read More »

Reckitt Benckiser HUF 1.3b expansion in Hungary

BUDAPEST: Cleaning & hygienic products manufacturer Reckitt Benckiser will spend HUF 1.3 billion to expand its base in Tatabánya, northwestern Hungary, by installing new production lines in an area of 2,000 sqm, thereby creating 250 new jobs, managing director Cezary Romanski told Hungarian news agency MTI. The company is scheduled to begin production of toilet disinfectants in the new plant ... Read More »

Hungary’s daily share turnover climbs almost 22% in April 2015

BUDAPEST: Daily share turnover on the Budapest Stock Exchange came to HUF 13.5 bln in April, up 21.7% from the previous month, the bourse said yesterday. Spot market turnover exceeded HUF 276 bln for the month, including almost HUF 270 billion in share turnover. The bourseʼs main BUX index finished the month 14.8% higher, as oil and gas company MOL ... Read More »

ÁKK plans to sell HUF 50b of 3 month bills at auction

BUDAPEST: The Government Debt Management Agency (ÁKK) sold HUF 50 billion of discount three-month T-bills at auction today, in line with the original offer, Hungarian news agency MTI said. Primary dealers submitted bids of HUF 100.9 billion. Average yield was 1.48%, 7bp under the secondary market benchmark, and 1bp under the yield at the previous auction of the bills one ... Read More »

Hungarian MNB’s international reserves stand at €36.907b in Q1 of 2015

BUDAPEST: The National Bank of Hungary’s (MNB) international reserves stood at €36.907 billion at the end of March, up €500 million from a month earlier, fresh data published by the bank show. Reserves dropped by €1.824 billion in February due to the redemption of a 1.5 billion US dollar bond, issued by the state of Hungary in 2005 and carrying ... Read More »

Hungarian projects economic growth at 3.1% in 2015

BUDAPEST: The state secretary for budgetary affairs told television channel M1 that the Hungarian government has raised this year’s economic growth projection from 2.5 per cent to date to 3.1 per cent, Péter Benő Banai. Péter Benő Banai also said that the Government submitted Hungary’s Convergence Programme to the European Commission on 30 April. The convergence programme lays down regarding ... Read More »

Hungary’s OTP bank to buy a small bank in another country

BUDAPEST: OTP Bank will acquire a small bank “within two months”, chairman-CEO Sándor Csányi said in an interview with VS.hu. “We will buy a small bank in a country where we are already present within two months,” Csányi told the news portal. “We can best realize synergies where we already have a unit.  In these countries, we are looking at ... Read More »

Hungary posts €848 million trade surplus in February 2015

BUDAPEST: Hungary had €848 million trade surplus in February 2015, the Central Statistical Office (KSH) said in a second reading of data on Monday. The surplus was revised downwards from €935 million in the first reading released on April 8. The surplus was €41 million over the surplus in February 2014. Exports increased by 6% to €7.2 billion. Imports were ... Read More »

Hungary’s Projects GDP growth 3.1% in 2015

BUDAPEST: The Hungarian government has raised its projection for GDP growth this year from 2.5% to 3.1%, state secretary Péter Benő Banai said on public television last week, according to Hungarian news agency MTI. The projection was raised in light of favorable data, which was recently released, Banai said. The change coincided with the cabinetʼs submission of Hungaryʼs updated Convergence ... Read More »

Mizsetáp opens egg farm worth of HUF 1.5m in central Hungary

BUDAPEST: Hungarian agribusiness Mizsetáp Kft. inaugurated a HUF 1.5 billion egg farm in Lajosmizse, central Hungary late last week, Hungarian news agency MTI reported on Friday. Executive director Csaba Kollár said the farm expects to account for 2% of Hungaryʼs egg production while headcount will rise from 59 to 65 in next three months. Hungary’s Prime Minister Viktor Orbán spoke ... Read More »

Hungarian home sales hike 59% to 12,118 in April 2015

BUDAPEST: The real estate broker Duna Houseʼs said today according to its estimates that approximately 12,118 homes were sold in Hungary in April, representing a year-on-year increase of 59%. The number of homes sold was down slightly from 12,263 in March 2015, the real estate broker said, adding that turnover on the market has been growing since March 2014. Read More »

Hungarian government submits budget draft to Fiscal Council for 2016

BUDAPEST: The Fiscal Council received the governmentʼs 2016 budget draft, Árpád Kovács, the bodyʼs chairman confirmed with Hungarian news agency MTI late Friday. By law, the Fiscal Council has ten days in which to form an opinion on the bill, a period it is expected to use in its entirety, Kovács added. Prime Minister Viktor Orbán said earlier that he ... Read More »

BSE shareholders approve HUF 95-per-share dividend in 2015

BUDAPEST: Shareholders of the Budapest Stock Exchange (BSE) unanimously approved payment of a HUF 95-per-share dividend on last yearʼs earnings at an annual general meeting yesterday. The BSE will pay a HUF 514million dividend on last yearʼs HUF 520m net profit. Dividend payments will start on June 4. This year could bring a turnaround for the BSE: share prices are ... Read More »

Corporate lending stock of Hungarian banks fall in March 2015

BUDAPEST: Corporate lending stock of Hungarian banks fell in March from the previous month as companies made loan repayments and the value of loans diminished, fresh data from the National Bank of Hungary (MNB) shows. Corporate lending stock of the banks fall almost HUF 298 billion to HUF 6.43 trillion. Revaluations of FX loans reduced the overall stock by HUF ... Read More »

Hungary’s Richter shareholders approve HUF 33-per-share dividend

BUDAPEST: Shareholders of drugmaker Gedeon Richter approved payment of a HUF 33-per share dividend on last yearʼs earnings at an annual general meeting yesterday. The HUF 6.15 bln dividend will be paid from Richterʼs after-tax profit of HUF 19.11 bln, calculated according to Hungarian Accounting Standards. The remaining HUF 12.96 bln will be placed into profit reserves. The boardʼs dividend ... Read More »