On 28 May, 2015 the Hungarian Business Network (HBN) in cooperation with the Embassy of Hungary in The Hague is hosting a Business Round-table Discussion followed by networking and drinks … Read more
Hungary recorded the largest expenditure on research and development since the change of regime in 2012, said Zoltán Cséfalvay, state secretary at the Economy Ministry. He told InfoRadio on Thursday that R&D spending totalled 1.29 of gross domestic product last year, as businesses, especially large corporates have understood the importance of R&D. He also spoke about the “early” repayment of the debt to the IMF.
A new Hungarian airline will be born – a Hungarian Hawk. Sólyom (Hawk) Airways will soon take off, the carrier’s chief executive officer, József Vágó has told a press conference on Wednesday. The minority owner of the carrier will be an Oman-based tourism company and a Dubai-based financial investor will ensure further funding.
Investors are beginning to calm down after panicky mood swept through markets late on Wednesday and Thursday. Currency markets are also showing signs of correction, which let up the pressure on emerging market currencies too. Hungary’s forint eased to 300 versus the euro but on Friday morning it has gained some distance southbound from this psychological level.
Hungary’s newly proposed tax measures – if approved – could improve the budget balance by up to 100 billion forints, the National Economy Ministry responded to state-owned newswire MTI’s inquiry on Monday.
The stock of the Premium Euro Hungarian Government Bond (P€MÁK) in circulation leaped by EUR 563 million in May, after an increase of EUR 104.5 m in April and a massive decline of EUR 450 m in March, data by the Government Debt Management Agency (ÁKK) showed on Wednesday. Total stock reached EUR 1.645 trillion by the end of last month.
András Simon, communications director at the National Bank of Hungary (NBH) has been laid off, local news portal origo.hu has learned.
After significant depreciation during the day and some recovery at the end of the Tuesday session Hungary’s forint kicked off Wednesday trading in a relatively good shape, having opened around 296.50 to the euro. We can expect large volatility both domestically and globally in the days ahead for a number of reasons: (i) positions can be reshuffled over monetary policy changes expected from the Fed; (ii) the elevated tensions in Turkey could lead to unforeseeable consequences and (iii) some important messages about the European Central Bank’s (ECB) bond purchase programme could be delivered at today’s constitutional court hearing in Germany.
The integration of certain responsibilities of the Hungarian Financial Supervisory Authority (PSZÁF) into the central bank (NBH) can make not only financial supervision but also monetary policy more stable, said Economy Minister Mihály Varga.
Forecasting firm Moody’s Analytics has revised its GDP forecast significantly upward for Hungary and now expects a much smaller contraction in 2013 than previously.