Magyar English News (RSS 2.0)

Hungary Nominates Foreign Affairs Minister As Commissioner

July 30. 2014.

EurActive.com

Tibor Navracsics, Hungary’s minister for foreign affairs and trade, on Wednesday (30 July) confirmed he is the country’s nominee to become commissioner in the next EU executive. (Photo: Tibor Navracsics (right) talking to Johannes Hahn, German EU Commissioner) More...

PM Orbán Fulfils One Of His Dreams - How Much Will MKB Hurt Hungary?

July 29. 2014.

portfolio.hu

It may be unbelievable but it is true: by purchasing MKB Bank from Germany’s BayernLB, Viktor Orbán’s old target to have at least 50% of the local banking system in Hungarian hands has practically been reached. But what does the government want with MKB and how much operating this bank that had accumulated immense losses will cost for taxpayers? Or the state has perhaps done a good deal? We have 10 questions and 10 answers that may clarify a few issues related to the acquisition of MKB. More... - Further reading on MKB's future on Reuters

No Progress At MOL, Croatia Talks Over INA

July 25. 2014.

MTI - Budapest Business Journal

Hungarian oil and gas company MOL said yesterday that the latest round of talks with the Croatian government brought no progress regarding the future of Croatian energy group INA. More...

HIGHLIGHTS-Hungarian Central Bank Director Nagy Interview

July 25. 2014.

Reuters

Following are highlights of an interview that National Bank of Hungary managing director Marton Nagy gave to Reuters late on Wednesday. More...

Domestic Consumption Growth Among The Highest In Europe

July 23. 2014.

PM's Press Office

Hungary’s retail sales volume has been on the rise for the 11th consecutive month and the increase of almost 5 percent registered in May is the third best growth figure within the European Union. The rebound in household consumption has been the result, among others, of the cuts in utility charges, family tax allowances, record-high employment growth, the increase of wages in real terms and improving consumer confidence. More... - Portfolio.hu's challenging view - CSO's report 

(Forbes Commentary) Strange Things Are Happening In Hungary's Banking Sector

July 30. 2014.

Forbes by Frances Coppola Contributor

The Hungarian banking system has been a thorn in the Hungarian government’s side for quite some time. A large proportion of it is foreign-owned, which makes it more likely that there would be outflows of capital and restriction of essential lending activity in a crisis. And, of course, it’s more difficult to coerce foreign-owned banks into doing things that the government wants, such as cheap lending to favored borrowers and buying up government debt. More...

Hungary Orbán Wants To Build "Illiberal State", Work-Based Society

July 28. 2014.

portfolio.hu

The new Hungarian state is being organised on the foundation of a work-based state, which is not liberal in nature, said Prime Minister Viktor Orbán on Saturday at a gathering in Tusnádfürdő, Romania. He said he is building an illiberal democracy in Hungary and that local non-government organizations are but "groups of foreign-financed political activists" that are trying to enforce foreign interests against Hungarian interests. More...

Hungary's New EU Fund Distribution System Is Fine As It Is - Gov't Official

July 25. 2014.

portfolio.hu

The European Union has not suspended the payment of development funds to Hungary as the country’s new institutional system responsible for distributing those funds are compliant with current legislation, according to a Hungarian government official. Nándor Csepreghy, deputy secretary of state in charge of development policy communication at the Prime Minister’s Office, also stressed to state-owned newswire MTI on Thursday that since 15 April Hungary has received over HUF 400 billion worth of EU funds. More...

Hungary Buys Bank from Germany’s BayernLB

July 24. 2014.

WSJ Emerging Europe - By Margit Fehér

Germany’s state-controlled lender BayernLB Thursday said it was selling its Hungarian MKB Bank Zrt. unit to the Hungarian government for 55 million euros ($74.1 million), a move that helps the German bank to state aid and Hungary’s government to see more of the banking sector back in local hands. More... 

Hungary Cuts Base Rate To Record Low, Ends Long Easing Cycle

July 22. 2014.

AFP

Hungary's central bank MNB cut its main interest rate to a record low of 2.10 percent on Tuesday, ending a two-year-long monetary easing cycle aimed at stoking economic growth. More... - Further reading on Bloomberg's