Magyar English News (RSS 2.0)

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 

CEE MONEY - Hungary Could Risk Forint Selloff With Fx Loan Conversion

July 21. 2014.

Reuters - By Krisztina Thán

Hungary could risk a selloff in its currency by converting its huge stock of Swiss franc and euro mortgages into forints as the timing looks tricky: the planned conversion will take place after the Fed ends its stimulus programme. More...

Audi To The Rescue of Komárom After Nokia Layoff And Exit?

July 19. 2014.

portfolio.hu

The Hungarian arm of German carmaker Audi said they might be able to help those that will be laid off from Nokia’s Komárom factory. Microsoft Corp announced on Thursday that it will slash up to 18,000 jobs, or 14% of its workforce, in a bid to transform the recently acquired Nokia phone business into a cloud-computing and mobile-friendly software company, terminating overlaps. A Microsoft official said they plan a "phased exit" from the town where Nokia employs 1,800 people. More...

Microsoft To Axe 18,000 Jobs This Year, Hungarian Nokia Unit Affected

July 17. 2014.

portfolio.hu

Microsoft Corp has announced on Thursday it will slash up to 18,000 jobs, or 14% of its workforce. The reason behind the massive cut is that the company has completed the takeover of Nokia’s phone business along with some 32,000 employees and now Microsoft is trying to transform its new purchase into a cloud-computing and mobile-friendly software company, doing away with overlaps. The move could affect Nokia’s Hungarian operations in Komárom. More...

Opel, Audi Boost Output in Hungary as Demand Rises

July 16. 2014.

The Wall Street Journal - By Veronika Gulyás

German car makers Opel and Audi are boosting output in Hungary on rising demand, in turn fueling Hungary’s economic growth. 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

Hungary Sheds Light On Attractive June Budget Deficit Figure

July 21. 2014.

portfolio.hu

Hungary’s National Economy Ministry has on Monday published detailed figures for the budget balance of the first half of the year. It has confirmed the preliminary data that in June there was a HUF 132 bn shortfall, an extremely low figure for the month. More...

Spending Freeze A Precautionary Measure, Prime Minister Says

July 19. 2014.

PM's Press Office

The 110 billion forint (EUR 354 million) spending freeze announced on Thursday is a precautionary measure, Prime Minister Viktor Orbán said in a radio interview today. More...

Hungary to Freeze Some Spending to Keep Tapping EU Funds

July 17. 2014.

Emerging Europe - by Margit Fehér

Hungary’s government will freeze some spending at its various institutions to avoid returning to the European Union’s strict budget surveillance and risk its access to vital EU funds, the economy minister said on Thursday. More...

Hungary Construction Output Soars By Nearly 30% in May

July 15. 2014.

portfolio.hu

Hungary’s construction output grew by 28.7% year on year in May, according to both unadjusted and working day adjusted data, the Central Statistical Office (KSH) reported on Tuesday. Output rose in annual terms in both main groups of constructions: i.e. in the construction of buildings and civil engineering works by 17.0% and 40.4% respectively. Construction output was up 2.2% month on month, according to figures adjusted seasonally and for working days. In the first five months of 2014, the production was up by 27.8% compared to the same period of 2013. More...