Browsing: hungary

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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.

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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.

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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.

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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.

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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.

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The volume of retail sales in Hungary increased by 3.4% year on year in April, according to data adjusted for calendar effects, the Central Statistics Office (KSH) has reported on Wednesday. The last time the index came in this high was seven years ago. The volume of sales increased by 3.3% in food, drinks and tobacco stores and by 6.3% in automotive fuel retailing. There was no change in the sales volume of non-food retail trade.

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Hungary’s Manufacturing Purchasing Manager Index (PMI) dropped to 47.1 points in May from 51.7 points in April, according to seasonally adjusted figures, the Hungarian Association of Logistics, Purchasing and Inventory Management (HALPIM) reported on Monday. The decline comes after a drop in the PMI from 55.7 in March.

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Having examined Hungary’s national reform programme and convergence programme and in view of the European Commission’s in-depth review and assessment of these the Council has made seven country specific recommendations for the country, such as ensuring a stable, more balanced and predictable corporate tax system, broadening the powers of the Fiscal Council, lowering the extra burden on the financial sector, strengthening active labour market policy measures, making the business environment more attractive for foreign direct investment by making the regulatory framework more stable and gradually abolishing regulated energy prices.