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Hungary's Richter gets profit shot from the USA (2)

(Adds details, charts) Richter Gedeon, Hungary’s leading drugs producer, has surprised on the upside with its fourth-quarter earnings report.... 

INSTANT VIEW - Hungary posts trade surplus of EUR 4.57 bn in 2009 (2)

(Adds comment by 4Cast) Hungary booked a trade surplus of EUR 375.4 million in December 2009, according to first estimate figures released by the... 

Super grossing rules come into effect in Hungary's personal income taxation

According to the tax law modifications previously accepted by Hungary’s Parliament, the practice of tax base supplementing was introduced in personal... 

Budapest is the cheapest in the Visegrád Four - CBRE

Premium transaction yields are the highest in Budapest in the Visegrád Four countries, i.e. the Czech Republic, Hungary, Poland and Slovakia, CB Richard... 

Hungary changes foreign VAT refunding regulations

The rules of foreign VAT refunding changed significantly from 1 January 2010 in the Member States of the European Community. In the latest issue of its... 
Equity

SOS has to pay Orco for damages, court rules

A Prague court has ruled that SOS Orco and Lubos Smrcka have to pay damages of around EUR 100,000 to... 

Operating profit dips at at Hungary's Egis, soars at Richter in Q4 09 - Portfolio.hu Poll (2)

(Updates with new estimates) Hungary’s two main drug makers, Egis and Richter, are set to publish... 

ANALYST VIEW - Erste cuts target price for Hungary's OTP, FHB

Erste bank has cut its target price for Hungary’s OTP Bank to HUF 6,100 from HUF 6,550 previously... 

Hungary's MOL to focus on INA, existing projects in 2010, no talks with Surgut - Hernádi

Hungarian fuels group MOL will focus on investments at Croatian INA and a consolidation of existing upstream... 

Hungary Egis seals biosimilar deal with Korea's Celltrion

Egis, Hungary’s second-largest drugs producer, has signed a co-operation deal with South Korean... 

ANALYST VIEW - Deutsche Bank sharply raises target price for Hungary's OTP Bank (2)

(Adds details) Deutsche Bank has sharply raised its target price for Hungary’s OTP Bank on Thursday.... 

Watchdog green-lights Hungary's Magyar Telekom to buy outstanding EPT shares

Hungary’s financial markets watchdog PSZÁF has on Wednesday approved Magyar Telekom increasing... 

Hungary's PannErgy ranks high among Erste's Top Picks

Geothermal developer PannErgy is the only Hungarian company that made it to Erste Bank’s Top Picks... 

Ukrainian arm of Hungary's OTP incurs HUF 10.5 bn net loss in 2009 - How much is it really?

The Ukrainian unit of Hungary's OTP Bank incurred a net loss of 435.3 million hryvnias (USD 54 million... 

Ominous signs? Fund managers really don't like Hungary's OTP - Portfolio.hu Poll

Fund managers in Portfolio.hu’s latest monthly survey grew more forlorn about the Budapest Stock... 

Hungary Magyar Telekom completes sale of Bulgarian unit Orbitel

Magyar Telekom, Hungary’s leading telecoms group, has announced on Tuesday that it closed the sale... 

Hungary's MOL: Iraqi gas wells late to meet output target

Crescent Petroleum will be about a year late in meeting its output target for the Pearl gas project in... 
Markets (HU)

Hungary Csányi sells EUR 5.5 m worht of OTP shares

Sándor Csányi, Chairman-CEO of Hungary's OTP Bank, sold HUF 1.49 billion (EUR 5.53 m) worth of OTP shares... 

Feeble demand for 3-m Hungarian bills, rate cut expectations cooler

Demand was unusually weak for Hungary's 3-month discount Treasury bills (D100106) at an auction held... 

Hungary forint moored to 270 vs. EUR

Hungary's forint seems to be anchored to 270 versus the euro, while we see mixed signals from global... 

Oil supply to Hungary, Slovakia halted by Kazakhstan

Kazakhstan has halted Urals crude oil supplies to Slovakia and Hungary via the Druzhba (Friendship) pipeline... 

Hungary seals deal with E.ON on pre-emptive right for gas trade unit

Talks are soon to be concluded between Germany’s energy giant E.ON and the Hungarian government... 

US revenues of Hungary's Richter to drop 25% yr/yr in 2010 - CEO

Hungary’s leading drugs maker Richter Gedeon expects its US sales to decrease by 25% year on year... 

Hungary sells HUF 30 bn 3-m bills, yield drops further

Hungary’s Government Debt Management Agency (ÁKK) has offered HUF 30 bn worth of 3-month discount... 

ANALYST VIEW - Raiffeisen ups target price for Hungary's Magyar Telekom

Raiffeisen has revised its target price upward for Hungary’s Magyar Telekom to HUF 760 from HUF... 

Hungary's exports grow in Dec for the first time in 2009

Hungary booked a trade surplus of EUR 375.4 million in December 2009, according to first estimate figures... 
News

Hungarian unit of KBC starts building new head office in Budapest

TriGranit, a Hungary-based international real estate developer, has laid the foundation stone of the... 

Hungary c.bank starts programme to boost forint lending

The Monetary Council of Hungary’s central bank (NBH) has held a non-rate-setting meeting on Monday... 

Laws need to be observed when renewing Hungary's c.bank, market supervision - Orbán

In his state of the nation speech, Viktor Orbán, President of Hungary’s main opposition party Fidesz... 

Starbucks may have found the spot for its first Hungarian coffee shop - a mall

Starbucks, the world's largest coffee shop chain, has apparently picked a location for its first store... 

Toyota global recall to affect 22,000 cars in Hungary - spokesman

The recall of over eight million Toyotas globally because of sticky accelerator pedals can affect 22,000... 

USD bond issue boosts Hungary's international reserves to all-time high

Hungary’s international reserves jumped to an all-time high of EUR 32.5 billion in January as... 

Orco to present rescue plan to French court soon - BoD member

Property group Orco has not left all its problems behind just yet, but it will be able to survive the... 

Hungary Bokros wants "smart state" instead of Orbán's "strong state"

The only party offering an economic programme that could be implemented in Hungary is the Hungarian Democratic... 

Hungary posts HUF 31 bn budget surplus in January

Hungary posted a public sector surplus of HUF 31.3 billion in January 2010 (on a cash flow basis, excluding... 

Hungary's Orbán to "renew" central bank, markets watchdog

Viktor Orbán, head of Hungary’s main centre-right opposition party Fidesz, has held his state of... 

Foreign investors await real economic plans from Hungary, not election promises - Portfolio.hu Interview

When it comes to Hungary’s economic policy, foreign punters investing in Hungarian government securities... 

INSTANT VIEW - Hungary's industrial production slips again (2)

(Adds comment by Goldman Sachs on page2) Hungary's industrial production dipped by 5.7% month on month... 

Super grossing rules come into effect in Hungary's personal income taxation

According to the tax law modifications previously accepted by Hungary’s Parliament, the practice... 

Hungary industry headed south again

Hungary's December industrial output fell 5.7% month-on-month according to data adjusted for workdays... 

Govt bond yields on the rise, Hungary still fares better than peers

Yields on the secondary market of Hungarian government bonds have increased in the past few days as investors... 

Fitch negative outlook on Hungary stems from tight-lipped Fidesz - director

Hungary’s “uncertain" fiscal prospects, overshadowed by elections in 10 weeks, and a “very... 

Hungary's new gov't to rewrite ten laws as soon as elected to power

Hungary’s main opposition party, Fidesz, which is widely tipped to win general elections in April... 

Hungary cuts 12-m bill auction over muted demand

In a bleaker global mood, Hungary’s Government Debt Management Agency (ÁKK) has received HUF 94.6... 

Hungary's forint eases to EUR on disturbing news

As global mood has become bleak again, the US dollar started to gain versus the euro that set Hungary’s... 

CEE office rental rates stable, Orco loan renegotiations fruitful - CEO

Office rental prices have “stabilised" and are producing steady income as economies in the region... 

ANALYST VIEW - There is value in Hungary's 5-yr global bonds - Morgan Stanley

Morgan Stanley has pointed to several pricing discrepancies on Hungary’s global bond curve, saying... 
Commentary

Hungary's PannErgy ranks high among Erste's Top Picks

Geothermal developer PannErgy is the only Hungarian company that made it to Erste Bank’s Top Picks... 

INSTANT VIEW - Hungary's c.bank cuts base rate to historic low (5)

(Adds comment by Capital Economics, Goldman Sachs, Wood & Co. on page 4) Hungary’s central bank... 

ANALYST VIEW - Hungary's forint set to take off, firm to 245 vs. EUR by June - BofA-ML

Hungary’s forint may gain as much as 10% versus the euro in the first half of 2010 as Hungarian... 

ANALYST VIEW - BofA-ML raises target price for Hungary's OTP Bank, rating remains

Bank of America-Merrill Lynch has raised its target price for Hungary’s OTP to HUF 6,950 from HUF... 
 

"Entering an unknown world" - Developers at the round table


What does 2010 have in store for real estate developers? Is it worth launching into new developments this year? We sat down to breakfast with the heads... 
 
 

Current Rates
MOL17,350(1.5%) 
MTELEKOM684(1.0%) 
OTP5,250(2.3%) 
RICHTER40,500(1.5%) 
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