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MKB Bank CEO Sees Sale of Up to 30% Stake on Budapest Bourse

May 24. 2018.

Bloomberg / By and

MKB Bank Zrt., Hungary’s fifth-largest lender, plans to sell as much as a 30 percent stake on the Budapest bourse to meet terms of a European Union-sanctioned bailout, Chief Executive Officer Adam Balog said. The lender may list about 20 percent to 30 percent of shares on the stock exchange next year, Balog said in an interview Wednesday in his Budapest office. More...

Commission Releases 2018 Convergence Report: Review of Member States' Progress Towards Euro Adoption

May 23. 2018.

European Commission

The report covers the seven non-euro area Member States that are legally committed to adopting the euro: Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania and Sweden. It finds that these Member States generally display considerable nominal convergence, but none of them currently meet all the formal conditions for joining the euro area. Two of these Member States, Bulgaria and Croatia, fulfil all of the convergence criteria, except for the exchange rate criterion as they are not members of the Exchange Rate Mechanism (ERM II). Details

Deficit Close to 80% of 2018 Target, Ministry Confirms

May 22. 2018.

MTI Econews via

Hungaryʼs cash flow-based general government, excluding local councils, ran a HUF 1.0814 trillion deficit as of the end of April, reaching 79.5% of the HUF 1.3607 tln full-year target, the Finance Ministry confirmed in a detailed monthly report issued Tuesday. More...

Hungaryʼs New Government Sworn In

May 18. 2018. / MTI

The ministers of Viktor Orbánʼs new government took their oaths in Parliament today, after receiving their appointments from President János Áder, national news agency MTI reported. More...

Zombies No More: Lending Revival Opens New Chapter for Hungary's Banks

May 17. 2018.

Reuters / Gergely Szakacs

After almost a decade in the doldrums, Hungary’s banks look set for years of lending growth that could help Prime Minister Viktor Orban’s efforts to keep the economy growing at a rate of 4 percent. More...

Investment in Hungary’s Regions Given Wizz Air Boost

May 24. 2018.

Emerging Europe

Hungary’s drive to promote investment in the country’s regions has been given a boost by Wizz Air, which has announced a big increase in its operations at Debrecen airport, in the east of the country. From December, the Hungarian airline – the largest in emerging Europe – will add a second aircraft to its Debrecen base, launching seven new routes from the city, to Barcelona and Palma de Mallorca in Spain, Basel in Switzerland, Doncaster/Sheffield in the United Kingdom, Dortmund in Germany, Larnaca in Cyprus, and Malta. More...

European Semester Spring Package and Draft EU Budget 2019

May 23. 2018.

European Commission

The Commission adopted today the European Semester 2018 Spring Package, including the 27 Country-Specific Recommendations which set out the Commission's economic and social policy guidance for Member States for the next 12 to 18 months, as well as the 2018 edition of the Convergence Report. More of the Press Statement - 2018 European Semester: Country Specific Recommendation / Commission Recommendation - Hungary

Architecture: The Modern Architect Who Gave Budapest a Taste of the Future

May 22. 2018.

Apolló /

Béla Lajta is a name little known outside Budapest and, frankly, one not that well known there either. While other figures from the fin de siècle – Gaudí, Mackintosh, Loos, Wagner, Hoffmann – have been beatified and transformed into tourist icons, Lajta (1873–1920) languishes as a central European curiosity. Yet this architect was, without doubt, one of the most innovative and brilliant figures of an era overloaded with genius. More...

Hungary's Who-Blinks-First Versus Markets Nears Decisive Moment

May 18. 2018.

Bloomberg / By

The National Bank of Hungary is locked in a staring match with the market, and the moment of reckoning may be near. As interbank rates continue to climb in defiance of policy makers’ push to keep funding conditions loose, the monetary authority probably needs to double down on its unconventional easing methods. More...

BRICKS & MORTAR: Budapest's Shopping Mall Market is Buzzing

May 17. 2018.

BNE IntelliNews / By Levente Szilagyi

Property developer Futureal Group began construction on May 16 of a 155,000 sqm shopping mall with 54,000 sqm of gross leasable area (GLA) in the southern parts of Budapest. The Etele Plaza will be the third-largest shopping and entertainment centre in the capital, and the biggest mall on the Buda side when it's completed in 2020, the developer said. More...