Budapest Business Journal

A sale of Lehman Brothers' European arm loomed as the next step in Wall Street's transformation as the main architect of a $700 billion US financial sector rescue plan warned lawmakers not to slow its progress.

An airport near Székesfehévár that Hungarian property developer Biggeorge's is set to build will cost Ft 20 billion – Ft 25 billion, business daily Napi Gazdaság reported.

Hungary's financial market watchdog PSzÁF said it approved the Vienna Bourse's request to acquire up to 50.45% of the Budapest Stock Exchange (BSE).

Hungary fell eight positions from last year to 47th on Transparency International's 2008 Corruption Perceptions Index.

The European Commission has extended by ten days its competition review of the purchase of MÁV Cargo, the spun-off freight unit of state-owned Hungarian railway company MÁV.

Alternative-energy company PannErgy announced on the website of the Budapest Stock Exchange that it had sold 1,677,914 shares of its packaging-materials unit Pannunion at a subscription price of Ft 250 per share in a public offer concluded on September 19.

Haggling over a $700 billion bailout to tackle the worst US financial crisis since the Great Depression looked set to drag into next week, threatening to keep markets on tenterhooks over the shape of the Wall Street rescue.

Dutch Philips Electronics said its lighting unit was on track to achieve its earning before interest, taxes and amortization (EBITA) margin target of 12% to 14% for 2010.

Gasol Plc has signed an agreement with Afren Plc and Electricite de France to look at establishing a joint venture on developing gas assets in West Africa.

Norway’s Aktiv Kapital has entered into an agreement with one of the world leading financial institutions to purchase a consumer credit portfolio in Austria with face value of NOK 2,141 million (EUR 258 million).

Mark Mobius, managing director, Templeton Asset Management, claimed that widespread and ongoing fears of a European-wide recession have been exaggerated, Eurofinance said in a press release.

The technology group Linde Group and Vattenfall Europe Technology Research GmbH, a subsidiary of the Vattenfall energy group, have entered into a wide-ranging technology partnership for carbon dioxide separation in coal-fired power stations.

Market intelligence provider Point Carbon predicts that the UN climate negotiations, to be held in Copenhagen in December 2009, will succeed in securing legally-binding emission reductions (known as QELROs - quantified emission limitation and reduction obligations).

General Electric Co expects a five or sixfold rise this year in demand for financing to help bankrupt US companies restructure themselves as the credit crunch leaves a growing number of businesses scrambling for liquidity.

Hungary's budget revenue was boosted Ft 30 billion – Ft 40 billion in H1 of 2008 by a crackdown on the shadow economy, according to a report by a parliamentary committee set up to track the results of the measures.

A national strategic report published on the website of the Ministry of Social and Labor Affairs said that Hungary's current pension system must be reformed or else an increasing number of Hungarians could be left without pensions.

Winegrowers in Hungary's famous Tokaj wine region (NE Hungary) expect to harvest 20% more grapes this year than they did last year.

Energy producers and distributors/traders will have to pay an extra 8% profit tax next year according to a bill submitted to the Hungarian Parliament by the Finance Ministry.

Asian stocks slid on Tuesday on skepticism about how Washington's $700 billion bailout plan can restore confidence in the US financial system when the economy may be in a recession, boosting gold and government debt.

Vietnam will partly privatize top state-owned fuel importer and distributor Petrolimex to raise funds to expand its downstream business, the government said.