December 2008

Monetary Council Cuts Rates 50bp to 10.50 pct

The Monetary Council of the National Bank of Hungary cut the base rate 50bp to 10.50 pct at a non-rate setting meeting.


Mercedes To Select Suppliers This Spring for Model To Be Built in Hungary

Daimler AG will select suppliers this spring for the new next-generation A- and B-class compact model.


Government to Speed up Investments to Boost Employment

The government aims to speed up big infrastructure developments in order to help companies keep staff numbers intact.


Trigranit Halves Planned Investments

Hungary's largest property developer, TriGranit reduces its planned investment to EUR 4bn due to the worsening financial conditions.


Hungary Fish Market Worth Annual HUF 17bn-19bn

Hungary's fresh fish market is worth an annual HUF 17bn-19bn, of which some 40 pct is generated around the winter holidays, when Hungarians traditionally eat fish, business daily I reported on December 8, 2008. 


Csanyi in Advanced Talks with Lactalis on Sale of Sole-Mizo Stake

Food industry magnate Sandor Csanyi is in advanced talks on the sale of a stake in Sole-MiZo.


Minister Says Rural-Development Programs to Continue in Spite of Financial Crisis

The government intends to continue funding current rural-development programs in spite of the financial and economic crisis, Minister of Agriculture and Rural Development Jozsef Graf said on the evening of December 4, 2008. 


Number of Mass Redundancies Triples in November - Extended

Nearly 60 companies reported mass redundancies of a combined 3,100 staff in November, Karoly Piris, who heads Hungary's Employment and Social Office said on December 4, 2008.


Hungary Posts Foreign Trade Surplus of EUR 177 Million in September

Hungary posted a EUR 176.7m trade surplus in September, the Central Statistics Office (KSH) said in a second reading on December 4, 2008. 


Finance Minister Says Hungary Is Ready for Introduction of the Euro

Due to the global financial and economic crisis Hungary is expected to repay its debts sooner, thus moving the country closer to joining the eurozone.


News Monitoring