HungaryTrends – The previous week in business and finance

Budapest (MTI) – Following are some of the top business and finance stories this week:

MOL CLIMBS ON BACK OF INA BUYOUT ANNOUNCEMENT

Shares of Hungarian oil and gas company MOL gained 2.66 percent to 20,635 forints on the week. The share price rose after Croatian Prime Minister Andrej Plenkovic’s announcement on Saturday that the state would buy back MOL’s stake in INA. The announcement followed an international arbitration court’s decision dismissing the Croatian government’s claims against MOL on bribery, corporate governance and alleged breaches of a shareholders agreement.

HUNGARY PLANS EUR 1.2BN OF FX ISSUES IN 2017

Hungary’s government plans 1.2 billion euros of foreign currency issues next year, though the final amount could be bigger or smaller depending on market opportunities, Economy Minister Mihaly Varga said. Hungary could tap euro, dollar, yuan or yen bond markets, he said.

HUNGARY STATE DEBT REACHES 74.3 PC OF GDP AT THE END OF Q3

Hungary’s state debt, calculated according to Maastricht rules, stood at 74.3 percent of GDP at the end of September, down from 75 percent of GDP at the end of June, data released by the National Bank of Hungary showed. In nominal terms, state debt reached 25,883bn forints in Q3.

APOLLO TYRES TO START HUNGARY PRODUCTION IN EARLY 2017

India’s Apollo Tyres could start production at a plant it is building in Gyöngyöshalász (N Hungary) early in 2017, the company said. Apollo Tyres has hired more than 300 engineers, technicians and tyre-making experts to work at the plant.

GOVT EARMARKS HUF 365BN FOR BALATON DEVELOPMENTS

Hungary’s government earmarked HUF 365bn in state and European Union development funding for projects around Lake Balaton in a decree. The allocation is 15-20 percent over an earlier one outlined in a decree issued in 2015 but withdrawn in the spring of 2016.

BAD WEATHER CUTS HUNGARY FRUIT HARVEST BY ONE-THIRD

Bad weather reduced Hungary’s fruit crop by about one-third this year, but the vegetable harvest was better than average, the head of growers association FruitVeB told MTI. Spring frost, storms, hail and heavy rain cut the fruit crop by 250,000-300,000 tonnes to 750,000-800,000 tonnes, said Ferenc Ledó. The vegetable harvest reached 1.7m tonnes, a few percent over the average, as greenhouse yields climbed 5-7pc to 430,000 tonnes, he added.

Source: MTI