JP Morgan has reduced exposure to Poland and Hungary in its global emerging markets model portfolio, a move reflecting fears of potential contagion should the situation in Greece and "eurozone periphery countries" deteriorate further, the US banking group's London-based analysts said on Tuesday.
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Hungary had a EUR 40.9.5m trade surplus in November 2009, hardly changed from a preliminary EUR 411m surplus and down from a EUR 471m surplus in October, the Central Statistics Office said in a second reading published on Tuesday. Trade volumes rose from year-earlier levels for the first time since September 2008.
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ITD Hungary invites bids to develop a competitive investment promotion strategy for the Zahony area.
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Hungary's seasonally-adjusted Purchasing Managers Index (PMI) grew a sharp 4.4 points to 53.5 in January from December, showing growth in the manufacturing sector for the first time since August 2008, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which publishes the index, said on Monday.
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Hankook Tire will invest EUR 230m to expand its car-tyre plant in Racalmas (C Hungary), Hankook Tire PR Manager Katalin Roy told MTI on Friday.
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Representatives from the Hungarian Development Bank (MFB) and Russian gas company Gazprom signed an agreement following a meeting of the Hungarian-Russian mixed economic committee on Friday establishing the project company Deli Aramlat Magyarorszag Zrt. to prepare the construction of the section in Hungary of the planned South Stream gas pipeline.
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Hungary's convergence report envisages a 0.3pc contraction in Hungary's GDP for 2010, GDP growth of 3.7pc for 2011 and GDP growth of 3.8pc for 2012, the Finance Ministry said on its website on Friday. Last year, GDP contracted by 6.7pc.
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The favourable change in the international environment could yet hardly be perceived in the performance of the Hungarian economy last year, with GDP falling in Q3 2009 by over 7pc, similarly to previous quarters, the Central Statistics Office (KSH) said in its latest monthly summary published on Thursday.
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Los Angeles-based multinational real-estate corporation CB Richard Ellis (CBRE) expects real-estate investment turnover in Hungary to increase to EUR 400m in 2010 from EUR 260m in 2009, CBRE real-estate investment chief in Hungary Tim O'Sullivan announced on Thursday.
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Hungary may be able to join the ERM II exchange rate mechanism as soon as next year and beat its regional peers to the eurozone, a major London-based banking group said on Tuesday.
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