HUNGARYTRENDS – The most important news in business and finance from the previous week

Budapest (MTI) – See below MTI’s main business and financial news from the previous week:

MOODY’S PUTS HUNGARY BACK IN INVESTMENT GRADE

Moody’s Investors Service upgraded Hungary’s long term issuer and senior unsecured government bond ratings by one notch to Baa3 from Ba1, putting the country back in investment grade. The outlook on the rating is stable. Explaining the rationale for the ratings action, Moody’s said Hungary’s debt burden will continue to gradually decline and structural improvements will support positive growth rates, while the country’s external vulnerability has been significantly reduced. Read more here: MOODY’S PUTS HUNGARY BACK IN INVESTMENT GRADE

MOL Q3 PROFIT DROPS 24PC ON HIGHER TAX PAYMENT

Hungarian oil and gas company MOL’s third-quarter net income fell 24 percent year-on-year to 68.8 billion forints as higher tax payments countered the impact of a wider margin, an earnings report showed. MOL upgraded guidance for full-year EBITDA, at current cost of supplies and adjusted for one-off effects, to 2.2 billion dollars from 2.0 billion dollars.

RICHTER Q3 PROFIT DOUBLES AS FINANCIAL LOSS FALLS

An earnings report showed Richter’s third-quarter net income rose by an annual 99 percent to 13.6 billion forints as financial losses narrowed. Richter chief executive Erik Bogsch revised guidance for the company’s full-year revenue, calculated in euros, to a minimal increase from an earlier projected decline of 0-5 percent.

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HOME BUILDING PERMIT ISSUES MORE THAN DOUBLE IN Q1-Q3

The number of home building permits issued in Hungary in Q1-Q3 rose 148.5 percent year-on-year to 21,414, data released by the Central Statistics Office (KSH) showed. The number of home building permits issued in Budapest rose 190.3 percent to 5,383.

EC FINDS HUNGARY AD TAX IN BREACH OF EU RULES

The European Commission said it found that a Hungarian tax on advertising gives a selective advantage to certain companies and is incompatible with European Union rules. It ordered the country to recover taxes from companies that enjoyed an unfair advantage. The National Economy Ministry said the government is committed to maintaining the ad tax rules and will defend this “innovative Hungarian initiative”. read more here: THE EUROPEAN COMMISSION FINDS HUNGARY AD TAX IN BREACH OF EU RULES