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09 november 2004
Business Magyar BBJ launched Lukoil expands Drug prices to rise 6-7% Gas prices Regulator asks for time in Brau decision Construction materials co's join forces OTP Q3 net income could be up 15% HVB acquisition PSzÁF fines K&H Bank FHB to repurchase Ft 10 billion-worth of bonds Högl secures foothold in eastern Hungary Magyar Telecom reports 14% rise in Q3 EBITDA Hotel occupancy 62.4% in January-October Spa to be rejuvenated Zalakerámia breaks news of layoffs Consumer affairs paper Kosár Income tax down, tax revenue down Estimated trade deficit euro 329 mln in Sept Health-care budget Ft 8,170/month per capita ORTT budget approved Hungary shines in survey of east Parliament gets candid with TV MDF exodus Ministries whittle down staff University tower renovation Danube petrol spill prevented BUX index: BUX Close: 13,552.57 Change: -67.72 (-0.50%) Fixed Middle Rate Tomorrow: cloudy

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10 november 2004
Business

Economics Politics

Domestic

Stockwatch Exchange Weather

Démász Q3 profit up 5.1% Pilis-Investor liquidation Invitel Q3 reports Zwack Q3 reports Rába Q3 reports Getronics moves into Bp EU VAT discrepancies Posta insurance co's premiums revenue Insurance broker CLB offering services online HVBJ refuses some auction bids Malév switches to new reservation system Vodafone goes 3G Fixed line phones down Growth slows Auction of three-month bills Non-recyclable packaging tax to reduce waste Járai insists gov't withdraw new bank bill Govt's dual citizenship worries Orbán on hospital sales PM: troops must stay in Iraq until elections Budget amendments Compensation for custody Hungary objects to Croatian hydro-electric dam 2003 farm output unfavourable, says minister Life of nuclear plant may be extended IT Min budget 2005 Segregation of Roma students to end BUX index: BUX Close: 13,770.80 Change: +218.23 (+1.61%) Fixed Middle Rate Tomorrow: rain

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11 november 2004
Business

Economics

Politics Domestic Stockwatch Exchange Weather

Csányi takes over Délhús Italian furniture maker headed for Gyönk TV2 turns to Competition Office OTP share price could reach 6,000 Synergon on target Sárvár spa program to be finished next spring with new camp site MSzP accuse MOL management of insider trading Glassmaker to build Euro 60 mln factory Terták becomes ITDH CEO First outlet mall to open Today Motor liability contracts cannot be terminated by fax MFB buys stake in Ganz Transelektro HTCC purchases 24.9% of PanTel Gazprom to give go ahead to MOL Egis Q4 net income Seen Rising 53% Matáv's Q3 income expected to fall 23% Committee supports expanding Paks life span More guests and revenue at hotels in first nine months Cabinet approves loan programs Dist 7 to get Ft 1.5 for rehabilitation Tax revenue lower than expected Dual citizenship could cost Ft 537 bln Confusion over MDF delegate status at ORTT Up graded hospital service provided Extremist splatters monument with oil BUX index: BUX Close: 14,190.96 Change: 420.16 (3.05%) Fixed Middle Rate Tomorrow: rain

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12 november 2004
Business Egis Q4 profit rises as exports gain Synergon 9-month loss narrows Club Aliga to be sold Graphisoft reports 88% profit rise 300,000 expected to fly Germanwings ex Bp FHB free float bought by foreign investors Electronics prevail over clothing CIB employees set to become shareholders Békéscsaba poultry sees layoffs Kaiser opens anew BSE beats previous twin records Haironville to open new plant MOL eyes oil company in Bosnia Konzumbank's balance sheet approved MOL Q3 probably up 55% eTel 9-month voice service minutes up 50% Axelero to break even in 2004 Oct inflation rate - no surprises FinMin sees 6% inflation in Dec Dual citizens - health spending may surge Layoffs in food/textile industries Sewage system should be pumped up MFB to start 3 new loan programs VAT revenue Ft 1,318 bln by Oct Investor and company strategies at odds Condolences sent on Arafat's death Gati receives Hungarian award BUX index: BUX Close: 14316.58 Change: +122.73 (+0.86%) Fixed Middle Rate Tomorrow: rain

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15 november 2004
Business MOL Q3 net more than doubles Gazprom sharing gas business with E.ON FHB has shining Q3 results Matáv shows disappointing Q3 results TVK net profit up 109% in Q1-Q3 Globus concerned about weak Q3 BorsodChem 9-month profit surges Antenna 9-month profit surges Fundy farewells Pécs Expo Center to be finished next autumn Food Express site in east Pannonplast: nine-month losses grow 48.7% yr/yr MÁV expects Ft 2 bln from real estate sale Danubius Hotels' 9-month profits rise 277% yr/yr Linamar Q3 results Fire causes Ft 100 mln in damage Nabi closes rough third quarter OTP Bank warns clients of internet scam Castle hotel to be built in Sümeg BSE week Agreement on higher minimum wage By-elections invalid because of low voter turnout Hungary asks EU for faster legislation MDF on privatization of health EU experts approve Paks control system BUX index: BUX Close: 14100.04 Change: -216.54 (-1.51%) Fixed Middle Rate Tomorrow: p/cloudy

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09 november 2004
Business
Magyar BBJ launched The Magyar BBJ, Hungary's 100% practical business weekly newspaper, was published for the first time yesterday. The paper is a Hungarian-language sister paper to the Budapest Business Journal, which has been publishing no-nonsense news about business in English every week for 12 years. The 40-page paper has a print run of 20,000 copies. "Building on our well-established brand and reputation for independent reporting, we are now bringing the same values and quality to a wider native readership" said Stephen A. O'Connor, CEO and publisher of both BBJs. "The paper contains concise, to-the-point information about the latest developments in business, and wider issues as they affect business," said David Hill, editor for both papers. Lukoil expands Russia's number one oil company Lukoil is believed to be entering upon a stage of rapid expansion in the Hungarian retail market soon, business daily Világgazdaság reported. Lukoil Downstream Hungary Kft, the Hungarian subsidiary of the oil giant, has acquired 19 gas stations since its market entry this summer and is allegedly set to boost its market share to 15% by 2006 when it would operate 100-120 pumps throughout the country. According to earlier press releases, Lukoil plans to supply its filling stations in Hungary from a refinery opened a few days ago after a $120.7 million upgrade in Ploiesti, Romania, which the company had claimed would allow it to go Ft 6-Ft 7/liter under the retail prices of MOL Hungarian Gas and Oil Rt. (Vg 1) P.P. Drug prices to rise 6-7% New drugs put on the list of subsidized medications and changes to the subsidy rates of other drugs will translate into an overall 6-7% retail price rise of subsidized medicines next year, Judit Tóth, spokesperson for Hungary's Health Ministry said yesterday. The producer prices of drugs cannot change because of an agreement the government and drug makers reached in June. The 2005 budget bill allocates Ft 258.42 billion for drug subsidies, and an additional Ft 25 billion for subsidies for specialty medicines. Drug subsidy spending this year is expected to top Ft 280 billion, well over the Ft 240 billion target. (MTI Econews; NG 3) Gas prices Mol Rt is lowering the price of diesel by 6 forints, down to Ft 231/liter, starting from tomorrow. The reduction is attributed to the decline in the price of crude oil and diesel on the international market. The price of the gasoline will remain unchanged. (NG 3) E.C. Regulator asks for time in Brau decision The financial market regulator PSzÁF on Friday delayed a decision whether to approve or reject the Dutch beverages firm Heineken's controversial public buyout offer for the brewery Brau Union Hungária, the regulator announced yesterday. PSzÁF was due to decide by Friday, but delayed the decision by 30 days because it needed more time to investigate whether the valuation model used in pricing the offer was justified. (Econews; Vg 12, 17) Construction materials co's join forces Eleven small and mid-sized construction material retailers active in Hungary have formed Huf-Bau Kft to compete more successfully in a market dominated by multinational chains such as OBI, Praktiker, Bricostore or Baumax, Managing Director György Piedl said yesterday. Huf-Bau's stakeholders operate 26 lumberyards altogether with a combined stock worth Ft 5 billion. In addition to offering a wider product range and expanding in the domestic and foreign markets, the members of the chain also hope that the strategic alliance will bring synergies to logistics, finance and marketing. (Vg 15) P.P. OTP Q3 net income could be up 15% OTP Bank Rt is expected to say Q3 profit rose 15 % as economic growth fueled demand for loans. Net income probably climbed to Ft 32.49 billion from Ft 28.3 billion in the same period last year, according to the median estimate of seven analysts polled by Bloomberg News. The Budapest-based company is scheduled to report earnings before the market opens on November 10. (Bloomberg) HVB acquisition The State Financial Institutions' Supervision (PSzÁF) has given the go-ahead for HVB Bank Rt to take over the client base of Aegon Securities Rt, the soon-to-be-defunct stockbroker arm of Aegon Insurance Rt. Aegon decided to pull out of the securities business based on cost efficiency considerations, but its fund management company will remain in business. HVB Bank has been seen to carry out a series of major acquisitions this year and become a leading player in the Hungarian investment market. These included the acquisition of the largest single stake in the Budapest Stock Exchange itself and the takeover of Európa Investment Fund. (Vg 18) P.P.

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PSzÁF fines K&H Bank The Hungarian Financial Supervisory Authority (PSzÁF) has fined K&H Bank Rt Ft 5 million for failing to maintain an appropriate capital adequacy ratio. PSzÁF has also ordered the bank to audit its own activities more closely and to create a more transparent management structure, almost a year and a half after the bank discovered several billion forints had gone missing from its equities arm. PSzÁF said K&H Bank should keep its capital adequacy ratio continuously above 10%. The bank must also reduce the number of technical cash flow accounts, one of which is thought to have been used by a former employee to embezzle billions. (Econews; NG 5, Vg 18) FHB to repurchase Ft 10 billion-worth of bonds Land credit and mortgage bank FHB Rt will repurchase up to Ft 10 billion worth of fixed-rate mortgage bonds between 10 and 11 in the morning of November 15, the bank announced yesterday. FHB is buying back the bonds to avoid too many maturing at the same time. The bonds include the FJ08NF01 (8.25%), FJ08NF04 (8.5%), FJ08NF05 (8%), FJ08NF06 (7.5%) and FJ13NF03 (8.25%). The bonds were issued in 2002 and 2003, and four of the five series mature in 2008 and one in 2013. (Econews; NG 11, Vg 19) Högl secures foothold in eastern Hungary Austrian footwear company Högl has transferred all of its Austrian manufacturing capacity to Martfu in eastern Hungary, Austrian news portal OÖNachrichten reported. Having acquired the ill-fated Martfu plant from bankrupt shoe maker Salamander a year ago, Högl has brought most of its production to the facility, installed new production lines and hired new workers, according to Zoltán Gyenge, CFO of the company's local subsidiary Saltis Shoes Kft. The Hungarian operation started out with Ft 42 million losses on Ft 1.8 billion turnover in the business year between March 2002 and March 2003. But Gyenge is hopeful that sales will increase to Ft 2.1 billion by the next year-end report. (Vg 15) P.P. Magyar Telecom reports 14% rise in Q3 EBITDA Magyar Telecom BV, the parent company of Hungarian fixed-line telecom Invitel Rt, reported yesterday that the company's EBITDA had grown 14% yr/yr in euro terms to euro 20.9m in Q3. Nine-month EBITDA increased 35% to euro 59.5m. Magyar Telecom had Ft 11.3 billion (euro 45.32 million) revenue in Q3 2004 Q2 this year. Revenues were flat in forint terms from a year earlier but rose 0.5% from Q2. DSL contracts at the end of September 2004 increased 147% yr/yr, underlining strong growth in the broadband sector, the company reported. (MTI) Hotel occupancy 62.4% in January-October Hotel occupancy was 62.4% in January-October, with guest nights up 9.6% from the same period of 2003, the Central Statistics Office (KSH) said yesterday. In January-October 2003 the occupancy rate was 56.8%. In October, occupancy was 65.4%, down from 72% in September and up from 64.2% a year earlier. The gross average room rate was Ft 13,998 (approx. euro 57) in the first ten months of 2004, and Ft 15,209 (approx. euro 62) in October, up 15.1% from a year earlier. The KSH figures are for all five- and four-star hotels plus the threestar hotels with the largest room revenues. (Econews) Spa to be rejuvenated The Miskolc Water Works Rt is planning to realize developments in the famous Tapolca cave thermal spa with an investment of Ft 170 million, according to the public Procurement Gazette. The developments include the construction of a new, 3-storey, 600 sq m therapy service building. The constructor is local company Középület és Lakásépíto Rt. (Nv 6) R.G. Zalakerámia breaks news of layoffs Tilemaker Zalakerámia Rt has announced plans to lay off at least 30 workers at its main plant in order to reduce operating costs. Zalakerámia currently employs 970 workers. Zalakerámia CEO Péter Márton said that the layoffs were necessary because of lower domestic sales and the company's cost-cutting program. He added that a final decision on the job cuts should be taken by November 28. (Econews; Nv 6, Vg 17) Consumer affairs paper Kosár A new consumer affairs paper is to be launched on November 11. Kosár, which is somewhat similar to the former Teszt magazine, is sponsored by the National Association for Consumer Protection (OFE). Kosár, however, will contain no advertisements, to demonstrate its complete independence. Chief editor Ida Nagy explained to NG that the most important focal points include the examination of domestic appliances, food products, services of all kinds, utilities, and even banks. The toughest part of the project is to find to resources necessary for the operation, since there is no advertising revenue. The first issue is to come out on Thursday with 36 pages and a print run of 36 thousand for Ft 236 each. (NG 5) E.C.

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Economics
Income tax down, tax revenue down Hungarian lawmakers last night passed tax changes for 2005, including personal income tax reductions and an extraordinary tax on banks, that will reduce government revenue and threaten plans to adopt the euro. The measures will cut overall tax receipts by Ft 80 billion, said Zoltán Sághy, a deputy state secretary in the Finance Ministry. The drop in tax receipts raised investors' concerns that it will be harder for the government to meet deficit-reduction targets needed to adopt the single European currency in 2010, though the government insists this is not so. (Bloomberg, Econews; Nv 1, NG 3, Vg 5) Estimated trade deficit euro 329 mln in Sept Hungary's foreign trade deficit was a higher-than-expected euro 329 million in September, with exports rising 13.0% yr/yr to euro 4.055 billion and imports increasing 15.8% to euro 4.384 billion, according to preliminary figures published by the Central Statistics Office (KSH) yesterday. KSH also published a revised figure for the August trade deficit of euro 399.7 million up from a preliminary euro 370 million published in October. (Econews; Vg 4) Health-care budget Ft 8,170/month per capita The central budget will earmark a monthly per capita amount of Ft 8,170 for health care in 2005, Health Minister Jeno Rácz told a press conference in Budapest yesterday. The expenditure of the National Health Insurance Fund will be raised by nearly Ft 120 billion or 8.5% while spending on cure and prevention will increase by Ft 40 billion or 6.1%. "In addition to maintaining the standard of healthcare, these amounts will give room for certain targeted development projects, including the development of emergency care," the minister said. (MTI; Nv 4, Vg 5) ORTT budget approved The Parliament's budgetary committee accepted a bill on the 2005 budget of the National Radio and Television Board (ORTT) yesterday. According to the bill ORTT's own budget will include Ft 1.03 billion, while Ft 32.15 billion is allocated next year for the Broadcasting Fund, which finances programs of state-owned media,. According to György Kovács, president of ORTT, the board's budget is 5% lower in 2005 than it was this year. (Nv 4) R.G. Hungary shines in survey of east Hungary did well in an analysis carried out by the European Bank for Reconstruction and Development (EBRD) on the progress of 27 countries in Eastern Europe and Central Asia. According to the EBRD, expected economic growth this year is 4.0%, as opposed to 2.9% last year. On the basis of the degree of transformation in the Eastern European region, Hungary is at top position proceeding the Czech Republic and Slovakia. With regards non-national investments, 40% of the total private investments were pumped into Poland (USD 9.66 billion) and Hungary (USD 7,431 billion). (NG 3) E.C.

Politics
Parliament gets candid with TV The Parliament has submitted an inquiry to the ombudsman on whether it is legal to make secret camera recordings in the Parliament's building, announced speaker of Parliament Katalin Szili. The Parliament decided in favor of turning to the ombudsman after commercial channel TV2's program Napló broadcast footage recorded by a hidden camera showing PMs smoking on the corridors of Parliament outside the designated smoking areas. Meanwhile the staff of TV2's news program Tények also turned to the ombudsman criticizing a regulation barring journalists other than newspaper journalists from the corridors during parliamentary sessions. (Nb 7) R.G. MDF exodus The opposition Hungarian Democratic Forum (MDF), suffered another blow yesterday, when seven of its MPs announced they were quitting the parliamentary group. The move reduces the party's once 24-member group to 8, well below the 15-MP minimum required by parliamentary rules to operate as a group. The decision by the seven MPs follows group leader Károly Herényi's move to expel two MPs from the group after they had attempted earlier to oust him as group leader. Sandor Lezsak, a founder of the party back in 1990, was one of the two expelled. (MTI; Nb 1, Nv 1)

Domestic
Ministries whittle down staff Two ministries are to drastically reduce their staff by the end of this year. The Education Ministry is to lay off 10% of their workers, 45 people altogether, 22 of whom are civil servants. The layoffs will result in an extra Ft 80-90 million costs, but with an expected saving of double that amount next year. The IT Ministry has similar plans, terminating one of the four state secretary positions and combining the development of strategic services and electronic services. The Justice Ministry is to release about 55 people, and the Ministry of Internal Affairs will jettison 700-750 workers. (NG 3) E.C.

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University tower renovation Hungary's tallest apartment building, the infamous 25-storey Tall House in Pécs will finally be reconstructed by the Pécs University after having been empty more than 10 years ago because of structural weaknesses. Pécs University will spend Ft 12 billion over the next 3 years and also aims to involve private investors in the reconstruction project. The building, which is currently owned by the Pécs municipality, will house a university dormitory and the university's main offices. (Nb 14) R.G. Danube petrol spill prevented A Danube tanker flying a German flag and carrying petrol ran aground yesterday while passing through Budapest and sprang a leak, a disaster management official said. "The tanker was carrying 1,070 tons of petrol when it hit a ford which punctured the hull by the engine," Béla Nyitrai of the National Disaster Management Center said. Luckily, instead of petrol pouring out through the leak, Danube water poured in. The tanker was towed to a nearby dock where divers plugged the underwater hole. No one was hurt and the Danube remained petrol-free. (MTI; Nb 24)

Stockwatch
BUX index: BUX Close: 13,552.57 Change: -67.72 (-0.50%) Stock Closing price Daily change (%) Average price Volume MOL 11,630 -0.9 11,626 206,813 Matáv 810 0 809 850,427 OTP 4,950 0 4,923 590,067 Richter 22,350 -2 22,376 86,333 Egis 9,655 -0.4 9,632 1,644 Antenna 3,750 -0.1 3,725 39,062 TVK 4,920 1.2 4,907 5,176 Rába 610 -3.2 617 17,487 Budapest Stock Exchange, Nov 9

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10 november 2004
Business
Démász Q3 profit up 5.1% Démász Q3 profit up 5.1% Démász Rt, Hungary's biggest power distributor, said third-quarter profit rose 5.1% after the government allowed an increase in retail electricity prices. Démász, majority-owned by Electricité de France, had net income of Ft 1.83 billion, compared with Ft 1.74 billion a year earlier, the Szeged-based company said in a stock-exchange statement. The company charged more for electricity after the government raised its cap on retail prices last year. The price increase offset the loss of some large customers, who changed suppliers, and lower household demand as fewer people used air conditioners during a mild summer. (Bloomberg; Vg 1, NG 11) Pilis-Investor liquidation To date, creditors of bankrupt fund manager Pilis-Investor (PI) Rt have put in claims worth a total Ft 11.7 billion, of which not more than 10%-25% will likely be paid back in effect, liquidator Kelet-holding Rt announced at a press conference yesterday. In addition, the co-operative's 700 members are expected to make claims for another Ft 1.5 billion, the liquidator added. While PI's balance sheet attests to assets totaling Ft 80 billion, the company's real value is estimated to add up to far less than that. (Vg 5) S.F. Invitel Q3 reports Fixed-line telecom service provider Invitel Rt reported Ft 11.3 billion in turnover in Q3, compared to the Ft 11.4 billion in the same period last year. Invitel Rt's turnover from Internet services in the first three quarters of the year increased by 55% to Ft 0.9 billion compared to Q3 in 2003, while turnover from retail telephone services decreased to Ft 6.2 billion from 6.6 billion in a year. Revenue from business clients was down from Ft 3.4 billion to Ft 3.2 billion. (NG 5) R.G. Zwack Q3 reports Zwack Rt reported Ft 1.598 billion in pre-tax profit in the first three months of the year, 22% higher than the company had in the same period last year and Ft 787 million in Q3. In the third quarter the company sold 3% more of its own products than in the same period last year, while sales of premium products increased by 15%. Zwack Rt CEO Frank Odzuck forecasts Ft 2.7 billion in profit for 2004. (NG 11) R.G. Rába Q3 reports Vehicle maker Rába Rt had consolidated net profit of Ft 1.78 billion on sales of Ft 26.71 billion in the first three quarters of 2004, according to the company's consolidated IFRS report published yesterday. Rába had operating losses of Ft 3.94 billion during the period, but these were compensated for by financial profit of Ft 5.62 billion. The operating losses were still an improvement on operating losses of Ft 4.32 billion in the first nine months of 2003. Last year's losses translated into net losses of Ft 5.54 billion for the first nine months of 2003. Rába noted in the report that its operating losses have dropped every quarter of this year. (Econews; Vg 1, NG 11) Getronics moves into Bp Dutch system integrator Getronics opened its European service center in Budapest, Getronics president CEO Klaas Wagenaar announced yesterday. The "near-shore" service center will provide system supporting, supervisory and outsourcing services to clients. The center will employ 60 engineers in the beginning but stuff is expected to increase to 200 in the near future. (NG 10) R.G. EU VAT discrepancies The Finance Ministry has blocked the rebate of about Ft 100 billion of VAT until the end of the year, because several thousand companies with EU VAT registration numbers have discrepancies between their tax returns and the data from European tax authorities. The Ministry therefore ordered the National Tax Office (Apeh) to review all companies with an EU VAT registration number. Another reason may be that VAT incomes of this year are Ft 100 billion lower than planned. The total sum will be repaid with interest to the companies next year, but the delay may cause serious liquidity problems for some. (Nb 16) G.R. Posta insurance co's premiums revenue Magyar Posta Biztosító Rt (non-life insurance) and Magyar Posta Életbiztosito Rt (life insurance) expect to end the year with combined revenue from premiums of Ft 8.5 billion, up from 2003's Ft 2.8 billion, CEO of Magyar Posta Biztosító Frank Marton announced at a press conference in Budapest yesterday. The life insurance arm handled 18,000 policies in 2003 and expects to handle nearly 25,000 policies by the end of 2004. The non-life insurance arm handled 28,000 policies in 2003 and could handle 187,000 policies by the end of 2004, of which 85% are expected to be third-party compulsory car insurance policies. (Econews; Vg 1, Nv 5)

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Insurance broker CLB offering services online CLB Independent Insurance Alkusz, Hungary's biggest car insurance broker, has started brokering policies online, sales manager András Mestyán said at a press conference in Budapest yesterday. More than half a million thirdparty compulsory car insurance policy holders are expected to switch companies this year, and as many as 75,000 could do so over the Internet. (Econews; NG 4, Vg 14, Nv 5) HVBJ refuses some auction bids HVB Mortgage Bank (HVBJ) received two-and-a-half times as many offers for its HVBF 2009/B mortgage bonds than the amount for sale at an auction yesterday, but still sold fewer bonds than offered since prices in the bids were apparently lower than it expected. HVBJ announced it would offer up to Ft 1.6 billion of the bonds, but sold just Ft 1.1 billion worth, accepting just 7 of 20 bids worth Ft 4.2 billion. (Econews) Malév switches to new reservation system Hungarian airline Malév Rt switched over smoothly from the SITA Gabriel seat reservation system to the Amadeus system at the end of October. Malév had to switch systems in order to join the SkyTeam alliance, led by Air France. All of the airlines in the alliance use Amadeus. The system will allow Malév to issue electronic tickets, which are Ft 5,000-6,000 cheaper than conventional tickets. Malév earlier announced that joining the SkyTeam alliance would require investments of Ft 250 million. Half of these costs were related to adopting Amadeus. (Econews; Nv 5) Vodafone goes 3G Drawing on its global presence, mobile provider Vodafone today launched 3G roaming services for Hungarian subscribers for the first time in Hungary, through which customers can link up to 3G networks when abroad. Initially roaming will be accessible in four West European countries, Austria, Germany, the UK and Portugal, which will be extended to another 10 states in the coming months. Subscribers for the new service will be charged fees equal to that of GPRS. (Vg 1) S.F. Fixed line phones down The number of fixed line phones decreased by 2,000 to 3,569,000 in September. This represents an average of 35.33 fixed line phones per every 100 citizens. The total average duration of conversations started per month per phone line has grown from 203.3 minutes to 214.8 minutes. (Nb 15, Nv 5) G.R.

Economics
Growth slows Economic growth will continue to falter in the second half of 2004 with GDP growth projected at 3.6%-3.9% for the July-Dec period, trailing other new EU members' in the region, according to a recently published survey of MKIKGVI, the Institute for Economic and Entrepreneurial Research. The report pointed up two major factors in its downbeat note: the negative effect of Germany's sluggish economy as Hungary's major trading partner as well slowing investment and employment expectations by companies. (Vg 5) S.F. Auction of three-month bills Hungary's borrowing costs declined at a sale of Ft 30 billion of three-month bills. The securities were sold at an average yield of 10.15 %, 25 basis point lower than at a sale a week ago, the government's Debt Management Agency said on its Bloomberg page. The average yield was 6 basis points lower than that on similar securities on the secondary market on Friday. The maximum yield at today's auction was 10.18 % and the minimum 10.01 %. The agency received 154 bids worth 126.6 billion forint and accepted 22 of them. (Bloomberg) Non-recyclable packaging tax to reduce waste Waste production is expected to go down from next year after the introduction of a new tax on non-recyclable packaging materials, the environment minister said yesterday. In the past ten years Hungary's waste production has grown 150%, largely due to the use of plastic wrappers and bottles, Miklós Persanyi told reporters after Parliament's Monday decision to introduce the fee. Proceeds from the tax will be used to process the waste which is not returned to the companies, the politician said. Fifteen % of electric appliances are discarded from households each year, generating 100,000-120,000 tons of waste. (MTI; Vg 11)

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Politics
Járai insists gov't withdraw new bank bill After the European Central Bank (ECB) issued a warning on Monday that removing the office of two Hungarian central bank (MNB) vice governors as members of the Monetary Council went against the EU's Treaty and the ECB's statutes, the government yesterday decided to support proposals to keep the bank's deputy governors in place until their terms expire. Meanwhile, central bank President Zsigmond Járai reiterated his demand yesterday that the government withdraw a bill amending the central bank law. If parliament decides to ignore the ECB and adopts the central bank law, Járai said he would appeal to every possible forum (the President, the Constitutional Court, the European Court in Luxembourg). If all found the amendment to be lawful, he said, he would accept it and would not under any circumstances resign. (MTI; NG 1, Vg 1, Nv 5, Nb 15) Govt's dual citizenship worries A massive influx of ethnic Hungarians with dual citizenship from neighbouring countries would impose huge burdens on Hungary's social-welfare budget and labour market, senior ministry officials told a press conference in Budapest yesterday. László Kordás, State Secretary of Labour and Employment, said such an influx would generate further unemployment, depress the wage level and increase the expenditure of the Labour Market Fund with Ft 35-40 billion. Their comments preceded the binding referendum Hungary will hold on granting dual citizenship to ethnic kin on December 5. (MTI; Vg 1, NG 3, Nb 1, Nv 1) Orbán on hospital sales Opposition leader Viktor Orbán warned that privatization of Hungarian hospitals may lead to the total collapse of the country's social security system. Addressing a health forum in Budapest yesterday, the chairman of the main opposition Fidesz party said, "privatization will create a rift in healthcare and create special hospitals for the poor". In Orbán's view, the government has made it clear that it intends to sell the state-owned hospitals. István Mikola, former minister of health in Orbán's Fidesz-led government, said the government is only pressing for the privatization of hospitals that are located on prime-category real estate. (MTI; Nb 8,) PM: troops must stay in Iraq until elections Hungarian soldiers should still be in Iraq at the time of the January elections there, the prime minister said yesterday morning. "Responsible patriotism is competing with irresponsible demagogy," Ferenc Gyurcsány added in an interview with state radio. "I am on the side of responsible patriotism," the PM noted in a reference to persistent calls by the main opposition Fidesz party to withdraw the Hungarian contingent on December 31, saying that most Hungarians are against prolonging its mandate. Budget amendments MPs have submitted more than 1,300 amendment proposals to next year's budget, but only a few of them are supported by the Finance Ministry. Most of the supported amendments have been made by MPs of one of the governing parties. Four amendments proposed by Fidesz are also supported by the Ministry, however, these merely correct spelling mistakes in the text of the bill. According to the Finance Ministry, supported amendments would not increase the planned deficit considerably and mainly relate to legal or institutional issues. (NG 1) R.G.

Domestic
Compensation for custody Hungarian citizen Csaba Maglódi has won a court case against Hungary at the European Court of Human Rights recently. Maglódi was suing the state for keeping him in custody for 4 years and 5 months before his case was tried by a court, which, he claimed, was against the European Convention of Human Rights. The European Court of Human Rights' ruled that Hungary pay euro 3,000 in compensation for the delay. Maglódi had been charged with murder but was later acquitted. (NG 3) R.G. Hungary objects to Croatian hydro-electric dam Hungary does not support Croatia's plans to build a hydro-electric plant on the River Dráva, the chairman of Parliament's Environmental Committee said yesterday. Béla Túri-Kovács, MP for the opposition Fidesz party, spoke at a press conference following talks between the environmental committees of the Hungarian and Croatian parliaments. Civil organisations have collected 15,000 signatures, 10,000 from Croatia, in protest against the planned power plant, Túri-Kovács said. (MTI)

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2003 farm output unfavourable, says minister Hungary's agricultural output last year was unsatisfactory on the whole, due to both world market processes and bad weather at home, the agriculture minister reported to parliament yesterday. Imre Németh said the sector's contribution to GDP was below 4%, but even this had produced a stabilizing effect on the economy after the balance of export performance was again positive in 2003. The minister added that agricultural output was 0.8% down on 2002 in gross terms. Farm and food products accounted for 6.5% of total exports in 2003. More than half of the agricultural products went to EU countries. (MTI; Vg 5) Life of nuclear plant may be extended Parliament's economy committee will discuss the extending of Paks nuclear power plant's lifespan at its sitting today. The four blocks of the plant have permission for operation till 2012-2017, but their duration may be extended by twenty years. The whole process would cost about Ft 172 billion. Building a new nuclear power plant would cost about Ft 1,500 billion, and replacing it with gas-heated power plants about Ft 500 billion. (NB 17) G.R. IT Min budget 2005 IT and Telecommunications Ministry will have a budget of Ft 40 billion in 2005. Around Ft 20 billion-Ft 22 billion of it will be spent on IT development programs. These include creating broadband internet connections for public institutions, setting up of further 4,000 eHungary internet access points, establishing the Future House, National Digital Data Storage and National Audiovisual Archive, Minister Kálmán Kovács announced. (Nv 5) G.R. Segregation of Roma students to end Over a third of schools that segregate Roma students into their own classes have applied for subsidies to integrate Roma into normal classes over the next four years, Education Ministry commissioner Viktória Mohácsi told Parliament's sub-committee of Roma employment yesterday. The 600 schools that currently segregate Hungary's generally poor and disadvantaged Roma students may apply for an across-the-board subsidy to integrate Roma children into other classes. The 250 schools that have applied for the subsidy have to end their all-Roma classes in four years, Mohacsi said. (MTI; Nv 3)

Stockwatch
BUX index: BUX Close: 13,770.80 Change: +218.23 (+1.61%) Stock Closing price Daily change (%) Average price Volume MOL 12,000 3.2 11,924 449,025 Matáv 795 -1.9 801 583,732 OTP 5,098 3 5,059 1,029,246 Richter 22,220 -0.6 22,237 65,542 Egis 9,750 1 9,785 3,645 Antenna 3,800 1.3 3,763 4,803 TVK 4,950 0.6 4,968 16,933 Rába 645 5.7 676 120,359 Budapest Stock Exchange, Nov 10

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11 november 2004
Business
Csányi takes over Délhús President and CEO of OTP Bank Rt Sándor Csányi will be the majority stockholder of meat company Délhús Rt after the latter's ongoing merger with its 93.17% owner Meat Invest Kft, daily business newspaper Napi Gazdaság reported citing unnamed sources. Rumors about the alleged ownership of Csányi have been around since May 2003 when Meat Invest bought Délhús from an Austrian investor, Pankl and Hoffmann AG. Ranked 169th by business weekly Figyelo's Top 200 Hungarian Companies list, Délhús has become a stable and profit-making enterprise over the past few years, now boasting a 10% market share and expectations for Ft 30 billion in 2004 revenue. (NG 1) P.P. Italian furniture maker headed for Gyönk Italian high-end furniture manufacturer Ghiotti S.p.A. is developing a new production and logistics base in Gyönk, southwestern Hungary, the company said. Ghiotti, which has been renting a small facility in nearby Szekszárd, decided to increase the output of labor-intensive leather suites of its Hungarian subsidiary Ghiotti and Partner Bt to save costs. The new plant will cost several million forints and is expected to become operational early next year with a workforce of 40. (NG 1) P.P. TV2 turns to Competition Office Commercial TV channel TV2's owner MTM-SBS Rt has initiated an investigation at the Economic Competition Office against Antenna Hungária (AH) Rt. According to TV2's opinion, AH has charged an unreasonably high broadcasting fee for the channel. AH's fee is only sustainable, because of its monopoly, TV2 states. TV2's aim is to have a bilateral agreement with AH that respects everyone's interests, TV2 CEO Gábor Kereszty said. (Nv 8, Vg 13) M.K. OTP share price could reach 6,000 Analysts polled by Napionline, the website of business daily Napi Gazdaság, said OTP's better-than-expected third-quarter profit could boost the bank's share price as high as Ft 6000 in the next twelve months. OTP shares were trading at Ft 5,300 just before noon on Wednesday, up 4% following the release of the bank's Q3 report in the morning. OTP reported net profit of Ft 41.2 billion in Q3, an all-time record, and well over analysts' forecast of Ft 33.6 billion. OTP shares have risen about 7% in a week, showing that investors have already priced in some of the effect of the report. The analysts said the central bank's high base rate gives the bank a good long-term outlook. (Econews; Ng 11, Vg 13, Nb 15) Synergon on target In line with targets, publicly traded IT company Synergon Rt posted Ft 100 million loss in Q3, which makes the Ft 120 million profit target for the entire year realistic, the management said. Owing to increasing sales at the parent company and the consolidation of Atos Origin SA, consolidated revenues rose by 10% yr/yr to Ft 13.6 billion in the first nine months, while operating losses fell from Ft 560 million in Q1-Q3 2003 to Ft 212 million. Although all but one of Synergon subsidiaries generated losses, the group saw Ft 85 million profit from financial transactions in the first three quarters, with pre-tax loss reduced to Ft 120 million as a result. (NG 11) P.P. Sárvár spa program to be finished next spring with new camp site The development program of Sárvár Spa Kft, west Hungary, will finish next spring, managing director Imre Vörös announced. The program started years ago and the company spent several billions of Forints on the reconstruction of spa hotels, Vörös said. As a last episode, Sárvár camping site will be upgraded for Ft 200 million and the campsite will turn into a four-star one from the current two-star facility. Sárvár Spa had net revenue of Ft 673 million last year and an after-tax deficit of Ft 252 million. (Vg 13) M.K. MSzP accuse MOL management of insider trading The parliamentary group of the Hungarian Socialist Party (MSzP) issued a press release yesterday expressing indignation at the fact that 28 senior managers of MOL Hungarian Gas and Oil Rt made a total of Ft 10.8 billion in profit over the past twelvemonth through the company's employee share option plan as a result of skyrocketing stock exchange rates in the wake of the sale of MOL's natural gas unit. The Socialists are accusing the corporate management of insider trading, claiming that they "had accurate information about the degree by which stock prices were going to appreciate after the sale of the natural gas unit, and they carried the deal through accordingly". The stock plan was based on expectations of an annual 15% rise in the value of MOL shares, while in fact they gained 100% since Nov. 2003. (NG 11) P.P. Glassmaker to build Euro 60 mln factory Japan-based glassmaker Asahi Glass, which produces sheet glass for the automotive industry, is building a Euro 60 million factory outside of Tatabánya, NW Hungary. The plant will employ 200 people. Tatabánya mayor János Bencsik signed an agreement with Asahi Glass Automotive chairman Ichiro Kohga on the factory yesterday. Kohga said Asahi Glass chose the site because of its location, accessibility and good infrastructure. (Econews; Nb 17)

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Terták becomes ITDH CEO Ádám Terták has been appointed CEO of Hungary's trade development agency ITDH. Terták used to work as managing director and chairman of Ernst & Young Kft. ITDH must improve communications and proactivity including research and assisting investors, helping them find clients for their expansion in Central and Eastern Europe, Terták said. (Vg 15) M.K. First outlet mall to open Today Hungary's first outlet mall, called Premier Outlets Center, will open in Biatorbágy, a small town just outside of Budapest, today. The mall will offer brand name products, direct from the companies that make them, 30-70% under retail price. Impact studies show the center will have 1.5-2 million visitors in its first 12 months, Managing Director of the mall Miklós Szebenyi said. The mall is a 50%-50% joint venture between Raiffeisen Ingatlan Rt, a property company owned by Raiffeisen Bank Rt, and UK real estate developer Miller Developments. The mall is being managed by Grimley Outlet. Companies with outlets at the mall will include Fila, Adidas, Nike, Columbia/Quiksilver, Camel, MEXX, Sárvár and Pimkie. The mall, located on a 7-hectare plot, cost Euro 25 million to build. (Econews; Nb 17) Motor liability contracts cannot be terminated by fax According to the decision of State Financial Institutions Supervision (PSzÁF), motor liability insurances can not be terminated by sending a fax to insurance companies, because faxes' validity and quality can be questioned, PSzÁF announced. Currently in November drivers have the possibility to change their insurance company to pay less for their liability insurance PSzÁF advises drivers to send the termination letters by registered mail or to take the document personally to their insurance company. (Vg 18) M.K. MFB buys stake in Ganz Transelektro Hungarian Development Bank Rt (MFB) has acquired a minority stake in Ganz Transelektro Villamossági Kft, which makes electric motors, through a capital raise, business weekly HVG reported in its latest issue. MFB and Transelektro both confirmed the news, but declined to offer details on the deal, citing terms of confidentiality. Transelektro's registered capital was raised from Ft 6.8 billion to Ft 11.7 billion, but CEO László Jaczkó did not reveal how much of the capital raise came from MFB, and how much from the Transelektro group, HVG reported. The fresh capital will be used to finance the company's modernization and develop new products. (Econews) HTCC purchases 24.9% of PanTel The U.S.-based Hungarian Telephone and Cable Corp (HTCC) said yesterday that it has completed agreements with two minority shareholders of Hungarian alternative telecom PanTel by purchasing their 24.9% stake in PanTel Rt. HTCC has almost 192,000 landline subscribers in Hungary. This is the first step in HTCC's earlier announced agreement to acquire 100% of PanTel for an aggregate purchase price of Euro 26.9 million plus 250,000 shares of HTCC common stock, HTCC said. The final major step in the acquisition will be the purchase the 75.1% stake the Dutch telco KPN holds in PanTel. The final closing of that transaction is expected to occur around the end of 2004, HTCC now said. On completion of the purchase of KPN's stake, HTCC will take full control of PanTel and will assume its liabilities, including all of PanTel's outstanding debt, according to the HTCC statement. (Econews) Gazprom to give go ahead to MOL Moscow analysts say Gazprom will probably not object to Hungarian oil and gas company MOL Rt's sale of half of Panrusgáz Rt, a company that supplies Hungary with 60% of its natural gas, to German energy giant E.ON. MOL has not yet informed Gazprom how much it sold the stake for, but expects an account of the sale before the end of the week, or early next week at the latest, a spokesman for Gazprom said's Moscow correspondent. The spokesman noted that Gazprom has a pre-emption right to MOL's 50% stake. (Econews) Egis Q4 net income Seen Rising 53% Egis Rt, Hungary's second-largest drug maker, probably will say net income rose 53 % to 1.9 billion forint in the quarter ended Sept. 30, according to the median estimate of six analysts surveyed by Bloomberg News. Budapest-based Egis, is majority owned by Servier SA of France. (Bloomberg) Matáv's Q3 income expected to fall 23% Deutsche Telekom AG's Matáv Rt, Eastern Europe's second-largest phone company, is expected to report thirdquarter profit fell 23 % even as revenue from mobile-phone services increased. Net income will probably fall to Ft 14.21 billion, from Ft 18.5 billion in the same period a year earlier, according to the median estimate of six analysts polled by Bloomberg News. (Bloomberg)

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Economics
Committee supports expanding Paks life span The Parliamentary Committee on Energy has voiced its support for a Ft 172 billion project that will extend the life span of the Paks nuclear power station by 20 years, a spokesman for the plant said yesterday. Paks is indirectly state-owned through the Hungarian Electricity Works (MVM). Without the extension, the life spans of Pak's four blocks would end between 2012 and 2017. The plant is Hungary's only source of nuclear power and generates about 40% of the country's electricity. The project to extend Pak's life span by 20 years will cost Ft 171.9 billion. (Econews; Nv 5, Vg 13) More guests and revenue at hotels in first nine months Hotels in Hungary have received 8% more guests in the first nine months of this year than in the same period of last year, thus the number of guests reached 2.6 million, chairman of the Hungarian Hotel Association Ákos Niklai said. Guests also spent 2% more guest nights in Hungary in this period, thus totalling 8.4 million nights. Nevertheless, the data show a great variety when regions are compared, Niklai said. Budapest data are exceptionally good, because of the growing number of no-frill flights to Budapest, Niklai said. The average occupancy rate of hotels was 48% in this period. (Vg 15) M.K. Cabinet approves loan programs The government approved the launch of new loan programs to stimulate the economy, to improve the competitiveness of businesses and regions and to finance infrastructure projects of local governments, Minister of Economy and Transport János Kóka said yesterday. A total of Ft 80 billion is available for loan programs organized by the Hungarian Development Bank(MFB) Rt, with Ft 60 billion available for local council's infrastructure development programs, Ft 10 billion for SMEs' technology improvements and Ft 10 billion for regional business development. (Econews; Ng 3) Dist 7 to get Ft 1.5 for rehabilitation The Budapest municipality has offered to make a Ft 1.5 billion rehabilitation fund available for Distr. 7 for reconstruction in the old Jewish quarter, a fund previously unavailable for the district because of its long-standing Ft 2.2 billion debt to the Budapest apartment rehabilitation fund. This way the Budapest municipality wants to help to solve the deadlock between the district and the National Office of Cultural Heritage which put a preservation order on houses in the quarter the district previously headed for demolition instead of costly rehabilitation. However, as a condition, the district has to create a comprehensive reconstruction plan for the area and will have to pay its debt. (Nb 9) R.G. Tax revenue lower than expected The Hungarian Tax Office (APEH) received Ft 4,628 billion in tax revenues by the end of October, which is 5% and Ft 266 billion behind plans, announced György László Király, president of APEH at the meeting of the Parliament's budgetary committee yesterday. The Finance Ministry earmarked Ft 5,873 billion in overall tax revenues and Ft 1,695 billion in VAT income for 2004. VAT revenues are also behind 2003 figures by 7.4% in the first 9 months. Tax payers have set claims for personal income tax refunds worth Ft 75.6 billion by October 31, compared to Ft 55.1 billion in the same period last year. (NG 3) R.G. Dual citizenship could cost Ft 537 bln According to calculations made by the different ministries, if 800,000 ethnic Hungarians move to Hungary from neighboring countries, the cost of dual citizenship would be an annual Ft 537.4 billion, state secretary at the Prime Minister's Office Zoltán J Gál said yesterday. A referendum will be held in early December on whether to grant dual citizenship to ethnic Hungarians in neighboring countries. The largest Opposition party Fidesz supports the motion. Gál said even if no ethnic Hungarian moves to Hungary after being granted dual citizenship, the move would still cost Ft 250 billion. Gal said the number of those holding special identity cards issued earlier to ethnic Hungarians living in countries bordering Hungary was the basis for the 800,000 figure. (Econews)

Politics
Confusion over MDF delegate status at ORTT The National Radio and Television Board (ORTT) has suspended its operations until it's clarified whether János Wéber, MDF delegate to ORTT lost its mandate to the board after MDF's parliamentary group ceased to exist on Monday. If this is the case, the number of board members will fall to 4, one member shy of the necessary number for ORTT to operate set by regulations on media. ORTT has asked speaker of Parliament Katalin Szili's opinion on the case. (Nv 3) R.G.

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Domestic
Up graded hospital service provided A new 14-bed ward providing hotel-like services to patients was opened in Budapest's Szent Imre hospital in Distr. 11 yesterday. Medical service in the ward is free but patients will have to pay Ft 8,000-25,000 per nights for staying in the rooms with upgraded services. The development was realized by a public private partnership with insurance company Dimenzió, which wants to provide extra services to its clients. However, rooms are available to other people and to foreigners as well in case of vacancy. (Nv 13) R.G. Extremist splatters monument with oil A member of the right-wing extremist group Conscience 88' threw balloons full of refuse oil at the Soviet monument in Budapest's Szabadság tér on Tuesday. The man was arrested at the spot by police, which initiated an accelerated procedure against the perpetrator. The Prosecutor's Office will have to decide whether to bring him to justice within 15 days. According to an official of Budapest Gallery, as the monument is made of a porous stone, cleaning will take time and cost Ft 1 million. (Nv 12) R.G.

Stockwatch
BUX index: BUX Close: 14,190.96 Change: 420.16 (3.05%) Stock Closing price Daily change (%) Average price Volume MOL 12,420 3.5 12,319 604,631 Matáv 800 0.6 801 1,054,369 OTP 5,360 5.1 5,303 3,143,603 Richter 22,400 0.8 22,345 51,187 Egis 9,995 2.5 9,960 43568 Antenna 3,790 -0.3 3,775 4,525 TVK 4,905 -0.9 4,920 5,817 Rába 630 -2.3 631 20,651 Budapest Stock Exchange, Nov 11

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12 november 2004
Business
Egis Q4 profit rises as exports gain Egis Rt, Hungary's second-largest drug maker, said fiscal fourth-quarter profit rose 12% on higher export sales, driven by rising revenue from its East European markets. Net income in the quarter ended Sept. 30 was Ft 1.26 billion compared with Ft 1.12 billion in the year-ago period, according to figures Egis supplied in a stockexchange statement. Egis reported full-year figures and Bloomberg calculated the fourth-quarter results by subtracting nine-month numbers reported earlier. Egis benefited from boosted spending on its sales network and on marketing in Eastern Europe, Russia and other former Soviet Union countries. (Bloomberg; Ng 1, Vg 1) Synergon 9-month loss narrows Synergon Rt, a Hungarian computer services company, said its nine-month loss narrowed as it won more orders from financial services companies. The company expects a full-year profit. Vác, Hungary-based Synergon had a loss of Ft 85.4 million in the first nine months, compared with a Ft 488.3 million loss a year earlier, the company said in a statement to the stock exchange. Synergon expects a full-year profit of Ft 100 million, MTI news agency reported. (Bloomberg; Vg 18) Club Aliga to be sold The Treasury Asset Management (KVI) issued a tender for the sale of Club Aliga, a 46-hectare holiday resort complex by Lake Balaton. Bidders have until December 10 to submit offers, with the initial asking price being Ft 10 billion. The revenue from the sale will be used to purchase ambulances and to improve emergency health care services in general. (NG 3) A.K. Graphisoft reports 88% profit rise The net profit of Graphisoft N.V., a developer of architectural and building management software, rocketed 88% in the first nine months of the year, compared to the same period in 2003. The increase was almost entirely the result of financial profit. Graphisoft had net profit of Euro 3.08 million in the first nine months of the year, of which Euro 1.784 million was financial profit, according to the company's unaudited consolidated report, prepared according to GAAP. Nine-month revenue fell 4.2% yr/yr to Euro 18.42 million, because of declining software sales in Europe and Asia. (Econews; Ng 11, Vg 18) 300,000 expected to fly Germanwings ex Bp Low-fares airline Germanwings expects to carry 300,000 passengers on its Budapest flights in 2004, Germanwings international PR manager Andreas Engel said yesterday. Germanwings, in which Lufthansa holds a minority stake, carried 80,000 passengers between Cologne/Bonn and Budapest, and 60,000 passengers between Stuttgart and Budapest during the summer season. In July-September it was over 85%, and remained high, at 83.1%, in October. The proportion of Hungarian passengers on Germanwings flights was just 21-22%. (Econews; Vg 15) FHB free float bought by foreign investors Foreign investors have increased their stake in Hungarian mortgage bank Foldhitel- es Jelzalogbank (FHB) Rt from 12.34% at the beginning of the year to 33.26% by the end of September, according to FHB's Q3 report published yesterday. The state still owns a 53.21% stake in the bank. Foreign investors hold 87.8% of the bank's free float, including 37.84% of the shares traded on the stock exchange. Hungarian investors' combined ownership of FHB shares dropped from 30.28% to 13.16% in the first nine months of the year. The stake held by FHB employees and executives fell from 4.17% to 0.37% by the end of September. (Econews; Ng 11, Vg 18)

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The grand opening of Premier Outlet Centers in Biatorbágy was marked with limited consumer interest as shoppers scrambled to take advantage of the grand opening discounts of new electronics retailer Saturn, which also opened its doors yesterday. Saturn sold over 100 plasma television sets during its first two business hours, a product that is normally sold at a rate of 200 pieces per month in all of Hungary. (NG 1) A.K. CIB employees set to become shareholders CIB Bank Rt was granted permission by its exclusive owner Intesa Holding International S.A. to launch an employee share ownership scheme. CIB may raise its current capital base of Ft 23.5 billion by a maximum of Ft 3.5 billion during next year, through the issue and sale of own shares to employees. CIB expects Ft 12 billion profit after tax this year and will pay dividends of Ft 2.5 billion. (NG 4) A.K. Békéscsaba poultry sees layoffs Some 80-100 workers are to be laid off at Békéscsaba Poultry Processing Kft. The staff reduction will mainly hit office workers and supports people, employees working at the conveyor belt are to be unaffected. When Bábolna Rt was sold to the current group of owners, they promised to keep all workers assigned. Tibor Varga, company CEO told Nb that as the Békéscsaba factory is overstaffed, they are not able to keep everyone. Varga added however, that if they can increase orders for products made in Békéscsaba, they may hire more staff in 20052006. (Nb 11) E.C. Kaiser opens anew Kaiser Food industry Kft will reopen its renovated plant in Mosonmagyaróvár. The reconstruction of this and another plant in Abda (both Western Hungary) cost Ft 1 billion in total. The investment was partly financed by a Ft 263 million SAPARD subsidy. The newly installed production appliances fully comply with EU's environmental regulations. The renewed plant will get an EU registration number enabling it to deliver to European markets without limitations. Kaiser Food had net turnover of Ft 4.4 billion last year. (Vg 15) G.R. BSE beats previous twin records Record volumes, centered on OTP bank Rt and MOL Rt, again drove the leading Budapest index to yet another fresh high in the midst of the third-quarterly reporting period, with OTP up over 9% on the week, having released stellar figures on Wednesday, while MOL -- up around 7% over the last four days -- is expected to show strong results on Friday. The BUX index ended up 122.73 points, or 0.86%, at 14,316.58, while the mid-cap BUMIX was 0.92% lower at 1,204.90. (Econews; Nv 6, Vg 17) Haironville to open new plant French roofing materials manufacturer Haironville will open its new 2200 sqm production facility in December in Kiskunfélegyháza, Eastern Hungary. Construction company, KÉSZ Kft, was entrusted with the construction of the new production hall, costing Haironville Ft 150 million. (NG 5) A.K. MOL eyes oil company in Bosnia Hungarian oil and gas company MOL Rt, Croatia's INA, in which MOL owns a 25% stake, Austria's OMV, Slovenia's Petrol and a Turkish company are reported by newspapers in Bosnia and Herzegovina to be interested in forming a strategic partnership with Bosnia-Herzegovina's largest oil company Energopetrol. The government of Bosnia and Herzegovina said in Oct. that it was looking for other companies in the industry to invest in Energopetrol. The newspapers report that OMV's Slovenian subsidiary, OMV Adriatik, as well as Petrol representatives have already met officials of the Bosnian government to discuss the matter. (Econews)

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1051 Budapest, Hercegprímás utca 19 Konzumbank's balance sheet approved

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Shareholders of Foreign Trade Bank(MKB)Rt have approved Konzumbank Rt's report for the period between January 1, 2004 and July 1, 2004 at and EGM. Konzumbank, which merged with MKB on July 1, 2004, had losses of Ft 2.083 billion in H1 2004. The shareholders approved the total assets and property accounts after the merger. MKB put total assets of Ft 1,358.447 billion and net assets of Ft 98.747 billion into the merged bank, while Konzumbank contributed total assets of Ft 101.657 billion and net assets of Ft 5.938 billion. After the merger MKB had net assets of Ft 96.493 billion and total assets of Ft 1,451.921 billion. (Econews) MOL Q3 probably up 55% The following is a summary of second-quarter earnings estimates for Hungary's MOL Rt, the biggest oil company in the 10 countries that joined the EU in May. MOL reports profit Friday before the market opens. Budapest-based MOL will probably say second-quarter net income was Ft 47 billion, 55.1 % more than the 30.3 billion forint reported last year, according to the median estimate of eight analysts polled by Bloomberg News. (Bloomberg) eTel 9-month voice service minutes up 50% Alternative telco eTel Magyarország Kft reported that clients talked 50% more using its voice services in the first nine months of the year than in the same period in 2003. Clients talked 35% more in H1 2004 than in the same period a year earlier. The number of eTel internet and eDSL users rose 40% yr/yr in the first nine months. eTel Magyarország focuses on value-added services to corporate customers, and also sells pre-paid cards for internet use and long-distance telephone calls on the retail market (Econews) Axelero to break even in 2004 Axelero Rt, Hungary's biggest ISP, expects to become profitable this year, IT director András Tudos said yesterday. The company, which is wholly owned by Matáv Rt, Hungary's incumbent Telco, expects sales to rise about 50% in 2004. Axelero has a 43% share of the ISP market. It had 244,570 subscribers at the end of September, up 32.3% yr/yr. Axelero also controls about 30-40% of the 20,000- to 30,000-strong corporate market. (Econews)

Economics
Oct inflation rate - no surprises Hungary's October inflation rate was in line with analysts' expectations. Analysts expect the rate to continue slowing until the end of the year. Consumer prices rose 0.5% in the month of October alone and rose 6.3% yr/yr in October, KSH said yesterday. In September, consumer prices increased 0.1% from August and rose 6.6% yr/yr. Analysts' had forecast CPI of 0.3% in the month of October and a year-on-year rate of 6.4%. Erste Bank Rt analyst Orsolya Nyeste said the October inflation rate was slightly better than expected. (Econews; Ng 1, Vg 5) FinMin sees 6% inflation in Dec October's inflation rate of 6.3% clearly indicates that inflation rate will continue to slow, and could even sink below 6% in December, state secretary at the Finance Ministry Tamás Katona said. Katona said average inflation for the year should be no more than 6.8%. Katona added that the October figure has provided a basis for the Finance Ministry's forecast of 4.5% average annual inflation in 2005. "We are convinced that, having evaluated the October inflation rate, the central bank will be presented with the opportunity to cut the base rate," Katona said. (Econews; Ng 1)

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Health Ministry calculations found that Hungary's healthcare budget would be very hard hit if ethnic Hungarians are granted dual citizenship and choose to access healthcare in Hungary, the ministry reported yesterday. Hungary is set to hold a referendum on Sunday, December 5, on whether to grant dual citizenship to ethnic Hungarians who do not reside in Hungary. If the referendum is valid, the voters' decision will be binding on parliament. Public opinion is divided on the issue. Government officials have urged the public to vote against the proposal while the opposition is calling on voters to support it. (MTI; Ng 3, Nb 7, Nb 9) Layoffs in food/textile industries Some 23,000 employees were laid off by 356 companies in H1 2004, according to an Employment and Labor Ministry report. Most of the layoffs occurred in the textile and food industry, while construction companies and the service sector are hiring more workers. In the period between mid 2002 and mid 2004, the trade and transport branch decreased the number of their workers, the service sector hired 110,000 employees. The employment rate increased by 1.5% at companies employing more than five people in the last 12 months. (Vg 4) G.R. Sewage system should be pumped up In the past 20 years, the ratio of houses connected to the sewage system went up from 34% to 56%, which is a yearly growth of approximately 1%. In the next 10 years, the growth ratio needs to be raised to 3%, said Miklós Persányi, Minister for the Environment.. It is in the community's as well as Hungary's interest have at least 8687% of the houses connected to the sewage system. To achieve this, there is approximately Ft 1000 billion needed until 2015, 60-70% of which may be drawn from the EU sources. (Nv 4) E.C. MFB to start 3 new loan programs Hungarian Development Bank (MFB) will start three new loan programs, the government decided this week. Their total budget will be Ft 80 billion. Ft 60 billion will go towards two municipality infrastructure development loans; the remaining is to be divided equally between a regional venture development and an SME-supporting loan program. The SME loan may be up to Ft 250 million for one company, which has not more than 100 employees. (Vg 4) G.R. VAT revenue Ft 1,318 bln by Oct Hungary's tax office said that VAT revenue in Oct was Ft 8 billion more than planned. László György Király, chairman of tax office APEH told the Parliamentary Committee on Budget and Finances that VAT revenue in Oct totaled Ft 200 billion, compared to the Ft 192 billion target. Ten-month VAT revenue is now Ft 1,318 billion, also Ft 8 billion over the Finance Ministry's revised Ft 1,310 billion target Ten-month VAT revenue was Ft 105 billion less than during the same period in 2003, but the gap was Ft 50 billion wider just two months earlier. (Econews) Investor and company strategies at odds The head of Hungary's incumbent Telco Matáv Rt has said the telecommunications market in Hungary is about four years behind its counterparts in Western Europe, a fact that investors fail to consider when making demands of the company. The Hungarian market was opened to competition with a four-year lag, but this is in some respects advantageous for Matáv, because it offers opportunities for learning, Matáv CEO Elek Straub told a conference on the challenges faced by the European telecommunications market, organized by Ernst and Young Hungary. (Econews)

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Politics
Condolences sent on Arafat's death Prime Minister Ferenc Gyurcsány and the Hungarian government issued a statement yesterday voicing their condolences on death of Palestinian president Yasser Arafat. The Palestinian president died in a French hospital early yesterday. "The government and Prime Minister Gyurcsány offer their deepest sympathies to the Palestinian people, to Suha Arafat, and to all members of the family on their loss," said a statement issued by the prime minister's office. The Hungarian government hopes that Arafat's historic goal of an independent Palestinian state will be realized in the not too distant future, the statement said. (MTI; Nv 1, Nb 2)

Domestic
Gati receives Hungarian award Hungarian-born Charles Gati, professor of political science at Johns Hopkins University, was presented with a government decoration by House Speaker Katalin Szili yesterday. Szili presented him with the Order of Merit, Commander Cross with Star, for his efforts to promote Hungarian-U.S. ties. The award ceremony was attended by the P.M., former-President Árpád Göncz and U.S. Congressman Tom Lantos. Gati left Hungary in 1956, and re-settled in the United States. He served as chief advisor to the policy planning staff of the State Department until 1993-1994, and published several volumes on East Central European history and politics. (MTI)

Stockwatch
BUX index: BUX Close: 14316.58 Change: +122.73 (+0.86%) Stock Closing price Daily change (%) Average price Volume MOL 12,850 3.5 12,587 922,513 Matáv 779 -2.6 780 4,266,648 OTP 5,420 1.1 5,392 1,977,031 Richter 22,400 0 22,405 51,662 Egis 9,920 -0.8 10,079 94,737 Antenna 3,850 1.6 3,813 10,655 TVK 4,860 -0.9 4,826 4,518 Rába 590 -6.3 605 47,266 Budapest Stock Exchange, Nov 12

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15 november 2004
Business
MOL Q3 net more than doubles MOL Rt said third-quarter earnings more than doubled as rising fuel demand boosted profit from refining oil. Net income was Ft 73.6 billion, or Ft 706 a share, compared with Ft 30.8 billion, or Ft 296 a share, in the year-earlier period, Budapest-based MOL said in an e-mailed statement. Eight analysts surveyed by Bloomberg News forecast earnings of Ft 40.7 billion. MOL, which buys most of the crude it refines from other companies, such as Russia's OAO Yukos Oil Co, benefited from rising demand for fuels, which boosted refining margins. (Bloomberg Vg 8, 10) Gazprom sharing gas business with E.ON Gazprom has said that Hungarian oil and gas company MOL Rt would not object to its involvement in MOL's gas business, a large stake in which was purchased last week by German energy giant E.ON. According to the Gazprom statement, Zsolt Hernádi said his company would support Gazprom's acquisition of a stake in the gas businesses if it can agree on this with E.ON. Hernádi also agreed that Gazprom, as the owner of the other half, must approve the sale of MOL's 50% stake in Panrusgaz Rt to E.ON. Gazprom made the statement after talks on Friday between MOL president and CEO Zsolt Hernádi and Gazprom head Aleksei Miller. (Econews) FHB has shining Q3 results Mortgage bank Földhitel- és Jelzálogbank (FHB Rt) stocks remained buoyant on Friday after the bank produced its planned 2004 total profit in just three quarters, booking a consolidated net profit of Ft 5.797 billion. Besides growth, the extraordinary profit was mainly due to lower expenses and a slight increase in interest margins. CEO Dániel Gyuris says, however, that their Q4 result will not be that striking, as fresh loans do not return the investment this year. FHB aims at reaching a 25-30% share from the market growth. In order to achieve that, the bank has take measures related to foreign currency-based loans gaining popularity, by offering to refinance both non-subsidized and foreign currency-based loans. (Vg 11) M.M. Matáv shows disappointing Q3 results Telecommunications company Matáv Rt, posted its worst Q3 results in 7 years as its profits plunged 20% yr/yr. The company, in an effort to reduce costs, previously announced a massive restructuring plan entailing the lay-off of some 1800 employees of the current payroll of 7900 by the end of 2006. Matáv expects total restructuring costs to reach Ft 23 billion of which Ft 3.4 billion have been incurred so far this year contributing to lower profits. (NG) A.K. TVK net profit up 109% in Q1-Q3 Tiszaújváros-based chemicals company TVK Rt reported Ft 6.70 billion net profit for the first nine months of the year, 109% more than a year earlier. The consolidated IFRS flash report of the company shows that net profit was Ft 2.43 billion in Q3, as against losses of Ft 541 million one year before. Market analysts had forecast Ft 2.01 billion Q3 net profit. Nine-month sales revenue rose 16% to Ft 128.11 billion including sales of Ft 40.16 billion in July-September, up 16% compared to the third quarter of 2003. (Econews; Vg 8)

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Globus concerned about weak Q3 Canning company Globus Rt increased its half-year Ft 50 million after-tax profit to Ft 250 million by the end of the third quarter this year, but the profit is mainly due to the low exchange rate of the US dollar. Last year Globus was able to improve its business figures by Ft 1.6 billion with the sale of Békéscsaba Canning Rt, but this year's operation is not profitable. Globus management plans to lay off employees and increase export to Western Europe. According to September data, a Ft 500 million profit in total looks probable. (Ng 8) M.K. BorsodChem 9-month profit surges BorsodChem Rt said its earnings more than doubled in the first nine months from last year, since it had more gains on its financial investments and currency futures. Net income in the first nine months was Ft 12.9 billion, compared with Ft 6.1 billion in the year-earlier period, the company said on Friday in a stock-exchange statement. Sales rose 6 % to Ft 106.7 billion. (Bloomberg; NG 7, Vg 8) Antenna 9-month profit surges Antenna Hungária Rt said nine-month profit rose more than fourfold as the company cut its stake in the unprofitable local unit of Vodafone Group Plc. Net income was Ft 1.6 billion, compared with Ft 289 million in the same period last year, the Budapest-based company said in a stock exchange statement. Sales rose 4.7 % to Ft 20 billion. Antenna was able to drop the Vodafone unit's losses from its books after its holding fell from 30% to 12.1% in June last year, when the world's biggest mobile-phone company invested 28.2 billion forint in the smallest of the country's three cellular providers. (Bloomberg; NG 8, Vg 9) Fundy farewells Next Monday, Candy Plus Magyarország (CPM) Kft, the producer of Fundy gums and chocolates shuts down production in their Gyál factory (central Hungary). For two weeks after that, workers will spend two more weeks packaging candies, and the site will be put up for sale. CPM, which posted sales revenues of Ft 2.2 billion in 2003, is relocating production to Hodonin, in the southern Czech Republic, laying off 70 workers. CPM marketing manager Zoltán Kepe says that the main reason for the move is capacity increase, but labor costs will be lower in Moravia, reducing operating costs. (Vg 5) M.M. Pécs Expo Center to be finished next autumn Pécs' new fair and exhibition center will be finished next autumn, mayor László Toller said after laying the building's foundation stone. The building will be constructed with a Ft 1.9 billion investment and will be able to host cultural and sports events as well, Toller said. The 10,000 sqm building will now be built on the site of a former water treatment plant. Pécs Expo Center will have a conference and theater hall for 1,200 people plus many smaller rooms for 170-450 guests. (Ng 17) M.K. Food Express site in east In early 2005 the largest Hungarian catering company, Food Express Kft plans to open a new site in Nyíregyháza to produce and distribute food in the region. Local distribution centers are vital, since quality insurance standards require that the company's boxed foods get to the customer within 5 hours of packaging. The investment of Ft 40 million is promising not only because of the Hungarian growth, but also for possible future expansion in Russia. Food Express, who employ 480 and had a turnover of Ft 3.4 billion in 2004, is also considering a similar investment in southern Hungary and cooperation with the Austrian catering group Vivatis. (Vg 16) M.M. Pannonplast: nine-month losses grow 48.7% yr/yr Plastics company Pannonplast had losses of Ft 1.01 billion in the first nine months of the year, 48.7% more than in the same period in 2003, according to its Q3 report, prepared using IFRS. Pannonplast's third quarter, however, showed an improvement - the company just made it into the black, posting net profit of Ft 2 million, still

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sharply down from Ft 240 million net profit a year earlier. In addition to the rise in petrochemical prices, fierce price competition on the plastic pipes and plastic sheet markets damaged results. (Econews; Vg 10) MÁV expects Ft 2 bln from real estate sale Hungarian Railways MÁV Rt will sell 150 buildings and sites this year and expects Ft 2 billion from the transactions, MÁV announced. MÁV plans to sell buildings and sites that have been abandoned for years and also ones that are currently in use, which MÁV would rent from the new owner. MÁV will also offer its headquarters on Andrássy út for sale, but the most surprising idea is to close Déli railway station and transfer its role to Kelenföld railway station. (Ng 17) M.K. Zalakerámia nine-month profit up 9% yr/yr Tile maker Zalakerámia group's profit rose 9% in the first nine months of the year, compared to the same period in 2003, despite a sharp drop in operating profits and moderately lower sales. Zalakerámia had consolidated net profit of Ft 1.371 billion in the first nine months of the year, according to its third-quarter report, prepared according to IFRS. Zalakerámia's subsidiaries accounted for Ft 99m of net profit. Zalakerámia's consolidated operating profit fell 24.3% to Ft 1.595 billion in January--September 2004. (Econews; NG 8, Vg 9) Danubius Hotels' 9-month profits rise 277% yr/yr Danubius Hotels' pre-tax profit rose 277.4% in the first nine months of the year, compared to the same period in 2003, helped by forex gains. Danubius Hotels had pre-tax profit of Ft 2.63 billion in the first nine months of the year, according to its consolidated report, prepared using IFRS. Nine-month net revenue was Ft 29.44 billion, up 5% yr/yr. Danubius Hotels' operating profit was Ft 5.37billion in January-September, up 3.3%. (Econews) Linamar Q3 results In the first three quarters of 2004, machine manufacturer Linamar Hungary Rt managed to slightly increase their non-consolidated profit, from Ft 579 million to Ft 600 million yr/yr. The growth is mainly due to the Ft 330 million exchange profit on euro-based loans, as opposed to the Ft 208 million loss last year. Sales revenues went down by 3 per cent, with a Ft 480 million decrease in agricultural and generic machine manufacturing sales and a mere Ft 13 million growth in the automotive parts and precision processing branches. Linamar was also unable to increase prices in line with growing base material costs. (Vg 8) M.M. Fire causes Ft 100 mln in damage A fire broke that broke out overnight in an aluminum foundry in Inota, south-western Hungary, causing damage valued at more than Ft 100 million (euro 400,000), a disaster management official said on Sunday. The fire is thought to have been caused by a ruptured conveyor belt, which engaged with the aluminum rolling machine line. The belt then caught fire, which spread to the rolling machine line and the roof above it, the duty officer of the Veszprém County Disaster Management Centre said. (MTI; Nv 16) Nabi closes rough third quarter Bus manufacturer Nabi Rt has closed a third quarter even worse than its disappointing first half year. The company has an after-tax deficit of USD 11.1 million, which is only a little less than USD 11.2 million in the same period of last year. Nabi has not met the financial criteria that the company had agreed on with its loan providers this spring, so these conditions have to be re-negotiated. Nabi will again have to hire new consultants to help restructure the company. (NG 7) M.K. OTP Bank warns clients of internet scam OTP Rt has filed charges with the police against an unknown suspect for setting up a fake version of the bank's website and trying to get clients to enter their account data on it. An OTP client recently notified the bank after receiving an email, which instructed the client to log into OTP's internet banking system at another web address. The email said the client had not logged into the account for a long time and would have to visit the site

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immediately or the account would be terminated, head of OTP Bank's Electronic Banking Directorate Robert Juhász said. (Econews) Castle hotel to be built in Sümeg Kapitány Kft plans to build a four-star castle hotel in Sümeg, west Hungary, managing director Imre Papp announced. The 80-room hotel will be ready by the summer of next year with an investment of several hundreds of million forints. Kapitány has operated the castle successfully in recent years. The new hotel will have a Turkish bath, swimming pool, conference hall, sauna, bowling court and a dental surgery in it. Kapitány will finance the construction from tender subsidies, loans and own resources, Papp said. (Ng 17) M.K. BSE week The BUX rose 479.75 to 14,100.1 on the week, helped by strong third-quarter results published by Hungary's biggest listed companies. The BUX reached an all-time peak of 14,316.58 on Thursday. Turnover for the week was Ft 112.51 billion, sharply up from last week's Ft 49.91 billion. Matáv Rt finished the week down 1.23%, or 10, at 800, after Matáv reported falling revenue and falling profit for the first nine months of the year. Third-quarter profit was well under analysts' expectations. Matáv generated Ft 6.74 billion in trades. MOL Rt closed Friday at 5,260, up 5.63% or 660 on the week on trades of Ft 44.64 billion. (Econews)

Economics
Agreement on higher minimum wage The National Interest Coordination Council (OET), a forum of the government, employers and employees, finally reached an agreement on wage rises and the new minimum wage for next year at a meeting on Friday. Employers and trade unions agreed to raise the monthly minimum wage to Ft 57,000 next year from the current Ft 53,000. The OET's recommended wage rise for the private sector was 6% for 2005. If the agreed wage rise can not be carried out because of poor economic performance, higher-than-expected inflation or for any other reason, the OET will start negotiations to resolve the problem. (Econews; NG 3, Vg 4)

Politics
By-elections invalid because of low voter turnout Both by-elections for parliamentary seats were termed invalid because less than half of eligible voters cast their ballots, regional election office officials said on Sunday evening. The by-elections were called in Szécsény (northern Hungary) and Sopron (western Hungary) because the MPs of the constituencies won seats in the European Parliament elections in June and resigned their seats in the Hungarian Parliament, as stipulated by law. Voter turnout in Szécsény and the other towns in its constituency was 28.8%, while in Sopron, it was 31.98%. (MTI; Nv 3, Nb 6) Hungary asks EU for faster legislation Hungary has called on the EU to speed up its efforts to legislate border traffic regulations for people living near the borders of EU members, Interior Minister Monika Lamperth said on Friday. Lamperth was speaking after a meeting of the Salzburg Forum in Prague, attended by interior ministers of its six member nations. Lamperth said that her initiative had been supported unanimously. Until April the various prime ministers have the power to put rules into effect; afterwards parliament will make the decision, slowing the process. (MTI) MDF on privatization of health Junior opposition party Hungarian Democratic Forum (MDF) said it did not agree with the proposal to ban the privatization of the healthcare sector in its entirety and called on its voters to say no to the proposal in the Dec. 5 referendum. The party says this is not a departure from its earlier stand on the issue even though MDF supported the far-left Worker's Party's initiative to collect signatures supporting the motion a year ago. MDF said it was

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opposed to the privatization of state-owned hospitals but did not contest the need to attract private capital to other areas of healthcare. (Nb 7) P.P.

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EU experts approve Paks control system The emission control system of Hungary's only nuclear power plant is up to European standards, the National Atomic Energy Agency (OAH) said on Friday. European Commission experts scrutinized the plant's emission control system as well as the ambient radiation control laboratory last week before issuing their approval rating. The Paks power plant had one major incident (qualified as a 3 on the 7 number International Nuclear Event Scale), in April 2003. Damage mitigation effort is still underway and is expected to be completed next year. (MTI)

Stockwatch
BUX index: BUX Close: 14100.04 Change: -216.54 (-1.51%) Stock Closing price Daily change (%) Average price Volume MOL 12,390 -3.6 12762 1,396,326 Matáv 800 2.7 793 1,782,064 OTP 5,260 -3 5313 2,187,026 Richter 22,505 0.5 22475 66,224 Egis 9,975 0.6 9995 16,671 Antenna 3,870 0.5 3898 35,033 TVK 4,795 -1.3 4763 3,142 Rába 605 2.5 608 149,639 Budapest Stock Exchange, Nov 15

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