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Hungary Currency Risk

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MOL Profit Plunges in First Quarter on Syrian Output Halt

Hungarian energy group MOL Nyrt. (MOL.BU) net profit fell sharply in the first quarter on a halt in Syrian output and low demand for fuel amid slow economic growth, MOL's earnings report showed Tuesday.MAIN FACTS:-MOL registered net profit of 32.3 billion Hungarian forints ($142.5 million) in the first quarter of 2013, compared with HUF73.9 billion profit in the corresponding period of last year and less than analysts' median expectation of HUF40 billion.-MOL's average daily hydrocarbon production was 110 million barrels equivalent, down from 134 million a year earlier on lower crude-oil production across MOL's fields and a decline in natural gas production in Hungary, partly offset by increasing offshore natural-gas output.-Other key factors pulling down the bottomline include lower revenue from Hungarian domestic gas transmission due to a relatively mild weather and a cut in tariffs. In the meantime, MOL saw improving performance in its downstream segment, supported by an improved ga...

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  1. Jefferies, JP Morgan Hungary Government Bond Primary Dealer Candidates

    Jefferies International Ltd. and J.P. Morgan Securities PLC have joined the group of banks that are primary dealers of Hungarian government securities denominated in...

  2. ECB's Draghi Stresses Central Bank Independence

    European Central Bank President Mario Draghi delivered a thinly veiled warning to Hungary Friday, stressing that central bank independence is key for a credible mone...

  3. ECB warns Hungary again over central bank independence

    ECB President Mario Draghi said on Friday that Hungary's central bank must retain its independence to be credible - a rare public warning about undue political influ...

  4. Hungary "further from IMF deal" than a year ago: central banker

    Hungary's central bank cut rates again on Tuesday to help the shrinking economy even though the bank's Governor said the country was drifting away from an IMF and EU...

  5. OTP Bank 3Q Net Profit Up 21%, Exceeds Forecast

    OTP Bank Nyrt. (OTP.BU), Hungary's largest bank by assets and market share, posted Thursday a 21% rise in third-quarter net profit from a year earlier as the result ...

  6. "Life would go on" without IMF deal, Hungary says

    Hungary appeared to cast doubt on Monday on prospects for an International Monetary Fund/European Union funding pact, with Budapest's negotiator saying "life would g...

  7. Hungary Optimistic on Aid Deal With IMF, EU

    Hungarian officials should be able to reach an agreement with the International Monetary Fund and European Union on an aid deal, the country's foreign minister said ...

  8. Austrian Central Bank: Write-Downs Dampens Austrian Bank Profits

    The profits at Austrian banks have taken a large hit as banks have adjusted downward the worth of their foreign subsidiaries, the Austrian central bank said Wednesda...

  9. Hungary To Guarantee Repayment Of Budapest Public Transport Debt - Mayor

    The Hungarian government will on Wednesday guarantee the repayment of ailing Budapest transport company BKV Zrt's debts, the city's mayor said Monday.The 64 billion ...

  10. OTP Bank To Carry On Financing Hungary Local Govts -Deputy CEO

    Hungary's largest lender OTP Bank Nyrt. (OTP.BU) plans to continue financing local governments, OTP deputy chief executive Laszlo Wolf said Wednesday.Local governmen...

  11. Moody's Analyst: Hungary Central Bank Facilities Credit-Positive

    The three new facilities announced by the Hungarian central bank last week are credit-positive, Moody's Investors Service said in an analysis Monday."These initiativ...

  12. Hungarian Foreign Exchange Law Causes EUR82 Million Impairment At KBC

    A Hungarian law aimed at helping households to repay foreign currency loans in local currency led Belgian bank KBC Group NV (KBC.BT) to post a EUR82 million pre-tax ...

  1. EBRD Cuts 2013 Growth Forecasts Russia, East Europe

    The European Bank for Reconstruction and Development Friday slashed its growth forecast for Russia on a weak outlook for commodity exports, and said radical steps we...

  2. BlackRock's Trigo Paz Favors Emerging Vs. Yen, Sterling, Euro

    Those betting on emerging-market currencies to gain should wager against the euro, yen and sterling, said Sergio Trigo Paz, head of BlackRock's emerging markets fixe...

  3. BlackRock's Trigo Paz Favors Emerging Currencies Against Yen, Sterling, Euro

    Those betting on emerging-market currencies to gain should wager against the euro, yen and sterling, said Sergio Trigo Paz, head of BlackRock's emerging markets fixe...

  4. Hungary , defying EU, pushes on with constitutional changes

    Hungary's ruling party is set to push through law changes on Monday that critics say will limit the powers of the constitutional court, one of the few institutions t...

  5. OTP Bank Ready To Grow But Demand for Loans Slack

    OTP Bank Nyrt. (OTP.BU), Hungary's largest bank by assets and market share, has the financial strength and is ready to expand considerably, but demand for loans cont...

  6. OTP Bank Swings to Lower-Than-Expected 4th-Quarter Profit

    OTP Bank Nyrt. (OTP.BU), Hungary's largest bank by assets and market share, swung in the fourth quarter of last year to a lower-than-expected net profit as the resul...

  7. Hungary to Ask Switzerland for Data on Hungarian Assets

    Hungary will ask Switzerland for data on Hungarian assets in the Alpine country with a view to imposing a penal 35% tax on such assets as it battles against tax evas...

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