Akos Kuti News
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OTP Bank Nyrt., Hungary’s largest lender, fell from the highest level in almost three months after Economy Minister Mihaly Varga said he may raise taxes on banking transactions.
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Mol Nyrt. and OTP Bank Nyrt. led a second day of gains in Hungarian stocks as news website Nol reported the government plans to help foreign-currency borrowers and global equities jumped.
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Hungary’s bonds fell the most in more than a week and the forint dropped after the International Monetary Fund said the country needs to take “tangible steps” on resolving policy issues before aid talks can be resumed.
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OTP Bank Nyrt., Hungary’s largest lender, declined the most in six weeks on concern Hungary’s economic recovery will be hurt by a global slowdown and the government’s economic policies.
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The yield on Dana Gas PJSC’s $1 billion Islamic bonds jumped to the highest level in two weeks as the United Arab Emirates energy company reported full-year results without providing an update on the sukuk repayment.
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Hungarian shares rose the most in six weeks on speculation the U.S. and China can lead a recovery in the global economy and offset the impact of the debt crisis in Europe. The forint rallied.
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OTP Bank Nyrt., Hungary’s largest lender, pared its weekly decline as the country’s stocks rose on speculation that Greece will get a second bailout and Hungary worked to obtain its own rescue.
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Hungary’s forint and stocks may weaken as government obligations to compensate Budapest Airport for losses tied to the bankruptcy of state-owned airline Malev Zrt. threaten state finances, Equilor Befektetesi Zrt. said.
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Hungary’s bonds slumped the most in a week and the forint fell after Fitch Ratings said it’s “very unlikely” to lift the country to investment-grade.
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Hungary cut its main interest rate for a third month and may consider further easing as concern about a recession outweighs the European Union’s fastest inflation and fading chances of obtaining international aid.
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