Gyurcsany's Budget Cuts, Taxes Bring Investors Gain, Hungarian Voters Pain

(Bloomberg) -- If investors in Hungary were the
only people allowed to vote, Prime Minister Ferenc Gyurcsany
would be in much better political shape.

The 45-year-old Socialist, who made millions turning around
failing former state-owned companies, has seen his year-old
austerity campaign begin to pay dividends in the form of a
stronger forint and record performance by the main stock index.


Read more at Bloomberg Bonds News

EU approves ENI's buy of some Exxon Mobil assets

(Reuters) - "Although ENI is active at the upstream wholesale level in
the Czech Republic, it appears highly unlikely that the merged
entity would engage in closing off supply from its competitors
at the downstream retail level," the Commission said.




Esso Hungaria, Esso Ceska and Esso Slovensko sell motor fuel
in Hungary, the Czech Republic and Slovakia, the Commission
said. Esso Ceska and Esso Slovensko sell jet fuel at the Prague
and Bratislava airports, it said.


Read more at Reuters.com Government Filings News

Hungarian Forint Falls as Wage Data Spurs Interest-Rate Cut Expectations

(Bloomberg) -- Hungary's forint fell against the
euro after a report showing wages grew less than expected buoyed
expectations the central bank will lower the European Union's
highest interest rates.

The forint slid to its lowest in a week after Hungary's
Statistics office said gross wages grew 7.4 percent in May on the
year, compared with the 8 percent forecast in a Bloomberg News
survey. Slower earnings growth may prompt the central bank to cut
its base rate for a second time in two months.


Read more at Bloomberg Currencies News

Mol Board Rejects `Unsolicited and Unwelcome' Takeover Approach From OMV

(Bloomberg) -- Mol Nyrt., Hungary's biggest oil
refiner, rejected an approach from OMV AG, calling it ``unsolicited
and unwelcome.''

An OMV spokesman denied the Austrian company made a formal
offer to acquire Mol. ``There's never been a formal offer from our
side,'' Thomas Huemer said in a telephone interview.


Read more at Bloomberg Emerging Markets News

Hungarian Forint Heads for Second Weekly Gain Versus Euro on Carry Trades

(Bloomberg) -- Hungary's forint is set to advance
for a second week versus the euro as investors continue the so-
called carry trade, attracted by the European Union's highest
interest rate.

The forint headed for its biggest two-week gain in nine
months as investors borrow in low interest-rate currencies such
as the Japanese yen and Czech koruna, and invest in higher-
yielding assets elsewhere. Hungary's central bank holds its next
policy meeting June 25, when economists expect it to hold its
benchmark rate at 8 percent. The European Central Bank's rate is
at 4 percent.


Read more at Bloomberg Currencies News

Hungarian Forint Gains Versus Euro as Investors Buy Emerging-Market Assets

(Bloomberg) -- The Hungarian forint rose against the
euro on speculation rising global interest rates will encourage
investors to pickup yields by buying emerging-market assets.

The forint is the second-best performing currency in Europe
today after the Turkish lira. Hungary's benchmark interest rate
of 8 percent is the highest in the European Union.


Read more at Bloomberg Emerging Markets News

Hungarian Forint Gains as Investors Buy Emerging-Market Assets for Yield

(Bloomberg) -- The Hungarian forint rose against the
euro on speculation rising global interest rates will encourage
investors to pickup yields by buying emerging-market assets.

The forint is the second-best performing currency in Europe
today after the Turkish lira. Hungary's benchmark interest rate
of 8 percent is the highest in the European Union.


Read more at Bloomberg Currencies News