Magyar English News (RSS 2.0)

Üdvözöljük a

Hungarian Chamber of Commerce

honlapján!

-

Articles

MNB Reaches for Unconventional Monetary Policy Tools

11. 22. 2017. 16:29

bbj.hu

The Monetary Council of the National Bank of Hungary (MNB) has decided to introduce two unconventional monetary policy tools from January 2018, the council said in a statement on the central bankʼs website after yesterdayʼs rate-setting meeting. As expected, the council also decided to keep the key rate on hold at 0.90%. More...

Commission Told Hungary How to Win Approval for Russia-backed Nuclear Plant

11. 22. 2017. 16:24

EurActive / By Jorge Valero

The European Commission assisted Hungary in finding the right loophole in the EU public procurement rules to get the green-light for the construction of the Russian-backed Paks II nuclear power plant, according to internal documents seen by EURACTIV.com. More...

Hungarian Scientists Identify New Gene Linked to Rare Neurological Disease

11. 21. 2017. 21:21

Hungary Today

Hungarian scientists have identified a new gene linked to a rare neurological condition, muscular dystrophy,  after more than two years of research. Mária Judit Molnár, head of Genomic Medicine and Rare Disorders at Semmelweis University, told public news channel M1 that the patient linked to the research suffered from muscular dystrophy and balance disorder and her children showed symptoms of autism and schizophrenia. .More...

Hungary Rewards Highly Cited Scientists With Bonus Grants

11. 21. 2017. 21:08

Nature / Alison Abbott

Some top researchers prosper in Hungary as country tries to improve its international standing in science. Earlier this year, cell biologist Attila Reményi was facing his toughest decision since returning to his native Hungary a decade ago. With his generous start-up funding about to run out, should he downsize his lab? More....

Hungarian PMO Chief on “Soros Plan”, EU Conflicts, and the Economy

11. 20. 2017. 16:04

Hungary Today

At his weekly press briefing last Thursday, János Lázár, head of the Prime Minister’s Office, discussed various recent political issues related to Hungary.  These included the state of the Hungarian economy, the government’s various disputes with the European Union, as well as Poland’s conflicts with the bloc, and the ongoing ‘National Consultation’ over the so-called “Soros Plan.” Details Read also from Reuters:
Soros says Hungarian government lying in attacks against him

OPINION: The Real Tax Scandal Is Unfolding in Europe

11. 20. 2017. 15:58

Süddeutsche Zeitung / By Ulrich Schäfer

The Paradise Papers show how EU member states use fiscal trickery to deny their neighbors much-needed tax revenues. This is at least as damaging to EU cohesion as the nationalism and lack of solidarity displayed when it comes to redistributing refugees. More...

The Hungarian Model Works

11. 17. 2017. 18:11

Prime Minister's Press Office

“The Hungarian model works and we Hungarians have no intention of replacing it”, Prime Minister Viktor Orbán said at the EU Social Summit on Friday in Gothenburg. More...

Indiaʼs SMG Opens Car Bumper Plant

11. 17. 2017. 18:04

bbj.hu / MTI

Indian automotive industry supplier Samvardhana Motherson Group (SMG) inaugurated a bumper plant in Kecskemét, central Hungary, on Thursday, Hungarian news agency MTI reported. It will supply German car maker Daimlerʼs plant in the city. More...

Hungarian Minister Highlights Opportunities for Cooperation with Cuba

11. 16. 2017. 16:00

Prensa Latina

Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto asserted that modernization of economy in Cuba opens a great spectrum of opportunities in several areas for the companies in his country. In statements to the Hungarian news agency MTI, published by national media outlets, he remarked that participating in that process offers many advantages, especially because, unlike the United States, the European Union (EU) does not maintain a regime of sanctions against Cuba. More...

TRAVEL: Six of the Best: Budapest Markets

11. 16. 2017. 12:00

Traveller

Drenched in culture, Budapest is a place with a keen sense of the exotic, reflecting Hungary's Magyar distinctiveness within Europe. This unique soul reveals itself in the dynamic parade of life that revolves around an important part of Budapest life – its markets. More...

Preliminary MNB Data Indicate Q3 Drop in External Financing Capacity

11. 15. 2017. 16:58

bbj.hu / MTI / MNB

Hungaryʼs net external financing capacity slightly exceeded EUR 1.4 billion in the third quarter of 2017, dropping from an all-time quarterly peak of EUR 3.1 bln in Q2 and from a year earlier, state news wire MTI calculated from monthly preliminary balance of payment data published Tuesday by the National Bank of Hungary (MNB). More...

 

Spar Hungary Launches Health App

11. 15. 2017. 08:00

European Supermarket Magazine

Spar Hungary has launched a free app aimed at consumers looking to improve their health and wellbeing. The ’30 Napos Életmód Program’ (30-day lifestyle change) mobile app is part of the retailer's 'Lifestyle Change' programme. It gives users access to dietary plans developed by nutritional experts, exercise training programmes, and other useful tips to help them reach their goals, the retailer says. More...

 

STATISTICAL UPDATE: Economic Performance Grows by 3.6%

11. 14. 2017. 16:01

Central Statistical Office

The gross domestic product of Hungary was up by 3.6% according to raw data and by 3.8% according to seasonally and calendar adjusted and reconciled data in the 3rd quarter of 2017 compared to the corresponding period of the previous year. The main contributors to the growth were market-based services. The volume of GDP rose by 3.7% in the first three quarters of 2017 compared to a year earlier. Details - Read also Minister Varga's comments in bbj.hu

Nestlé’s Latest Purina Expansion Completed

11. 14. 2017. 15:48

HIPA Press

In the past seven years, Nestlé has invested EUR 140 million in total in developments in Bük. As a result, the local plant of Nestlé Purina has become one of the biggest pet food factories in Europe. More than 90 per cent of its output is exported. The number of local employees reaches 900. The latest, 5,000-square metre manufacturing hall building was inaugurated by Minister for National Economy Varga Mihály. More...

Croque Bourgogne Lays Cornerstone of Escargot Plant

11. 13. 2017. 19:51

bbj.hu / MTI

Francesʼs Croque Bourgogne-IMOFI-Bourgogne Gastronomie group laid the cornerstone of a HUF 6.5 billion escargot processing and frozen pasta products plant in Kisvárda, northeast Hungary, on Friday, state news agency MTI reported. More...

HBO Launches an Over-the-Top Streaming Service in Central Europe

11. 13. 2017. 19:43

TechCrunch

HBO is launching an over-the-top subscription streaming service in parts of Central Europe, parent company Time Warner announced today. The move will allow viewers in Hungary, Romania, the Czech Republic and Slovakia to stream HBO programming – including its original series, documentaries, movies and more – alongside HBO Europe’s local content. More...

U.S. Launches Media Fund for Hungary to Aid Press Freedom

11. 13. 2017. 19:29

Reuters

The United States said on Monday it would fund rural media outlets in Hungary to help train and equip journalists in defense of an independent media it sees subject to growing pressure and intimidation. More...

Opel Promises No Closures or Layoffs

11. 10. 2017. 18:49

bbj.hu / MTI

A plan unveiled on Thursday by German automotive manufacturer Opel to harness synergies with its new owner, Franceʼs PSA Group, will not involve plant closures or layoffs, Opel said in a statement cited by Hungarian news agency MTI. More...

How the Shop of Possibilities Helped Sell Budapest – and Attract Talent

11. 10. 2017. 18:39

Little Black Book / Laura Swinton

When POSSIBLE CEE were looking to recruit international talent to their Budapest office, they figured that they might have to try something a bit more creative than the usual LinkedIn spree if they were to reach a wider pool of people. They knew that Budapest might not be top of mind for people looking for their next career move – but that the beautiful city has lots to inspire inquiring minds. (Photo: Giovanni Pintaud of POSSIBLE Budapest)  More...

STATISTICAL UPDATE: Prices

11. 09. 2017. 17:42

Central Statistical Office

Consumer prices were 2.2% higher on average in October 2017 than this time last year. The highest price increases over the past year were measured for alcoholic beverages and tobacco as well as food. More...

STATISTICAL UPDATES: Retail; External Trade; Industrial Output

11. 08. 2017. 16:00

Central Statistical Office

- In September 2017, the volume of sales in retail shops increased by 5.4% according to raw data and by 6.0% adjusted for calendar effects compared to the same period of the previous year. ...In January–September 2017, the volume of sales – also according to calendar adjusted data – was 4.3% higher than in the first nine months of 2016. Details...

- In EUR terms, exports were up by 5.5% and imports by 6.7% in September 2017 compared to the same period of the previous year. Trade surplus decreased by EUR 36 million. Details

- In September 2017, the volume of industrial output rose by 5.4% year-on-year. Details...

Digestifs Lead Hungarian Spirits Preferences

11. 08. 2017. 14:00

bbj.hu

Hungarians spend more than HUF 80 billion per year on spirits. However, despite being the national drink, pálinka does not rank highest among Hungarian consumersʼ preferences, research by Nielsen shows. More...

EBRD Projects Brighter Future for Hungary

11. 07. 2017. 12:00

portfolio.hu

The European Bank for Reconstruction and Development (EBRD) has revised up sharply its 2017 economic growth forecasts, with higher export levels, a revival in investment and firmer commodity prices supporting a broad-based upswing. The near-term economic outlook has improved in Hungary on the back of cuts in the rates of corporate income tax and social security contributions as well as increases in minimum wages for skilled and unskilled workers, the bank added. More...

DHL Express Inaugurates New Center in Budapest

11. 07. 2017. 10:00

bbj.hu

International express mail service provider DHL Express has opened a new center in Budapest, according to a press release sent to the Budapest Business Journal. The company joins two other DHL business units, DHL Global Forwarding and DHL Freight, at the Budapest Airport Business Park. More...

OPINION: Why Europe's Newest Pipeline Won't Work Without Russian Natural Gas

11. 06. 2017. 16:48

Sputnik

Slovakia and Hungary have signed a Memorandum of Understanding on building the Eastring pipeline. Speaking to Sputnik, Sergey Pravosudov, head of the Moscow-based Institute of National Energy, remained cautiously optimistic about the project, which Western countries alleged may help contain "Moscow's gas blackmail." More...

Royal FrieslandCampina Opens Financial SSC in Budapest

11. 06. 2017. 16:38

bbj.hu

Dutch dairy products company Royal FrieslandCampina has opened a new regional financial shared services center (SSC) at the CityZen Office Building on Váci út in Budapest. The company plans to expand the office in the near future, according to a press release sent to the Budapest Business Journal. More...

STATISTICAL UPDATE: Improving Sentiment in Construction

11. 03. 2017. 16:41

Central Statistical Office

In the first three quarters of 2017, 7,981 new dwellings were built, 52% more than a year earlier. The number of dwellings to be built based on issued dwelling construction permits and simple declarations grew by 33% to 28,411 compared to the first three quarters of 2016. More...

Kall Ingredients Opens HUF 45 bln Isoglucose Plant

11. 03. 2017. 16:31

bbj.hu

Hungarian-owned food industry company Kall Ingredients inaugurated a HUF 45 billion isoglucose plant in Tiszapüspöki, east-central Hungary, on Monday. Government website kormany.hu claimed the project is the largest food industry investment of its kind since the fall of communism. More...

LOGISTICS: New Rail Service from Budapest to Changsha

11. 02. 2017. 13:18

Int'l Transport Journal

In a further move to expand eastbound rail routes from Europe, the Russian railfreight operator Far East Landbridge (FELB), a subsidiary of RZD Logistics, has created a weekly service from Hungary to China. The high speed container train leaves the Budapest terminal on Mondays, and arrives at the Xianing railway terminal in Changsha (China) some 20 – 22 days later. More...

STATISTICAL UPDATE: External Trade

11. 02. 2017. 13:14

Central Statistical Office

In August 2017, the export volume increased by 7.3%, the import volume by 9.5%, and the surplus decreased by EUR 101 million compared to the same month of the previous year. In the first eight months of 2017, the external trade surplus was EUR 5.6 billion. Details...

Cushman & Wakefield to Open New Centre in Budapest

11. 02. 2017. 12:00

HIPA Press

The region's leading real estate brokerage company, Cushman & Wakefield, will establish a Portfolio Services Centre in Budapest. Primarily young people with higher education degrees and proficiency in foreign languages are invited to the 250 new jobs to handle regional real estate portfolios of major clients directly from Budapest. Details...

STATISTICAL UPDATE: Industrial Producer Prices

10. 31. 2017. 17:25

Central Statistical Office

Industrial producer prices as a whole were 4.1% higher in September 2017 than in the same period of the previous year. Domestic output prices increased by 4.8% on average. Details

German Firms in Hungary Increasingly Optimistic

10. 31. 2017. 17:20

bbj.hu

German companies operating in Hungary continue to feel satisfied and optimistic about their business, a recent survey by the German-Hungarian Chamber of Industry and Commerce (DUIHK) shows. In almost all answers, managers were even more optimistic than the already very good results of the chamberʼs survey published in April. More...

“Lex CEU”: China and Hungary Sign Agreement to Keep Chinese Medical University in Budapest

10. 31. 2017. 17:10

Hungary Today

Yesterday, the Chinese and Hungarian governments signed an interstate agreement to ensure the continued operations of the Heilongjiang University of Chinese Medicine in Budapest under Hungary’s amended higher education law, the controversial “Lex CEU.”  More...

GKI Sees Little Change in Economy in 2018

10. 30. 2017. 14:26

bbj.hu

Trends in the Hungarian economy in the first half of the year have continued in the past few months, and no substantial change can be expected until mid-2018, says a study by GKI Economic Research Co. It adds that the fastest-growing sector in the Hungarian economy will be construction in both 2017 and 2018. More...

Hungarian Spy Agencies to Probe ‘Soros Empire’

10. 30. 2017. 14:20

New Europe / By Beata Stur

Hungary’s Prime Minister Viktor Orban is continuing his controversial crackdown against billionaire philanthropist George Soros. The PM has called on his country’s spy agencies to investigate the “Soros empire” of non-governmental organisations (NGOs) that criticise the government’s policies. More...

 

 

Competitiveness Still a Major Problem for Hungarian SMEs

10. 27. 2017. 16:24

bbj.hu

Hungary continues to lag behind the other Visegrád countries (Czech Republic, Poland, and Slovakia) in SME per capita labour productivity, the National Bank of Hungary (MNB) said in the first publication of its Competitiveness Report on Friday. More...

OPINION: Eastern Europe’s Yawning Gap

10. 27. 2017. 16:16

Carnegie Europe / Judy Dempsey

NATO and the EU are failing to address the fundamental weaknesses of their policies toward Eastern Europe.... It is the the lack of security that prevents the countries of the Lands Between from completing their post-Soviet transformation. The EU and NATO have yet to grasp the role they can play in completing this transformation. Full article

EV Charging Stations Continue to Proliferate

10. 26. 2017. 15:03

bbj.hu

Charging stations for electric vehicles are rapidly spreading across Hungary. Prices of electric vehicles are still high, but are expected to start dropping in the near future, according to a report by economic daily Világgazdaság. More...

EU Commission Clears Hungary's Investment Aid for MOL Plant

10. 25. 2017. 16:55

Reuters

The European Commission on Wednesday cleared 131 million euros ($154.12 million) of investment aid Hungary granted to oil and gas company MOL for expanding a plant in the North of the country. More...

Hungary's Central Bank Hints at More Easing to Come

10. 25. 2017. 16:51

BNE Intellinews

The Monetary Council of the Hungarian central bank, the Magyar Nemzeti Bank (MNB), kept its key interest rate on hold at 0.9% and the interest rate corridor unchanged at its meeting on October 24. That leaves the door open for further monetary easing. It also left the overnight and one-week collateralised loan rates at 0.9% and the overnight deposit rate at -0.15%, moves that were broadly in line with expectations. More...

Hungarian PM Orbán Draws Parallel Between 1956 And Today’s Politics

10. 24. 2017. 13:43

Hungary Today

“If freedom and national independence are lost, then we will be, too,” Hungarian Prime Minister Viktor Orbán said at a state commemoration of Hungary’s anti-Soviet uprising of 1956 in front of Budapest’s House of Terror Museum. More... - Also from Hungary Today: Hungarian Opposition Leaders Strongly Slam Orbán Government On 1956 National Holiday

Hungarians Among Stevie Awards Laureates

10. 24. 2017. 13:37

Budapest Business Journal

More than 130 representatives of companies and organizations around the world participated on Sunday in the 14th edition of the Annual International Business Awards, known as "the International Stevies." Hungarian companies were among the winners. More...

Becton Dickinson Inaugurates HUF 6 bln Plant

10. 20. 2017. 16:04

bbj.hu

U.S. medical technology company Becton Dickinson inaugurated a HUF 6 billion plant in the industrial park of Tatabánya, west of the capital, on Thursday, state news wire MTI reported. More...

Massive Job Cuts Planned by Siemens May Benefit Hungary

10. 20. 2017. 15:28

portfolio.hu

Siemens AG is starting what could be its largest round of job cuts in at least two years and may close several sites as part of a reorganization plan, people familiar with the matter said. The downsizing will have a huge impact on the business in which the foundation stone of a new plant was laid in Hungary in June. According to German press, the focus of the layoffs will be Germany. More...

Europe’s ‘Unicorns’ Awarded Thousands of Euros to Boost Innovation

10. 19. 2017. 19:19

EurActive / By Paola Tamma

Europe’s most innovative start-ups include a belt that tells you where to go, lego-like modular solar panels and smart chemicals that give wood a second life. But ‘unicorn’ companies are a rare species in Europe: EURACTIV went to Budapest to learn what the EU does to breed more of them. More...

Ericsson and Magyar Telekom demonstrate First 5G Link in Hungary

10. 19. 2017. 19:00

WebWire

Ericsson and Magyar Telekom are preparing for a 5G future with a joint demonstration of 5G New Radio. The first implementation of its kind in Hungary achieved download speeds of 22 Gbps. More...

Hungarian Bravado in Savings: Not Toeing the CEE Line

10. 18. 2017. 16:17

portfolio.hu

In the Central and Eastern European region, Hungarians are the least satisfied with the amount of their savings and they are the most helpless as well: Hungarians have rearranged their savings the least as a low interest environment prevailed. More...

Worldʼs Largest Rail Brake Factory Inaugurated in Budapest

10. 18. 2017. 16:14

bbj.hu

German-owned brake maker Knorr-Bremse Rail Systems Budapest inaugurated a HUF 5.28 billion expansion at its base in Budapest on Tuesday, state news wire MTI reported. More...

Construction of Bridge Connecting Slovakia and Hungary Launched

10. 18. 2017. 15:59

The Slovak Spectator

On October 17, Slovak Prime Minister Robert Fico and his Hungarian counterpart Viktor Orbán ceremonially launched the construction of a cross-border bridge between Slovakia and Hungary over the Danube River, set to link the towns of Komárom on the Hungarian side and Komárno (in the Nitra Region, in the southwestern part of the country) in Slovakia. More...

STATISTICAL UPDATE: Construction

10. 17. 2017. 18:33

Central Statistical Office

The volume of construction output was 36.8% higher in August 2017 than the low base a year earlier. Output increased in both the construction of buildings and civil engineering works. Details...

Hungary Eases Pressure on International Universities in Soros Row

10. 17. 2017. 18:27

Reuters

Hungary has extended a deadline for a U.S.-accredited Budapest university founded by George Soros, philanthropist financier and prominent critic of Prime Minister Viktor Orban’s government, to comply with a new education law or face closure. More...

NGO Suing Hungarian Gov’t for Libel over Controversial ‘Survey’ on the “Soros Plan”

10. 17. 2017. 18:20

Hungary Today

The Hungarian Helsinki Committee, an NGO watchdog, is suing the government for libel and calling for the rollback of the  national consultation survey on the “Soros Plan.” The ‘national consultation’ itself, which is being promoted through a widespread state billboard and television campaign under the aegis of “Government Information”, claims a so-called “Soros plan” exists, and calls on Hungarians to express their opinions on it. More...

Hungary to Get World Bank Support on Labor Shortages

10. 16. 2017. 15:34

bbj.hu

Confronted with major labor shortages, the Hungarian government is continuously looking for new solutions. The latest is an agreement on technical support signed with the World Bank Saturday by Minister for National Economy Mihály Varga. More...

Many EU States Pursue Hypocritical Policy Toward Russia - Hungarian FM

10. 13. 2017. 17:35

Sputnik

Many EU states pursue a hypocritical policy toward Russia by supporting anti-Moscow sanctions while actively promoting trade and economic cooperation with the country, Hungarian Foreign Minister Peter Szijjarto said in an interview with Italy's Il Sole 24 Ore newspaper on Friday. More...

Hungarian State Buyer Snaps up Soured Mortgages in Bank Clean-up

10. 13. 2017. 17:23

Reuters / By Gergely Szakacs

Hungary is competing with foreign investors to buy non-performing loans from its banks as it pursues Prime Minister Viktor Orban’s policy of boosting state involvement in sectors such as banking, energy and retail. More...

Gender Equality Best in Sweden, Worst in Greece

10. 12. 2017. 16:15

EUobserver / By

Sweden and Denmark top the EU in terms of gender equality in society, while Greece and Hungary rank at the bottom. A report out on Wednesday (11 October) from the European Institute for Gender Equality, an EU agency in Lithuania, noted an overall "snail's pace" in progress towards gender equality in the EU when comparing 2015 to 2005. More...

STATISTICAL UPDATE: Prices

10. 11. 2017. 16:53

Central Statistical Office

Consumer prices were 2.5% higher on average in September 2017 than this time last year. The highest price rises over the past year were measured for alcoholic beverages and tobacco as well as motor fuels and food. Details...

Hungary EcoMin Submits Bill to Lower Social Contribution Tax

10. 11. 2017. 16:46

portfolio.hu

Hungary’s Economy Minister Mihály Varga has submitted a bill to Parliament on Tuesday that would lower the employers’ social contribution tax to 19.5% from the current 22% as of next year. More...

FT: Central Europe Is Becoming Power House Of European Economic Growth

10. 11. 2017. 15:59

Hungary Today

As the Eurozone’s Southern economies have switched to crisis-related divergence in the past decade, the economies of Central and Castern Europe (CEE), including Hungary’s economy, have become the bright spot of the European convergence story, according to a fresh article published on Financial Times. More...

 

GKI Projects GDP Growth of 3.8% in 2017, 2018

10. 10. 2017. 15:37

bbj.hu

Given the high rate of investments in Hungary, economic research institute GKI has raised its GDP growth forecast from 3.5% to 3.8% for both this year and the next. Despite the positive outlook, there are long-term risks too, GKI added. More...

Hungarian Scientists Among World’s Best, Nobel Laureate Economist Says

10. 10. 2017. 15:27

Hungary Today

“This is the first time I pay a visit to Hungary and I clearly see the impacts of the EU process on the country’s culture, institutions, ideas and education. At the same time I’m also feeling a fantastic intellectual buzz around here”, said Nobel laureate economist Thomas J. Sargent in a recent interview with Hungarian economy and finance news portal portfolio.hu. More...

STATISTICAL UPDATE: Retail; Industrial Production; External Trade

10. 09. 2017. 17:01

Central Statistical Office

- In August 2017, the volume of sales in retail shops, according to both raw and calendar-adjusted data, grew by 4.6% compared to the same period last year. In January–August 2017, the volume of sales was 4.0% higher than in the corresponding period of the previous year. Details....

- In August 2017, the volume of industrial output rose by 6.8% year-on-year. Details...

- In EUR terms, exports were up by 10% and imports by 13% in August 2017. Details...

INNOVATION: Hungarian Developers Put MAP Health Watcher on Market

10. 09. 2017. 16:00

Press Release

Developed by Hungarian medical and IT professionals and marketed simultaneously in Hungary and the US, the MAP Health Watch monitors six vital signs 24 hours a day, making it possible to detect emerging medical problems, such as heart disease and infection, even before they produce any visible symptoms. More...

EXPERT VIEW: The Tax Aspects of Hungarian Real Estate

10. 06. 2017. 17:30

bbj.hu

No wonder that real estate plays a major role in the overall M&A market, since these properties represent financial and emotional security too. Both buyer and seller try to maximize their cost-benefit ratio, and are dependent on reliable data. In this article we would like to give an insight into the specialties of real estate taxation in Hungary. Details

Rosatom's Paks Nuclear Project in Hungary Delayed

10. 06. 2017. 17:20

Reuters

Russian Rosatom’s 12.5 billion euro project to build two nuclear reactors at the Paks nuclear site in Hungary has been delayed by at least a year, Hungarian authorities said. More...

Hungary Issues Ten-Year EUR 1 bln Eurobond at 1.9% Yield

10. 05. 2017. 16:24

bbj.hu

Hungary has issued a ten-year EUR 1 billion eurobond at a yield of 1.9%, Minister for National Economy Mihály Varga said at a press conference on Thursday. Over-subscription was almost sixfold,  Varga added, as reported by state news agency MTI. More...

Top Banker Says Hungary May Adopt the Euro Sooner Than Expected

10. 05. 2017. 16:20

Bloomberg / By John Micklethwait,Zoltan Simon and Balazs Penz

Hungary may adopt the euro sooner than its government is willing to admit, as Europe’s renewed integration drive pulls even countries reluctant to join into the common currency, the nation’s top banker said. More...

Foster + Partners Reveals Budapest Plans

10. 04. 2017. 18:03

World Architecture News

Designs for MOL Campus, the new headquarters for the MOL Group, a global oil and gas company based in Hungary have been revealed. The new building is a vision for the workplace of the future that places sustainability at the heart of the campus. More...  Read also Budapest Skyscraper Sparks Controversy

Art Market Budapest 2017

10. 03. 2017. 15:43

Press Statement

Established in 2011, ART MARKET BUDAPEST, the international art fair presents a unique artistic composition in perhaps the most exciting exhibition halls and in one of the culturally most attractive cities in Europe, that, while it features some of the exhibitors welcomed even by the oldest art fairs, gives an emphasized presence to a younger generation of galleries and artists including the now emerging stars of the future. This year ART MARKET has selected Israel as guest of honor. The event will direct attention towards the high-level, yet internationally lesser-known Israeli art scene. More...

Corporate And Retail Lending Climb In August - MNB

10. 03. 2017. 15:24

bbj.hu / MTI

Hungarian banksʼ stock of corporate loans, as well as deposits, rose in August from the previous month, fresh data from the National Bank of Hungary (MNB) show. At the same time, the retail lending stock continued to climb in August, state news wire MTI reported. More...

STATISTICAL UPDATE: External Trade

10. 02. 2017. 15:41

Central Statistical Office

In July 2017, the export volume increased by 2.2%, the import volume by 8.4%, and the surplus decreased by EUR 379 million compared to the same month of the previous year. In the first seven months of 2017, the external trade surplus was EUR 5.1 billion. Details...

CEO of Hungary's Top Bank Vows to Buy Five Lenders by 2019

10. 02. 2017. 15:37

Bloomberg / ByJohn Micklethwait and Zoltan Simon

Hungary’s largest commercial lender is planning at least five bank takeovers in the next two years, seeking to profit from a wave of consolidation across the industry. OTP Bank expects to see the share of group revenue generated from outside the country rise to 70 percent after the deals from about 45 percent currently, Chairman and Chief Executive Officer Sandor Csanyi said in an interview in Budapest last week. More...

CEUʼs InnovationsLab Best Accelerator, Incubator in Hungary

09. 29. 2017. 14:47

bbj.hu

CEU InnovationsLab was named Best Accelerator and Incubator in Hungary at the Central European Startup Awards competition, and will represent Hungary in Sofia, Bulgaria in November at the Grand Finale of the CES Awards. More...

STATISTICAL UPDATE: Gov't Expenditure

09. 29. 2017. 14:38

Central Statistical Office

The surplus of the general government sector in the 1st half of 2017 was HUF 270.5 billion, 1.5% of GDP according to preliminary data, HUF 183.9 billion more or 1.0 percentage point higher as a proportion of GDP compared to the same period of 2016. Details... Also on this subject: VAT gap shrinking in Hungary

Why East Europe’s Wage Boom May Not Be a Job Killer

09. 28. 2017. 15:38

Bloomberg - Zoltán Simon

Surging salaries from Prague to Budapest may not pose the threat to eastern Europe's cheap labor model that some doomsayers predict. The main cause for optimism is productivity. While wage increases are currently outstripping efficiency gains, the opposite has been the case for much of the region’s transition from communism. More...

Hyatt Announces Plans For Párisi Udvar Hotel in Budapest

09. 28. 2017. 12:00

ITCM

Hyatt Hotels Corporation today announced plans for the Párisi Udvar Hotel in Budapest – joining Hôtel du Louvre in Paris as the second hotel in Europe for The Unbound Collection by Hyatt and third outside of the U.S. Hyatt has entered into a franchise agreement with Párizs Property Kft for the project, which will see Brudern House in downtown Budapest converted into an upper-upscale 110-room hotel.

Hungary Back to 2014 Level in Global Competitiveness

09. 27. 2017. 15:26

bbj.hu

Hungary has improved its position on the World Economic Forumʼs latest Global Competitiveness Index by nine spots to 60th place in the ranking of 137 economies around the world. More...

Hungary Supports Romania’s OECD Membership As Bucharest Promises Solution For Transylvanian School Issue

09. 27. 2017. 15:17

Hungary Today

Hungary supports Romania’s accession to the OECD, after the head of the country’s governing party, Liviu Dragnea, made a promise to resolve the situation of the school for ethnic Hungarians in Marosvásárhely (Targu Mures, RO), the Hungarian Foreign Minister said. More... Read also Hungary Threatens To Block Ukraine’s EU Integration As President Poroshenko Signs “Anti-Minority” Education Law

STATISTICAL UPDATE: Employment, Unemployment

09. 27. 2017. 15:00

Central Statistical Office

In the period of June–August 2017, the employment rate of people aged 15–64 increased to 68.6%. Details...  In the same period the unemployment rate decreased by 0.7 percentage point to 4.2%. Details...

Hungarians Target More Expensive Homes, Says Research

09. 26. 2017. 16:01

bbj.hu

According to Otthontérkép, searches for homes larger than 75 square meters have grown between 2016 and 2017. The overwhelming majority of the searches targeted new and renovated homes, or those in good condition. More...

Singapore, Hungary Boost Cooperation In Aviation, Education and Food Safety

09. 26. 2017. 15:55

The Straits Times / Nur Asyiqin Mohamad Salleh

Singapore and Hungary on Thursday agreed to boost economic cooperation, as well as partnerships in aviation, education and food safety. Relations between the two countries are steadily strengthening, and bilateral trade has grown rapidly, exceeding S$1.14 billion last year, noted Prime Minister Lee Hsien Loong. He was speaking at a joint press conference with visiting Hungarian Prime Minister Viktor Orban after the signing of three agreements. More...

 

 

Several New Investments Unveiled on Friday

09. 25. 2017. 16:28

bbj.hu

Several companies inaugurated new facilities in Hungary last Friday. The Hungarian government contributed with grants to some of the investments, according to various reports by state news agency MTI. More...

Vietnam, Hungarian Businesses Seek Cooperation Opportunities

09. 25. 2017. 16:18

VietnamPlus

Vietnamese and Hungarian businesses had a chance to step up their cooperation in such areas as information-technology and high-tech agriculture at a forum in Hanoi on September 25.  The Vietnam-Hungary Business Forum took place on the occasion of Hungarian Prime Minister Viktor Orban’s official visit to Vietnam from September 24-25. More... (Photo MTI Balázs Szecsődi: Viktor Orbán addresses participants of the Vietnam-Hungary Business Forum)

Online Stores Must Offer Better Services - Says Consumer Body

09. 22. 2017. 15:20

bbj.hu

A growing number of complaints have been registered by the Arbitration Board of Budapest (BBT), an independent consumer protection body, regarding electronics purchased online, with vendors refusing to meet their obligations under warranties, according to a report by business news portal vg.hu. More...

“We Want To See Less Of Brussels And Stronger Nation States”, Hungary PM Says On Visit To Warsaw

09. 22. 2017. 15:11

Hungary Today

Hungary and Poland are the guardians of the European Union’s founding treaty, Hungarian Prime Minister Viktor Orbán said on Friday in Warsaw at a press conference together with his Polish counterpart Beata Szydło. More...

Chamber Head Acknowledges Reduction in Bureaucracy

09. 21. 2017. 15:47

bbj.hu

Hungary has made progress in scaling back the bureaucracy businesses must deal with, but there is still room for improvement, Dale A. Martin, President-CEO of Siemens Zrt. and head of the German-Hungarian Chamber of Industry and Commerce (DUIHK), said in an interview in Thursdayʼs issue of business daily Világgazdaság. More...

Foreign Minister To BBC: Hungary Has Received “Zero Help” From The EU To Protect Schengen Border

09. 21. 2017. 15:30

Hungary Today

Hungary believes that illegal migration poses a serious security threat to Europe, Hungarian Foreign Minister Péter Szijjártó said in an interview with BBC television on Wednesday evening. More...

STATISTICAL UPDATE: Massive Increase of Gross Wages

09. 20. 2017. 15:24

Central Statistical Office

In July 2017, average gross earnings amounted to HUF 290,500, 13.1% higher than a year earlier. ... In the first seven months of the year, both gross and net earnings grew by 12.6% compared to the same period of the previous year. Details

Govʼt Launches HUF 20 bln Fund to Support Bourse Listings

09. 20. 2017. 15:17

Budapest Business Journal

Hungaryʼs government launched a HUF 20 billion fund to support listings on the Budapest Stock Exchange (BÉT) at a meeting of mid-sized companies organized by the bourse on Wednesday. More...

Electric Cars May Hurt Hungarian Industry, Says Analysis

09. 19. 2017. 16:35

bbj.hu

The expansion of the market in electric vehicles may have a negative impact on the Hungarian economy already within five years. Hungarian suppliers of major car manufacturers will be most affected by the trend, business news portal vg.hu cites an analysis as saying. More...

Hungarian Central Bank Likely To Tighten Monetary Policy, Say London Analysts

09. 19. 2017. 16:07

Hungary Today

The National Bank Of Hungary (MNB) is set to tighten its loose monetary policy next year to avoid stoking inflation and asset price bubbles, London-based emerging markets economists said ahead of the Monetary Council’s rate-setting meeting on Tuesday. More... - Update: MNB keeps base rate on hold, as expected

Watchdog Pinpoints EU Countries That Need to Improve Drinking Water

09. 18. 2017. 17:34

Public Finance International / By: Simone Rensch

Further public and private funding in Bulgaria, Hungary and Romania are needed to ensure drinking water is brought up to EU standards, a report by the European Court of Auditors has found. The three countries have to invest more than €6bn by the end of 2020 to cover these needs and meet the standards of the 1998 EU Drinking Water Directive, the spending watchdog concluded. More...

Rector Opens CEUʼs 27th Academic Year in Defiant Spirit

09. 18. 2017. 17:22

bbj.hu

The Central European University (CEU) formally began its 27th Academic Year on Friday, at an opening ceremony welcoming students, faculty, staff and guests, addressed by President and Rector Michael Ignatieff. More...

STATISTICAL UPDATE: Over 20% Increase of Construction Output

09. 15. 2017. 18:38

Central Statistical Office

The volume of construction output was 22.7% higher in July 2017 than the low base a year earlier. Output increased in both main groups of constructions: by 15.1% in the construction of buildings and by 32.4% in that of civil engineering works. Based on seasonally and working day adjusted indices, construction output fell by 2.1% in July compared to the previous month. Details

M&A Value in Hungary up 12% in H1

09. 15. 2017. 18:35

bbj.hu

The value of mergers and acquisitions (M&As) in Hungary came close to USD 980 million in the first half, up 12% from the corresponding period a year earlier, data compiled by consultancy EY show, state news wire MTI reported. More...

Merkel Warns Hungary of Financial Consequences of Defying EU on Migrants

09. 15. 2017. 18:30

Reuters

Hungary could face financial consequences if it defies a European court ruling ordering it to accept its allocated share of refugees arriving in Europe, German Chancellor Angela Merkel said in a newspaper interview. The remarks suggest a hardening of Germany’s line on the right-wing Hungarian government of Viktor Orban, who has been outspoken in his opposition to an agreement that each European Union country should agree to take in a quota of refugees. More...

DHL Opens New Budapest Express Facilities

09. 14. 2017. 15:04

AirCargoNews

DHL Express has opened new facilities at Budapest Airport as part of the €160m BUD:2020 Development Programme. The new warehouse and office complexes offer automated sorting systems and a total land development area of more than 60,000 sq m. More...

Analyst: It’s As Though Hungary Has Given Up On Joining The Eurozone For Good

09. 14. 2017. 14:56

Hungary Today

In a statement issued last week, the Hungarian National Bank (MNB) said Hungary should not join the Euro-zone until its per capita GDP reaches 90 per cent of the European average and before it pushes down public debt below 50 per cent of GDP. A prominent Hungarian business analyst argues, however, that the new criteria outlined by the issuing bank are two severe. More...

OPINION: How Western Capital Colonized Eastern Europe

09. 13. 2017. 00:00

Bloomberg / by Leonid Bershidsky

Yet another Eastern European country is about to get a populist, anti-immigration, euroskeptic government: Billionaire Andrej Babis's ANO party enjoys a wide poll lead ahead of the October parliamentary election in the Czech Republic. The central European country would join Poland, Hungary and Slovakia. More...

Diehl Aircabin Expands with Engineering Centre in Hungary

09. 13. 2017. 00:00

HIPA.hu

Based on the successes achieved by the Nyírbátor unit in cockpit element and aircraft parts manufacturing, the German Diehl Aircabin adds another activity in Hungary: it establishes an engineering centre to the value of about EUR 9 million in Debrecen. More...

Equilor Ups 2017 GDP Growth Forecast to 3.7%

09. 12. 2017. 15:43

bbj.hu

Equilor Investment, an independent Hungarian brokerage, raised its projection for GDP growth this year to 3.7% on Tuesday, up from its 3.4% forecast in May, while predicting annual inflation of 2.4% and a budget deficit of 2.2% of GDP. More...

OPINION: Central and Eastern Europe's Crisis of Convergence

09. 12. 2017. 15:29

Stratfor / By Adriano Bosoni / Senior Europe Analyst

As the European Union braces for reform, the countries of Central and Eastern Europe are approaching a crossroads. Some are interested in drawing closer to the bloc: The leaders of Slovakia and the Czech Republic recently said that their countries belong in the "core" of the union, and a minister from Romania spoke about joining the eurozone within five years. But others are keeping their distance... More...

BSE Announces Changes to BUX, BUMIX Indices

09. 11. 2017. 00:00

bbj.hu / MTI

The Budapest Stock Exchange (BSE) announced on Friday changes to its main BUX index and its mid-cap BUMIX index following biannual reviews, state news wire MTI reported Monday.  More...

Croatia’s Bid for OECD Membership Blocked by Slovenia And Hungary

09. 11. 2017. 00:00

NewEurope

According to Croatia’s press, Hungary became the second country to block Croatia’s OECD membership on Friday. Croatia has refused the ruling of a Geneva-based UN arbitration court that ruled that a corruption scandal against Hungary’s MOL was not proven. More...

STATISTICAL UPDATE: Hungary Trade Surplus Lower Than Expected

09. 08. 2017. 14:52

bbj.hu

Hungary had a EUR 322 million trade surplus in July, the Central Statistical Office (KSH) said in a first reading of data today. Analysts expect the figures to be better in September. More... Further details from the Central Statistical Office

Partnership In Biometrics

09. 08. 2017. 14:33

Professional Security Magazine

Fujitsu has entered a partnership agreement with the Hungarian biometrics company, BioSec Group Ltd, aiming to cover the EMEIA region. The partnership focuses on BioSec’s palm vein recognition-based products, which will be available in the Fujitsu product range, including BioSec’s physical access control-, IT security- and stadium security products. More...

Orbán Announces Doubled Széchenyi Card Credit Limit

09. 07. 2017. 14:25

www.bbj.hu

The maximum credit limit for participants in the Széchenyi Card program, a state-sponsored scheme that offers SMEs revolving credit, will be doubled from HUF 50 million to HUF 100 mln for most of the schemeʼs credit types, Prime Minister Viktor Orbán said at a ceremony Thursday marking the issuance of the 250,000th card. More...

Sovereignty Post Brexit: An Interview With Frank Furedi

09. 07. 2017. 14:09

Reaction - by Andy Shaw & Frank Furedi

On 13th September Gisela Stuart is hosting a public discussion with Hungarian-born Professor Frank Furedi on the principles of sovereignty and how they can be positively applied in the post-Brexit era. In the run up to this important discussion, Andy Shaw caught up with Frank Furedi to find out what we can all expect. More... - Related article:from The Irish Time: Poland and Hungary could threaten the EU more than Brexit does

STATISTICAL UPDATE: Retail

09. 06. 2017. 12:00

Central Statistical Office

In July 2017, the volume of sales in retail shops, according to both raw and calendar-adjusted data, grew by 4.1% compared to the same period last year. ... In January–July 2017, the volume of sales – also according to calendar adjusted data – was 3.9% higher than in the corresponding period of the previous year. Details

GDP Up 3.2% In Q2, Second Estimate Confirms

09. 06. 2017. 12:00

bbj.hu

Confirming an earlier flash estimate, the volume of gross domestic product was 3.2% higher in Hungary in the second quarter of 2017 than in the corresponding period of the previous year, a second estimate of data from the Central Statistical Office (KSH) shows. The primary contributor to growth was market-based services. More...

China's Relationship With Hungary Is Being Tested As The EU And Russia Apply Pressure

09. 05. 2017. 17:06

Forbes / David Hutt Contributor

Hungary is China's most important ally and biggest trading partner in the Central and Eastern European region.But Communist Party leaders in Beijing care more about what happens in London, Paris and Berlin than Budapest, analysts say. Indeed, Hungary’s annual GDP is roughly a quarter of London’s economic output. More...

Lego To Let Go 1,400 Employees As Revenues Drop

09. 05. 2017. 16:59

Portfolio.hu

Toymaker Lego announced plans to lay off 8% of its workforce due to falling revenues. It is unclear at this point whether the company will cut staff in its Nyíregyháza, Hungary unit or not. More...

Draghi: ECB Continues To Monitor MNB Foundations

09. 04. 2017. 16:56

bbj.hu

The European Central Bank (ECB) continues to monitor several operations of the National Bank of Hungary (MNB), including the investment strategy of its Pallas Athene foundations, checking their compliance with the prohibition on monetary financing, ECB President Mario Draghi confirmed in a letter to an MEP dated August 29. More...

PM Orbán: Macron’s Vision For EU Partly In Line With Hungary’s Interests

09. 04. 2017. 16:47

Hungary Today

The stake of next year’s general election will be protecting the government’s accomplishments of the past seven years, the Hungarian Prime Minister Viktor Orbán said at an informal event of Hungarian conservative and right-wing politicians and intellectuals over the weekend. More...

Hungary PMI Rises To 56.6 in August

09. 01. 2017. 16:19

bbj,hu

Hungaryʼs seasonally adjusted Purchasing Managersʼ Index (PMI) stood at 56.6 points in August, rising from 54.2 in July, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said on Friday. More...

EU ‘Eastern Partnership’ Countries Meet with Visegrád Group in Budapest

09. 01. 2017. 16:09

Hungary Today

Yesterday, members of the Visegrád 4 (a regional cooperation alliance between Hungary, Slovakia, the Czech Republic, and Poland) held a meeting with politicians from the European Union’s Eastern Partnership countries in Budapest. (The Eastern Partnership is a joint initiative involving the EU, its member states and 6 eastern European partners: Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine.). More...

STATISTICAL UPDATE: Investments

08. 31. 2017. 15:52

Central Statistical Office

The volume of investments in the national economy was 27% higher in the 2nd quarter of 2017 than the low base in the same period of the previous year. Investment performance rose outstandingly similarly to the previous quarter, which affected almost all areas of the national economy. The considerable growth was equally due to the recovery of works connected with projects financed from funds of the 2014–2020 EU budget cycle and to the expansion in the developments of enterprises. Investments were up by 25% in the first half of 2017 compared to a year earlier. More...

EuCham Sees Slightly Worse Business Climate In Hungary

08. 31. 2017. 10:00

bbj.hu

Denmark, Sweden and Finland are the top European countries for business, according to 2017 research by EuCham - European Chamber, an independent, non-governmental organization representing the interests of national and international companies doing business in Europe. Hungary ranked 28th, down one place on last year, an EuCham press release shows. More...

STATISTICAL UPDATE: Labour Market

08. 30. 2017. 14:39

Central Statistical Office

- In the period of May–July 2017, the average number of unemployed people was 193 thousand, 35 thousand fewer than a year earlier, and the unemployment rate decreased by 0.8 percentage point to 4.2%. Details

- The employment rate of people aged 15–64 increased to 68.3%. Details

Developing The Future By Developing Schools – Hungary Spends 5.2 Percent Of GDP On Education

08. 30. 2017. 14:31

Hungary Today

The government has allocated some 81.2 billion forints (EUR 270m) for a comprehensive development scheme in 527 schools in nearly 400 towns and villages around Hungary, Human Resources Minister Zoltán Balog said. More...

Government Expands Electric Vehicle Subsidies

08. 29. 2017. 16:12

bbj.hu

The government is raising the electric vehicle subsidy threshold for corporate fleets from five to 35 vehicles, István Lepsényi, state secretary at the Ministry for National Economy, said Tuesday. The government is offering to cover 21% of the cost of purchasing a fully electric vehicle for corporate fleets up to HUF 1.5 million. More...

Putin Meets Orban For The Eighth Time In Seven Years

08. 29. 2017. 15:56

BNE IntelliNews

Russian President Vladimir Putin held an informal meeting in Budapest with Prime Minister Viktor Orban to discuss energy issues on August 28. Putin officially came to Budapest for the opening of the World Judo Championships as honorary president of the International Judo Federation but Russian sources say he was invited by the Hungarian premier personally. More...

Business Confidence Down, Consumer Confidence Up

08. 28. 2017. 15:30

bbj.hu

Economic research institute GKIʼs combined gauge of consumer and business confidence slipped to 4 points in August, from 4.2 points in the previous month, national news agency MTI reported today. The standalone business confidence index edged down from 11.3 points  to 10.2 points. More...

Standard and Poor’s Upgrades Hungary’s Credit Rating From “Positive” To “Stable”

08. 28. 2017. 15:23

Hungary Today

Standard and Poor’s Global Ratings said it revised the outlook on Hungary’s ‘BBB-/A-3’ long and short-term foreign and local currency sovereign credit ratings to ‘positive’ from ‘stable’. More...

Output Value of Automotive Industry Over 8,000 Billion Forints This Year

08. 27. 2017. 15:33

Gov't Press Office

Minister of Foreign Affairs and Trade Péter Szijjártó called Hungary one of the flagships of Europe’s automotive industry on Sunday, noting that the sector’s production value is expected to increase to record levels this year, exceeding 8000 billion forints (EUR 26.2bn). More...

MNB Takes Verbal Measures Against Strengthening Forint

08. 25. 2017. 14:13

bbj.hu

The exchange rate of the forint against the euro started weakening on Thursday following statements by the National Bank of Hungary (MNB) indicating measures to be taken against the strengthening of the forint, which had reached a 28-month high against the European currency, according to reports. More...

HUF 1,000 Bill Will Be Upgraded To Enhance Security

08. 25. 2017. 12:00

Xpatloop

The National Bank of Hungary is upgrading the 1,000 forint (EUR 3.3) bill with enhanced security features, the issuer said. The new banknote will become legal tender from Thursday, but will not enter into circulation until next March, allowing sufficient time to prepare for the switchover. More...

Hungarian Aircraft Manufacturer To Build New Plant In Pécs

08. 24. 2017. 16:32

hipa.hu

Hungarian aircraft maker, manufacturing sport and training airplanes, Magnus Aircraft, builds its new plant in Hungary in the immediate vicinity of the Pécs-Pogány Airport with an investment of over EUR 16.6 million. Both innovative sport airplanes of the company developed by itself, the petrol-powered Fusion 212 and its fully electric pair, eFusion, having received an award at the Aero 2016 Airshow, will be assembled in the 7,500 square metre manufacturing unit. More...

EDUCATION: The Cheapest And Most Expensive Student Cities In Europe

08. 24. 2017. 16:00

The Inquirer

London and Paris have emerged as the most expensive cities in Europe for students, while Budapest is the best choice for those on a shoestring budget. More...  Read also: The state of higher education in Hungary

France’s Macron Looks to Confront Eastern Europe Over Low-Cost Workers

08. 23. 2017. 16:26

The New York Times /

Visit nearly any big construction site in France, and chances are that many employees hail from low-wage East European countries. In Britain, farms employ labor from Poland, Romania or Bulgaria when the harvest comes. Nearly half of the drivers of trucks coming in and out of Spain are from nations to the east. More... Read also on the same subject Reuter's reportFrance's Macron, seeking to re-shape Europe, heads east.

OPINION: This Tax Is A Constant Drag On Hungarian Businesses

08. 23. 2017. 16:18

portfolio.hu

In the summer months, many businesses start their next annual planning. The finance and controlling departments can start to calculate profits in light of the sales revenue plans of the sales team and the wage cost estimations of the HR department. At this point, taxes depending directly or indirectly on profits soon come to the fore. Year after year, the moment comes when we are repeatedly taken aback by the unexpectedly high local business tax lurking behind the percentage rate of corporate tax, said Zoltán Lambert, Managing Partner of WTS Klient Hungary, in an opinion piece published on Tuesday. More...

Eastern European and Portuguese Wines On the Up as Shoppers Look to Beat Brexit Price-Hikes

08. 22. 2017. 14:31

The Retail Bulletin

Majestic has reported a 400% increase in sales of wines from Romania, Bulgaria, Hungary and Slovenia since last June as customers try to beat rising wine prices due to duty increases and Brexit related currency fluctuations. More...

Magna May Choose Hungary Over Slovenia For New Paint Factory, Report Says

08. 22. 2017. 14:22

Automotive News / Reuters / Marja Novak

Magna International has won approval to build a factory in Hungary which could result in the supplier choosing the country over Slovenia for its new paint facility, Radio Slovenia reported. Both countries are vying for Magna's factory which is expected to create about 400 jobs. More...

Photo of the Week: Fireworks Over the Danube

08. 21. 2017. 15:33

20th of August, the day King Saint Stephen of Hungary commemorates the foundation of the medieval Kingdom of Hungary. The day-long festivities culminated in a spectacular fireworks display over the Danube in the evening.

General Govʼt Deficit at 70% of Annual Target by July End

08. 21. 2017. 15:19

bbj.hu

Hungaryʼs cash flow-based general government, excluding local councils, ran a deficit of HUF 816.82 billion in the first seven months of 2017, representing 70.0% of the full-year target, the Ministry for National Economy confirmed in a second reading of data on Monday. More...

Sziget, Though Still Popular, May Need Reinvention

08. 18. 2017. 17:08

bbj.hu

The 2017 edition of the Sziget Festival ended on August 16 with a total number of 452,000 visitors. This is 10% below the record attendance of 496,000 last year, but the decrease is in keeping with a general European trend, according to the organizers, who suggest that the event may need more than just big music stars in future. More...

American Adds Budapest And Prague To Its Route Map

08. 17. 2017. 15:44

USA Today

American Airlines is boosting its presence in Europe, announcing two seasonal destinations and additional flights to another. The new cities joining American's route map are Budapest and Prague. The carrier will serve both cities from its Philadelphia hub, offering daily round-trip service from May 4 through Oct. 27 on Boeing 767-300 aircraft.  More...

 

Budapest Airport Plans Animal Facilities After Horse Transport

08. 17. 2017. 15:39

Aircargonews

Cargolux and Hellmann Worldwide Logistics arranged the first transportation of live horses from Budapest Airport after Hungary received clearance to beginning flying the animals last year. In total, 14 racehorses bred in Hungary were flown to China last week, on board a Cargolux’s B747-8F. Budapest Airport property director René Droese stated that given the growth in live animal exports, they plan to build facilities dedicated specifically for animals in the new cargo base to be constructed over the coming years at Budapest Airport. More...

 

Active Filmmakers, Inactive Theater-Goers: Eurostat Data on Hungarian Movie Habits

08. 16. 2017. 15:27

Hungary Today

Though Hungary boasts a high-profile and fast-growing film production industry, Hungarians are rather infrequent cinemagoers in comparison with citizens of other European Union member states, data compiled by Eurostat show. More...

STATISTICAL UPDATE: Hungarian GDP Growth 3,2 Percent In 2nd Quarter

08. 16. 2017. 15:20

Central Statistical Office

The gross domestic product of Hungary was up by 3.2% in the 2nd quarter of 2017 compared with the corresponding period of the previous year. Details

LOGISTICS: National Network Of Intermodal Container Terminals Planned

08. 15. 2017. 16:55

bbj.hu

The government plans to set up a national network of intermodal container terminals (OIKH) and would establish a 100% state-owned company to design, execute and operate OIKH projects, shows a government resolution published in the official gazette Magyar Közlöny on Monday. More...

TRANSPORT: Euroconsol Announces Direct Silk Road Rail Service From China To Poland

08. 15. 2017. 15:59

American Journal of Transportation

Euroconsol, a leading neutral global NVOCC (non-vessel operating common carrier) and freight consolidator, today announces a new, direct LCL (less than container load) and FCL (full container load) Silk Road import rail service from Chengdu, China to Pruszkow, Poland. More...

Banking Sector Liquidity Up In July, Says MNB

08. 14. 2017. 17:09

bbj.hu

Forint liquidity of Hungaryʼs banking sector rose in July from a month earlier, which was mainly reflected in an increase in the average stock of credit institutionsʼ overnight deposits, the National Bank of Hungary (MNB) said in a report released Friday based on preliminary data, according to state news wire MTI. More...

STATISTICAL UPDATES: Construction; Industrial Output

08. 11. 2017. 14:18

Central Statistical Office

-The volume of construction output was 27.2% higher in June 2017 than the low base a year earlier. Output increased in both main groups of constructions: by 26.1% in the construction of buildings and by 29.6% in that of civil engineering works. Details

- In June 2017, the volume of industrial output rose by 4.0% year-on-year. Based on working-day adjusted data, the production grew by 6.5%. Details

Committee’s Opinion On Eximbank Could See State Debt Soar

08. 10. 2017. 16:51

bbj.hu

Hungaryʼs Eximbank should be classified within the general government sector, according to the majority opinion of a European advisory committee regarding the statistical classification of the institution, financial news site portfolio.hu reports. The reclassification has the potential to result in a sharp increase in the countryʼs state debt. More...

Dry Furmint Is Hungary's Other Wine Sensation

08. 10. 2017. 16:46

Forbes / Thomas Pellechia , Contributor

Once known as “the wine of kings” the difficult to spell wine appellation Tokaji (Toke-eye) dates to the early 18th century, but the UNESCO World Heritage Site, Tokaji-Hegyalja of northeastern Hungary and southeastern Slovakia had been an established wine region hundreds of years before then. More...

 

Hungarian White Wines Win Big at San Francisco International Competition!

08. 10. 2017. 16:38

Hungary Today

Last month, at the San Francisco International Wine Competition, Hungarian wines competed on the international stage. Yesterday, the contest’s winners were announced, and the results spoke for themselves: the small central European country’s white wines performed extremely well, winning three double gold, three gold, and eight silver medals. More...  

GKIʼs Budapest, Nationwide Property Indices Edge Down

08. 09. 2017. 14:15

bbj.hu

The Budapest and nationwide property indices of economic research institute GKI show that householdsʼ plans to buy or build a home slightly weakened in July compared to the previous survey, while plans to renovate or upgrade homes also deteriorated slightly, according to state news wire MTI. More...  Full text of the survey

STATISTICAL UPDATES: External Trade; Consumer Prices; Tourism

08. 09. 2017. 14:04

Central Statistical Office

- In EUR terms, exports were up by 4.5% and imports by 6.5% in June 2017 compared to the same period of the previous year. Trade surplus decreased by EUR 97 million. Details

- Consumer prices were 2.1% higher on average in July 2017 than this time last year. The highest price rises over the past year were measured for alcoholic beverages and tobacco as well as food. Details

- In June 2017, international guest turnover grew by 15% and domestic guest turnover by 7.7% measured in tourism nights and adjusted for calendar effects. Gross revenues grew by 22% at current prices in accommodation establishments. Details

Eurostat: Hungary Spends The Highest GDP Proportion On Culture, Recreation And Religion In The EU

08. 08. 2017. 15:50

Hungary Today

Hungary spends the most on recreation, culture and religion as a percentage of its GDP in the European Union with 2.1% of government expenditures going towards this area compared with the EU average of 1%, a report released by Eurostat shows. More...

Agriculture Miniistry Selects Bruker NMR FoodScreener® for Authentication of Hungarian Wines

08. 08. 2017. 15:44

Cision PR Newswire

The Hungarian Ministry of Agriculture has selected Bruker's collaboration partner Diagnosticum to implement a new program to authenticate and identify Hungarian wines. Diagnosticum and Bruker will form the Hungarian Wine Consortium and develop a Hungarian wine model based on Bruker's NMR FoodScreener technology for rapid and comprehensive wine-profiling.  The model will be used to authenticate and identify Hungarian wines, including the famous Tokaji wines. More...

Danube Bank Getting Reshaped at Buda

08. 07. 2017. 16:25

Daily News Hungary

A design contest was announced for reshaping the Danube bank. This initiation is meant to form a closer bond between the local people and Hungary’s largest river. According to Forbes.hu, the municipal of Budapest is open for architectural plans for renewing the bank of Danube. More

MNB Intʼl Reserves Down EUR 1.15 bln in July

08. 07. 2017. 16:10

bbj.hu

International reserves of the National Bank of Hungary (MNB) stood at EUR 22.307 billion at the end of July, down EUR 1.154 bln from the end of the previous month, preliminary data released Monday show, as reported by state news wire MTI. More...

EC President Juncker: “I’ve got a Caring Relationship with Orbán”

08. 04. 2017. 15:18

Hungary Today

In a recent interview with Politico, Jean-Claude Juncker, President of the European Commission, one of the EU’s main bodies, discussed his relationship with Hungarian Prime Minister Viktor Orbán, as well as the importance of Hungary to the Union. More...

STATISTICAL UPDATE: Industrial Production

08. 04. 2017. 15:12

Central Statistical Office

In June 2017, the volume of industrial output rose by 4.0% year-on-year. Based on working-day adjusted data, the production grew by 6.5%. Year-on-year, output went up by 5.6% in the first six months of this year. The volume of industrial production in June – according to seasonally and working-day adjusted indices – was below the level of the previous month by 1.2%. Details...

Suzuki Vitara Leads New Car Sales In Hungary

08. 03. 2017. 14:16

Hungary Today

New car registrations in Hungary went up by an annual 15.8% to 9,336 in July, the Hungarian Association of Vehicle Importers (MGE) said. More...

Europa Capital Sells Budapest Office Portfolio

08. 03. 2017. 14:11

Europe Real Estate

Europa Capital has concluded the sale of the Kalvin Portfolio, Budapest. The Kalvin Portfolio comprises two City Centre office buildings in Budapest with a total floor area of approximately 26,000 m². 

Why We'll All Be Drinking Hungarian Wines This Year

08. 02. 2017. 16:27

Evening Standard / Katie Strick

When we think of fine wines from the continent, mostly we think of French burgundys, Italian rossos and Spanish tempranillos. But one unexpected land-locked Eastern European heartland is emerging as a strong contender in the London wine scene: Hungary. More...

Hungaryʼs PMI Falls to 54.2 in July

08. 02. 2017. 16:18

bbj.hu

Hungaryʼs seasonally adjusted Purchasing Managersʼ Index (PMI) stood at 54.2 points in July, slipping from 56.9 in June, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said on Tuesday, as reported by state news agency MTI. More...

FINA Chief Lauds ‘Best Ever’ Aquatics Championships

08. 01. 2017. 21:44

bbj.hu

Hotels in Budapest during the two weeks of the 2017 World Aquatics Championships this July 14-30 had occupancy rates over 90% and average room prices were double the usual, according to state news wire MTI. More...

Hungary Submits No Application To Host The European Banking Authority

08. 01. 2017. 21:35

portfolio.hu

23 cities of 21 countries applied to host the European Banking Authority (EBA) and the European Medicines Agency (EMA) that are moving out of London due to exit of the United Kingdom from the European Union. Despite earlier reports, no Hungarian city is among the applicants. More...

Marriott International Brings Luxury Collection Hotel to Budapest’s Matild Palace

07. 31. 2017. 16:39

bbj.hu

Özyer Group has signed an agreement with Marriott International to launch the acclaimed Luxury Collection brand in Hungary with Matild Palace, a Luxury Collection Hotel, according to a recent announcement made by Özyer Group. More...

Budgetary Advance Payments on EU Transfers Increased Sharply

07. 31. 2017. 16:20

GKI Economic Research Co.

In Hungary, faster than expected GDP growth in the first quarter of 2017 was followed by a slight slowdown in April and a pick-up in May. GDP growth is expected to accelerate to around 3.5 per cent in 2017 from 2 per cent in 2016, primarily as a result of investments rising this year, whereas they declined last year. Although external and internal equilibria will deteriorate slightly in 2017, and inflation will accelerate, these trends are acceptable in the short term. Full text of economic forecast

Hungary’s Formula 1 Race Track Hungaroring to Get 114 Million Euro Upgrade

07. 31. 2017. 16:11

Hungary Today

According to wire service MTI, Hungary’s Formula One race track, the Hungaroring, will undergo a 35 billion-forint (114.7 million euro) renovation between now and 2019 to ensure its spot on the F1 calendar beyond 2026. More...

China’s New Silk Road Risks Unravelling in Hungary

07. 28. 2017. 17:42

EURACTIV / By Mariangela Pira

China’s planned railway link between Greece and Central Europe has hit difficulties after the project was accused of flouting EU rules on public procurement in Hungary. EURACTIV’s partner Italia Oggi reports.

STATISTICAL UPDATE: More New Homes

07. 28. 2017. 17:29

Central Statistical Office

In the first half of 2017, 5,004 new dwellings were built, 46% more than a year earlier. The number of dwellings to be built based on issued dwelling construction permits and simple declarations was 19,823, 40% more than in the first half of 2016. Details...

Why We Should All Be Drinking Hungarian Wine?

07. 27. 2017. 17:45

Good Housekeeping / By Victoria Chandler

When you think wine, your mind probably wanders to the lush vineyards of Bordeaux or the sprawling wine regions of New Zealand. But Lidl has told us that we should all be giving wines from Hungary a go. As part of its new, 41-strong Wine Cellar range, Lidl has launched not one, but 15 new Hungarian wines. More...

Stats Office: Jobless Rate In Hungary Falls To 4,3 Percent

07. 27. 2017. 17:37

Hungary Today

Hungary’s rolling average three-month jobless rate fell to 4.3 percent in April-June from 4.4 percent in the previous period, the Central Statistical Office (KSH) said on Thursday. More...

TOURISM: Where Do Cruisers Like To Go? Cruise Critic Users Say Budapest's The Best

07. 26. 2017. 18:44

Los Angeles Times

Budapest, an architecturally stunning city that straddles the Danube River in central Europe, has long been the cultural and commercial heart of Hungary. Now it's also been named the world's top cruise port in the 2017 Cruisers' Choice Destination Awards. More...

OPINION: Can the Visegrad Four Hold Its Line Over Brexit – or Will The Splits Show?

07. 25. 2017. 15:58

London School of Economics / Monika Brusenbauch Meislová.

For the Visegrad Four (Poland, Hungary, the Czech Republic and Slovakia), Brexit could be an opportunity to press for their own interests in Europe, not least because of the number of their citizens who are living in Britain. But the Group is far from united, their public statements about Brexit have been few and the current uproar over judicial reforms in Poland has exposed some of the faultlines in the alliance. More...

Hungary Attracts More And More High Added-Value Investments

07. 25. 2017. 15:44

hipa.hu

Based on H1 2017 data, the number of foreign direct investments (FDI) continues to grow in Hungary. The Hungarian Investment Promotion Agency (HIPA) supported a record-breaking 47 investment projects in the first six months of this year. These investments mean EUR 1.37 billion FDI inflow and create 8,502 new jobs. More...

Win-Win: Serbia, Hungary Keen to Start Construction on Turkish Stream Pipeline

07. 24. 2017. 17:27

Sputnik Int'l

Serbia is keen to become a transit country for natural gas supplies to Europe via the Turkish Stream pipeline project, energy expert Jelica Putnikovic told Sputnik Srbija. Construction of the first string of the Turkish Stream gas pipeline project began off the Russian coast in May. The first string will annually transport 15.75 billion cubic meters of gas from Russia across the Black Sea bed to consumers in Turkey, via a hub at Samsun in northern Turkey. More...

Hungary, Romania May Derail International Gas Pipeline Project

07. 24. 2017. 17:21

Portfolio.hu

The European Union-backed Bulgaria-Romania-Hungary-Austria (BRUA) pipeline could suffer a major setback if the Romanian and Hungarian gas authorities approve a rulebook that would exclude key Austrian partners, the Independent Chemical Information Service (ICIS), reported. More...

BANKING NEWS: EBRD; OTP; Granit Bank

07. 21. 2017. 16:38

- The European Bank for Reconstruction and Development (EBRD) has announced on Friday that it is taking part in a financial restructuring of the company that operates the Ferenc Liszt international airport in Budapest. The goal is to "attract greater international investment and improve the airport’s operational performance."  More from portfolio.hu

- Hungary's OTP Bank OTPB.BU has agreed to buy Romania's Banca Romaneasca from the National Bank of Greece (NBG), two sources with knowledge of the deal told Reuters on Friday, continuing OTP's acquisition drive in central and eastern Europe. More from Reuters

- The state of Hungary will sell its 36.5% stake in Granit Bank, Minister for National Economy Mihály Varga said yesterday, Hungarian news agency MTI has reported. More from bbj.hu

Failing To Comply With New Rules Could Bring HUF 20 mln Fine

07. 21. 2017. 16:31

Budapest Business Journal

Under a new legislation that took effect in May and requires new reporting requirements for the transfer prices of multinational firms operating in Hungary, a fine of up to HUF 20 million can be issued to companies that do not comply with the new rule, Grant Thornton Hungary warns in a press statement sent to the Budapest Business Journal. More...

Orbán and Netanyahu Address Hungarian-Israeli Business Forum

07. 20. 2017. 14:33

More than one hundred Hungarian and Israeli businesses took part at the forum organised by the Hungarian National Trading House in a major Budapest hotel. Israeli PM, Benjamin Netanyahu said Israel and Hungary could learn from each other and offered that Israel would host IT fellows from the V4 countries so that they can master the most advanced cyber technologies in Israel. "All political obstacles to Hungarian-Israeli economic cooperation have been cleared", said Hungarian PM Viktor Orbán. He added, Hungary’s Eximbank had opened a 600 million dollar credit line to support partnerships between Hungarian and Israeli companies. Israel is Hungary’s third largest investor: Israeli investments make up 12% of all foreign investments in the country. Bilateral trade was 525 million dollars in 2016, up by 12% from 2010. (Photo: B. Netanyahu addressing forum attendees  - MTI Balázs Mohai)

STATISTICAL UPDATE: Gross Earnings

07. 20. 2017. 13:31

Central Statistical Office

In May 2017, average gross earnings amounted to HUF 296,100, 12.9% higher than a year earlier. In the first five months of the year, both gross and net earnings grew by 12.1% compared to the same period of the previous year. Details

Hungarian Central Bank Holds Rates With Low Inflation in Mind

07. 18. 2017. 16:09

Reuters / By Krisztina Than

Hungary's central bank kept interest rates unchanged as expected on Tuesday, with any price pressures from strong economic growth seen as unlikely to lift inflation beyond its 3 percent target level this year or next. The bank flagged possible further loosening in monetary conditions with unconventional tools, saying inflation would reach its target in a sustainable way only in early 2019. It said rising wages in the economy have not posed any upward pressure to inflation so far. More...

Ceva Phylaxia Inaugurates State-of-the-Art Vaccine Plant

07. 18. 2017. 15:57

The Pig Site

Ceva Santé Animale, one of the fastest growing, top 10 animal healthcare companies today held the inauguration ceremony of its new European vaccine production facility. A further 3900m2 of space, containing more than 100 pieces of new equipment, were added to the existing campus at a cost of € 25 million euro (7,8 billion forint), creating 60 new jobs. More...

CEE’s Automotive Wage Growth Revs Up Pressure

07. 17. 2017. 18:43

bbj.hu

With the automotive workforce in Central Europe becoming more expensive, Hungary saw a 10% growth in salaries in the first half of the year, compared to the same period in 2016, according to data from international salary survey platform Paylab. The wage growth in the region appears to be increasing pressure on the industry. More...

Bulgaria, Hungary to Advance Energy Cooperation

07. 17. 2017. 12:00

bta.bg

Bulgarian Deputy Prime Minister for judicial reform and Foreign Minister Ekaterina Zaharieva conferred with Hungarian Minister for Foreign Affairs and Trade Peter Szijjarto in Brussels on Monday, Zaharieva's ministry said. The two discussed bilateral relations, ways to enhance energy cooperation and prospects before the Western Balkans. More...

Orban Courts Voters Outside Hungary With Grants, Cheap Loans

07. 14. 2017. 15:13

Reuters / by Gergely Szakacs

Antal Kracsun was about to convert a barn next to his house into a pigsty to make ends meet, when a Hungarian government grant gave his small welding business in northern Serbia a shot in the arm. The 800,000-Serbian dinar ($7,600) grant under Prime Minister Viktor Orban's cross-border stimulus program, for poorer, ethnic Hungarian regions in central Europe, enabled Kracsun to buy expensive welding machinery which would otherwise have been beyond his means. More...

 

STATISTICAL UPDATES: Farm Prices; Construction

07. 14. 2017. 15:07

Central Statistical Office

- Agricultural producer prices were 4.5% higher in May 2017 than in the corresponding period of the previous year. More...

- The volume of construction output was 35.4% higher in May 2017 than the low base a year earlier. Output increased in both main groups of constructions: by 27.2% in the construction of buildings and by 46.7% in that of civil engineering works. Details...

German Tech Giant BOSCH To Establish €17 Million Digital Logistics Base In Hungary

07. 13. 2017. 18:34

Hungary Today

Hungary’s Minister of Foreign Affairs and Trade met with the heads of German engineering giant Bosch at the company’s headquarters in Stuttgart on Wednesday and announced that Bosch will open its new and supermodern digital logistics base in Hatvan, Hungary next year. More...

European Union Takes Legal Action Against Hungary On NGO Law

07. 13. 2017. 18:31

Associated Press

The European Union launched legal action against Hungary on Thursday because of new rules governing civic groups which receive funds from abroad. The European Commission said that the law approved by Hungary's parliament in June could prevent non-governmental organizations "from raising funds and would restrict their ability to carry out their work." More...

Economic Thank-Tank Raises 2017 Growth Estimate But Outlines Potential Pitfalls

07. 12. 2017. 15:33

GKI Economic Research Co.

The growth rate of consumption is expected to accelerate in 2017, whereas a sharp slowdown in investments can be anticipated. Therefore, GKI raised its growth forecast for 2017 from 3.2 per cent to only 3.5 per cent, although it is possible that the rate will be slightly higher. Although external and internal equilibria will deteriorate slightly, and inflation will accelerate, these trends are acceptable in the short term. Download or read details from GKI website.

CULTURE: Hungary Acquires Remaining Seven Pieces Of Seuso Treasure

07. 12. 2017. 15:11

Hungary Today

The Hungarian government has acquired another seven pieces of the Seuso Treasure, a rare collection of ancient Roman silverware, Hungarian Prime Minister Viktor Orban announced on Wednesday. More...

Commission Approves Hungarian Support Scheme For Renewable Electricity

07. 11. 2017. 16:31

European Commission Press Release

The European Commission has found the new Hungarian support scheme for renewable electricity to be in line with EU state aid rules. The scheme will help Hungary to reduce CO2 emissions, in line with EU energy and climate goals, whilst preserving competition. More...

STATISTICAL UPDATES: External Trade; Tourism; Inflation

07. 11. 2017. 16:18

Central Statistical Office

- The surplus of trade amounted to EUR 913 million in May. Details...

- Until May 2017, the number of nights spent by international tourists increased by 6.9% and that of nights spent by domestic tourists by 4.5% compared to the level a year earlier. Details...

- Consumer prices were 1.9% higher on average in June 2017 than this time last year. The highest price rises over the past year were measured for alcoholic beverages and tobacco as well as food. Details..

COMPANY NEWS: Heineken; Mars; Spar

07. 10. 2017. 17:24

Budapest Business Journal

- Brewer Heineken Hungary’s manufacturing operations will cease at its Martfű plant in the next twelve months and the site will gradually be transformed into a distribution and logistics center. More

- U.S.-based manufacturer Mars has announced it will invest HUF 1.5 billion in installing new production equipment at its Hungarian pet food plant, raising the headcount by 70 to around 900. More...

- Trei Real Estate, the property arm of the German Tengelmann Group, sold a portfolio of 40 Spar leased supermarkets to Erste Asset Management. More...

Hungary Unhappy With Brexit, Foreign Minister Says In BBC Interview

07. 10. 2017. 17:17

Hungary Today

Hungary laments the UK’s decision to leave the European Union as a “big political and economic loss” for the bloc, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó told the BBC’s Newsnight. More...

Szijjártó, Gazpromʼs Miller Sign Pipeline Agreement

07. 07. 2017. 15:17

bbj.hu / MTI / Econews

Minister of Foreign Affairs and Trade Péter Szijjártó signed an agreement with Gazprom CEO Alexey Miller in Moscow Wednesday on developments in Hungary related to a new delivery route for Russian gas. The pipeline could be completed by the end of 2019, Szijjártó told state news wire MTI by telephone. More...

OPINION: From the Intermarium to the Three Seas

07. 07. 2017. 15:07

GFP Geopolitical Futures / By George Friedman

The Intermarium is a concept – really, an eventuality – that I have spoken about for nearly a decade. I predicted it would rise after Russia inevitably re-emerged as a major regional power. Which makes sense, considering it would comprise the former Soviet satellites of Eastern Europe: the Baltic states, Poland, Slovakia, Hungary, Romania and possibly Bulgaria. Its purpose would be to contain any potential Russian move to the west. The United States would support it. More...

STATISTICAL UPDATES: Industrial Output; Retail

07. 06. 2017. 17:24

Central Statistical Office

- In May 2017, the volume of industrial output rose by 8.8% year-on-year. Details

- In May 2017, the volume of sales in retail shops increased by 6.0% according to raw data and by 5.4% adjusted for calendar effects compared to the same period of the previous year. In January–May 2017, the volume of sales – also according to calendar adjusted data – was 3.5% higher than in the corresponding period of the previous year. Details...

Jewish Group Asks Hungary to Remove Anti-Soros Billboards

07. 06. 2017. 17:18

Bloomberg / By Zoltan Simon

Hungary’s main Jewish organization has demanded the removal of government billboards targeting U.S. investor George Soros after they were defaced with anti-Semitic slander in several places. The billboards, posted nationwide, show a smiling Soros next to the caption “Let’s not allow Soros to have the last laugh.” More...

ASE Carrying Out Procurement Procedure For Paks-2 NPP (Hungary)

07. 05. 2017. 18:26

neftegaz.ru

The General Contractor of Paks-2 NPP project, Russian ASE in pursuance of its contractual obligations on construction of new units of Hungarian nuclear power plant Paks-2, started the competitive equipment procurement procedure, the company reported on July 5, 2017. More...

Hungary & Gazprom Agree Gas Supplies Via Turkish Stream Pipeline

07. 05. 2017. 18:22

RT

Russian energy major Gazprom has signed an agreement with Hungary to deliver gas via the Turkish Stream pipeline, the MTI news agency reported, citing Hungary’s Foreign Minister Peter Szijjarto. He said the Turkish Stream branch to Hungary would be completed by the end of 2019. Budapest sees Turkish Stream gas supplies as the best option because other routes, across Romania and Croatia, are at an early stage, the foreign minister added. More...

Visegrad Leaders Hold Talks With Egypt’s President al-Sisi In Budapest

07. 04. 2017. 18:37

Prime Ministers of the Czech Republic, Hungary, Poland and Slovakia have expressed their recognition of and respect for the work Egyptian president Abdel Fattah al-Sisi has done to stabilize the region around Egypt, Hungarian Prime Minister Viktor Orbán said after a meeting of the Visegrad Group (V4) leaders and the Egyptian President on Tuesday. More from Hungary Today (From left to right: Bohuslav Sobotka, PM of Czech Rep., Abdel-Fattah al-Sísi President of Egypt, Viktor Orbán, PM of Hungary, Robert Fico PM of Slovakia and Beata Szydlo PM of Poland - Photo MTI Szilárd Koszticsák)

STATISTICAL UPDATE: General Government Sector Balance

07. 03. 2017. 14:48

Central Statistical Office

According to preliminary data the general government sector had a surplus of HUF 178.3 billion in the 1st quarter of 2017, which was 2.0% of GDP. The change in the balance was due to a larger increase in revenues than in expenditures. Details