international
March 11, 2010, 09:36 CET
Russian bank pays Malév guarantee
The state-owned Russian Vnesheconombank has transferred the EUR 32m bank guarantee that is part of Hungarian national carrier Malev's former privatisation contract, Finance Ministry spokesman Ferenc Pichler told MTI. According to an agreement late February between Malev's owners and the... [read complete entry]
March 11, 2010, 09:35 CET
Magyar Posta aims to expand into other regional countries
State-owned Hungarian postal company Magyar Posta plans to begin offering some of its services in other central and eastern European countries, specifically Romania and Ukraine, by the complete liberalization of Hungary's postal services on January 1, 2013, the business daily... [read complete entry]
March 10, 2010, 09:40 CET
MOL makes discovery in Iraq
Hungarian oil and gas company MOL on Tuesday said it had a made a discovery in a block in Iraq. MOL is evaluating a promising result from a test at a well in the Akri-Bijeel Block in the Kurdistan Region.... [read complete entry]
March 08, 2010, 09:41 CET
Capital Partners to file complaint with European Commission
Czech investment service provider Capital Partners plans to file a complaint with the European Commission as well as the Czech Foreign Ministry over the steps taken against it by Hungarian authorities, the company said on Thursday. Hungarian financial market regulator... [read complete entry]
March 05, 2010, 09:53 CET
Czech charter airline to challenge Malév's renationalization
Czech charter-airline Travel Service will submit a protest to Hungary's competition office GVH and the European Commission challenging the legality of the recent renationalization of Hungarian airline Malev, the business daily Napi Gazdasag reported on Thursday, citing Travel Service CEO... [read complete entry]
March 02, 2010, 09:53 CET
Hungary to up support for businesses outside country
The Hungarian government has increased the support granted to Hungarian businesses operating in neighbouring countries by 250 million forints (EUR 926,000) for this year, minister for social coordination Peter Kiss told a conference of enterprise promotion centres at Subotica, N... [read complete entry]
March 02, 2010, 09:41 CET
Ukraine suspends electricity exports to Hungary
Ukraine announced yesterday that it suspended electricity exports to Hungary, Romania and Slovakia due to coal shortages in late January. The supply of electricity from Ukraine to Hungary ceased at midnight on January 27 and market players reported no imports... [read complete entry]
March 01, 2010, 09:36 CET
Rumors spreading of Fidesz-IMF deal
Fidesz representatives and the IMF have held preliminary negotiations, according to rumours that were rife in London on Friday. The IMF has allegedly told Fidesz - the clear favourite to win the national elections in April - that it would... [read complete entry]
February 26, 2010, 10:01 CET
Ukraine's Turboatom to modernize Paks Nuclear Power Plant's fourth bloc
Hungary's Paks Nuclear Power Station has engaged Ukrainian turbine manufacturer Turboatom to modernize the 220-megawatt turbine in the plant's fourth block, Turboatom's press office said in a release. Turboatom is expected to deliver the 8 turbine blades stipulated in the... [read complete entry]
February 26, 2010, 09:56 CET
Seven in preliminary detention in Czech investment scandal
Seven people have been placed in preliminary detention in connection with suspected fraud at the Budapest office of Czech investment service provider Capital Partners, a lawyer of one of the suspects told MTI on Thursday. There are altogether 15 suspects... [read complete entry]
February 25, 2010, 10:37 CET
Tesco reported to favor Slovak suppliers over Hungarians
British hypermarket chain Tesco will replace its Hungarian suppliers with Slovak ones in Hungary, with the exception of food items, from 2011, Magyar Nemzet reports. The purchase of goods for the smaller Tesco Express units is already managed from Slovakia.... [read complete entry]
February 24, 2010, 09:56 CET
Police make arrests in Capital Partners brokerage scam
Police raided the offices of the Capital Partners brokerage yesterday morning and detained a Czech citizen suspected of masterminding a Ft 3 billion fraud scam. The financial supervisory Pszáf revoked the licences of all Capital Partners brokers, some 70 other... [read complete entry]
February 23, 2010, 08:48 CET
MOL discontinues exploration in Makó Trough
Hungarian oil and gas company MOL it will not continue a gas exploration project in Hungary's Mako Trough, the company told MTI on Monday, after its exploration partner Exxon Mobil said it had suspended its participation in the project because... [read complete entry]
February 19, 2010, 10:25 CET
Crisis hits Visegrád Four tourism less than average
Although the current crisis had an adverse impact on the number of foreign visitors to the Visegrad Four countries, the sector proved more resistant than expected, a senior Hungarian tourism official told reporters in Budapest on Thursday. The Czech Republic,... [read complete entry]
February 17, 2010, 10:33 CET
EU members support Hungary deficit-reduction measures
European Union member states ensured their support for fiscal tightening Hungary is undertaking to bring its general government deficit under the required EU threshold at a meeting of Ecofin in Brussels on Tuesday. EU finance ministers established - with their... [read complete entry]
February 16, 2010, 09:37 CET
New Hungary-US treaty limits tax benefits, PricewaterhouseCoopers says
The new Hungary-US convention on the avoidance of double taxation with respect to income tax introduces a limitation on benefits, consultancy PricewaterhouseCoopers said in its latest issue of Tax and Legal Alert. The new agreement, which after years of negotiations... [read complete entry]
February 16, 2010, 09:20 CET
Philips offers jobs in Hungary to laid-off French workers
Philips offered jobs in Hungary to the 280 employees of its plasma TV set factory in Dreux, France, when it informed them by letter on Saturday that the plant is to be closed from Monday. The union has gone to... [read complete entry]
February 11, 2010, 09:47 CET
Kazakh oil to be shipped to Hungary via Gdansk
Kazakhstan will deliver crude to Hungary and Slovakia via the Polish port of Gdansk, the state oil company KazTransOil said on Thursday. Kazakhstan halted oil deliveries to the two countries on Monday due to a row with Ukraine. The company... [read complete entry]
February 11, 2010, 09:40 CET
Hungarian gas co FGSZ completes stretch of Hungary-Romania gas pipeline
The Hungarian part of a gas pipeline between Hungary and Romania has been completed at a cost of about HUF 9 billion, gas distributor FGSZ Foldgazszallito, which owns and operates the pipeline with Romanian peer Transgaz, told MTI on Wednesday.... [read complete entry]
February 10, 2010, 10:42 CET
FM says Russian proposals regarding Malév contradict Hungarian and EU law
Russian-government proposals regarding resolution of the capital situation of Hungarian national airline Malev infringe both European Union and Hungarian law, Hungary's Finance Ministry told MTI on Wednesday. Representatives from Russia's AirBridge, which owns 99.95pc of Malev, informed shareholders that Hungary's... [read complete entry]
February 10, 2010, 10:37 CET
Kazakhstan halts crude oil deliveries to Hungary, Slovakia
Kazakhstan has halted crude deliveries to Hungary and Slovakia via the Druzhba pipeline over a row with Ukraine, prompting Russian oil company Lukoil to intervene to compensate for the loss, Reuters reported on Tuesday, citing traders. "Kazakhstan has asked (Russia's... [read complete entry]
February 09, 2010, 11:27 CET
Szentkirályi mineral water targets international star for new ad campaign
Mineral water company Szentkirályi Ásványvíz Kft will have an international star appear in its commercials this year, but their name will not be revealed until spring, writes kreativ.hu. The company's campaign face will probably be an athlete, as consumers can... [read complete entry]
February 09, 2010, 09:36 CET
Hungarian data to be made accessible on European Justice Portal
Hungary's real-estate registry as well as company and bankruptcy data must be made accessible through the European Justice Portal, according to a government decree published in the most recent issue of the official gazette Magyar Kozlony. Visitors to the European... [read complete entry]
February 08, 2010, 10:26 CET
MOL to focus on investments at Croatian unit in 2010
Hungarian oil and gas company will focus on investments at its Croatian unit INA and a consolidation of existing upstream and downstream projects this year, CEO Zsolt Hernadi said in an interview with Reuters on Friday. MOL and the Croatian... [read complete entry]
February 03, 2010, 10:23 CET
MVM in talks on acquiring stakes in E.ON electricity distributors
The state-owned Hungarian Electricity Works (MVM) is in talks on acquiring stakes in German utilities giant E.ON's electricity distributors in Hungary, MVM communications director Agoston Tringer told MTI on Tuesday, confirming wire reports. The talks are in line with a... [read complete entry]
February 03, 2010, 09:19 CET
Opposition's Orbán to lecture in Frankfurt on Hungarian economy
Main opposition Fidesz party leader Viktor Orban will leave for Frankfurt on Wednesday to give a talk on Hungary's economic situation, challenges and options for renewal, Peter Szijjarto, head of Orban's office, said in a statement on Tuesday. Orban is... [read complete entry]
February 01, 2010, 09:38 CET
No official talks on gas distributor's client transfer to Gazprom, says CEO
Hungarian gas distributor EMFESZ has not held any official talks on relinquishing its clients, EMFESZ chief executive Istvan Goczi told MTI on Friday, in response to press reports claiming there would be talks about such a transfer to Russia's Gazprom.... [read complete entry]
February 01, 2010, 08:45 CET
Hungary's South Stream pipeline project company established
Representatives from the Hungarian Development Bank (MFB) and Russian gas company Gazprom signed an agreement following a meeting of the Hungarian-Russian mixed economic committee on Friday establishing the project company Deli Aramlat Magyarorszag Zrt. to prepare the construction of the... [read complete entry]
January 28, 2010, 10:10 CET
Hungary to press for long-term supply contract with Gazprom
Hungary's government will ask Russia's Gazprom to supply the clients of troubled Hungarian gas company EMFESZ in the long term at a meeting of the Hungarian-Russian mixed economic committee in Budapest on Thursday, business daily Vilaggazdasag said on Wednesday. The... [read complete entry]
January 27, 2010, 10:26 CET
Czech-Slovak consortium wins tender to rebuild Budapest's Kelenföld station
A consortium of the Czech Republic's Subterra a.s. and Slovakia's Doprastav a.s. has won a tender with a bid of HUF 26.9bn (EUR 98.3m) to reconstruct a 20km section of railway from Budapest to Tarnok, the Budapest Kelenfold railway station... [read complete entry]
January 26, 2010, 09:52 CET
Záhony logistics hub high on agenda at Hungarian-Chinese talks
A project worth billions of forints that aims to turn the area around Zahony (NE Hungary) into a logistics hub for trade between the East and the West was among the topics discussed at a meeting of the Hungarian-Chinese Mixed... [read complete entry]
January 22, 2010, 10:15 CET
Forint and stocks slide on US plans
Budapest shares slid for the second consecutive day as a sell-off swept through European markets on fears of US President Barack Obama's plan to curb risk-taking by banks. The BUX index fell 1.8% to 22,127 points on the day. OTP... [read complete entry]
January 21, 2010, 02:14 CET
Deal for Chinese Túró Rudi turns sour as investigation launched into Eximbank loan
An investigation has been opened in connection with a loan provided by the state-owned Eximbank for the launch of Túró Rudi production in China, according to index.hu. Eximbank, which belongs to the MFB (Hungarian Development Bank) group, had provided a... [read complete entry]
January 21, 2010, 09:54 CET
Russian deputy PM to sign document on South Stream gas pipeline
Russian First Deputy Prime Minister Viktor Zubkov will be in Hungary next week and attend the signing of the founding document on a Hungarian-Russian joint venture for the South Stream gas pipeline, business daily Vilaggazdasag said on Thursday. Zubkov will... [read complete entry]
January 21, 2010, 09:49 CET
Egypt should join the International Nabucco Board, says Hungary committee head
Chairman of Hungary's ad hoc parliamentary committee for the Nabucco pipeline Janos Koka proposed on Wednesday that Egypt should join the International Nabucco Board, which provides political support to the Nabucco project. Koka told a press conference held jointly with... [read complete entry]
January 19, 2010, 09:42 CET
Bajnai, Kosor advance pipeline project
A gas pipeline connecting Hungary and Croatia will be completed by the end of the year and will operate at full capacity from the middle of next year, Prime Minister Gordon Bajnai announced after meeting his Croatian counterpart Jadranka Kosor... [read complete entry]
January 15, 2010, 09:15 CET
Government Debt Management Center plans new bond issue
Hungary's Government Debt Management Centre (AKK) plans a new bond issue and has invited Citigroup and Deutsche Bank to organise a series of negotiations with bond-market investors beginning on January 18, 2010 in Europe and the United States, AKK said... [read complete entry]
January 14, 2010, 10:56 CET
Lenders' portfolios seen deteriorating till mid-2010
The portfolios of Hungarian lenders will probably continue to deteriorate until the middle of the year, but profitability will improve, Tamas Simonyi, director in charge of Central and Eastern European financial institution transactions at consultancy KPMG, said at a press... [read complete entry]
January 14, 2010, 10:38 CET
Preparations for Nabucco pipeline said to be on track
Preparations to build the EU-backed Nabucco gas pipeline are on track, Hungary's representative for the project told business daily Vilaggazdasag on Wednesday. The financing consortium which would operate the pipeline has already been set up, Mihaly Bayer said. Drafts of... [read complete entry]
January 14, 2010, 09:01 CET
More than 40 Hungarian companies to show at Berlin agriculture trade fair
More than 40 Hungarian companies, among them 35 farm producers, will show at Grune Woche, an international agriculture trade fair to open in Berlin on Friday, Marton Szebeni, deputy head of farm marketing agency AMC, told MTI on Tuesday. Hungary... [read complete entry]
January 11, 2010, 01:36 CET
Advances in logistics and infrastructure make Hungary an excellent investment destination for your expanding international crime syndicate
We always assumed that all the money that has gone into logistic parks and motorways in Hungary would make the country more attractive to foreign investment. And we were right! According to this intriguing report, ongoing improvements in infrastructure -... [read complete entry]
December 30, 2009, 10:47 CET
Hungary calls for regional energy strategy following Russian oil cutoff threat
Hungary has initiated a summit of the four Visegrád countries to discuss energy supply, Foreign Minister Péter Balázs told Népszabadság after Russia yesterday threatened to cut off oil shipments through Ukraine. The two countries subsequently reached an agreement on Monday... [read complete entry]
December 11, 2009, 10:28 CET
Fidesz delegate to ORTT responds to US Congressional move on radio licenses
Annamária Szalai, Fidesz delegate on the media watchdog body ORTT, hit back at US legislators after the House of Representatives passed a resolution condemning the ORTT’s refusal to renew the licenses of two radio broadcasters. In a Thursday statement, Szalai... [read complete entry]
December 09, 2009, 10:02 CET
MOL denies claims it is adding to stake in Croatian oil company INA
Hungarian oil and gas company MOL did not buy any shares of the Croatian oil company INA from the Croatian government as part of its latest INA transaction, therefore, the company is unable to interpret the statements to that effect... [read complete entry]
December 07, 2009, 09:29 CET
Internal investigation at Magyar Telekom pinpoints €31 million in fraud
Magyar Telekom's audit committee has wound up its four-year internal investigation into contracts signed by the company's Montenegrin and Macedonian units in the middle of the decade. The company hired White & Case as independent legal counsel to carry out... [read complete entry]
November 27, 2009, 10:39 CET
Tax chiefs of six CEE countries meet in Hungary, mull cross-border issues
Tax payment discipline has not relaxed significantly despite the economic crisis, however, tax revenues have fallen slightly, while cross-border tax fraud has increased, participants of a meeting of the heads of six countries' tax offices said at a press conference... [read complete entry]
November 25, 2009, 10:44 CET
Hungarian, Spanish, Belgian employers make proposals for EU presidency
Representatives of employers from Hungary, Spain and Belgium, the three countries to hold the EU's trio presidency from 2010-2011, have drawn up joint proposals for priorities under the presidency, the Hungarian employers' group MGYOSZ told MTI on Tuesday. The programme... [read complete entry]
November 11, 2009, 11:43 CET
Hungary's business climate improves, but still among region's worst
Hungary's value improved on the latest Central and Eastern Europe business climate index by Thomson Reuters, but the country was still near the bottom of the list compared to its peers in the region. Hungary's value on the index was... [read complete entry]
November 03, 2009, 09:19 CET
Study confirms Hungary's continuing domination of regional biotech sector
Hungary continues dominates the biotechnology sector in the region, writes napi.hu, based on a survey by EuropaBio and Venture Valuation. The survey was conducted in the twelve countries that recently joined the European Union, plus Turkey and Croatia. The survey... [read complete entry]
October 14, 2009, 09:34 CET
TriGranit to build Europe's biggest shopping/entertainment center in Bratislava
Hungarian construction company TriGranit will spend EUR 1.5bn to build Europe's biggest shopping and entertainment centre near Bratislava, TriGranit development director Simon Bayley said at a press conference in the Slovakian capital on Tuesday. The 1.2m-square-metre shopping and entertainment centre,... [read complete entry]
October 09, 2009, 10:38 CET
PM meets with heads of big German investors in Hungary
Prime Minister Gordon Bajnai met for talks with the heads of big German companies with units in Hungary at the Deutsche Bank headquarters in Frankfurt on Thursday. Bajnai met with board members of Deutsche Telekom, utilities giant E.ON and automotive... [read complete entry]
October 06, 2009, 10:31 CET
Survey finds Hungarians wary of moving abroad for work
About 12 percent of Hungarians said they considered moving to another European State for at least a short period, a job mobility survey seen by MTI on Monday said. Government research firm Ecostat's survey showed that men were more willing... [read complete entry]
October 05, 2009, 10:32 CET
Foreign guest nights down more than 10% Jan.-Aug.
Guest nights spent at commercial accommodations by Hungarian and foreign tourists fell 8.7pc to 13.289m in January-August 2009 compared to the same period last year, the Central Statistics Office (KSH) said on Monday. In January-July, 9.9pc less nights were spent.... [read complete entry]
September 30, 2009, 09:43 CET
Hungary's current account turns from deficit to surplus in Q2
Hungary's current account posted a surplus of 476 million euros in the second quarter of the year as against a deficit of 1.55 billion euros in the same period of 2008, beating analysts expectations of a shortfall, the National Bank... [read complete entry]
September 23, 2009, 10:28 CET
Moody's says Hungarian economy near bottom, but no sign of recovery
Hungary, together with Latvia and Iceland, are in a state of "fragile stabilisation", but it is too early to speak of a recovery, ratings company Moody's said in a comment on Tuesday. Moody's said it could not yet conclude with... [read complete entry]
September 11, 2009, 11:34 CET
Hungary slips on latest World Bank "Doing Business" ranking
Hungary slipped to 47th place from 41st on the World Bank's latest "Doing Business" list, an annual ranking of countries based on the ease of doing business. Hungary made just one reform during the year that makes it easier to... [read complete entry]
August 31, 2009, 10:52 CET
Vietnamese fair to be held in AsiaCenter
A Vietnamese exhibition and fair will open in Budapest's AsiaCenter shopping mall on September 18, the centre told MTI. Vietnamese Prime Minister Nguyen Tan Dung is expected to attend the ceremony to express his commitment to developing bilateral economic relations.... [read complete entry]
August 27, 2009, 10:15 CET
Budapest wages on par with... Bucharest
For once, you can be forgiven for mixing up the Hungarian and Romanian capitals as a report by global financial firm UBS reveals that Budapest wages are on the same level as those in much maligned city of Bucharest. Worse... [read complete entry]
July 14, 2009, 09:14 CET
CB Richard Ellis retail space price survey puts Budapest is 38th place
Budapest is 38th in a ranking based on shop rents in big European cities compiled by CB Richard Ellis. Shop space in the Hungarian capital averaged EUR 1,200 per square metre per year, CB Richard Ellis said, cheaper than in... [read complete entry]
July 09, 2009, 11:09 CET
Is Hungary leaving Poland in the dust?
Yesterday Bloomberg ran a piece highlighting the apparently diverging economic paths of Hungary and Poland. The gist of the article, which is based on comments from a number of analysts, was summarized by this quote from Angus Halkett, a strategist... [read complete entry]
July 02, 2009, 11:12 CET
Merrill Lynch sees Hungary in "strongest fiscal position" post recession
Hungary, which was forced to tighten fiscal policy sharply while most of the world was easing their fiscal stance, may emerge from the current global recession in the strongest fiscal position among the world’s major economies, Merrill Lynch said in... [read complete entry]
June 25, 2009, 10:27 CET
Budapest still seen as Mecca for international luxury goods retailers
It looks counter-intuitive at first glance. The capital one of the countries worst hit by the economic crisis is the venue for an expanding luxury goods market. But Budapest's Andrassy Boulevard is indeed seen by the likes of Gucci and... [read complete entry]
June 24, 2009, 09:43 CET
OECD report faults Hungary for lack of action against corruption
Hungary does barely anything to curb corruption, Transparency International said in a report on the 36 countries who signed an OECD treaty on combating dishonesty. Of these countries, four have achieved a high level of success in the fight against... [read complete entry]
June 10, 2009, 09:37 CET
Forint strengthens on positive news from Latvia
The forint strengthened to Ft 281.1 per euro from Ft 286 on Tuesday and briefly went under Ft 280 during the day yesterday. Three factors contributed to the rally, said Commerzbank trader Mihály Ötvös. First, the risk to the region... [read complete entry]
June 04, 2009, 12:14 CET
Decline in Hungary's foreign trade slows; surpluses mount
Hungary posted a trade surplus of 619 million euros in the first quarter and a surplus of 503 million euros in March, the Central Statistical Office (KSH) said on Thursday, quoting upwardly revised data. Exports and imports continued to drop... [read complete entry]
June 04, 2009, 10:10 CET
New Hungarian-Ukrainian chamber holds first meeting
The Hungarian-Ukrainian Chamber of Trade and Industry held its founding meeting in Nyiregyhaza near the Ukrainian border on Wednesday. The chamber has been set up to strengthen partnerships, promote businesses between Hungary and Ukraine and help small and medium size... [read complete entry]
May 28, 2009, 10:31 CET
Foreign shoppers support thousands of retail jobs near Hungary's borders
A big increase in shoppers from neighbouring countries that come to Hungary to take advantage of the weaker forint has created or saved 9,500-11,500 mostly retail jobs in the areas along the country's borders, business daily Napi Gazdasag reported on... [read complete entry]
May 27, 2009, 12:05 CET
China to set up first overseas investment promotion office in Hungary
Hungary and China have signed a letter of intent on opening an office of the China Investment Promotion Agency (CIPA) in Hungary. The office, China' first abroad, is expected to open in the second half of 2009, Hungarian Investment and... [read complete entry]
May 20, 2009, 10:13 CET
Layoffs in Western Europe could hit 30,000 Hungarian guest workers
Up to 30,000 Hungarians now employed in western Europe could be laid off this year as a result of the economic crisis, the business daily Napi Gazdasag reported on Wednesday. Since the beginning of the year, over 2,000 people have... [read complete entry]
May 15, 2009, 10:40 CET
Euro-flush Slovak shoppers appreciate depreciated Hungarian currency
While Slovak purchasing power is growing fast, the country's adoption of the euro in January of this year has left retailers there reeling in the face of competition from Hungary and other CEE countries with crisis-hit currencies. Indeed, according to... [read complete entry]
May 13, 2009, 10:41 CET
Report finds Hungary's wage taxes second highest in OECD
In 2008 Hungary continued to deduct the second highest labour taxes from employers and employees within the OECD, the Paris-based organisation said in its recent survey disclosed on Tuesday. Belgium topped the list with 56.0 percent, followed by Hungary with... [read complete entry]
May 05, 2009, 08:40 CET
Number of foreigners working legally in Hungary plunges in first quarter
The average number of foreigners working legally in Hungary declined by 13,000 or more than 20pc yr/yr in the first three months of 2009 from a year earlier, the Ministry of Social and Labor Affairs reported to a parliamentary committee... [read complete entry]
May 05, 2009, 08:33 CET
Samsung to move some TV production to Hungary from Slovakia
Korean electronics maker Samsung is moving some of its plasma television production from Slovakia to Hungary, business daily Napi Gazdasag reported on Monday.... [read complete entry]
April 30, 2009, 09:52 CET
MOL share purchase by Russian firm continues to vex Hungarian politicians
Hungary's government was not in a position to prevent the fast and unexpected sale of a 21.2 percent stake in Hungarian oil and gas company MOL by Austrian peer OMV to Russia's Surgutneftegas at the end of March, Prime Minister... [read complete entry]
April 30, 2009, 09:45 CET
Government says bigger slump in Germany already factored in to projections
Hungary's government had already factored in a bigger contraction in the economy of Germany -- Hungary's biggest export market -- compared with the German government's original forecast for 2009, a finance ministry official told MTI on Wednesday after Germany revised... [read complete entry]
April 24, 2009, 10:16 CET
MOL shareholders approve takeover defenses aimed at Russian suitor
Shareholders at an annual general meeting of Hungarian oil and gas company MOL on Thursday approved proposals aimed at preventing a hostile takeover of the company.... [read complete entry]
April 22, 2009, 10:49 CET
Rail traffic plunges at border with Ukraine
Business has drastically dropped at Hungary's easternmost Zahony rail transfer station on the Ukrainian border, the business daily Vilaggazdasag said on Wednesday.... [read complete entry]
April 21, 2009, 09:54 CET
Slovaks' gain in purchasing power tenfold of Hungarians' in '08
Per-capita purchasing power grew fastest in Slovakia among the four Visegrád countries in 2008, Napi Gazdaság reports, citing a fresh report by marker researcher Gfk Slovakia.... [read complete entry]
April 17, 2009, 09:27 CET
Denmark, Belgium to drop restrictions on workers from new EU states
Denmark has decided to open its labour market to citizens of Hungary and the nine other East European EU countries from May 1, the Foreign Ministry announced. Denmark is the 12th country in the EU to abolish such restrictions.... [read complete entry]
April 10, 2009, 10:37 CET
Poll finds Hungarians most economically fearful in region
Hungarians are the most worried of the economic crisis among the four former Socialist Central European countries, otherwise called the Visegrad Four, according to a survey published on Thursday.... [read complete entry]
April 07, 2009, 12:04 CET
MOL lowers fuel prices, fans protectionist flames
From various news reports we hear that MOL will be lowering some prices at the pump starting tomorrow. While this is no doubt due to changes in the international price for crude oil and refined petroleum products, we are likely... [read complete entry]
March 26, 2009, 08:28 CET
Economy Minister warns of deeper recession if EU markets slow further
Hungary may need to cut its growth forecast if major European economies contract more than previously thought, Hungarian economy minister Gordon Bajnai said on Wednesday, Reuters reported from London. "If Germany, Italy, France and Austria contract more than before, we... [read complete entry]
March 20, 2009, 10:58 CET
American orders keep Hungarian bus-maker NABI busy
Bus maker NABI will have to expand capacity at its factory in Kaposvár in order to meet huge orders from the US, CEO Ferenc Baranyai told Népszabadság.... [read complete entry]
March 17, 2009, 09:33 CET
Hungarian labor costs rose faster than European average in 2008
Labor costs in Hungary rose significantly faster last year than in other EU countries, writes hrportal.hu, citing a review of Eurostat labor market data by business daily Világgazdaság.... [read complete entry]
March 16, 2009, 08:19 CET
Austrian banks remain committed to Hungarian units, officials say
Austria's big banks are committed to Hungary and will ensure the necessary capital for the operation of their units there, National Development and Economy Minister Gordon Bajnai said on Friday, after meeting with the heads of Erste Bank and Raiffeisen... [read complete entry]
March 13, 2009, 08:32 CET
Foreign Ministry warns Hungarians against seeking jobs in UK
Hungary's Foreign Ministry has advised Hungarian job-seekers to duly reconsider accepting jobs in the United Kingdom, foreign affairs spokesman Lajos Szelestey said in an advisory sent to MTI on Thursday.... [read complete entry]
March 11, 2009, 12:31 CET
Heads roll as expat fingers allegedly found in UPC Hungary till
Several leading members of the Budapest expat business community have been given their marching orders by UPC Hungary's parent company after an internal audit allegedly revealed they had handled company funds wastefully and unethically. According to a detailed report in... [read complete entry]
March 11, 2009, 07:49 CET
Central Bank president says longer wait for reform will increase "bloodletting"
The longer Hungary waits to start changes, the greater the "bloodletting" society will have to suffer and the longer the instability will be, National Bank of Hungary governor Andras Simor said on Tuesday.... [read complete entry]
March 11, 2009, 07:27 CET
Hungary, Russia ink deal on South Stream gas pipeline
Prime Ministers Ferenc Gyurcsány of Hungary and Vladimir Putin of Russia looked on as Hungarian energy company MOL and Russia’s Gazprom signed an agreement in Moscow Tuesday on forming a company to build the Hungarian section of the South Stream... [read complete entry]
March 09, 2009, 08:13 CET
Hungary's humiliation deepens as gov't strikes out with new bailout proposals
You might have thought that Hungarian Prime Minister Ferenc Gyurcsány and his raggedy team of economic advisors would have taken the hint after the humiliating rejection of their proposal for a massive EU bailout package aimed at Central and Eastern... [read complete entry]
March 03, 2009, 08:35 CET
Gyurcsány says economic proposals well received in EU
Hungary's proposals targeting economic stabilisation and financial integration met a favourable reception at last weekend's informal European Union summit in Brussels, Prime Minister Ferenc Gyurcsany told MTI on Monday.... [read complete entry]
February 26, 2009, 10:13 CET
Crisis increases lure for Hungarians to work abroad
The majority of Hungarians working in western Europe have decided to stick it out abroad even if they lose their jobs as a result of the economic crisis, Nepszabadsag daily said on Thursday, quoting the Central Statistical Office.... [read complete entry]
February 25, 2009, 01:31 CET
Bankruptcies rise 16% in Hungary in 2008, topping regional average
The number of bankruptcies grew by 16.4 percent in Hungary in 2008 compared to the previous year, business analyst Creditreform said in a report sent to MTI on Tuesday.... [read complete entry]
February 16, 2009, 03:33 CET
Gov't to foreign investors: we need you, now go away
As in other countries around the globe, the frantic efforts by the Hungarian government to concoct and communicate a response to the deepening economic crisis have resulted in a number of false starts and embarrassing U-turns. But it's hard to... [read complete entry]
February 16, 2009, 12:33 CET
New York Times goes flat-hunting in Budapest, only overpays by 50%
It's been a pretty rough time as of late for those looking to unload high-end residential property in Budapest. But it may have just gotten slightly easier, thanks to a nice little feature last week in the New York Times... [read complete entry]
February 13, 2009, 12:24 CET
Hungary's tax system to become more competitive than regional peers, says PM
Hungary's tax system affecting corporations will be the most competitive among the Visegrad Four countries as a result of planned changes, Prime Minister Ferenc Gyurcsany said on Friday.... [read complete entry]
February 09, 2009, 12:16 CET
UK trade promotion head says British investment continues to grow in Hungary
British businesses plan further investments in Hungary despite the economic crisis, but are looking for more incentives by the Hungarian government, the head of the UK trade and investment agency told MTI on Friday.... [read complete entry]
February 04, 2009, 10:47 CET
Hungarian Foreign Ministry to aid in business promotion
Hungary's economy and foreign ministries plan to launch a series of lectures on promoting business opportunities in Hungary from the spring, Foreign Minister Kinga Goncz said on Tuesday, after meeting Hungarian businessmen.... [read complete entry]
January 30, 2009, 10:13 CET
Austria to keep work restrictions on "new" EU citizens until 2011
Austria will not open its labour market to citizens of the newer EU member states until late April, 2011, the very last deadline, Austrian Chancellor Werner Fayman told his host Czech Prime Minister Mirek Topolanek in Prague on Thursday.... [read complete entry]
January 23, 2009, 08:01 CET
Gas supply to Hungary back to normal following Ukraine crisis
Hungary's gas distribution system has fully resumed normal operations, distributor FGSZ reported on Thursday.... [read complete entry]