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National Bank of Hungary: Credit Rating Due for Another Upgrade

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Hungary is due for another upgrade of its sovereign rating, which could take place as soon as next week, when a review by Standard & Poor‘s is scheduled, National Bank of Hungary (NBH) deputy governor Márton Nagy told MTI. All three big ratings agencies have left Hungary’s ratings one notch over the investment grade threshold since bumping them up from ... Read More »

Hungary jails human smugglers for ‘horrendous’ suffocation of 71 migrants in back of truck

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A Hungarian court on Thursday sentenced four human traffickers to 25 years in prison each for their roles in the 2015 case in which 71 migrants suffocated to death in the back of a refrigerated truck found on a highway in Austria. The principal defendant, an Afghan man, and three Bulgarian accomplices, were found guilty in the southern city of ... Read More »

Chinese spend HUF 40 million per home in Hungary

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New home prices continue to grow in Hungary, rising by 8.8% year-on-year in the first quarter, a market survey by the Central Statistical Office (KSH) shows. Resale home prices also continued to go up, rising by 7.9% during the period, KSH said, as cited by national news agency MTI. KSH also published figures on purchases made by foreign nationals. They ... Read More »

Hungary jails smugglers over ‘horrendous’ truck death of 71 migrants

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A Hungarian court has convicted 14 people smugglers over the deaths of 71 Syrians, Afghans and Iraqis who suffocated in the back of a locked truck in 2015, just days before Germany decided to open its borders temporarily to refugees and migrants. One Afghan and three Bulgarians were each given 25 years in jail for playing leading roles in the ... Read More »

Finance Minister: steady economic growth rate expected next year

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Presenting the budget bill in parliament, Mihály Varga, the finance minister, said next year’s budget would ensure steady economic growth. Within the pursuit of a disciplined fiscal policy in 2019, more money would be available for family support, measures to address demographic problems, job creation, retaining the workforce, preserving the real value of pensions, developing the economy, and protecting Hungary’s ... Read More »

Four men jailed over deaths of 71 migrants locked in lorry

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Four members of a people-smuggling gang have each been jailed for 25 years in Hungary for letting 71 people suffocate inside a lorry that was then dumped at the side of an Austrian motorway. The four men – one Afghan and three Bulgarians – were found guilty of “aggravated murder with particular cruelty” after a year-long trial in the town ... Read More »

New US ambassador arrives in Hungary

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The new Ambassador of the United States to Hungary arrived in Budapest. He has been greeted on behalf of the Hungarian government by Secretary of State for Foreign Affairs Levente Magyar. The new ambassador, David Cornstein and his wife, Sheila were also greeted at Liszt Ferenc Airport by the chargé dʼaffairs of the embassy, David Kostelancik, and other staff, online ... Read More »

Coca-Cola Hungary expands capacity to produce ‘Smartwater’

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Coca-Cola HBC Hungary is investing HUF 1.8 billion in an expansion of its mineral water plant in Zalaszentgrót, in the west of the country, where it will begin production of its Glaceau Smartwater premium product, the company said. Glaceau Smartwater is a vapor-distilled water with added electrolytes, produced using technology inspired by cloud formation, notes a report by online news ... Read More »

Accelerating rise in job vacancies in Hungary

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The annual rise was only 13% in Q1 2015, but has been accelerating every quarter since Q1 2017, state news agency MTI noted. There were just over 79,400 job vacancies overall in Q1 2018, up by more than 6,000 from the previous quarter, and up by almost 20,000 from a year earlier, the data show. Some 31% of all vacancies ... Read More »

HUNGARY’S FOREIGN MINISTER CALLS FOR EUROPE-US-CHINA DEAL TO PRESERVE FREE TRADE

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Hungary urges Europe, the United States and China to sign an agreement on preserving free and fair global trade and preventing a global trade war, Foreign Minister Péter Szijjártó said in Ningbo, China, on Thursday. Szijjártó, who is on a three-day visit to China, attended a “16+1” meeting of Chinese and central and eastern European trade ministers after holding bilateral ... Read More »

RAIFFEISEN TO “OPTIMISE” HUNGARIAN BUSINESS

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Vienna:Chief Executive Officer Karl Sevelda of Austria’s Raiffeisen Bank International said in Vienna on Tuesday that the bank will close some branches in Hungary and focus more on corporate clients and premium private clients. The Hungarian market is far too important to give up and Raiffeisen plans to continue its operations in Hungary as a rationalised universal bank, he added. ... Read More »

Finns to share data in bid for state of permanent wellbeing

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HELSINKI: Finland a land of lakes and forests, used to be known for tangible things: sawn pine timber for furniture, then Nokia mobile phones. Now its claims to fame are intangible. Its schools were the world’s best before being eclipsed by those in Shanghai and Singapore. It is still the world’s happiest country but this, too, is in the balance ... Read More »

George Soros: Foundation quits Hungary over ‘repressive’ policies

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The foundation of philanthropist George Soros has said it is closing its office in Hungary, blaming the move on an “increasingly repressive” environment. Open Society Foundations (OSF), which funds non-governmental organisations (NGOs), says it will move its operation to the German capital, Berlin. Hungarian Prime Minister Viktor Orban’s right-wing government has said it plans to tighten restrictions on NGOs. Re-elected ... Read More »

Budget Deficit Close to 80% of Full-Year Target

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Hungary’s cash flow-based budget, excluding local councils, ran a 1,081.4 billion forint (EUR 3.4bn) deficit at the end of April, the economy ministry said in a preliminary release. Pre-financing for EU projects drove the rise, the ministry said. The deficit reached 79.5% of the 1,360.7 billion forint full-year target. The central budget was 1,119.5 billion forints in the red and ... Read More »

HUNGARY INFLATION 2.3 PC IN APRIL

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Consumer prices in Hungary grew by an annual 2.3 percent in April, accelerating from 2 percent in the previous month, the Central Statistical Office (KSH) said. KSH statistician Borbála Minary said the annual price inflation of spirits, tobacco and food was the steepest while the average price rise of food grew by 4.2 percent. Compared with March, the price of ... Read More »

HUNGARY’S PURCHASING MANAGERS INDEX FALLS TO 53.3pc

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Hungary’s seasonally adjusted Purchasing Managers Index (PMI) fell to 53.3 points in April from a revised 56.6 points in March, Halpim, the association that compiles the index, said In its original data release on April, Halpim said the PMI was at 57.0 points in March but it revised its number to a lower value. In April among the sub-indices that ... Read More »

Fossil fuels roar back in a world hungry for energy

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BUDAPEST: Green car enthusiast Matthew Klippenstein pulls his early model plug-in Prius into a Tim Hortons in Maple Ridge, B.C., to take my call. As gas prices begin to soar again Klippenstein, an engineer who, among other things, writes about the latest developments in battery-powered vehicles for Green Car Reports, tries not to sound smug. Even before Alberta’s threats to penalize British Columbia for blocking its planned ... Read More »

IMF raises GDP growth forecasts for Hungary

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BUDAPEST: The IMFʼs 2018 projection was raised from 3.4% in a forecast released last November. Hungaryʼs government projects GDP growth of 4.3% this year, noted state news wire MTI. Following annual average inflation of 2.4% in 2017, the IMF projects inflation rising to 2.7% in 2018, and to 3.3% in 2019. The latter two forecasts represent a 0.5 of a ... Read More »

Minsk wants to see more Belarusian products on sale in Budapest

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BUDAPEST: Minsk would like to see more Belarusian products on sale in retail chains of Budapest. This issue will be high on the agenda of the Days of Minsk in Budapest on 19-21 April, Minsk Vice Mayor Alexander Krepak said at a press conference on 10 April, BelTA has learned. “The bilateral trade has been gaining momentum. Last year it ... Read More »

Pro-migrant groups targeted after Hungary’s election

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BUDAPEST: A day after it won an overwhelming election victory on an anti-migration platform, the right-wing populist party of Hungarian Prime Minister Viktor Orban said it would limit the ability of civic groups to help migrants and refugees. Election officials Monday were still counting mailed ballots, which added another seat to the Fidesz party’s super-majority and gave it control over ... Read More »