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IBM brings ’Corporate Service Corps’ mission to Hungary

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IT giant IBM has announced the launch of its “Corporate Service Corps” mission in Hungary, to inspire women and small-town entrepreneurs with e-learning and to develop a strategy to boost the economy, with the cooperation of four local organizations, says a press release sent to the Budapest Business Journal. The pro bono projects will contribute to the development of the ... Read More »

Inflation accelerates to 3.6%

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Consumer prices in Hungary rose 3.6% year-on-year in September, accelerating from a 3.4% increase in the previous month, the Central Statistical Office (KSH) said. The headline figure – a more than five-year peak – was lifted by higher prices for vehicle fuel, food and tobacco. In September 2018, compared to the same month of 2017, food prices rose by 4.6%, ... Read More »

HUNGARY’S GDP AND TRADE SURPLUS ON A RISE?

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The Central Statistical Office (KSH) revised Hungary’s second-quarter GDP growth rate to 4.9 percent from 4.8 percent in a time series update published. KSH also revised its earlier reading of GDP growth for Q1 by 0.1 percentage point to 4.5 percent. It revised H1 GDP growth up 0.1 percentage point to 4.7 percent. KSH noted that the updates of the ... Read More »

State debt, minus Eximbank, at 72.2% of GDP at end of Q2

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Hungaryʼs state debt, calculated according to Maastricht rules, stood at 72.2% of GDP at the end of June 2018, up from 72.1% of GDP at the end of March, but down from 73.6% at the equivalent point of 2017, the National Bank of Hungary (MNB) said on Monday concerning preliminary financial accounts, state news agency MTI reported. Adding Eximbankʼs debt ... Read More »

Hungarian-Ugandan Economic Ties Strengthened Over Dinner

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A successful work dinner has recently been organised by the Budapest Chamber of Commerce and Industry (BCCI), the Ministry of Foreign Affairs and Trade, and the Hungarian Chamber of Commerce and Industry’s (HCCI) Committee for African Relations – can be read on the official website of the BCCI. Daily News Hungary recently reported that not long ago, Hungarian Foreign Minister ... Read More »

BRITISH NATIONAL CHARGED WITH HUMAN SMUGGLING IN HUNGARY

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A British national of Iraqi origin has been charged with human smuggling after attempting to smuggle thirty people from the Serbian-Hungarian border to western Europe the deputy spokeswoman for the Csongrád county chief prosecutor’s office said. According to the indictment, the man crammed the thirty migrants into the non-ventilated storage space of a truck which he had purchased in Budapest. ... Read More »

Hungary jails gang for deaths of 71 migrants in lorry

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Four men have received 25-year jail terms in Hungary over the deaths of 71 migrants who suffocated in a sealed lorry. Police found the victims’ decomposing bodies in the lorry, registered in Hungary and abandoned near an Austrian village. It came amid a migrant surge to Europe. An Afghan identified as the gang leader got 25 years, as did three ... Read More »

Deficit rises to 121% of full-year target in August

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Hungaryʼs cash flow-based general government, excluding local councils, ran a HUF 1,646.2 billion deficit at the end of August, the Ministry of Finance said in a preliminary release on Friday. The deficit thus reached 121% of the HUF 1,360.7 bln full-year target, MTI-Econews calculated. Within the general government, the central budget ran a HUF 1,708.0 bln deficit at the end ... Read More »

Andersen Global expands, partners with OrienTax in Hungary

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Andersen Global already has a strong foothold in Central and Western Europe, with the company expecting the collaboration with Budapest-based OrienTax to play an important role in initiating their presence in Hungary and inspiring continued growth in the region, Anderson sid in a press release sent to the Budapest Business Journal. “The OrienTax partners had both previously worked at Arthur ... 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 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 crime, and ... Read More »

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 »