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5 factors to consider before choosing your money transfer service

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An online money transfer center can be quite useful because it helps you send funds all over the world. The biggest challenge with using an online money transfer is often simply picking the right one for your needs. Every service is different, and each one comes with its own unique advantages and issues. When choosing your ideal money transfer service, ... Read More »

Jobless rate steady at 3.4%

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Hungaryʼs three-month rolling average unemployment rate reached 3.4% in June-August, unchanged from the previous three-month period, but down from 3.8% twelve months earlier. At the same time, the employment rate among people aged 15–64 rose to 70.2%. In absolute terms, there were 156,900 unemployed people aged 15-74 in June–August 2019, down 16,200 from a year earlier, the Central Statistical Office ... Read More »

Hungary business sentiment posts biggest fall in over a decade -survey

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Hungarian business sentiment sank to a three-year-low in September, posting its biggest monthly fall in more than a decade as companies in industry, trade and services turned gloomier about their prospects, a survey showed on Monday. Think tank GKI’s business sentiment indicator plunged to 0.9 points in September from 7.5 points in August, hitting its lowest since October 2016, it ... Read More »

LOT launches new marketing campaign in Hungary

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The Polish carrier offers flights to 12 destinations from the Hungarian capital, including long-haul connections with the United States and South Korea. The first edition of the airlineʼs “Be Our Guest” campaign, recognized with the Effie award, focused on showcasing the professionalism of LOT crews, attaching great attention to the safety, comfort and convenience of passengers during the flight. In ... Read More »

Hungary to buy €450 million worth of weapons from the US?

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The US State Department recently cleared over 3.8 billion euros worth of potential weapons sales for five different countries, including Hungary. Apparently, Hungary is planning to buy 3.8 billion euros worth of missiles from the United States. DefenseNews reports that the U.S. State Department cleared over 3.8 billion Euros ($51.9 billion) worth of potential weapons sales for five different countries, ... Read More »

Masterplast H1 earnings climb 21% as sales rise

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First-half after-tax profit of Hungarian building materials company Masterplast rose 21% year-on-year to EUR 2,061,000 as revenue climbed, an earnings report released early Tuesday shows, state news wire MTI reports. Revenue climbed 11% to EUR 50,575,000. Direct cost of sales rose at the same pace, reaching EUR 41,070,000. The rise in profit was also supported by EUR 152,000 in “other ... Read More »

Fitch affirms Hungary economic outlook ‘stable’

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Hungary’s ‘BBB’ rating balances strong structural indicators and stronger and more stable macroeconomic performance than peers against high general government debt and risks from policy unpredictability and pro-cyclical policies,” Fitch said’ The credit rating agency expects growth to slow to 4.4 percent in 2019, 3.5 percent in 2020 and 2.5 percent in 2021. “Now nobody can deny that the #Hungarian ... Read More »

Official: Government’s tax cuts are working

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The Hungarian government’s tax cuts are working, finance ministry state secretary András Tallai edition of daily Magyar Nemzet, pointing out that while public burdens on businesses and households have been reduced, tax revenues have increased significantly. VAT revenues were up by almost 400 billion forints while PIT revenues rose by about 100 billion forints, the state secretary added. Read More »

Hungary PMI falls to 51.3 in July

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Hungary’s seasonally-adjusted Purchasing Managers Index (PMI) fell to 51.3 points in July from 54.1 in June, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said on Thursday. The employment index dropped, but was over 50 for the second month in a row. Delivery times were longer than in June. Purchased inventories fell for the ... Read More »

‘Hungary rejects tying EU funding to rule of law,

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Hungary will resist any effort by the European Commission to tie European Union funding to observance of the rule of law, the justice minister told the Reuters news agency in an interview on Wednesday. Varga said the definition of “generalised deficiency” regarding the rule of law in the EU’s 2021-27 draft budget was too vague. She said her goal was ... Read More »

Hungaryʼs SignAll gets EUR 1.7 mln investment

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The company tells the Budapest Business Journal that the first investment round took place some three years ago. Since then, SignAll has focused on developing the first automated translation system for ASL. The company also received numerous accolades such as the CES Accessibility Award, featuring SignAll among the five “World’s Best Vendors” in Artificial Intelligence by Gartner, and inclusion in ... Read More »

MÁV restores restaurant service on its Balaton Express

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State-owned company MÁV Hungarian Railways has announced it will restore buffet carriages on its Balaton Express trains running from Budapest to Keszthely (203 km southeast of the capital, near Lake Balaton), hvg.hu reported. Restaurant wagons will offer street food style meals and drinks. A MÁV burger will cost HUF 1,290, while tapped beer will be HUF 390. MÁV will operate ... Read More »

Hungary in talks for cooperation with Trieste port

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Hungary is in talks for cooperation with Trieste port as the project for the participation of the country in the construction of a second track of the railway line linking the Divaca hub in Slovenia to Koper port may fail, foreign minister Peter Szijjarto said. “We are in serious negotiations with Trieste, since we have heard that certain political forces ... Read More »

Hungary M&A value drops to USD 3.35 bln in 2018

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The value of Hungarian mergers and acquisitions fell 17% year-on-year to an estimated USD 3.35 billion in 2018, data compiled by Big Four consultancy EY shows. The number of disclosed mergers and acquisitions was 107, down from 133 a year before. The economic environment was favorable in 2018; however, geopolitical uncertainty left its mark, EY noted. The pace of mergers ... Read More »

Hungarian trade representation opens in Houston

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Foreign Minister Péter Szijjártó opened a Hungarian trade representation and consular office in Houston. In his inauguration address, Szijjártó noted the significance of Prime Minister Viktor Orbán and US President Donald Trump’s recent talks. He said that the meeting had given bilateral ties a “new dimension”. He added that the new office was the seventh such representation in the US ... Read More »

Hungary CPI rises to 3.9 pc

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The rate of consumer price inflation in Hungary accelerated to 3.9 percent in April from 3.7 percent in the previous month, the Central Statistical Office (KSH) said. Core inflation growth, which excludes volatile food and fuel prices, stayed unchanged at a seasonally adjusted 3.8 percent, the more than 6-year peak rate it picked up to in March. Assessing inflation prospects ... Read More »

AutoWallis decides on new board member, dividends

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At the annual meeting of AutoWallis several important issues such as dividend payments were decided by the companyʼs shareholders besides the adoption of last yearʼs report and the election of a new member of the board of directors, according to a press release sent to the Budapest Business Journal. The company decided on dividends to be paid to the pre-emptive ... Read More »

Shocking statistics on tax evasion in Hungary

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Based on the latest calculations of Hungary’s EU Convergence Programme, households are hiding about 20% of their wealth. People in the highest and lowest income brackets are the most likely to underreport their wealth, as reported by portfolio.hu. In a move to evade taxes, employees try to conceal a significant fraction of their income. The extent to which people are ... Read More »

Erste Bank Hungary to pay HUF 20 bln dividend

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Hungaryʼs state-owned Corvinus Zrt. and the European Bank for Reconstruction and Development (EBRD) each hold 15% stakes in Erste Bank Hungary. Despite lower provisions releases and one-offs, after-tax profit rose 2.1% to HUF 61 bln, according to IFRS. Total assets stood at HUF 2.564 trillion at the end of 2018, up 15% from 12 months earlier. The bankʼs net stock ... Read More »

Despite US Concerns, Huawei Doing Well in Hungary

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Amid security concerns and increasing controversy between the United States and Chinese tech giant Huawei, the Hungarian branch says misinterpretation of Chinese legislation has led to the current controversy. Speaking to the Budapest Business Journal, Wu Biqiang, CEO of Huawei Technologies Hungary, rejects all allegations of spying as “unfounded and misguided”. “There was a big misinterpretation of the 2017 Chinese ... Read More »