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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 »

Foreign trade trends 2018 in Hungary

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Last year’s forecasts predicted a slight fall in Hungary’s foreign trade balance in the year of 2018. As the inflow of EU cohesion sources began in 2017, and reached its peak in 2018, it was easily predictable that import will grow accordingly. In the case of these extra investments, import growth is expected, as well as further supplementary import on ... Read More »

Hungary to enhance cooperation with Huawei despite US concerns

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Hungarian Finance Minister Mihaly Varga met with leaders of the Export-Import Bank of China and executives of Huawei during his trip to Beijing on April 9 and assured them of the government’s commitment to future cooperation despite warnings from the US. Hungary is committed to the development of the ICT sector, as digital transformation is key to scaling up economic ... Read More »

Ohio, Hungary sign deal pledging economic cooperation

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Ohio and Hungary have struck up a partnership aimed at strengthening economic, technological and commercial cooperation. Ohio Development Services Director Lydia Mihalik (mih-HAY’-lihk) and Hungary’s minister of foreign affairs and trade, H.E. Péter Szijjártó (zy-JAR’-doh), recently signed a memorandum of understanding. The document pledges broader economic cooperation between the parties. Mihalik said the partnership goes beyond trade, which totaled $186 ... Read More »

Hungary PMI falls to 52.4 in March

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Hungaryʼs seasonally adjusted Purchasing Managersʼ Index (PMI) fell to 52.4 in March, from 55.5 in February, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said. An index value above 50 shows expansion in the manufacturing sector, while a value under 50 signals contraction, noted state news agency MTI in its report. Among the sub-indices ... Read More »

First Alipay terminal in Hungary inaugurated

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The first terminal of Chinese mobile and online payment platform Alipay was inaugurated in Hungary, the National Bank of Hungary (MNB) announced at its fifth annual Budapest Renminbi Initiative conference. The conference was opened by MNB Deputy Governor Márton Nagy, who was followed at the podium by Levente Magyar, parliamentary state secretary at the Ministry of Foreign Affairs and Trade; ... Read More »

Hungary ICT sector revenue climbs 7% in 2018

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The sector accounted for 3.7% of total corporate revenue in the national economy, the KSH said. Revenue of IT companies grew by 17% to HUF 1,469 bln, while revenue of telecommunications firms was up 1.7% at HUF 1,218 bln. Revenue of publishers was up 2.3% at HUF 293 bln, while revenue of film, television and recording companies fell 3.2% to ... Read More »

Business counts cost as Eskom battles power shortages

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State utility Eskom will make more power cuts this week as it struggles with capacity shortages that threaten to stymie President Cyril Ramaphosa’s efforts to boost investments and economic growth. Eskom supplies more than 90% of the power in SA but has suffered repeated faults at its coal-fired power stations, along with low water levels at hydroelectric plants and diesel ... Read More »

Problems with Hungary ‘not yet solved’ – says EPPʼs Weber

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Despite what he described as “constructive” dialogue with Hungarian Prime Minister Viktor Orbán in their meeting Tuesday, Manfred Weber, the leader of the European Peopleʼs Party (EPP) in the European Parliament, indicated afterwards that much remains to be done if Fideszʼs expulsion from the EPP is to be avoided. The head of the EU’s largest political group said the EPP ... Read More »

Uzbekistan discusses production of pharmaceuticals with major Hungarian brand

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Uzbek Minister of Investments and Foreign Trade held meeting with the President of Chamber of Commerce and Industry of Hungary Laszlo Parragh, Trend reports via Uzbek media. The main issues of discussion were systemic measures to expand bilateral cooperation between the business circles of Hungary and Uzbekistan. In this regard, the importance of enhancing mutual visits of entrepreneurs was noted, ... Read More »

January sees 5.4% rise in retail sales

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In January 2019, the volume of sales in retail shops, according to both raw and calendar-adjusted data, grew by 5.4% compared to January 2018. The volume of sales, adjusted for calendar effects, rose by 3.9% in specialized and non-specialized food shops, by 6.4% in non-food retail, and by 7.2% in automotive fuel retail. In January 2019, the volume of sales ... Read More »

Central bank policy-makers maintain base rate

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The Monetary Council of the National Bank of Hungary (MNB) decided once again to keep the central bankʼs key rate on hold at 0.90% at a monthly policy meeting on Tuesday. However, rate-setters have made use of “unconventional, targeted” instruments to ease monetary policy further, state news agency MTI reported. The Council has left the base rate on hold since ... Read More »