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Business hungry state helps economic revival

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BUDAPEST: Automobile Group Motor Co. Ltd. confirmed plans to enter the U.S. market, Gov. Rick Snyder slipped through the Detroit auto show crowd and on to yet another opportunity to promote Auto 2.0 in Michigan. Unlike his predecessor who refused for eight years to visit China and tout Michigan’s automotive cred, the business-minded Snyder is hungry for business. He has ... Read More »

KMA partners Hungary to develop Kumasi

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BUDAPEST: The Hungarian Ambassador to Ghana, His Excellency Andras Szabo, with a three-member Hungarian businessmen team, visited the Mayor of Kumasi Hon. Osei Assibey Antwi at his office on Monday, January 15, 2018, with the aim of exploring business opportunities and investing in various sectors of the economy to help promote rapid development of Kumasi. The visit was a follow ... Read More »

Hungary to hold election on April 8pm Orban Fidesz ahead in polls

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BUDAPEST:  Hungary will hold a parliamentary election on April 8, President Janos Ader announced on Thursday, a contest likely to give Prime Minister Viktor Orban’s ruling Fidesz party a third successive term in power. Orban has used the past eight years in office to rewrite the constitution and centralize power, filling posts at the central bank, the State Audit Office ... Read More »

Hungarian cbank chief says base rate must stay at record low 0.9 pct

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BUDAPEST: Hungary’s benchmark base rate must stay at a record low of 0.9 percent and interbank rates around zero for inflation to reach the central bank’s 3 percent target by mid-2019 in a sustainable way, the bank’s Governor Gyorgy Matolcsy told weekly Figyelo. In an interview published on Thursday, Matolcsy also said the central bank would do everything at its ... Read More »

Change in approach improves Hungarian tax collection rate

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BUDAPEST: Tax revenues in Hungary were 5% up year on year in 2017, by HUF 609 billion, the National tax and Customs Administration (NAV) announced. The increase is due to a tendency of lower tax evasion, NAV chief András Tállai told state news wire MTI, noting that the increase outpaced the rate of GDP growth. Total tax revenues amounted to ... Read More »

Hungary Ireland oppose EU wide tax harmonisation efforts

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BUDAPEST: Hungary and Ireland expressed strong opposition on Thursday (January 4) against any effort to harmonise corporate and other tax rules across the European Union saying such moves would damage competition in the single market. Hungary, which relies heavily on foreign investment to power its economy, runs the EU’s lowest corporate tax rate at 9 percent, while Ireland’s 12.5 percent ... Read More »

Hungary introduces cut rate VAT for internet access

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BUDAPEST: Hungary has gone ahead with plans to cut the value-added tax rate on internet access services to five percent. The move comes despite the fact that the measure could be in breach of EU law, given that such services are not included in Annex III of the EU VAT Directive, which sets out a restrictive list of those goods ... Read More »

Hungray fueling fight against demographic decline

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BUDAPEST: Led by Hungary, the nations of Central Europe are ramping up efforts to halt population collapse. At a conference on family policy in Budapest last week, Hungarian parliamentary representative Gabriella Selmeczi conceded Europe is in the midst of demographic crisis. The fertility rate “needs to be improved,” she rallied participants. “[W]e have to do something.” ut in contrast to ... Read More »

Bitcoin looking to prove it easy money

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BUDAPEST: Since February 10 you can pay Budapest Taxi with virtual money in the capital. Although most Hungarians have probably heard nothing about Bitcoins (BTC) yet, Budapest is where the next bold step into the direction of cashless payments is under way.  The first mention of “Bitcoin” dates to 2008, written by someone under the pseudonym Satoshi Nakamoto in a ... Read More »

Hungary courts Tesla with tax breaks incentives MTI

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BUDAPEST: Hungary’s foreign minister has met executives of electric vehicle manufacturer Tesla during a tour of Silicon Valley, extolling tax breaks and other incentives offered to car makers, national news agency MTI reported last Friday. The production and export of cars by foreign automakers is a key driver of economic growth in Hungary, where wages for skilled workers are well ... Read More »

Market analysts expect GDP growth under 4% in 2017,

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BUDAPET: Hungarian GDP growth will accelerate this year and the next, due to EU funds and increasing consumption generated by rising wages, which in turn will be fueled by the upcoming elections and labor shortages, says a study by economic research institute GKI. Following GDP growth of 2.2% in 2016, economic expansion will accelerate to 3.8% both this year and ... Read More »

Know tradition behind Christmas EVE,

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BUDAPET: Christmas Eve has several of its own customs, cultures, and traditions. The most widely followed one that still exists today which is ‘Midnight Mass Church Service’. In numerous countries, particularly Catholic ones such as Spain, Mexico, Poland and Italy, this is the most famous Church service of the Christmas season. People might fast during Christmas Eve and then the ... Read More »

Hungary intends to up Iranian crude imports

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BUDAPEST: Budapest is keen on increasing oil purchases from Tehran in the future. Hungary’s Minister of National Economy Mihaly Varga made the statement on the sidelines of a meeting with Oil Minister Bijan Namdar Zanganeh in Tehran on Monday, Shana, the official news agency of the Oil Ministry, reported. “Hungary’s largest oil and gas company MOL has bought 1 million ... Read More »

Hungary intends to up Iranian crude imports

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BUDAPEST: Budapest is keen on increasing oil purchases from Tehran in the future. Hungary’s Minister of National Economy Mihaly Varga made the statement on the sidelines of a meeting with Oil Minister Bijan Namdar Zanganeh in Tehran on Monday, Shana, the official news agency of the Oil Ministry, reported. “Hungary’s largest oil and gas company MOL has bought 1 million barrels ... Read More »

European commission raises Hungary GDP growth forecasts

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BUDAPEST: The European Commission has raised its projections for GDP growth in Hungary to 3.7 percent for this year and 3.6 percent for 2018 in a fresh forecast released on Thursday. The projections for 2017 and 2018 were raised from 3.6 percent and 3.5 percent, respectively, in the EC’s spring economic forecast, released in May. The EC publishes such forecasts ... Read More »

Hungary, Slovakia sign declaration of intent for construction of north-south gas pipeline

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  BUDAPEST: Hungary and Slovakia signed a declaration of intent to build a north-south gas pipeline in Kosice/Kassa, Slovakia, on Monday. Speaking at a press conference after the signing ceremony, Hungarian Foreign Minister Péter Szijjártó and Slovak Economy Minister Peter Ziga, who signed the pact in the presence of Slovak Prime Minister Robert Fico, both said the new pipeline could ... Read More »

Hungary’s industrial producer prices up 4.1 pc in September

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  BUDAPEST: Industrial producer prices went up by an annual 4.1 percent in September, the Central Statistical Office (KSH) said on Tuesday. Prices for domestic sales were up by 4.8 percent while export prices rose by 3.7 percent. In a month-on-month comparison, industrial producer prices were up by 1.3 percent as domestic prices were up by 0.9 percent while export ... Read More »

Hungary PM lauds Europe’s ‘migrant-free zone’

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  BUDAPEST: Hungary’s prime minister says Central Europe is the continent’s last “migrant-free zone” and that unity among countries such as Hungary, Poland and the Czech Republic could stop globalization and mass migration. Prime Minister Viktor Orban, an ardent opponent of immigration, said Europe needs to be “safe, fair, civic, Christian and free” and return to the grandeur he claims ... Read More »

Brussels clears state aid for MOL investment

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  BUDAPEST: The European Commission on Wednesday cleared the provision of EUR 131 million in state aid for an expansion of oil and gas company MOLʼs petrochemicals plant in the underdeveloped northeast of the country, Hungarian news agency MTI reported. The EC found that the state aid merely compensated for the costs incurred by carrying out the job-creating project in ... Read More »

Govt accepts tourism development strategy in Hungary

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  BUDAPEST: Hungary’s government has accepted the National Tourism Development Strategy 2030, a guideline for “all players of the sector until 2030”, Zoltán Güller, CEO of the Hungarian Tourism Agency, told the Tourism Summit 2017 conference in Budapest on Monday. Addressing the event, Prime Minister Viktor Orbán said that the strategy will “secure for Hungary a worthy place in world ... Read More »