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Orban Pushes Hungary to the Point of ‘No Return’

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Hungarian Prime Minister Viktor Orban’s long march toward one-man rule in the heart of the European Union is about to hit a new milestone. Shrugging off the threat of sanctions from Brussels, Orban plans to push a bill through Budapest’s pliant parliament Wednesday that will further tighten his hold over the country’s court system. The legislation will strip the supreme ... Read More »

South Korean Hanon systems to Invest 113.6 million Euros in Hungary

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South Korean thermal and energy management solutions company Hanon Systems will invest 36.7 billion forints (EUR 113.6m) to expand its operations in Hungary, Foreign Minister Péter Szijjártó told a press conference. Hanon Systems Hungary will expand capacity at its base in the central Hungarian city of Székesfehérvár and set up new bases in Pécs, in southern Hungary, and in the ... Read More »

Foreign Minister Opens Hungarian Trade Centre In Shanghai

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Hungary realised in time that the Chinese market offers great opportunities for high-quality Hungarian products and services, Péter Szijjártó, the foreign affairs and trade minister, told public media in Shanghai on Sunday after opening a Hungarian trade centre in the city. The minister, who is member of the delegation accompanying the prime minister on a visit to Shanghai, said Hungary ... Read More »

HUF 80 bln of EU JEREMIE funds to be distributed in Hungary

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Eight new risk capital funds began their operation in Hungary at the end of August, with all of them handling the distribution of the European Unionʼs so called JEREMIE funds, providing more than HUF 80 billion of resources for innovation projects, according to a press release sent to the Budapest Business Journal. Hungarian micro enterprises and SMEs will be eligible ... 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 in 2015, 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 ... Read More »

Viktor Orban moves to ban gender studies courses at university in ‘dangerous precedent’ for Hungary

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A proposal by the Hungarian government to ban gender studies at universities in the country has been criticised as a “dangerous precedent” for state interference. Hungary’s ministry for human capacities said the proposed ban, which would come into effect at the start of the 2019 academic year, had been introduced because employers showed no interest in graduates from the subject. ... Read More »

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 »