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ZF Hungária to invest HUF 31b in Eger


BUDAPEST: ZF Hungária, the local subsidiary of German car parts maker ZF Friedrichshafen AG, has announced plans to invest HUF 31 billion at its plant in Eger, northern Hungary, according to a press statement issued by the Ministry of Foreign Affairs and Trade. The Hungarian government will support the investment with a HUF 6.7 bln grant. Minister of Foreign Affairs ... Read More »

Hungary adapts to changing economic climate, says foreign minister


BUDAPEST: Hungary accepts and adapts to the changing economic climate brought about largely by the “more patriotic economic approach” pursued by the US, Foreign Minister Péter Szijjártó said at an event hosted by the American Chamber of Commerce in Hungary (AmCham) on Friday. In a move to turn Hungary into an ideal site for research and development, the government will ... Read More »

Hungarians unhappy with wages despite recent raises, Hays survey says


BUDAPEST: More than half of Hungarian workers are not satisfied with their salaries despite the fact that most have seen an increase in their earnings during the last year, according to the recently published 2017 Hays Hungary Salary Guide and Market Overview, launched for the seventh consecutive year. Drawing data from hundreds of recruitment projects run by Hays Hungary nationwide ... Read More »

Hungary economy to grow above 4% in 2017


BUDAPEST: Hungary’s economy is likely to grow at a rate above 4 percent this year thanks to a pick-up in investments and higher consumption, economic research company Pénzügykutató said in a forecast released on Wednesday. Also an influx of EU funding could boost growth this year, the think-tank said. This could be further fuelled by looser fiscal policy before next ... Read More »

Budapest Bank after-tax profit falls on lower interest income


BUDAPEST: After-tax profit of state-owned Budapest Bank fell 11% to HUF 13.1 billion last year, as interest income declined and the retail loan portfolio contracted, a bank official said on Tuesday, as reported by Hungarian news agency MTI. New outlays to both retail and corporate clients were up, while provisions for loan losses declined, said Viktor Tóth, who heads the ... Read More »

Senior ruling officials defend ‘Lex Heineken’ bill


BUDAPEST: The government sees no reason to withdraw the bill prohibiting the commercial use of totalitarian symbols, government office chief János Lazar and deputy prime minister Zsolt Semjén told news site atv.hu on Tuesday, reacting to news reports speculating about government plans to abandon the bill. “Lex Heineken” would ban the use of symbols such as the swastika, the arrow ... Read More »

Economy minister rules out new tax in Hungary


BUDAPEST: Unlike the opposition parties, the government is not mulling introducing any new tax, the economy minister said in an interview published by daily Magyar Idők on Monday. Mihály Varga reacted to the recent announcement of the Socialists of a policy aimed at a “more fair sharing of the public burdens”. Unveiling policy details, László Botka, the opposition party’s candidate ... Read More »

Gyulahús decides to boost Asian meat exports


BUDAPEST: Gyula local council-owned meat firm Gyulahús has decided to take steps in order to boost its exports to the Far East, Managing Director Zsolt Daka said on Thursday, according to reports. After showing at the Foodex food and drink fair in Tokyo earlier this year, the company has started working on the development of a sausage specifically targeted at ... Read More »

Hungarian minister praises new personal income tax filing arrangement


BUDAPEST: Economy Minister Mihály Varga has called recently implemented changes to rules for filing personal income tax returns historically significant for taxation. Under legislation approved last year, Hungary’s National Tax and Customs Authority (NAV) prepares the personal income tax returns starting this year of all Hungarians whose employers submit tax data for them. Speaking at a news conference on Thursday, ... Read More »

MOL board proposes HUF 625 per share dividend


BUDAPEST: The board of Hungarian oil and gas company MOL will propose to shareholders payment of a HUF 625-per-share dividend on last yearʼs earnings at an annual general meeting on April 13, Hungarian news agency MTI reported. The dividend is 10% above the HUF 567-per-share paid on 2015 earnings, the board noted. The total dividend payout will come to HUF ... Read More »

Opticon to start HUF 1.3b internet upgrade in 3 cities


BUDAPEST: Opticon, which provides internet, telephone and television services, could start a HUF 1.3 billion upgrade of internet networks in Kecskemét, Szolnok and Siófok in May, project manager Attila Prokk has told state wire service MTI. The project will bring high-speed broadband internet to more than 6,700 households by August 2018, Prokk said. The upgrade is supported with HUF 766 ... Read More »

Hungary’s trade surplus grows to EUR 658m in January


BUDAPEST: Hungary’s trade surplus was up by EUR 42 million to EUR 658 mln in January, compared to the same month a year earlier, Hungary’s Central Statistical Office (KSH) said in a first release of data today. Exports increased by 14.3% and imports by 15.1% during the months, compared to the same period a year earlier, in euro terms. The ... Read More »

Hungary’s GDP up 2% in 2016


BUDAPEST: The volume of gross domestic product in Hungary was up by 2% in 2016 as a whole, as compared to the previous year, according to a second estimate of data published by the Central Statistical Office (KSH) today. The volume of GDP was 1.6% higher in the fourth quarter of 2016 than in the corresponding period of the previous ... Read More »

Hungarian banks should cut mortgage spreads-central banker Nagy


BUDAPEST: Hungarian commercial banks should sharply cut mortgage interest rate spreads which have remained high even though central bank interest rates have fallen to record lows, central bank Deputy Governor Marton Nagy said on Tuesday. The central bank expects commercial banks to cut the spreads to what he said were Central Europe’s more customary level of 250-300 basis points from ... Read More »

Turkey, Hungary aim to boost trade to $5b


BUDAPEST: Turkey aims to increase annual trade volume with Hungary to $5 billion, Science, Industry and Technology Minister Faruk Ozlu said Friday. “Hungary is an important trade partner for Turkey. Last year, the mutual trade volume was over $2 billion. Our goal is to increase this up to $5 billion, and we will meet this goal in the very near ... Read More »

AdePlast expects 40% hike of exports in 2017


BUDAPEST: AdePlast’s exports went up by 36 percent to EUR 4 million in 2016 and the constructions materials maker plans to grow its sales further on the European market this year. „We have thought for a while to enter the Ukrainian market, but the politics evolution from there still makes us reluctant. However we are constantly prospecting the market. We ... Read More »

MOL net income reaches HUF 43.5b in Q4


BUDAPEST: Hungarian oil and gas company MOL booked net income of HUF 43.5 billion in the fourth quarter, improving over a HUF 435.3 bln loss in the base period, when it wrote off more than HUF 500 bln on production assets, state news agency MTI reported, quoting from an earnings report released early today. After-tax profit reached HUF 32.1 bln, ... Read More »

Knorr-Bremse to invest HUF 600m


BUDAPEST: Knorr-Bremse Rail Vehicle Systems Kft., the Hungarian subsidiary of the Germany-based firm, has announced an investment of HUF 600 million in a research project, supported with a HUF 270 mln grant from the National Research, Development and Innovation Office (NKFIH), according to a press statement sent to the Budapest Business Journal today. In the next two years, the group’s ... Read More »

Corporate tax cut lifts Magyar Telekom profits in Q4


BUDAPEST: Magyar Telekom booked after-tax profit of HUF 20.5 billion in Q4 – five times the amount in the base period – as it reaped the benefits of Hungary’s reduced corporate tax rate, news agency MTI reported based on an earnings report released late Wednesday. The board said it would propose payment of a dividend of HUF 25 per share ... Read More »

Two companies receive HUF 32m in fines


BUDAPEST: The Hungarian Competition Authority (GVH) has fined Trans-KD HUF 22 million and Trend Commers HUF 10 mln on charges of illegal advertising of the Medosan product line and Reduline36 diet pills, the authority announced today, according to reports. The authority charged the companies with making unsubstantiated claims about the positive health effects of several Medosan products, including dietary supplements, ... Read More »