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Hungary’s water management companies to invest in Tajikistan

BUDAPEST: Investment opportunities of several billion forints are available to Hungarian water management companies in Tajikistan, where 54 percent of Asia’s water resources are found, Foreign Minister Péter Szijjártó said on Wednesday. The water base in Tajikistan is more than three times central Europe’s water demand, Szijjártó told MTI after talks in Dushanbe. Tajikistan has some 900 rivers and 1,500 ... Read More »

Hungary signs OECD tax convention

BUDAPEST: Hungary was among the signatories of a multilateral tax convention within the framework of a ministerial meeting of the OECD in Paris on Wednesday, the Ministry for National Economy announced, according to Hungarian news agency MTI. Hungary signed the agreement, which aims to reduce opportunities for tax avoidance by multinational companies, together with more than 65 other countries, the ... Read More »

Hungary, Croatia sign declaration of intent on reverse gas flows

BUDAPEST: Hungary and Croatia signed a declaration of intent to enable reverse gas flows between the two countries on Tuesday. Speaking at a press conference after the signing of the declaration, Hungarian Foreign Minister Péter Szijjártó called the document strategically important, arguing that it was crucial for Hungary’s energy security that the country has access to gas from the south ... Read More »

National bank of Hungary lowers inflation forecast to 2.4% for 2017

BUDAPEST: The National Bank of Hungary (NBH) lowered its inflation forecast for this year in a quarterly forecast released on Tuesday. The central bank lowered its CPI forecast for 2017 to 2.4 percent in its quarterly Inflation Report from 2.6 percent in the previous report published in March. The NBH also lowered its 3 percent inflation forecast for 2018 to ... Read More »

Speed-Tech inaugurates HUF 230m production hall

BUDAPEST: Austrian-owned Speed-Tech inaugurated a HUF 230 million production hall for warehouse system control units in Ajka (western Hungary) on Tuesday, according to Hungarian news agency MTI. Owner-manager Franz Jöbstl said the company financed the investment from its own funds. Production started in the 1,300 square-meter hall at the beginning of June. The investment has created 20 new jobs. Speed-Tech ... Read More »

Lawmakers approve 2018 budget in Hungary

BUDAPEST: The bill was approved with 127 votes in favour and 62 votes against. The 2018 budget targets revenue of 18,751.5 billion forints (EUR 61.2bn), expenditures of 20,112.1 billion forints, leaving a deficit of 1,360.7 billion forints. The deficit is over the 1.166.4 billion forint gap targeted for 2017. The 2018 deficit target as a percentage of GDP is 2.4 ... Read More »

Hungary aims to strengthen v4 cooperation with Central Asia: Minister

BUDAPEST: Hungary plans to strengthen relations with Central Asia not only on a national level but also on the level of the Visegrad group, Economy Minister Mihály Varga said. For this reason, Hungary will initiate developing a V4-Central Asia cooperation platform, Varga told the press on the last day of his visit to Kazakhstan, after meeting counterpart Kairat Abdrakhmanov. Good ... Read More »

Hungarian firm invests HUF 1.5b in Mercedez-Benz dealership

BUDAPEST: Hungarian-owned JP Auto has opened a Mercedes-Benz brand dealership in Jászberény through a HUF 1.5 billion investment, according to a press release sent to the Budapest Business Journal today. The dealership, which also serves as a repair garage, lies on a 30,000 square-meter plot with an approximately 5,000 sqm building. The repair shop can deal with ten vehicles at ... Read More »

Hungary aims to strengthen v4 cooperation with central Asia: Minister

BUDAPEST: Hungary plans to strengthen relations with Central Asia not only on a national level but also on the level of the Visegrad group, Economy Minister Mihály Varga said on Sunday. For this reason, Hungary will initiate developing a V4-Central Asia cooperation platform, Varga told the press on the last day of his visit to Kazakhstan, after meeting counterpart Kairat ... Read More »

Hantech revenues climb 10% in 2016

BUDAPEST: Farm machinery parts maker Hantechʼs revenues rose 10% to HUF 3.5 billion last year, the company told Hungarian news agency MTI. Hantech plowed back about 10% of its revenues into R&D and investments last year. Profit came to around HUF 100 million. This year, the company plans to upgrade its capacity and build another production hall. Hantech exports about ... Read More »

Hungarian parliament likely to pass 2018 budget on June 15

BUDAPEST: Hungary’s parliament will most likely pass the country’s budget for 2018 in a final vote scheduled for June 15, the government office chief said on Thursday. Next year’s budget aims to create jobs, increase family support and provide for security, János Lázár told a weekly press briefing. One of the main goals is to ensure full employment in 2018, ... Read More »

Hungary signs multilateral OECD tax convention

BUDAPEST: Hungary on Wednesday signed a multilateral OECD tax convention aimed at preventing base erosion and profit shifting, the economy ministry said. The convention will ensure that rules designed to prevent cross-border tax evasion will be incorporated into bilateral tax treaties within a short amount of time, the ministry said. It will also enable hundreds of tax treaties to be ... Read More »

Hungary GDP grows 4.2%, budget posts 698m euros end-May deficit

BUDAPEST: Hungary’s cash-flow-based budget, excluding local councils, ran a 213.4 billion forint (EUR 698m) deficit at the end of May, the Economy Ministry said on Wednesday. Hungary’s GDP grew by an unadjusted 4.2 percent year on year in the first quarter, the Central Statistical Office (KSH) said in a second reading of the data. The shortfall was 18.3 percent of ... Read More »

Orbis to buy Budapest Sofitel for EUR 42.25m

BUDAPEST: Listed hotel operator Orbis has signed a deal to buy the company owning the Sofitel Budapest Chain Bridge from Universale International Realitäten GmbH for EUR 42.25 million, state news wire MTI quoted Polish news agency PAP as reporting Tuesday. The deal, which the company announced in a market filing, is subject to approval by the Hungarian competition authority. To ... Read More »

Orbis to buy Budapest Sofitel for EUR 42.25m

BUDAPEST: Listed hotel operator Orbis has signed a deal to buy the company owning the Sofitel Budapest Chain Bridge from Universale International Realitäten GmbH for EUR 42.25 million, state news wire MTI quoted Polish news agency PAP as reporting Tuesday. The deal, which the company announced in a market filing, is subject to approval by the Hungarian competition authority. To ... Read More »

Paks upgrade Hungary’s ‘largest ever’ development project: FM

BUDAPEST: The upgrade of the Paks nuclear plant is not solely an energy issue, it is “the largest ever development project” in Hungary’s economy, the foreign minister said at a green forum in St Petersburg on Thursday. Speaking to MTI, Péter Szijjártó welcomed that the project had entered into “an active phase” after it had received overall approval by Brussels. ... Read More »

Hungary investments up 34.1% in Q1

BUDAPEST: The volume of investments in Hungary rose by an annual 34.1 percent in the first quarter, the Central Statistical Office (KSH) said on Tuesday. The first-quarter rise was from a low base in the same period a year before. KSH noted that growth was strong in nearly all sectors. In addition to capacity expansion projects, the actual realisation of ... Read More »

Garantiqa surety stock climbs 21% in 2016

BUDAPEST: Garantiqa Hitelgaranciaʼs surety stock rose 21% to HUF 443 billion in 2016, Hungaryʼs biggest credit guarantor said on Friday, according to Hungarian news agency MTI. The guarantees were on HUF 543 bln of loans to SMEs. This year, Garantiqa targets a 23% rise in surety stock. Read More »

K&H Q1 profit lifted by lower costs, taxes

BUDAPEST: The K&H banking groupʼs first-quarter after-tax profit rose 8% year-on-year to HUF 10.1 billion as client numbers rose while costs and taxes fell, CEO David Moucheron said at a press conference today, Hungarian news agency MTI reported. Moucheron noted that the bank levy and the corporate tax rate had been reduced this year. K&Hʼs outlays reached HUF 57 bln ... Read More »

MKB Bank profit reaches HUF 8.5b in Q1

BUDAPEST: MKB Bank had HUF 8.5 billion after-tax profit in the first quarter of the year, the bank said in a statement yesterday, according to Hungarian news agency MTI. In 2016 MKB had HUF 9.5 bln net profit during the whole year. In Q1 2017 interest income was up 27% compared to the same period a year earlier. Income from ... Read More »