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‘Hungary rejects tying EU funding to rule of law,

Hungary will resist any effort by the European Commission to tie European Union funding to observance of the rule of law, the justice minister told the Reuters news agency in an interview on Wednesday. Varga said the definition of “generalised deficiency” regarding the rule of law in the EU’s 2021-27 draft budget was too vague. She said her goal was ... Read More »

Hungaryʼs SignAll gets EUR 1.7 mln investment

The company tells the Budapest Business Journal that the first investment round took place some three years ago. Since then, SignAll has focused on developing the first automated translation system for ASL. The company also received numerous accolades such as the CES Accessibility Award, featuring SignAll among the five “World’s Best Vendors” in Artificial Intelligence by Gartner, and inclusion in ... Read More »

MÁV restores restaurant service on its Balaton Express

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 »