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Hungary

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 »

Two hundred names appeared on an enemies list in Hungary. Thousands more asked to join

BUDAPEST – The list was spread across two pages, white type on a black background. There, plain for all to see in a prominent pro-government magazine, were the names of 200 academics, journalists, human rights advocates and others. They were the “mercenaries” of Hungarian American financier George Soros, the accompanying article explained. And this was an enemies list. At once ... Read More »

Budapest airport handles record cargo volumes in 2017

BUDAPEST: Budapest Airport processed a record 127,145 tons of cargo in 2017, up 13.4 percent on the previous year, and 39.1 percent on 2015. The Hungarian hub ended the year with a balanced market share, with imports at 47.8 percent, and exports at 52.2 percent. January to February 2018 figures were a record 21,750 tons, up 17.4 percent on the ... Read More »

PMI in Hungary climbs to 60 in December

BUDAPEST: Hungaryʼs seasonally adjusted Purchasing Managersʼ Index (PMI) stood at 60 points in December, up from 58.8 in November, the Hungarian Association of Logistics, Purchasing and Inventory Management (HALPIM), which compiles the index, said on Tuesday.  An index value above 50 shows expansion in the manufacturing sector, while a value under 50 signals contraction.  Among the sub-indices that comprise the ... Read More »

Uzbekistan Hungary sign agreement on cooperation in science and culture

BUDAPEST: The signing ceremony of the agreement on cooperation in education, science and culture between the Uzbek government and the Hungarian government has been recently held in Tashkent. The agreement was signed by Uzbek Minister of Higher and Secondary Special Education Inom Majidov and Hungarian Extraordinary and Plenipotentiary Ambassador to Uzbekistan Peter Santo. According to the document, legal bases are ... Read More »

All Saints business reports losing revenue due to construction,

BUDAPET: Development in Tallahassee’s all saints neighborhood is forcing local businesses to think fast as more construction projects pop up.Yosties Chili Parlor is hungry for customers. The business on Railroad rvenue is known for its chili dogs that somehow defy gravity but across the street and right behind the building, construction is a frustration for owner Gary Yost. “My phone ... Read More »

European commission raises Hungary GDP growth forecasts

  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 ... Read More »

Hungary’s July-Sept unemployment rate drops to 4.1%

BUDAPEST: Hungary’s three-month rolling unemployment rate dropped to 4.1 percent in July-September from 4.2 percent in the June-August period, the Central Statistics Office (KSH) said on Thursday. It said the number of unemployed dropped to 188,500 from 195,500, while the number of those at work rose to 4.45 million from 4.44 million. The ranks of the employed also include 190,900 ... Read More »

Automotive Hungary 2017 Expo opens in Budapest

BUDAPEST: The development of Hungary’s automotive industry will rely on systems integration involving the Visegrad Group of countries, Economy Minister Mihály Varga said, opening the Automotive Hungary 2017 expo in Budapest on Wednesday. Boosting the automotive industry is a complex task involving manufacturers, suppliers, the energy sector, R+D, the government and municipalities alike, Varga noted, adding that Hungary’s capabilities in ... Read More »

Hungary trade surplus shrinks in August

BUDAPEST: Hungary’s foreign trade surplus declined in August from a year ago, as imports grew faster than exports, preliminary figures from the Hungarian Central Statistical Office showed Monday. The trade surplus dropped to EUR 440 million in August from EUR 559 million in the corresponding month last year. Economists had expected a surplus of EUR 480 million. Both exports and ... Read More »

Vietnam, Hungary agree to boost multifaceted cooperation

HANOI: Vietnamese Prime Minister Nguyen Xuan Phuc and his visiting Hungarian counterpart Viktor Orban agreed here on Monday to take specific measures to strengthen cooperation in various fields. Addressing a joint press briefing after their talks, Hungarian Prime Minister Viktor Orban said the two sides will beef up economic cooperation, trade promotion and investment, and create more favorable conditions for ... Read More »

Iran & Hungary to develop nuclear plant for ‘scientific

TEHRAN: Hungary and Iran have agreed to cooperate in a joint mini nuclear power plant project. The countries will create a small nuclear reactor for scientific and educational purposes, said a Hungarian official on Thursday. Prime Minister Viktor Orban’s chief of staff Janos Lazar was asked if the project would comply with the nuclear deal between Tehran and the six ... Read More »

Hungary to discuss EU trade with New Zealand

WELLINGTON: A free trade agreement between the European Union (EU) and New Zealand will be on the agenda when Hungarian Foreign Minister Peter Szijjarto visits New Zealand on Friday, a media report said on Thursday. New Zealand Foreign Minister Murray McCully said he will meet with Szijjarto in Auckland on Friday. “This visit presents an opportunity to deepen this relationship, ... Read More »

Hungary’s foreign trade surplus decreased in December

BUDAPEST: Hungary’s foreign trade surplus decreased in December from a year ago, as imports grew faster than exports, preliminary figures from the Hungarian Central Statistical Office showed Thursday. According to details, the trade surplus fell to EUR 556 million in December from EUR 638 million in the corresponding month last year. Economists had expected the surplus to drop to EUR ... Read More »

Hungary should slash PIT: Minister

BUDAPEST: Hungary could follow up its recent decision to slash the rate of corporate tax with a similar tax cut on individual income, Economy Minister Mihaly Varga has suggested. In a recent interview with Hungarian business daily Vilaggazdasag, Varga said that Hungary should consider reducing personal income tax to a “single-digit” figure if economic conditions permit. “In my opinion, as ... Read More »

ICSID obliges Hungary to pay damages to French voucher company

BUDAPEST: The World Bankʼs International Center for Settlement of Investment Disputes (ICSID) has ordered the Hungarian state to pay French meal voucher company Edenred compensation of about EUR 23 million, Hungarian news website 444.hu reported, citing a statement by the French firm on Nasdaq GlobeNewswire. Edenred, which owns the Ticket Restaurant brand, was one of three French voucher companies that ... Read More »

Viktor Orbán turns Hungary into tax haven

BUDAPEST: Last week, the Hungarian government announced an economic package which, on the surface, is meant to deal with the country’s acutely low wages. Its results, however, will not increase the prosperity of the average citizen but greatly benefit large businesses. According to the new package, the minimum wage will be increased by 15 % in 2017 and an additional ... Read More »

Hungary, Austria join forces to catch human traffickers

BUDAPEST: Hungarian, Austrian, and Serbian police forces conducted joint investigations into organized people smugglers and have identified 15 people in Hungary alone, the Hungarian National Police reported on Friday. Some smugglers have been apprehended, including drivers who had carried migrants through Hungary and Austria. The joint force also turned over a list of smugglers to Serbian authorities, recommending arrests and ... Read More »

Tesco Hungary collects HUF 13.2b profit in FY2015

BUDAPEST: Having incurred losses of over 100 billion forints in 2013 and 2014, the Hungarian arm of UK retail chain Tesco has finally posted profit in FY2015. The turnaround was attributable to two key factors relating to accounting, but this does not make it any less important for Tesco because this way it managed to step over a landmine the ... Read More »

Real sector remains robust, but deflation risks persist: Hungary report

BUDAPST: EM ended last week on a firm note, helped by the weaker than expected US Q2 GDP report as well as the small bounce in oil. With the RBA and BOE expected to ease this week, the global liquidity backdrop remains favorable for EM and “risk.” US jobs report Friday will be very important for EM going forward. We ... Read More »