Articles

The “Southeast Asia in Focus: New Markets, Goals, Opportunities and Results” Conference was held in the Chamber of Commerce and Industry of Hajdú-Bihar County on 13 March 2019.

Southeast Asia and its business investment opportunities were the main focus points of the international conference which was organized by the Chamber of Commerce and Industry of Hajdú-Bihar County in collaboration with the Pallas Athene Innovation and Geopolitical Foundation. The speakers of the Conference all agreed that in the coming years and even decades we should certainly focus on Asia.

Another German interest; this time, a ministerial delegation from the Rhineland-Palatinate region arrived in Debrecen accompanied by businessmen. During the Business Forum which was held in the Chamber of Commerce and Industry of Hajdú-Bihar County on the occasion of the arrival of a German delegation, Lajos Barcsa, Vice- Mayor of Debrecen, presented the economic opportunities of Debrecen.  According to the arriving German foreign trade experts, the automotive industry could be the main area for co-operation with companies in Debrecen.

The European Commission has adopted new regulations on the manufacturing of medical devices and in-vitro diagnostic devices across the EU.

The German car manufacturing company BMW, is building a new factory in Debrecen, announced Péter Szijjártó, Minister of Foreign Affairs and Trade.

The Faludi G brand was founded by designer Gabriella Faludi in 2011, who by that time had established her name as an experienced jewellery and glass designer.

H.E. Mohammed Abdulhadi Almatrafi, the Ambassador of the Kingdom of Saudi Arabia in Budapest, paid an official visit to the Chamber of Commerce and Industry of Hajdú-Bihar County.

H.E. Hamad Burhamah , Ambassador of the State of Kuwait in Hungary, visited  the Chamber of Commerce and Industry of Hajdú-Bihar County,  where he was welcomed by Ferenc Miklóssy, President of the Chamber.

The Ambassador of the Republic of Turkey in Hungary, H.E. Ahmet Akif Oktay visited the Chamber of Commerce and Industry of Hajdú-Bihar County for the first time.

Since I have begun my work in September, this is my fifth visit to Debrecen, which is an important industrial centre of Hungary. It is a pleasure that we can rely on the Chamber as a strategic partner, since they are in contact with so many enterprises, with whom we would like to cooperate in the future – explained René van Hell, the Ambassador of the Kingdom of the Netherlands at the Dutch Business Day which was organized by the Chamber of Commerce and Industry of Hajdú-Bihar County and the Embassy of the Kingdom of the Netherlands.

The landing of the first Moscow- Debrecen flight was followed by a Hungarian-Russian business meeting. From now on, we can fly from Debrecen to Moscow twice a week. The first direct flight of Wizz Air airline landed on December 18, 2017 in Debrecen. During the welcome ceremony at the airport, it was stated that with this new flight the number of destinations available from Debrecen is increased to eight.

Debrecen / Moscow - The Russians also hope that the flight will be successful since they think that there is a great interest in Debrecen.

The Chamber of Commerce and Industry of Hajdú-Bihar County organized a Hungarian- Russian business meeting for the development of economic, business, scientific and touristic relations on 18 December at the Nonprofit Business Support Centre.

On 24 October 2017, the Austrian Business Agency, in cooperation with the Austrian Consulate in Nyíregyháza and the Enterprise Europe Network of the Chamber of Commerce and Industry of Hajdú-Bihar County organized a free consultation on the Austrian market for interested companies. At the event, the representatives of the  Austrian Business Agency provided firsthand information on the Austrian market.

On 12 October the Chamber of Commerce and Industry of Hajdú-Bihar with five local enterprises participated in the Italian-Hungarian Business Forum in Milan.

The President and the Secretary of the Greater Blacktown Business Chamber of Sydney,Australia  visited the Chamber of Commerce and Industry of Hajdú-Bihar. After the President and the Secretary General of the Chamber of Commerce and Industry of Hajdú-Bihar have welcomed the guests, they discussed the possible business and cultural cooperation opportunities between the two cities.

Our colleague Simonyi Réka, the Head of Department for International Affairs represented the Chamber of Commerce and Industry of Hajdú-Bihar County at the Enterprise Europe Network Annual Conference in Tallin.

The Enterprise Europe Network office of the Chamber of Commerce and Industry of Hajdú-Bihar County organized again its international business partnering database workshop. The participants could learn about the use of the database which contains business offers from more than 60 countries. With the help of the EEN consultants, the enterprises could make their own profiles, moreover, they could search among the international business offers.

The corporate identity of an organization should reflect the strategy, the philosophy and the mission to the outside world. The renewal of the corporate identity does not suggest the rejection of the previous values but it should express modernization, adaptation to the expectations of the new age and the changes in communication in order to keep up with the constant changes and new challenges of the world.

Following the success of previous years, the Hungarian National Trading House in cooperation with the Enterprise Europe Network office of the Chamber of Commerce and Industry of Hajdú-Bihar County organized again the event entitled  “Eastern-European market opportunities”. At the event, the Hungarian enterprises were familiarized with the business and investment opportunities of the neighbouring countries and their legal and economic environment.

From 1 September, Hungary has a new Dutch Ambassador, René van Hell. On 28 September 2017, René van Hell had a meeting at the Chamber of Commerce and Industry of Hajdú-Bihar County with Ferenc Miklóssy, President of the Chamber and Éva Skultéti, the Secretary General of the Chamber.

The Italian Business Day took place in Debrecen on Tuesday. At the event, the Italian Republic's Ambassador to Hungary and László Papp, the Mayor of Debrecen, negotiated about the possible business opportunities for Italian investors in the county seat. Collaboration is mainly possible in the field of economy, culture and education.

Debrecen Television made a video recording of the Italian Business Day which was held at The Chamber of Commerce and Industry of Hajdú-Bihar County. In the video, Dr. Éva Skultéti, Secretary General of the Chamber, Dr.László Papp, Mayor of Debrecen and Massimo Rustico, Italy’s Ambassador to Hungary commented on the international co-operation.

Economic relations between Italy and Hungary have been continuously developing in recent years. Further strengthening and improving of these relations, as well as connecting economic operators to the mutual market are the common goal. The Chamber of Commerce and Industry of Hajdú-Bihar County actively participates in the process of this development. As an Italian InfoPont, it provides the most important, up-to-date and useful information in order to help the county enterprises’ entry into the Italian market and the future establishment of Italian businesses in Hungary. The interested companies had the chance to hear more about the opportunities offered by the Italian Business Day which was organized at the Chamber.

The Chamber of Commerce and Industry of Hajdú-Bihar County expressed its appreciation for the outstanding achievements of the finalists of the Excellent Student of the Profession and the National Professional Study Tournament in the framework of an awards ceremony.

The Chamber of Commerce and Industry of Hajdú-Bihar County organised discussions with adult training institutions from the county. The purpose of the meeting was to raise awareness to the supported training tender that will appear shortly.

The Chamber of Commerce and Industry of Hajdú-Bihar County (HBKIK) gave gifts to about 180 disadvantaged children from Hajdú-Bihar County in the spirit of social responsibility. The HBKIK in connection with Children’s Day invited the children to the Vojtina Puppet Theatre to watch Pinocchio.

László Parragh, Chairman of the Hungarian Chamber of Commerce and Industry, presented the results of the Modern Businesses Program on 23 May at a press conference in Budapest. Mr. Parragh said the results speak for themselves.

On May 16, 2017, the Professional College of Tourism and Catering Industry was formed within the Chamber of Commerce and Industry of Hajdú-Bihar County. In the opinion of the newly formed College, closer cooperation between the various professional organizations of tourism and hospitality will be needed in the future.  Common professional positions should be developed on the current issues connected to tourism and should be disseminated as widely as possible.

The purpose of the delegation from the Brno Regional Chamber of Commerce to Debrecen is to co-operate between the twin cities and the two chambers to develop and stimulate the Hungarian-Czech business, economic, cultural and tourism links. Furthermore, the aim of the visit was to discuss the cooperation opportunities between the Brno Regional Chamber of Commerce and the Chamber of Commerce and Industry of Hajdú-Bihar County (HBKIK). 

Increasing the skilled labour force, adapting training to market demands, transferring public employees to the competitive sphere, and reducing unemployment in the county. These key priorities were identified by the Chamber of Commerce and Industry of Hajdú-Bihar County, the Hajdú-Bihar County Government Office, the Hajdú-Bihar County Employment Pact, the Hajdú-Bihar County Self-Government, the Chamber of Agriculture of Hajdú-Bihar County, IPOSZ and VOSZ.

Construction Industry Information Forum will be held on 30^th May 2017 in the House of Non-Profit Economic Development Organisations.

The event organized by the Enterprise Europe Network will be held on 8-9 June 2017 in Bologna. Businesses, research institutes, universities and other partners involved in technology, research and innovation will attend the two-day event.

On March 30, 2017, the Startup Campus Roadshow nationwide startup event came to Debrecen. After the pre-screening of the participating companies, six startups were presented to the professional jury. The purpose of the series of events is to present the new capital investment programs of Hiventures, as well as to explore the possibilities of local innovation ecosystem actors through incubation, capital inflow, and internationalization. In the professional jury, the Chamber of Commerce and Industry of Hajdú-Bihar County was represented by Ferenc Miklóssy, President of the Chamber. The Enterprise Europe Network also participated as an exhibitor at the event.

According to tourism experts our goal is to attract more tourists from home and abroad who should stay longer in Debrecen and in Hajdú-Bihar County. Those who attended “Tourism Season Opening 2017 – Hajdú-Bihar County” event could hear useful and informative lectures about tourist destinations, opportunities and the importance of adventure tourism in 2017. Within the framework of the event, the 3000^th Digitally Prepared Enterprise Award was awarded.

All the finals of the X. Profession Star Festival took place, so in every profession it was revealed which competitor could represent our country in this year’s World Cup competition. In 19 professions, 20 young professionals can travel to the United Arab Emirates, Abu Dhabi, where they can compete with the best of the world. The young people in Hajdú-Bihar County were successful, because three of them could participate in this grand tournament.

Filing domestic workforce shortages, employing Ukrainian citizens, employing skilled workers, unemployment and labour reserves. These topics were discussed among other things by those who attended the road show of “Employment of Ukrainian citizens in domestic sectors with workforce shortage” in the House of Non-profit Economic Development Organisations in Debrecen.

Google announced the expansion of its Digital Workshop’s program to Hungarian small and medium-sized enterprises. The free training and educational material helps businesses take advantage of the opportunities offered by the digital world, which in the long run promotes the growth of the Hungarian economy. Following the launching of the online platform last year, the program will be open to free lectures and personal consultations in more than 30 cities in the country in 2017, including Debrecen, where a Google Digital Workshop will be held on Friday, 19^th May, at the Chamber of Commerce and Industry of Hajdú-Bihar County.

The promotion of Italian investors to Hungary, the support of Hungarian companies that want to do business in the Italian market and the development of Italian-Hungarian economic relations were the main goals (among other things) at the informative event held on Monday, 15th May 2017 in the House of Non-profit Economic Development Organisations. Italy’s Ambassador to Hungary, H.E. Massimo Rustico and the Secretary General of the Italian Chamber of Commerce in Hungary attended the event that was co-hosted by the Chamber of Commerce and Industry of Hajdú-Bihar County and Italian Chamber of Commerce in Hungary.

bbj.hu / Christian Keszthelyi

Hungary's Mátrai Erőmű power plant is scheduled to begin construction of the country's largest solar power plant this spring, with an annual capacity of 15MW for HUF 6.4 bln, Béla Bardos of Mátrai Erőmű told Hungarian news agency MTI yesterday. The company expects to complete construction of the project by October. More...

Nasdaq / By Margit Fehér

The Hungarian central bank will this year look into whether it should hold foreign currency reserves and offer a liquidity tool in the Chinese yuan to tackle market turmoil, it said on Thursday.  The move is part of the Budapest Renminbi Initiative which is aimed at expanding Hungary's financing resources, establishing related foreign exchange and capital markets infrastructure. More...

portfolio.hu

The National Bank of Hungary (MNB) is to launch the FGS+ programme to give a boost to lending to small and medium-sized enterprises, central bank Governor György Matolcsy has told a press conference on Wednesday. Contrary to previous reports, the Funding for Growth Scheme will be expanded not to large corporates but to SMEs that have carried too high risks for the banks to lend them at a rate capped at 2.5%. Matolcsy believes the FGS will add one percentage point to growth this year and probably in 2016 too. More...

bbj.hu / Christian Keszthelyi

The Hungarian state is launching a holding company that will act as an “efficient, predictable and cheap” utilities provider, state secretary Zsuzsa Németh said at a press conference today. More...

AFP - Yahoo

From a sleek, modern office in the middle of Budapest's old town, Ustream provides live video streaming to clients such as Samsung and Sony. Nearby, Prezi has created a zooming presentation tool that even U2 singer Bono used last year for a talk on global poverty. These are just two of about 200 start-ups which have sprung up in Hungary in recent years, with the government pushing for the nation to become central Europe's start-up capital by 2020. More...

WSJ Emerging Europe - By Veronika Gulyás

Hungary’s Prime Minister Viktor Orban on Monday lashed out against immigration, setting one of the main policy objectives of his next term in power after winning parliamentary elections in April. More...

Reuters - Reporting by Marton Dunai; Editing by Robin Pomeroy

The Hungarian prime minister who said Europe had "shot itself in foot" by imposing sanctions on Russia, told diplomats on Monday he would seek support from other EU countries for a push to improve relations with Moscow. More...

The Pig Site

Russian sanctions are expected to harm USD 100 million in Hungarian agricultural exports. The Hungarian pork and poultry sector will be hit hardest by the Russian ban. More...

On 20 August, Hungary’s national holiday marking the country’s founding, President of the Republic János Áder presented internationally renowned inventor Ernő Rubik with the Order of Saint Stephen. The award is presented in recognition of the most prestigious special merit in the interests of the country, an outstanding life’s work and significant honours acquired within the international arena. Nobel Prize winning author Imre Kertész has also received the highest state award at the proposal of Prime Minister Viktor Orbán. (Photo: MTI Gergely Botár)

AFP - The Peninsula Quatar

Controversial new plans to make Hungary’s banks bear the burden of surging mortgage repayments could drag down economic growth and may prompt some beleaguered lenders to leave the country, analysts say. More...

portfolio.hu

Hungary may see its government debt rate drop below the end-2013 level by the end of this year, Péter Banai, State Secretary in charge of public finances at the Economy Ministry, said on Monday evening. More...

The Telegraph

If you like tokaji, you’re already a fan of furmint. And now its time has come. Hungary’s furmint seems to be having a bit of a moment. You may not have heard of it yet (and yes, it does sound like a toy for cats), but furmint is a grape variety you’ve quite possibly enjoyed before, without knowing. More...

EU Business

The EU "shot itself in the foot" by imposing trade sanctions on Russia over the Ukraine conflict, Hungarian Prime Minister Viktor Orban said in a radio interview Friday. More...

portfolio.hu

The Central Statistical Office (KSH) is set to publish its first estimate on Hungary’s second-quarter economic growth. The consensus forecast of (a handful of) analysts in a Portfolio poll shows 3.6% yr/yr GDP growth for Q2 and so does our simple forecast model, after a surprisingly strong 3.5% dynamics in Q1. If the April-June reading were indeed close to 4%, it would mark an 8-year high. We quickly need to note, though, that the outstanding rise in growth is only a temporary phenomenon. More...

portfolio.hu

Hungary posted HUF 37.7 bn budget deficit in July, the National Economy Ministry has announced its preliminary reading on Thursday. The January-July gap reached 86.5% of the full-year target.  More...

WSJ - By Margit Fehér

The European Central Bank has put Hungary under pressure on behalf of the foreign banks adversely affected by the country's legislation aimed at helping households with foreign-currency loans, the governing Fidesz party said Wednesday. More...

MTI - Hungary Today

An exhibition of the famous Zsolnay porcelain manufacture has opened on Friday featuring almost 260 works of art, reported news agency MTI. The title of the exhibition is “A genius family” (Egy zseniális család), and is housed in the renovated former home of the Defense Headquarters in the Buda Castle. More...

portfolio.hu

Analysts at Hungary’s OTP Bank expect a lower supply on the local government debt market in August-December than in the past few months. In a research note published on Monday they estimate that the country’s gross government debt likely rose to over 85% of GDP in the second quarter - but net debt probably decreased. They expect lower than 80% gross public debt at the end of the year. More...

Stadia Magazine

Lagardère Unlimited Stadium Solutions, the dedicated agency for stadia and arena operations owned by Lagardère Unlimited, has signed a long-term naming right contract between the Ferencvárosi stadium and French insurer Groupama. More...

WSJ Emerging Europe - By Leos Rousek

Central Europe’s factory output was mixed in July, going strong in the Czech Republic and Hungary, but hitting a bump in Poland reflecting varied domestic demand across the region and different connections with key euro-zone export markets, data showed Friday. More...

• By
• Leos Rousek

EurActive.com

Tibor Navracsics, Hungary’s minister for foreign affairs and trade, on Wednesday (30 July) confirmed he is the country’s nominee to become commissioner in the next EU executive. (Photo: Tibor Navracsics (right) talking to Johannes Hahn, German EU Commissioner) More...

portfolio.hu

It may be unbelievable but it is true: by purchasing MKB Bank from Germany’s BayernLB, Viktor Orbán’s old target to have at least 50% of the local banking system in Hungarian hands has practically been reached. But what does the government want with MKB and how much operating this bank that had accumulated immense losses will cost for taxpayers? Or the state has perhaps done a good deal? We have 10 questions and 10 answers that may clarify a few issues related to the acquisition of MKB. More... - Further reading on MKB's future on Reuters

AFP

Hungary's central bank MNB cut its main interest rate to a record low of 2.10 percent on Tuesday, ending a two-year-long monetary easing cycle aimed at stoking economic growth. More... - Further reading on Bloomberg's

Reuters - By Krisztina Thán

Hungary could risk a selloff in its currency by converting its huge stock of Swiss franc and euro mortgages into forints as the timing looks tricky: the planned conversion will take place after the Fed ends its stimulus programme. More...

portfolio.hu

Hungary’s National Economy Ministry has on Monday published detailed figures for the budget balance of the first half of the year. It has confirmed the preliminary data that in June there was a HUF 132 bn shortfall, an extremely low figure for the month. More...

portfolio.hu

The Hungarian arm of German carmaker Audi said they might be able to help those that will be laid off from Nokia’s Komárom factory. Microsoft Corp announced on Thursday that it will slash up to 18,000 jobs, or 14% of its workforce, in a bid to transform the recently acquired Nokia phone business into a cloud-computing and mobile-friendly software company, terminating overlaps. A Microsoft official said they plan a "phased exit" from the town where Nokia employs 1,800 people. More...

PM's Press Office

The 110 billion forint (EUR 354 million) spending freeze announced on Thursday is a precautionary measure, Prime Minister Viktor Orbán said in a radio interview today. More...

portfolio.hu

Hungary’s construction output grew by 28.7% year on year in May, according to both unadjusted and working day adjusted data, the Central Statistical Office (KSH) reported on Tuesday. Output rose in annual terms in both main groups of constructions: i.e. in the construction of buildings and civil engineering works by 17.0% and 40.4% respectively. Construction output was up 2.2% month on month, according to figures adjusted seasonally and for working days. In the first five months of 2014, the production was up by 27.8% compared to the same period of 2013. More...

MTI - Gov't Press Office

BorsodChem Zrt, the Hungarian subsidiary of the Chinese Wanhua Industrial Group, is to build a new plant for hydrochloric acid conversion in Kazincbarcika with government support. The investment of EUR 84 million will create at least 70 new jobs, announced Péter Szijjártó, State Secretary of the Ministry of Foreign Affairs and Trade and Jiansheng Ding, chairman and CEO of BorsodChem on Monday in Budapest. More...

Bloomberg - By Edith Balázs

Hungary expects the government’s debt level to stagnate this year after the European Union warned the country should lower the borrowing burden to avert re-entering the bloc’s budget monitoring process. The cabinet forecasts government debt will be 78.15 percent of annual output at end-2014, compared with 78.26 percent a year earlier, according to an Economy Ministry projection published by research group Fiscal Responsibility Institute on its website. - More...

Trade Arabia

Dubai-based Emirates airline is set to commence services to Hungary from October 27 with a daily flight to the capital Budapest. The airline will offer 278 seats per day on the Dubai-Budapest route, operating a wide-body A330-200 aircraft in a two-class configuration, said a statement. More...

porfolio.hu

Hungary’s industrial gross output grew by 9.6% year on year in May 2014, according to both raw figures and data adjusted for working days, the Central Statistical Office (KSH) reported on Monday. On a monthly basis, though, industrial production dropped 1.0%. More...

A new project launched by the IEER research team has investigated if online media could be used to predict investment willingness in the private sector. More than twelve thousand articles containing investment-related terms, were analised from this aspect. In the second part IEER brings macroeconomic trends into focus and, summing up the forecasts of international organisations, finds that economic recovery in the Eurozone is likely to continue in the rest of the year.  Read or download the IEER Bulletin from here.

Portfolio.hu

Hungary's foreign trade surplus has become smaller and smaller with every month recently. The May figure is in line with that trend, revealing a minor setback in export dynamic, with imports growing faster than exports do. More...

Portfolio.hu

Hungary's foreign trade surplus has become smaller and smaller with every month recently. The May figure is in line with that trend, revealing a minor setback in export dynamic, with imports growing faster than exports do. More...

CB Creative Bloq

Crafting exciting new products for everyday use needs plenty of creativity and a unique approach. Bringing a breath of fresh air into the crockery market is Hungarian based designer Edina Andrási who has used her love of paper art to produce a paper tea set. More...

Mobile World Live - by Richard Handford

The Hungarian Mobile Wallet Association has put a figure of 350,000 to 400,000 on the number of initial users for its proposed payments and loyalty service. More....

Reuters - Reporting by Marton Dunai

Hungary may revise its bank tax as new measures to unwind foreign currency loans could be costly for lenders, but it will not scrap the tax altogether, Economy Minister Mihaly Varga told public radio on Monday. More...

Central Statistical Office

- The volume of retail trade rose slightly in May. The restructuring of tobacco retailing has also led to changes in statistical data records, making H1 figures incomparable to those in the first six months of the previous year. Read the full report at the CSO's website.

- External trade surplus was EUR 629 million in April. Y/o/y the volume of exports was 6.5% higher. Read the full report at CSO's website. 

- Preliminary data show the deficit of the general government sector in Q1 2014 was HUF 256.6 billion, or 3.6% of GDP. Read the full report at the CSO's website.

Budapest Business Journal

The Chambers of Commerce and Industry of Serbia, Hungary and Bulgaria on Wednesday made a multilateral commitment to greater cooperation on economic development and energy security. More...

New York Times - By Lisa Abend

It took only a few minutes after the door locked behind us for the atmosphere in the cramped room to turn tense. A hasty note, left behind on a battered table, warned us that we had only an hour to get out, and it soon became clear that our escape route lay behind a second door. More...

kormany.hu

Minister of National Economy Mihály Varga said in connection with a critical report published by the European Commission that there was "absolutely no talk" about launching an excessive deficit procedure (EDP) against the country. More...

Wall Street Journal -  By Margit Fehér

Hungary's currency weakened sharply on Tuesday in reaction to the government's latest plan to ease the debt burden for foreign-currency borrowers at the expense of banks, with a European Union warning that the country may return next year under strict budget oversight adding to the forint's slide. More...

Reuters

Hungary's banks accused the government on Tuesday of holding them collectively responsible for borrowers' problems after shifts in the exchange rate soured once-popular foreign currency mortgages. More...

Bloomberg- by Marton Eder

Hungary may need additional budget cuts to lower government debt and avert the risk of re-entering the European Union’s budget monitoring process, the 28-member bloc’s executive said today. More...

portfolio.hu

Q1 2014 saw a continuation of the adjustment/debt repayment process Hungary's economy has been witnessing since the global financial crisis. In the four quarters to Q1 2014, the net financing capacity of the national economy amounted to 7.2% of GDP. More...

Reuters / The Moscow Times

Russia's Sberbank considers Hungary a "very difficult market" due to government policies, including tougher-than-expected new measures on foreign currency loans, a senior executive said. More...

Wall Street Journal - by Margit Fehér

A top official from Hungary's ruling party said the government plans to convert foreign-currency loans into forints at below-market rates to ease the financial burden on Hungarians, partly at the expense of the banking sector. More...

Reuters

Media giant Bertelsmann's Hungarian business said on Monday the government was out to destroy it after an amendment submitted to parliament left it as the only company in the top bracket of a new advertising tax. More...

Budapest Business Journal online

The latest inflation report of the National Bank of Hungary (MNB) puts this year’s ESA general government deficit at 2.7% of GDP, below the 2.9% official target. The projection assumed, as did the MNB’s earlier one, that all of the HUF 100 bln – 0.3%-of-GDP – reserves in the Country Protection Fund remain unspent. More...

WSJ Emerging Europe - by Margit Feher

Hungary’s government on Friday submitted a draft bill to parliament that widens the scope of its original plan to ease pressure on holders of foreign-currency loans by extending the proposal to holders of local-currency loans. The draft bill, after its likely approval by lawmakers next week, will require banks to compensate customers for unilateral increases to interest rates and charges on both local- and foreign-currency loans. More...

CSO / portfolio.hu

Retail sales grew by 4.2% year on year in April, according to data adjusted for calendar effects, the Central Statistical Office (KSH) reported on Wednesday. This is a somewhat slower pace than in the preceding two months, but still not a bad figure at all. The question is how much of this growth is real. More...  CSO's full report.

Politics.hu

Energy security was one of the most important issues for the Hungarian presidency of the Visegrad group over the past year, Prime Minister Viktor Orban said on Tuesday after an event that marked the end of Hungary’s twelve-month presidency of the V4. More...

portfolio.hu

The Hungarian arm of German carmaker Audi is to expand the area of its engine development centre by about 1,600 square metres. Among other additions it will set up 12 roller break testers which will boost capacity of the plant further. More...

Budapest Business Journal / Christian Keszthelyi

Pactera, US IT-consulting company, is planning to open an €11 mln development center in Hungary, as a first step in long-term plans for operations in the country, the company’s vice president, Antonion Monodmolil, announced today. More...

MNB / Portfolio.

In the first quarter of 2014, Hungary’s unadjusted net external financing capacity (i.e. the combined surplus on its current and capital accounts) amounted to EUR 1,554 million (HUF 481 billion). Adjusted for seasonal effects, the net external financing capacity was EUR 1,861 million or 7.6% of GDP (HUF 578 billion). This means the process of reducing the country’s external debt continued, which comes hand in hand with a current account surplus. More... -

The Central Bank's Inflation Report

Central Statistical Office

- Agricultural producer prices decreased by 8.9% in April 2014 y/o/y. The price of crop products fell by 13.6% and that of live animals and animal products increased by 0.9%. - Full report on CSO website.

- In April 2014, industrial gross output grew by 10.1% compared to the same month of 2013 due to mainly a rise in the sales of transport equipment and the related supplier branches, as well as of food industry. - Full report on CSO website.
- In May consumer prices decreased by 0.1% compared to May 2013. - Full report on CSO website.

Central Statistical Office

- Agricultural producer prices decreased by 8.9% in April 2014 y/o/y. The price of crop products fell by 13.6%. - Full report on CSO website.

- In April 2014, industrial gross output grew by 10.1% compared to the same month of 2013 mainly due to a rise in the sales of transport equipment. Full report on CSO website.
- In May consumer prices decreased by 0.1% compared to May 2013. - Full report on CSO website.

Budapest Business Journal

The special taxes on the the financial, energy, retail and telecommunications sectors will remain in place for as long as the ruling Fidesz government is in power, Prime Minister Viktor Orbán said today. More...

portfolio.hu

IFC (International Finance Corporation), a member of the World Bank Group, and the Hungarian Export-Import Bank have agreed to streamline their collaboration to provide much-needed financing to private companies and help boost growth and jobs in emerging markets. More...

The National - John Burton

Budapest is one of Europe’s hottest destinations right now. Lauded a century ago as the glittering Paris of Mitteleuropa, the capital of Hungary is in the midst of a new renaissance, with its sumptuous turn-of-the-century palaces brought back to life as luxurious hotels, along with a foodie revolution sweeping through the city from gourmet restaurants to funky food trucks. There are cutting-edge art and design projects springing up in everything from ruined mansions to abandoned factories, a hip nightlife scene that rivals London or Berlin, while the city’s iconic thermal baths, which have been the favourite pastime of locals for 500 years, are being spruced up and transformed into modern spas without losing any of their unique charm. More...

kormany.hu

President János Áder formally appointed the ministers of Prime Minister Viktor Orban's third government on Friday. Later, Parliament held a session at which Prime Minister Orbán addressed the new cabinet before their oath-taking ceremony. The goal of the cabinet formed on Friday is to operate a people's government, he stated, which is based on the classic idea of Abraham Lincoln: "Of the people, by the people, for the people." Hungary's government must lead a unified and strong nation forwards along the path that it embarked upon four years ago, he emphasised. More...

Bloomberg - By Zoltán Simon

Hungary’s industrial-output growth unexpectedly accelerated at the fastest pace in three years as carmakers raised production, boosting Prime Minister Viktor Orban’s bid to regain the country’s investment credit grade. More...

WSJ - Emerging Europe - By Margit Fehér

Hungarian privately-owned media outlets will hold a 15-minute blackout Thursday evening and printed press will publish with a blank page on Friday to protest against the government’s plan to levy a high tax on advertising, a step they claim is aimed at putting pressure on non-state media. More...

portoflio.hu

The Hungarian government will seriously consider an individual proposal submitted by Fidesz MP László L. Simon on the implementation of a new advertising tax on media companies. Revenues collected from the levy will be fully spent on children, more specifically on the development of schools and the modernisation and expansion of educational institutions, said János Lázár, state secretary at the helm of the Prime Minister’s Office, on Wednesday. More...

Xinhua News Agency / Hungarian News Agency

Hungarian Prime Minister Viktor Orban and Prime Minister of Kazakhstan Karim Massimov on Tuesday signed a strategic partnership agreement that seeks to pinpoint mutually advantageous cooperation between two countries.

Daily News Online

Hungary’s foreign ministry, which is to deal with external economic affairs, will raise its profile, the ministry’s incoming head, Tibor Navracsics, said in an interview with public radio today.  More...

portfolio.hu

In line with news leaked on Sunday, an MP of the governing Fidesz party, László L. Simon László has submitted a bill on the advertising tax to Parliament on Monday. This new levy is the first economic policy measure of Prime Minister Viktor Orbán’s new cabinet. The base of the tax is revenues generated from advertising and will be payable by media service providers. There will be six rates, between 0% and 40%. The first payment is due by 20 August. More...

The Hindu - G. Balachandran

Apollo Tyres has shortlisted Hungary and Slovakia for setting up its proposed euro 500 million greenfield tyre factory. The tyre major’s plan to set up a factory in the central eastern Europe comes in the wake of revival in vehicle demand in the European region. (The Slovakian press reported on Friday that Apollo is likely to choose Hungary - The Editor). More...

Investments in the Hungarian economy boomed by 22.6% year on year in the first quarter of 2014, the Central Statistical Office (KSH) reported on Friday. This is the highest growth figure ever recorded. The sharp rise is attributable to the low base and primarily to infrastructural developments.  More...