On 28 May, 2015 the Hungarian Business Network (HBN) in cooperation with the Embassy of…
The schedule of the event is in preparation and will be updated. 9.30am Registration &…
Hungary recorded the largest expenditure on research and development since the change of regime in 2012, said Zoltán Cséfalvay, state secretary at the Economy Ministry. He told InfoRadio on Thursday that R&D spending totalled 1.29 of gross domestic product last year, as businesses, especially large corporates have understood the importance of R&D. He also spoke about the “early” repayment of the debt to the IMF.
A new Hungarian airline will be born – a Hungarian Hawk. Sólyom (Hawk) Airways will soon take off, the carrier’s chief executive officer, József Vágó has told a press conference on Wednesday. The minority owner of the carrier will be an Oman-based tourism company and a Dubai-based financial investor will ensure further funding.
Investors are beginning to calm down after panicky mood swept through markets late on Wednesday and Thursday. Currency markets are also showing signs of correction, which let up the pressure on emerging market currencies too. Hungary’s forint eased to 300 versus the euro but on Friday morning it has gained some distance southbound from this psychological level.
Hungary’s newly proposed tax measures – if approved – could improve the budget balance by up to 100 billion forints, the National Economy Ministry responded to state-owned newswire MTI’s inquiry on Monday.
The stock of the Premium Euro Hungarian Government Bond (P€MÁK) in circulation leaped by EUR 563 million in May, after an increase of EUR 104.5 m in April and a massive decline of EUR 450 m in March, data by the Government Debt Management Agency (ÁKK) showed on Wednesday. Total stock reached EUR 1.645 trillion by the end of last month.
András Simon, communications director at the National Bank of Hungary (NBH) has been laid off, local news portal origo.hu has learned.
The integration of certain responsibilities of the Hungarian Financial Supervisory Authority (PSZÁF) into the central bank (NBH) can make not only financial supervision but also monetary policy more stable, said Economy Minister Mihály Varga.
Forecasting firm Moody’s Analytics has revised its GDP forecast significantly upward for Hungary and now expects a much smaller contraction in 2013 than previously.
The volume of retail sales in Hungary increased by 3.4% year on year in April, according to data adjusted for calendar effects, the Central Statistics Office (KSH) has reported on Wednesday. The last time the index came in this high was seven years ago. The volume of sales increased by 3.3% in food, drinks and tobacco stores and by 6.3% in automotive fuel retailing. There was no change in the sales volume of non-food retail trade.
Hungary’s Manufacturing Purchasing Manager Index (PMI) dropped to 47.1 points in May from 51.7 points in April, according to seasonally adjusted figures, the Hungarian Association of Logistics, Purchasing and Inventory Management (HALPIM) reported on Monday. The decline comes after a drop in the PMI from 55.7 in March.
In the long run it is possible that Hungary will introduce a 9% personal income tax rate, but presently the country is not strong enough to do that, Prime Minister Viktor Orbán told commercial broadcaster InfoRadio on Thursday.
Having examined Hungary’s national reform programme and convergence programme and in view of the European Commission’s in-depth review and assessment of these the Council has made seven country specific recommendations for the country, such as ensuring a stable, more balanced and predictable corporate tax system, broadening the powers of the Fiscal Council, lowering the extra burden on the financial sector, strengthening active labour market policy measures, making the business environment more attractive for foreign direct investment by making the regulatory framework more stable and gradually abolishing regulated energy prices.
In February-April 2013, the number of employed people in Hungary increased to 3.869 million, up 58,000 from the base period. The unemployment rate eased back to 11.0% from 11.8% in the first quarter.
The soonest the European Commission can rule in an infringement case against Hungary over the country’s telecommunications tax is the spring of 2014, local weekly learned on Wednesday. This means the cabinet no longer needs to be concerned about this risk to the 2013 budget and hence the excessive deficit procedure.