Hungary to host 2018 EuroSkills finals

Beating out Norway in the running to host the finals of the 2018 EuroSkills contest, Hungary signed an agreement today regarding its role in the contest and will be the first of the former Eastern Bloc countries to host the largest European skills competition, Hungarian news agency MTI reported.

Report: Tax chief could be dismissed by summer

The head of Hungary’s National Tax and Customs Authority (NAV) Ildikó Vida, who earlier admitted she was one of the individuals banned from entering the United States, could be dismissed by summer, Hungarian online daily Népszabadság Online (nol.hu) reported today citing several unnamed NAV insiders.

CHMP advances Richterʼs Esmya® 5 mg

The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion on the company’s application to extend the indication of Esmya® 5 mg tablets to long term repeated intermittent treatment of moderate to severe symptoms of uterine fibroids, Gedeon Richter Plc. said today in a press release.

March sees more registered job seekers

Some 462,000 job seekers were registered in Hungary at the end of March, up from 431,500 a year earlier and 430,700 at the end of the previous month, the National Employment Office (NFSZ) said on its website on Friday. The NFSZ said 22.1% of the total had been seeking work for more than one year, down 6.4 percentage points from a year earlier.

Velence, Balaton lobby against Sunday closures

After municipalities in the Balaton region asked that during summer holidays the government lift restrictions prohibiting retailers from opening on Sundays, the municipalities of Velence have also put forward the same request, Hungarian daily Népszabadság reported today.

BUSINESS

MNB orders suspension of trade in TR Investment shares

The National Bank of Hungary (MNB) today ordered the suspension of the trade TR Investment shares for an indefinite period, because the company failed to publish its audited consolidated financial report for 2013, the central bank and market regulator said in a statement.

BUSINESS

Hirtenberger completes HUF 1.4 bln investment

Austrian-owned Hirtenberger Automotive Safety Hungary has completed a HUF 1.4 bln expansion at its base in Pápa, northwestern Hungary, creating 50 new jobs, CEO Gábor Király told Hungarian news agency MTI.

BUSINESS

Toy seller Regioʼs revenue jumps as network expands

Hungarian toy seller Régió Játékkereskedelmi saw its net revenue rise by 40% to almost HUF 7 bln last year, following its takeover of failed competitor Gulliver, increasing store numbers by 50% to 33, the company told Hungarian news agency MTI.

ECONOMY

Hungarians open 11,000 baby bond accounts in Q1

Hungarians opened almost 11,000 Start accounts, a type of account required to purchase "baby bonds", in the first quarter of this year, Hungarian business daily Világgazdaság reported today, citing Treasury data.

OPINION

If you are not growing, you are dying

I recently needed to buy a new food cooler for a camping trip I was about to go on.  As a big supporter to local industry, I happily went to the local shop to purchase a cooler. What I found was something that shocked me.  The price of the cooler was well above what I anticipated.  I decided to drive the 300 meters to the big chain store and check their pricing before I purchased the cooler at the local “Mom & Pop” shop.  What I found was the same exact cooler was third the price.  My dilemma was do I support local business at a price of 2/3 more, or do I save the resources for my family?  Well, I bought the cheaper cooler.

ECONOMY

Official: Govʼt to ensure VAT reduction on pork passed on to consumers

The Hungarian government has expressed its commitment to “do everything in its power” to see that the planned reduction in VAT for processed pork meat be passed on to consumers, deputy state secretary Zoltán Pankucsi said in an interview with state-owned news channel M1 on Saturday.

BUSINESS

OTP Bank fixes disruption in online payment system

Hungarian OTP Bank’s slowdown of its online payment system between 8am and 9am this morning was due to technical issues, which have now been resolved, the bank told Hungarian news agency MTI.

BUDAPEST

Mapei sales climb 17% in Q1

Sales of the Hungarian subsidiary of Italian building materials maker Mapei saw a year-on-year rise of 16.7% in the first quarter of 2015 following an expansion in the domestic construction sector as well as increased marketing activities, managing director Béla Markovich said today.

POLITICS

Editorial: Jobbik still an unappealing alternative

FROM THE PRINT EDITION: Unfortunately, the party that currently looks best placed to contest Fidesz for power in the 2018 election is an even less appealing alternative: Jobbik, which espouses anti-Roma, anti-Semitic and anti-Western platforms.

BUDAPEST

Interview: Supporting the children who need it most

FROM THE LATEST PRINT EDITION: With a name that translates roughly as "Camp Courage", Bátor Tábor provides seriously ill children with a life-changing break. Director of development Kata Tóth tells the Budapest Business Journal more about the camp.

BUSINESS

Magyar Gáz Tranzit submits application for Hungary-Slovakia gas interconnector permit

Magyar Gáz Tranzit has submitted an application to the Hungarian Energy and Utilities Regulatory Office for the operating permit of an interconnector between the gas networks of Hungary and Slovakia, the Interior Ministry said on Friday, in response to a query by MTI. 

BUSINESS

E.ON Hungary unit returning retail gas supply licence

The Hungarian unit of German utilities giant E.ON on Friday said it is bringing back its "universal service provider" license to supply gas to households. Universal service providers supply gas using a price structure and level controlled by the state. E.ON Energiaszolgáltató said it had asked the Hungarian Energy and Utilities Regulatory Office (MEKH) to withdraw the license.

ECONOMY

Earners in big families took home HUF 202,000 on average last year

Hungarians availing of tax preferences for families with three or more children earned a monthly net HUF 202,006 on average last year, about one-third more than the HUF 152,538 those without any children declared as take home pay, data published by the Central Statistics Office (KSH) on Friday show. 

ECONOMY

Bank group: Bank tax prevents growth

The extra burdens on Hungaryʼs banking sector are restricting the sustainable growth of the whole economy, the head of the Hungarian Banking Association said at the bodyʼs annual general meeting on Friday.

ECONOMY

Swiss robot buys Hungarian passport, gets arrested

An "automated online shopping bot", set up by Swiss art group !Mediengruppe Bitnik in order to explore the "dark web", managed to buy a Hungarian passport – illegally – along with Ecstasy pills and fake Diesel footwear, before it was arrested by Swiss authorities, CNBC reported.

POLITICS

Government to question public on immigrants

On Friday, the Hungarian government posted the questionnaires of a national consultation on immigrants, a day after EU heads of state and governments met at an extraordinary summit on the topic of immigration, the Hungarian government’s official website kormany.hu reported. All Hungarians, who are eligible to vote, are soon to receive a questionnaire.

ECONOMY

No Hungarian casualties reported in Nepal earthquake

The earthquake in Nepal Sunday, which caused the death of more than 2,300 people, has claimed no Hungarian casualties so far, Hungarian online daily index.hu reported. Andrea Vajna, Hungary’s consul in New Delhi, said that the 15 Hungarian tourists in Kathmandu are not among the casualties of the earthquake, and they departed from the country to Hungary yesterday. 

POLITICS

Demo in front of PMʼs house rejected

Péter Juhász (pictured), of opposition party Együtt (Together), has filed for permission to hold a demonstration in front of his own house, after being denied police permission to demonstrate in front of the house of Hungary’s Prime Minister Viktor Orbán. 

ECONOMY

BUX reaches new multi-year high

The Budapest Stock Exchangeʼs main BUX index finished up 1,68% at 22,420,43 the highest since July 7, 2011, Friday after rising 0.43c Thursday. It is up 34.79% from year-end, after losing 10.40% last year.

ECONOMY

Forint falls on interbank market

The forint was trading at 303.31 to the euro late Friday on the interbank forex market, down from 300.16 late Thursday. At 300.15 to the euro early Friday, the forint moved between 300.08 and 303.52, a second one-month low in two days, after a six-day high at 296.82 Tuesday intraday.

expert opinion

If you are not growing, you are dying

If you are not growing, you are dying

by Roland Keller

Business Optimisation Expert

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