BBJ analysis: New taxes hit some sectors harder

The tax package for 2015 continues to shift the burden from income to consumption, with plenty of special taxes thrown in. Our expert picks out the changes to watch for.

EDITORIAL: Without foreigners, we dance alone

FROM THE PRINT EDITION: Back in May 2012, Prime Minister Viktor Orbán famously spoke of the “peacock dance” of diplomacy, in which one seeks to remain friendly with foreign powers, even while acting against their wishes. But sometimes what is good for foreign powers is also good for Hungary.

BBJ in print: Taxes, retail, AmCham turns 25

What does the new tax package really mean for various sectors of the economy, including your business? Were banks shocked by the details of the new FX law, and what does it mean for borrowers? What did the prime minister tell a room full of Americans? Find the answers to these questions and more in the latest print edition of the BBJ, on newsstands now!

EC to analyse imbalances risks further in Hungary

Hungary is one of 16 European Union member states where the European Commission (EC) sees the need to analyse in detail the macro-economic imbalances and their related risks, the EC said on Friday.

Budapest Airport expects record numbers

Budapest Airport, which operates the capital's Liszt Ferenc International Airport, expects passenger numbers to exceed 9 million by mid-December, reaching a new record, Hungarian business daily Napi Gazdaság reported today, quoting communications director Mihály Hardy.


CEE business leaders plan to raise salaries in 2015

Half of the executives polled by KPMG plan to increase salaries by up to 5% next year, Radio Poland reported. The most likely increase, as indicated by 37% of respondents, in the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia (CEE8), will be from 2.0% to 4.9%, according to KPMG. 


KSH: Hungary investments grow 16.3% in Q3

Investment volume in Hungary increased by 16.3% year-on-year in the third quarter, primarily lifted by capital expenditures in the logistics and manufacturing sectors, the Central Statistics Office (KSH) revealed today in its publication.


MNB: Corporate lending stock rises on net borrowing

Corporate lending stock of Hungarian banks rose to HUF 6,715.5 bln at the end of October from a month earlier as net borrowing by businesses outpaced the effect of the stronger forint on foreign currency-denominated loans, a monthly report by the National Bank of Hungary shows.


Woory to invest $35 mln in Hungary

South Korean car parts manufacturer Woory Industries is planning to build a factory in Komárom (northwestern Hungary), by investing $35 mln between 2015-2018, Hungary’s Foreign Minister Péter Szijjártó announced at a South Korean-Hungarian business forum in Seoul today.


MNB: Repayments, stronger forint cut retail lending stock

Hungarian households repaid net HUF 29.7 bln of their outstanding loans in October, and the weaker forint reduced retail lending stock by a further HUF 43.6 bln from the end of the previous month, a monthly report published by the National Bank of Hungary on Tuesday shows.


PM encourages South Korean businesses to invest in Hungary

Hungarian Prime Minister Viktor Orbán encouraged South Korean businesses to invest in Hungary and make use of incentives offered under Hungary's economic strategy, while attending a business forum in Seoul today. Orbán is currently engaging in negotiations with a delegation of Hungarian government officials and businesspeople.


Ninth international conference of logistics directors to be held

Club of Logistics Directors is holding their 9th Conference of Logistics Directors traditionally in May 2015 which is the main event of the Club.


Áder addresses first Hungary-Vietnam rectors' conference

The first conference of Hungarian and Vietnamese rectors began in Hanoi on Thursday with Hungarian President János Áder in attendance. Addressing the event, Áder said that there were 50 Vietnamese students studying on a grant and another 218 attending paid-for courses in Hungary. 


EU transfers raise MNB reserves by EUR 1.2 bln in Q3

Net transfers from the European Union remained the main item raising the National Bank of Hungary's (MNB) international reserves, adding nearly EUR 1.2 bln in the third quarter, the central bank's interim report published on its website on Thursday shows. 


BUX again bucks European trend

The Budapest Stock Exchange's main BUX index finished down 0.37% at 17,488.21 Thursday, after losing 0.31% Wednesday. It is down 5.80% from the end of last year, after it rose 2.15% in 2013.


Forint eases further on interbank market

The forint was trading at 307.29 to the euro late Thursday on the interbank forex market, down from 306.94 late Wednesday. At 306.95 the euro early Thursday, the forint moved between 306.71 and 307.32, after hitting a two-week low at 307.56 on Wednesday. It touched a new close to six-month high at 303.63 on last Friday. 


Budapest Airport, Mercedes agree on vehicle fleet renewal

Liszt Ferenc international airport operator Budapest Airport signed an agreement on a gradual renewal of the airport's vehicle fleet with Mercedes-Benz Hungária, Hungarian news agency MTI reported late yesterday.


Bonbonetti to close production at Nagykanizsa unit early December

Hungarian sweets maker Bonbonetti Choco is scheduled to close production after laying off 64 workers at its production unit, entitled Choco Bonita, in Nagykanizsa (southwestern Hungary) by December 10, István Lakos of Bonbonetti informed Hungarian news agency MTI late yesterday.


MNB council amends first decree, approves remaining ones on borrowers' relief refunds

The Financial Stability Council of the National Bank of Hungary (MNB) has amended the first central bank decree and approved the remaining three regulating the methods for calculating compensation banks must pay under borrowers' relief legislation approved in the summer, the MNB said on Thursday.


Gov't raises funding for drug subsidies

The Hungarian government said it would raise funding for drug subsidies and subsidies of medical aids and equipment in 2014 by HUF 13 bln and HUF 4.8 bln respectively, in a resolution released yesterday, Hungarian news agency MTI reported today.


Ceva-Phylaxia inaugurates HUF 2bln expansion

French-owned veterinary company Ceva-Phylaxia inaugurated a HUF 2 bln expansion at its plant located in Budapest, the company announced today. The investment raised the capacity at the base by 40% and is expected to raise headcount by 15-20 from the current 450 as of next spring, Farm Ministry State Secretary Róbert Zsigó said.


ÁKK raises auction sale of longer bonds

The Government Debt Management Agency (ÁKK) sold more than planned five- and ten-year bonds and sold the announced volume of three-year bonds at an auction on Thursday. ÁKK sold a combined HUF 61 bln of bonds at the auction, HUF 6 bln more than planned.


Magyar Telekom sues BTel for HUF 944 mln

Budapest Stock Exchange (BSE) issuer Business Telecom (BTel) said late yesterday that Magyar Telekom was suing it for HUF 944 mln in service fees and related taxes, and an investor has initiated liquidation procedure against the company but a deadline given by the court has not expired.


KSH: Emplyoment rises, while unemployment drops

The number of employed people was up 4.9% year-on-year (to 62.9%) in the August-October period, exceeding 4.18 million, while the unemployment rate decreased by 2.7 percentage points year-on-year to 7.1% for the same period, Central Statistics Office (KSH) reported today.


Hungary, Vietnam presidents discuss economic cooperation in Hanoi

Hungary’ President János Áder and his Vietnamese counterpart Truong Tan Sang today agreed on strenghtening bilateral economic relations in Hanoi, Hungarian news agency MTI reported. Speaking at a joint press conference after the meeting, Áder noted that bilateral relations overall had fared well since the Vietnamese president's visit to Hungary last year.

expert opinion

From Beijing – A Law … and a Warning

From Beijing - A Law ... and a Warning

Murray Scot Tanner

The MarkNews

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