BUSINESS

EPCOS inaugurates HUF 10.5 bln development, production center in Hungary

Electronic components manufacturer EPCOS, a member of the TDK group, inaugurated a HUF 10.5 bln development and production center in Szombathely, western Hungary, on Friday, merging its two bases in the city into a larger, 50,000 sqm space.

BUSINESS

Shanghai Feilo Acoustics eyes €30 mln LED plant in Hungary

Chinese lighting equipment distributor and manufacturer Shanghai Feilo Acoustics on Friday signed a declaration of intent with Hungarian politicians on the construction of a €30 mln LED plant in Sárospatak, northeastern Hungary, news agency MTI reported.

BUSINESS

Compensation of Hungaria Értékpapír clients begins

Compensation for the clients of failed brokerage Hungária Értékpapír began on Friday and clients will be entitles to apply for compensation over a period of one year, Hungarian news agency MTI reported. 

POLITICS

Editorial: Real tax overhaul will have to wait – again

FROM THE PRINT EDITION: The new tax bill is still based on the “unorthodox” formula, with a confusing hodgepodge of special taxes, including extra levies against banks, telecoms and anyone selling advertisements. We are still waiting for the tax overhaul that this country has needed for more than 50 years.

BUSINESS

Urbán és Urbán inaugurates HUF 3.5 bln wafer plant

Hungarian snacks maker Urbán és Urbán inaugurated a HUF 3.5 bln wafer plant in Rétság, northern Hungary on Friday. 

ECONOMY

Tax office probe: Uber drivers operate illegally

Hungary’s National Tax and Customs Authority (NAV) finished the scrutiny of Hungarian drivers working with the San Francisco-based ride-sharing service Uber, and reported finding irregularities for every single driver it investigated, Hungarian online daily origo.hu reported yesterday citing an announcement by the National Economy Ministry.

BUSINESS

Startup founder on innovation conference

FROM PRINT EDITION: Brain Bar Budapest, a conference exploring the nexus of humanity and technology, will take over several Budapest venues in the capital on June 4-6 with a host of interesting speakers and events. The Budapest Business Journal spoke about the Brain Bar with Prezi co-founder Ádám Somlai Fischer, who will also be presenting at the event.

BUDAPEST

Brain Bar brings big minds to Budapest

FROM PRINT EDITION: Gergő Böszörményi-Nagy, director of Design Terminal, a public agency to promote creativity, talks about his organization’s June 4-6 event to encourage discussion of technology and society.

POLITICS

Juncker calls Orbán ‘dictatorʼ, slaps him

In video posted on the internet, Jean-Claude Juncker, President of the European Commission and former Prime Minister of Luxembourg, calls Hungary’s Prime Minister Viktor Orbán a “dictator” and playfully slaps him the face during a meeting for press photo shooting held yesterday at the Riga Summit. Click here to see the video.

ECONOMY

Survey finds 40% of Hungarian real estate could be underinsured

Roughly 40% of Hungary’s real estate insurance contracts may not provide fully comprehensive insurance, a survey published today by local insurance company Genertel Biztosító Zrt. reveals.

ECONOMY

Social sector workers to get HUF 7.6 bln wage supplement this year

Some 65,000 workers in the social services sector are expected receive wage supplements as of July, Human Resources Minister Zoltán Balog (pictured) said today.

BUSINESS

Kontakt-Elektro inaugurates HUF 200 mln production hall

Hungarian electronics manufacturer Kontakt-Elektro today inaugurated a HUF 200 mln production hall at its base in Pécs, southwestern Hungary, national news agency MTI reported.

BUSINESS

GVH fines Auchan, charging misleading advertising

Hungaryʼs Competition Office (GVH) fined Auchan Magyarország HUF 56 mln on charges of unfair price comparison practices, GVH said today.

BUSINESS

Budapest Airport offering retail space

Budapestʼs Liszt Ferenc Airport has room for six stores, with a total space of 600 sqm, in the airportʼs SkyCourt building, a mostly duty-free-zone, the airport announced in a press release today. The stores currently in those locations had five-year contracts with the airport, and those contracts are set to expire, the release said.

BUSINESS

Magyar Posta’s profit rises last year

Consolidated after-tax profit of Hungarian state-owned postal company Magyar Posta reached HUF 2.8 bln last year, almost tripling as compared to the previous year’s HUF 1.03 bln, the company said today.

ECONOMY

Hungarian-Albanian joint economic cooperation committee meets in Tirana

The Hungarian-Albanian Joint Economic Cooperation Committee met yesterday in Tirana in order to discuss ways to boost trade and investment, Hungarian news agency MTI reported, adding that the meeting was the second, following a meeting in 2013.

BUSINESS

Axon inaugurates HUF 1.5 bln plant in Kecskemét

The Hungarian subsidiary of French cable manufacturer Axon Cable yesterday inaugurated a HUF 1.5 bln factory in Kecskemét, central Hungary, national news agency MTI reported today.

ECONOMY

Hungary GDP per capita two-thirds of E28 average, adjusted for purchasing power

Hungaryʼs GDP per capita, adjusted for purchasing power, was 66% of the average for all 28 European Union member states in 2013, a report released by Eurostat yesterday reveals.

BUSINESS

Zwack proposes HUF 1,200 per-share dividend

The management of Zwack Unicum, Hungaryʼs best-known spirits manufacturer, will propose to shareholders the payment of a HUF 1,200-per-share dividend for the 2014/15 fiscal year at an AGM on June 25, according to the invitation for the meeting, Hungarian news agency MTI reported today, adding that the dividend fund amounts to HUF 2.44 bln.

ECONOMY

MNB: 90% of banks commit to increased lending

Roughly 90% of banks in Hungary said they are willing to increase their lending activity, chiefly among SMEs, in response to the Hungarian government reiterating statements that the extraordinary tax on the banking sector would be lowered in favor of banks lending more.

expert opinion

Property market performs better with remnants of the crisis still present

Property market performs better with remnants of crisis still present

by Sándor Habóczky and Tamás Balogh at Schoenherr Hetényi Attorneys at Law

BBJ video: CBRE Moves

BBJ video: Innovation