When Alexander Graham Bell invented the telephone, he had no idea that it could also be used for corruption purposes, so loud that it can be heard on the other side of the Atlantic. The US Securities and Exchange Commission (SEC) has accused Hungary’s telecommunications group Magyar Telekom (alias MATAV) of serious corruption, via its [...]
Based on a recent economic survey 85% of the Hungarians enjoy drinking tap water. At least 75% of all adults participating in the survey, carried out by order of the Hungarian Public Water Association (MAVIZ) claim to “love” the quality of their water. However the survey failed to mention that bottled water costs an arm [...]
Arriving on the heels of embarrassing news about Hungary’s ‘new’ relationship with the IMF and the Government’s confusing PR campaign about “this time being different,” the Orban-cabinet was dealt another crushing financial blow on Friday morning. For the first time in 15 years, Hungary’s credit rating was downgraded to ‘junk’ (Ba1) status by Moody’s Investment [...]
Who knows who and when new delegations are arriving to Hungary from China.
However based on the latest reports Chinese Premier Wen Jiabao is paying an official visit to the Goulash capital on a week-long trip and will allegedly discuss how it can relocate billions to Europe, in what markets have dubbed “support from Europe’s ailing economy.” The European Union had planned to see their group be the strongest economy of the world, by 2010, but corruption and political feuds had allegedly undermined these plans.
The Chinese have disclosed that they are sending thier premier President Hu Jintao to Budapest (as Hungary is still presiding the EU until July 1, 2011) from where he will also visit Berlin and London on a red-carpet visit (colour not connected to China’s communist regime). He is expected to sign all kinds of trade and cultural agreements but will certainly avoid any questions from the state media on human rights issues.
It is unclear exactly Wen will discuss what as Hu knows exactly what he wants. However China, with its foreign exchange reserve exceeding USD 3-trillion, is expected to buy up large sums of European debt and in return would receive a strong foothold in the EU.
Wen’s delegation is expected to pen some state and commercial deals with Hungary during the visit. Those staning in line to get a handshake and a pat on the back from the Chinese will include Hungarian President Pal Schmitt, Prime Minister Viktor Orban, German Chancellor Angela Merkel and British Prime Minister David Cameron.
Academy award rap singer Eminem has reportedly sued German-owned car maker Audi for unlawfully using his song ‘Lose Yourself’ in an advertisement campaign planned for their 2012 Audi A6 Avant. Eminem’s song was used in his movie titled ‘8 Mile.’ Ironically Audi claims that its video (referred to) was “not an advertisement.” However Eminem’s publishing [...]
At a news conference on Tuesday, PM Viktor Orban announced that his cabinet has reaquired 21.2 percent in the oil giant MOL for EUR 1.88 billion – a package previously owned by Russian Surgutneftegas. Orban’s statement comes after a year-long string of negotiations, that he said “secured” the Hungarian oil company and described as a [...]
American Airlines and Malev have promised to start daily direct flights between the Goulash capital and New York as of April 6, 2011. This was announced on Tuesday (Feb 8, 2011) by representative Kurt Stache in Budapest. The financially troubled Hungarian state-owned national carrier Malev believes that this new seat-sharing agreement will help increase ticket [...]
At the invitation of the European Chambers in Hungary, Minister of National Economy György Matolcsy addressed about 300 European business leaders at a business luncheon on Thursday. At the event Maurizio Sauli, incumbent Chairman of the European Chambers in Hungary, emphasized that European business has continuously being proving that it is strongly committed to contribute [...]
DALLAS, Texas and CALABASAS, Calif. – January 20, 2011 – The 12 finalists of the second Indie Game Challenge (IGC) sponsored by the Academy of Interactive Arts & Sciences (AIAS), GameStop (NYSE:GME) and The Guildhall at Southern Methodist University (SMU) have been announced. Winners will be announced February 11th at the D.I.C.E. (Design, Innovate, Communicate, [...]
Ironically Hungary was to adopt the European common currency, the Euro, in 1999. Nevertheless experts said that the 2014 (another one of the uncertain dates) new deadline calls for an extremely strong Euro. Hungary said that despite the fact that a strong Euro may give Hungary cause to worry on the new adoption date, it [...]
Hungary’s sovereign credit rating on Monday was reduced to Baa3 from Baa1 by Moody’s Investors Service, according to Bloomberg. Baa3 is the lowest investment grade, and one step away from speculative, or “junk” category. The Hungarian Forint weakened after the announcement. “Today’s downgrade is primarily driven by the Hungarian government’s gradual but significant loss of [...]
Arriving on the heels of media rumors concerning state acquisition of Hungarian oil giant MOL, a second instance court decision on Thursday said the company acted within legal boundaries, when it placed prohibition on board membership for its Russian shareholder Szurgutnyeftyegaz. MOL officials said denial was a reaction to the Russian company’s refusal to unveil [...]
Hungarian retail and office property developing company TriGranit has announced the completion of a mega mall in the Croatian city of Zagreb. The capital construction, known as Arena Center, is said to have cost the investors some EUR 350-mil. It is reported that TriGranit covered the lion’s share of the project by spending some EUR [...]
International rating agencies are expected to downgrade Hungary’s credit rating in November following centre-right government’s new budget plans, experts in Budapest and London told Budapest Report. Their cited reasons being that Hungary will be weakened financially as it does not want to depend on an IMF bail-out to strengthen its reserves. Hungary’s 2011 budget has [...]
German investor RWE has allegedly scrapped plans to expand the capacity of its lignite-based (brown coal, that is high in water content) power generating unit Matrai Eromu, the company said. The plant, located in Visonta, at the foot of the Matra Mountain, was expecting to spend at least HUF 300-bil on building a new 440MW [...]
German car makers are breaking new records. However these will not be speed or endurance records, but rather an all new investment record in Central and eastern Europe. The Ingolstadt-based automaker Audi AG (a member of the Volkswagen Group), plans to investment at least EUR 1-bil at its production and assembly unit in Gyor, North-western [...]
Initiated by the Hungarian partner the first international-Chinese law firm of the world, named Yingke Várnai was established. As the first step of the European expansion the Deed of Foundation of the Budapest office was signed by Dr. Rupert Várnai and Mr. Mei Xiangrong in Kodály Hall at the Hungarian Academy of Sciences. Dr. Rupert [...]
The Hungarian Parliament on Wednesday passed a law permitting local public institutions to purchase produce from local farms without an often protracted and severely bureaucratic ‘public procurement process’. Hungarian Agricultural Minister Sandor Fazekas (left) and Government Spokesperson Anna Nagy announced the change in the small town of Many, near Budapest. Small farmers will no longer [...]
The Hungarian administration has vowed to further boost bilateral relations with Croatia on all levels to help both countries exploit each other’s potentials to the maximum. The Hungarian Government has also promised to give maximum support for Croatia in its bid to join the European Union. The majority of Hungarians are reportedly spending their hard [...]
Nokia Siemens Networks has picked Budapest for its global railway communications center, the company’s Hungarian MD Robert Esik said at a press conference on Monday. The move is claimed to create 100 jobs this year. Hungarian Economic Minister Gyorgy Matolcsy and Finnish Prime Minister Mari Kiviniemi, on an official Hungarian visit this week, toured the [...]
Anonymous sources in a Monday report of left-leaning daily Nepszava claimed that the Hungarian Bank Alliance (BSz) plans to torpedo the controversial bank tax proposed by Economic Minister Gyorgy Matolcsy (pictured), insisting that the solution to sustaining budget deficit targets in 2011 lies elsewhere. BSz claimed the HUF 200 billion burden on the financial sector [...]
As the Orban Government implements its new economic policy allegedly focusing on the middle class, mortgage owners on Tuesday awoke in Hungary to a skyrocketing Swiss Franc, which could cause monthly payments for many to rise through the roof. Setting an all-time record on Tuesday morning, one Swiss Franc rose to 221.70 HUF, which analysts [...]
Budapet Airport’s recent photo completion, which included more than 280 participants, celebrated the institution’s 60th birthday.
Reports claim that less than 70% of the population in Hungary have savings of any kind. One of the reasons is that there is a growing number of people living beneath the bread-line. Three brainy Hungarian bankers are said to have devised a scheme (similar to Nobel laureate Muhammad Yunus’ Grameen Bank) where impoverished Hungarians, [...]
World-renowned Hungarian porcelain manufacturing company Zsolnay is reportedly boosting its production output following the recent capital injections by various owners, due to be carried out before the end of August this year. One of the new owners Manufaktura Befekteto is allegedly investing some HUF 730 million, partly by acquiring a 49% stake in Zsolnay from [...]
The number of new car sales in Hungary increased after almost a year, according to the Hungarian Association of Vehicle Importers (MGE). The number of new passenger vehicles in July 2010 were 4,359 (up 19% year-on-year), while the number of light commercial vehicles (LCV) were 855 (up 49% year-on –year). According to market researchers there [...]
Hungarians will be permitted to make their own vodka-style moonshine, known as Palinka (min 40% alcohol content) after a law was passed putting home-made Palinka in the same category as other home-made delicacies. Already small alcohol distilling manufacturers (mostly enjoying a monopoly situation) are complaining that they will go out of business once people are [...]
The Budapest City Council has reportedly scrapped even the idea of hosting what has become a family household name – the Red Bull Air race – due lack of funding. The council argues that the Hungarian transport Authority had reportedly earlier decided that the event was dangerous and hazardous to the environment and did not [...]
Hungary’s youngest mobile internet service provider Business Telcom (Btel) is allegedly pleased with the developments of its two-year agreement signed earlier this year with Vodafone Hungary, the local arm of England’s leading mobile service provider Vodafone Plc. The company is offering monthly internet access packages of between 1-8GB. Based on the increasing number of mobile [...]
Budapest’s ferihegy International Airport has reportedly increased security measures after an veiled EU audit revealed various ‘ hazardous ’ items had been allowed to pass through its security monitoring system. The increased security is expected to effect some 10% of all passenger turnover, based on information from the authorities. The airport has reportedly been demoted [...]
For centuries the people of Visegrad have been drinking and – yes – exporting their beloved mineral water from the tiny town of Visegrad in the Danube bend of northern Hungary. Rumor has it that Roman legions, who lived in the region 9along the river that was then the eastern frontier of the Roman Empire), [...]
The Budapest Transport Co. (BKV) will reportedly see a late arrival of underground train carriages, due to the fact that Hungary’s transport authority (NKH) has refused to issue a running permit the French rolling stock company Alstom on the goulash capital’s refurbished M2 and newly built M4 underground routes. NKH argues that Alstrom’s so-called Metropol [...]
Hungary’s financial and banking supervision PSzAF is reportedly conducting an in-depth probe at 500 banks nationwide after consumers complained they felt that their interests were not sufficiently represented at these institutions. Banks are said to have misled the public with false advertising and speculative measures, especially in the areas of passing on a new bank [...]
Hungary’s center-right government coalition has pledged to allocate a whopping HUF 1-trillion to strengthen small and medium sized enterprises (SMEs) to help boost its ailing economy. The money has been promised to arrive to the SMEs by no later than December 31, 2013 via EU funds secured by Hungary’s Ministry of national Development. The ministry [...]
Hungarian executives are reportedly still questioning why the chief financial officer (CFO) of the Hungarian division of Britain’s biggest retailing chain Tesco is forced to quit her position. CFO Erzsebet Antal, who earlier also did a remarkable job at the helm of Hungarian airlines MALEV, had earlier this year allegedly announced her resignation and is [...]
Hungary’s Richter Gedeon pharmaceuticals company says its expects to see sales increase by at least 10% in Russia and its former satellite states, while also anticipating 5% rise in sales in Hungary this year. At the same time the company’s sales are expected to decrease som 20% in the United States. Based on its H1/2010 [...]
Hungary’s National Transport Authority (NKH) has grounded several malfunctioning small buses belonging to the corrupt Budapest Transport Company (BKV). Authorities are now investigating the service condition of these buses. Reportedly the road-worthiness some 30 BKV buses have been revoked. The process will cause heavy delays on major routes extending the commuter waiting period by at [...]
With incoming news of most British banks turning profitable once again, British tax-payers are putting pressure on their government to persuade banks to hand out loans again to help boost local industries and enterprise. The UK-based HSBC bank has boasted gross profits of USD11.1-billion for H1/2010, up more than 200% year-on year compared to its [...]
This year in September the Budapest-based American Chamber of Commerce in Hungary (AmCham) is further expanding on its so-called high performance Career School initiative series (launched in September 2009), according to Laszlo Metzing, AmCham Chief Operating Officer and Committee Coordinator. He added that the chamber plans to boost its activities by creating the third in [...]
The Hungarian Government plans to reduce corporate taxes so much that it would certainly draw investors back to Hungary from its lower tax bracket peer – Slovakia. Several hundreds of Hungarian companies escaped ridiculously high Hungarian corporate taxes and moved to neighbouring Slovakia during the past 5-10 years, where the economic environment was more business [...]
The city of Budapest on Monday (Aug 2, 2010) inaugurated its new central sewage waste water treatment plant valued at some EUR 430 million. The plant was 65% funded by the European Union, while the Hungarian Government contributed with 20% and the Budapest City Council had to cough up the remaining 15%. An additional EUR [...]
The strength of the economy of communist China has surpassed that of Japan’s, making it the world’s second strongest economy after the United States of America. Not surprising as both the US and Japan are heavily dependant on the communist regime to produce low and high quality goods dirt-cheap for their own markets and exports. [...]
Hundreds of Hungarians taking a sabbatical for temporary work in the British Isles will be glad to hear that the British Government may abolish the use of costly speed monitoring cameras. They will now be able to return to the Isles with a straight face if they bunked paying the fines they were sent via [...]
The Hungarian Government today announced that generic and specialty drug-maker Mylan Inc. will establish a pharmaceutical packaging center in the Komarom Industrial Park. The project is expected to add approximately 400 new jobs to the local economy over the next several years. “Hungary needs such investments and such innovations that strengthen the Hungarian economy. Those [...]
The Hungarian Government is working towards stabilizing the budget and has not concluded any new stand-by loan agreement for 2011, claiming that its decision would not jeopardize the financing of the central budget. As the Hungarian Parliament completes the process of adopting new economic legislation the country can expect new structural reforms from the Prime [...]
The Hungarian Competition Authority (GVH) on Wednesday fined L’Oreal Hungary for HUF 5 million for unfounded marketing claims in advertisements of several products including Vichy Liftactiv CxP, Revitalift and Vichy Cellu Metric. The cosmetics giant said it is examining the possibilities to appeal against the decision in court. GVH officials added that tests concerning the [...]
A Budapest conference on Thursday called for initiatives supporting a stable business climate for the property sector, as a recent Hungarian Statistical Office (KSH) study reported worrying trends in the Hungarian real estate industry, such as 15.7% decreasing volume of construction. According to Henrik Toth, the President of the Joint Venture Alliance’s Economic Strategy Commission, [...]
A Budapest conference organized by the Joint Venture Alliance (JVSz) and ITD Hungary on Wednesday sought break-out strategies from the prolonged effects of the economic crisis by focusing on the untapped potential of Far-eastern markets for Hungarian SMEs. State Secretary of the Economic Ministry Zsolt Becsey suggested that export should be directed towards China, Russia [...]
U.S. Ambassador to Hungary Eleni Tsakopoulos Kounalakis on June 21 opened trading at the Budapest Stock Exchange (BET) with a symbolic ringing of the bell (replica of the bell indicating the start of trading at the New York Stock Exchange), marking the 5001st day of trading at the institution. In her opening address, Tsakopoulos Kounalakis [...]
Hungary’s folk vehicle the new Suzuki Swift is expected to be one of the motors behind strengthening the Hungarian economy, according to Prime Minister Viktor Orban, who visited the Suzuki plant in Esztergom, Northern Hungary on Thursday (June 10, 2010). It is important that new and existing investments in Hungary are successful because they will [...]
In a breakthrough decision the Hungarian Patent Office (HPO) has recently ruled that the patent claims of Hungarian inventor Laszlo Oroszi (covering a football shoe concept known as the sporting shoe with ball-directing striped-line zone) is valid and remains in force. This is much to the disappointment of the German sports manufacturing giant Adidas, who [...]
At the recent Ecofin Council meeting Finland’s European Economics and Monetary Affairs Commissioner Olli Rehn said, Hungary and seven other European Union member states had “not yet me all conditions for them to be able to adopt of the to so long awaited common currency, the Euro, based on the latest tests of the EC’s [...]
Public companies’ top management have taken extreme measures in the last 20 years of Hungarian democracy, to refute the claim that these positions are appointed on a political basis by the ruling government party. Turning the tables, Hungarian Development Bank (MFB) CEO Janos Eros on Friday said he will resign once the new government launches [...]
In a speech that may have been his last public appearance as Hungarian Prime Minister, Gordon Bajnai on Friday addressed an unemployment and Roma issues conference organized by think tank and polling institute Tarki. The PM was hard pressed to offer spectacular solutions produced by the last eight years of Socialist government, for problems that [...]
He is about to be expelled from his high school for record absence, but 17-year-old Muscovite Andrey Ternovskiy goes about town with a mysterious smile – he’s about to become a millionaire if not the next Bill Gates. The boy student is the creator of an internet-based social networking site called Chatroulette, where participants can [...]
South African-born Hungarian Istvan Gyori was still a primary school pupil in the 1980s when he became the face of the nation in a low-budget ad commissioned by South Africa’s multi-billion publicly traded company Sasol. Gyori become a national icon with his unique ‘glug glug’ car filling sound, adopted by the company. (see: http://www.youtube.com/watch?v=825nSfTLIaA ). [...]
Public transport costs in the European Union have increased immensely during the past decade. In the Goulash capital there isn’t a year when passenger tariffs are not increased. Based on a survey conducted by the University of Stuttgart, Budapest has the third most expensive public transport system in Europe, preceded only by Zagreb and London (out of 23 cities [...]
A few years ago, the Budapest Convention on Cybercrime was signed within the Council of Europe, according to Roger Halbheer, Chief security advisor of software giant Microsoft. He added that since then has been ratified all across the globe. “It was ratified by a lot of countries or at least used as the base for legislation,” [...]
The Forint continued to strengthen against the Euro today, as the exchange rate reached HUF 262.71 by noon, breaking the five month record high set on Tuesday. One USD was 190.61, while Swiss Franks were traded at HUF 181.03.
Budapest is once again expected to see world class actors and actresses this spring when Nicole Kidman’s “Monte Carlo” crew come to Hungary in May. Seventeen-year-old actress Selena Gomez (see picture) – star of Ramona and Beezus, to launch this summer in Europe – has agreed to join the cast in which she will play [...]
Hungarian and Mongolian governmental talks are underway concerning economic cooperation and development between the two countries, according to Hungarian Prime Minister Gordan Bajnai. He made the announcement at a recent press conference in the Hungarian capital after formal talks with his Mongolian counterpart Batbold Sukhbaatar. The Mongolian PM’s visit comes on the 60th anniversary of [...]
According to Hungarian press reports, Daimler AG’s Mercedes-Benz Manufacturing Hungary (MBMH) has already signed EUR 50 million worth of supplier contracts related to its Kecskemet factory. Although still under construction, the plant has already recruited 70 staff members, and will launch recruitment of technical personnel in the near future, company officials stated. This phase of [...]
Hungarian Prime Minister Gordon Bajnai on Friday inaugurated an upgrade to Southwestern Hungarian Komlo’s Futoeromu, containing a biomass-powered block funded by the European Union. The HUF 1.4 billion system had received HUF 500 million in subsidies. With a capacity of 18 megawatts, the Government claims it will reduce central heating costs by 25% for more [...]
Foreign Minister Peter Balazs and Hungarian Chamber of Commerce President Laszlo Parragh signed an agreement on Jan 22. The Ministry in a statement stated the deal will increase cooperation between foreign policy and businesses, due to the demands of a changing global economy.
Investment and Trade Developement Agency (ITD Hungary) CEO Gyorgy Retfalvi was dismissed with immediate effect by the Hungarian Economic Minister.
Unemployment is soaring, while deficit statistics could be planting a sense of false security, according to economist Laszo Csaba.
Striking bus drivers pressured Budapest Transport Limited (BKV) by refusing to accept working conditions in their vehicles.
The crisis will even affect holiday sales, although retailers hope for the Christmas gift rush to boost sales, despite weak buying power.
A first-instance court ruling condemned employer warnings handed out to workers staging a strike against violated agreements.
