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July 2022

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Max Verstappen Wins 2022 Formula-1 Hungarian GP

D&T
Jul 31, 2022

Red Bull's Max Verstappen of the Netherlands won the 37th Hungarian Grand Prix at the Hungaroring on Sunday, extending the 24-year-old defending world champion's lead in the standings. Verstappen started from tenth position on the grid and won without his rivals having a chance to make things difficult for him. The Dutchman claimed his 28th […]

Pirelli: 150 Years of Shaping Mobility

Sándor Laczkó
Jul 31, 2022

Pirelli, the multinational tire manufacturer focused on consumer production of tires for cars, motorcycles and bicycles, celebrates an important anniversary this year: the company was founded by Giovanni Battista Pirelli in 1872 – that is, 150 years ago – in Milan, Italy where it still has its headquarters. After its foundation in Milan, the expansion […]

BUX Index Fell on Falling Turnover This Week

D&T
Jul 31, 2022

BUX, the stock index of the Budapest Stock Exchange (BSE) fell on a downward trend this week, closing at 41,805.28 points on Friday, 522.39 points or 1.23% lower than a week ago, the state news agency MTI reported Sunday morning. The weekly turnover on the stock market was HUF 36.141 billion, compared to HUF 63.918 […]

George Russell Takes Pole Position at the Hungarian GP

D&T
Jul 30, 2022

George Russell, the British driver of Mercedes, won Saturday's qualifying session of the 37th Hungarian Grand Prix at the Hungaroring, east of Budapest and will start Sunday's race from the front grid position. For the 24-year-old, it is the first pole position of his career. Next to Russell on the starting grid will be Ferrari's […]

Hungarian Gov't Introduces Euro in Company Taxation

D&T
Jul 30, 2022

The Hungarian government has decided to introduce another tax relief, Finance Minister Varga Mihály has announced. Companies can now pay tax in euros or US dollars. For companies whose income is received partly or entirely in foreign currency, the new rule could bring simplification. The option to pay is available to all companies. Administration will […]

Capped Petrol Prices Restricted to Privately-Owned Cars

D&T
Jul 30, 2022

Gergely Gulyás, Minister of the Prime Minister's Office, announced the decision a few minutes after 11:00 o’clock on Saturday morning at the government briefing, and shortly afterwards it was published in the Hungarian Gazette: from 12:00 o’clock on Saturday only private individuals, taxis and agricultural machinery are allowed to receive at the government-capped price of […]

Chinese Electronic Vehicle Firm Appears in Hungary

D&T
Jul 29, 2022

China-based NIO automotive manufacturer has chosen Biatorbágy, just southwest of Budapest, as location for its first European manufacturing plant. The implementation of the investment worth a total amount of over EUR 15 million and creating several hundred new jobs will allow the manufacturing of so-called 'NIO Power Swap Station' automatic battery pack swap stations in […]

Industrial Producer Prices: an Annual Increase of 35%

D&T
Jul 29, 2022

Industrial producer prices went up by 35.0% on average in June 2022 in Hungary compared to one year earlier, the Central Statistical Office reports. Domestic output prices were higher by 44.6%, non-domestic output prices grew by 30.1%. The large difference is mainly due to the different weight of energy industry sales in the domestic and […]

In Touch with Business and Society

Sándor Laczkó
Jul 29, 2022

ITL Group Ltd. was established in 1995, its founder, Alessandro Farina moved to Hungary three years before. Now, he tells Diplomacy&Trade about how his career began here and how he built up a group of companies following the tradition of entrepreneurship that goes back to generations in his family in Italy. He is convinced that […]

Hungary set to slip into recession

D&T
Jul 29, 2022

Skyrocketing consumer prices, the looming energy crisis and the aggressive tightening of monetary conditions point in the direction of Hungary entering recession, according to economists. The country’s GDP growth will remain feeble next year as well. Hungary’s economy faces multiple risks of which some are triggered by international developments while others relate to domestic issues. […]

New Airbus Factory Inaugurated in Gyula

D&T
Jul 29, 2022

This Thursday, Airbus officially inaugurated its new factory in the southeastern Hungarian town of Gyula, which has been certified by the European Aviation Safety Agency (EASA). Airbus is one of Europe's leading defense companies, and the Hungarian state is a 30% shareholder in Airbus Helicopters Hungary Ltd., which was founded two years ago, the Hungarian […]

Another 13,000 Hungarians Opted to Work Abroad

D&T
Jul 29, 2022

In June 2022, the average number of employed persons aged 15–74 years was 4,739,000 in Hungary. Between April and June this year, the number of Hungarians working abroad increased by 13,000, the country’s Central Statistical Office reports.   In April–June 2022, compared to a year before, the number of employed persons was 74,000 more, at […]

Shell to Temporarily Close Gas Stations in Hungary

D&T
Jul 28, 2022

From Monday August 1, Shell will "temporarily suspend" the operation of five of its petrol stations in Hungary, including two in Budapest. According to a statement issued by the company on Thursday, the decision was taken "in response to the challenges of the tight supply of raw materials in the fuel market at a regional […]

Nurturing Italian-Hungarian Relations

Sándor Laczkó
Jul 28, 2022

The Italian Cultural Institute of Budapest (Istituto Italiano di Cultura di Budapest - IIC) was founded in 1937 to develop cultural relations between Italy and Hungary. Its area of responsibility includes the entire territory of Hungary, it is an official body of the Italian state and has as its objective the promotion and dissemination of […]

Mol Danube Refinery Shuts Down for Maintenance

D&T
Jul 27, 2022

The planned maintenance of Mol's Danube Refinery will start this weekend, and production should resume in September at the earliest. Some petrol stations may experience temporary outages. Therefore, the company asks motorists to fill up only as much as they need to ensure that everyone has enough fuel. The current maintenance will guarantee that the […]

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