CIB Bank, the Hungarian subsidiary of the several-centuries-old Italian international banking group Intesa Sanpaolo, offers tailor-made solutions and a state-of-the-art digital service portfolio to its clients all over Hungary. As the Chairman and CEO at CIB Bank, Pál Simák notes to Diplomacy&Trade, “centuries of successful operations are only achievable if you stick to universal values […]
The Ambassador of Switzerland to Hungary, Jean-François Paroz and his wife, Dr. Yulia Gusynina Paroz welcomed hundreds of guests to the garden of the Embassy of Switzerland in Budapest this Monday evening to celebrate Swiss National Day. The August 1 national day celebrates a treaty of alliance from 1291 between the cantons of Uri, Schwyz […]
The number of sales and the amount of mortgage loans for housing fell significantly in July, with the number of transactions down to 8,978 and the amount of contracts amounting to HUF 110 billion, the real estate brokerage Duna House said in an estimate posted on the Budapest Stock Exchange (BSE) website on Monday. The […]
‘Plum Naughty Prince’, the work of pastry chef Orsolya Karikó won the title of Hungary's cake this year, while László Gyuris' cake, Grandma's Favorite, won the title of Hungary's sugar-free cake, according to announcements on Monday in Hungarian Parliament. László Selmeczi, co-chairman of the National Association of Hungarian Confectioners, said the winner of the 16th […]
In May 2022, the volume of exports was 12% and that of imports 6.4% higher than in the same period of the previous year. The deficit was EUR 95 million, the balance deteriorating by EUR 166 million compared to a year earlier, Hungary's Central Statistical Office reports. Compared to April, the seasonally and working-day adjusted […]
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, 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, 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, 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 […]
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 […]
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 […]
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 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 […]
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 […]
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. […]
