As announced earlier this week, Saudi industrial and commercial service provider Sherbiny Holdings will establish an engineering service center in Gödöllõ, just east of Budapest.The value of the investment exceeds HUF 150 million (EUR 481 000).

Austrian home improvement center operator bauMax AG has announced its exit from Hungary. The decision, which follows "due consideration", was made due to difficult economic conditions in this country, the company’s management said on Wednesday.

In 2014, the world’s largest car engine producer, the Hungary-based plant of German carmaker Audi, produced the biggest number of engines to date and the number of cars rolling out of the factory was the triple of the 2013 figure. The headcount has grown further.

The Bank of China has opened its new Central and Eastern European regional center in Budapest. The bank has had a branch office in Budapest since 2003, serving small and medium size enterprises (SME) sector as well as private individuals.

The European Investment Bank (EIB) is lending EUR 100 million to state-owned MVM Hungarian Electricity Ltd to finance the implementation of its investment program for the period 2013-2018. The EIB loan will facilitate development projects.

Hungary, Serbia and China signed an agreement on the modernization of the Budapest-Belgrade railroad on Wednesday. It will be part of a transit route to allow the fastest transportation of Chinese goods form Greek harbors to Europe.

Hungary’s state-owned power company MVM and Russia's Nizhny Novgorod Engineering Company Atomenergoproekt have signed three implementation agreements for two new 1,200 megawatt nuclear reactors to be constructed at the Paks power plant.

Jost Lammers, the chief executive officer of Budapest Airport received a high-ranking accolade from the Hungarian National Association of Entrepreneurs and Employers. He was named “Entrepreneur of the Year” at an award gala held at the Palace of Arts.

The Hungarian unit of Japanese carmaker Suzuki Motor Corp returns to two-shift production this December from one shift, CEO Ryoichi Oura has announced, adding that the serial production of the new Vitara model will be launched in January next year.

In recent years, companies have undergone a transformation, adapting to the changing market conditions. The role of information technology has also been transformed, it has become a “public utility”, which is essential for the functioning of companies.

The Hungarian viticulture company SmartVineyard finished 8th among the 20,000 competitors participating in Intel's prestigious Global Challenge competition in San Francisco, California, earlier this month.

Home building seems to start taking off in Hungary, the latest release of the Central Statistical Office suggests. The trend which started in early 2014 continued and in the first nine months of the year 27% more new homes were built than in the same period of 2013.

The German multinational engineering and electronics company Siemens has opened a vocational training center at its Budapest headquarters. The facility is to accommodate up to 100 students: would-be welders and industrial engineers.

In the third quarter of 2014, the total Budapest office stock (including owner-occupied and speculative buildings) reached 3,219,380 square meters. The vacancy rate came in at 16.9% in Q3, down 0.7% quarter on quarter and 1.7% year on year.

Along with the publishing of its third-quarter earnings report this September, Citigroup also announced its intention to exit its consumer businesses in 11 markets, including Hungary. The sale the units is to be completed in 2015.