Hungarian fuels group MOL has entered Norway by acquiring 100% ownership in Ithaca Petroleum Norge (IPN) from Ithaca Petroleum Ltd. for USD 60 million to extend its presence in the North Sea region and enhance its international exploration portfolio.
Apollo Tyres Ltd. will receive a job-creation training subsidy of HUF 606 million (cca. EUR 2 million). The Indian company is to spend the amount on providing Hungarians with vocational training in tire manufacturing between May 2015 and December 2019.
The volume of Hungary’s construction output grew by 3.2% month on month in February 2015, but the fall in orders data suggest that regardless of the strong start this year the floor will soon fall from under the sector, the business website portfolio.hu reports.
Budapest Airport was declared the winner of the ‘Best Airport in Eastern Europe’ award by British aviation analysts Skytrax. The award was received by Péter Huszka, chief operating officer for Budapest Airport, at the Passenger Terminal EXPO 2015 in Paris.
The EU has, at least temporarily, blocked Hungary’s EUR 12 billion nuclear power station deal with Russia as Euratom refused to approve Hungary’s plans to import nuclear fuel exclusively from Russia. Other parts of the deal are also under investigation.
The National Bank of Hungary suspended the brokerage licence of the Hungarian Quaestor on Tuesday, citing regulatory shortcomings, and said the firm may also have issued many more bonds than permitted under its issuance program, the Reuters reported.
The Hungarian government and UNICEF announced this week that they agreed in principle to establish UNICEF’s first-ever Global Shared Services Center in Budapest. It will conduct a broad range of UNICEF’s financial and human resources operations worldwide.
Hungarian Prime Minister Viktor Orbán has announced that his government and the European Bank for Reconstruction and Development (EBRD) will seek to acquire 15-percent stakes in the Hungarian affiliate of Austria's Erste Bank.
Hungary’s ruling Fidesz-KDNP caucus has authorised the government to launch the national utility service provider in March, said Fidesz caucus chief Antal Rogán on Thursday. The company will first offer natural gas and later electricity services, as well.
Canada-based diversified global manufacturing company Linamar has set up a new factory facility with a EUR five billion investment in Orosháza, Hungary, 200 kilometres southeast of Budapest. The EU supported project creates 150 new jobs at the company.
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.
