US-based contract electronics manufacturer Jabil Circuit will create 670 new jobs at its plant in the northeastern Hungarian city of Tiszaújváros, creating 370 new jobs, a Hungarian Economics Ministry official has announced.

Hungary's Constitutional Court has ruled that the retroactive effect of a 98% tax designed to regain severance pay was unconstitutional. The tax was aimed to cover golden handshakes made up to five years before the law came into effect.

Hungary’s 100 richest people increased their wealth by 12% year on year in 2010 to HUF 2,116 billion (EUR 7.98 bn), according to a list compiled by local business daily Napi Gazdaság. OTP Bank’s Chairman-CEO Sándor Csányi tops the list.

There was a slight improvement in the GKI-Erste confidence indices following a plummet observed in March. Business confidence rose palpably while consumer confidence grew only marginally, and both remained below their respective February levels.

The member states of the European Union advocate sound budget policy. That was the conclusion observers drew from the two-day informal meeting of Economic and Finance Ministers (ECOFIN) in Hungary this past week-end.

As a result of a EUR 3.75 billion US dollar bond issuance at the end of March, Hungary’s international reserves jumped to an all-time high EUR 35.7 billion in the third month of 2011, according to the central bank (NBH) on Thursday.

The Minister of National Development, Tamás Fellegi says the Paks Nuclear Power Plant, the only such plant in Hungary, is safe and will stand the stress test. He made the statement following his visit to the plant this week.

The European Commission sees clear signs in the measures in Hungary’s reform package that the country is on the right track towards fiscal consolidation, European Commissioner for Economic and Monetary Affairs Olli Rehn said in Brussels.

Hungary is set to go ahead with appointing four new external members to the Monetary Council of its central bank, under the new nomination rules passed by parliament, despite stark remarks by the president of the European Central Bank.

The government's Széll Kálmán Plan seeks to eliminate the danger of indebtedness both at the individual and the national level, Prime Minister Viktor Orbán wrote in his introduction to the program unveiled on Tuesday.

The Hungarian government and the American Chamber of Commerce (AmCham) on Thursday signed a strategic partnership agreement that aims to foster a closer cooperation and give lawmakers an ear to private sector proposals.

Hungary should adopt a unified bidding system for R & D if financing is to be tapped effectively, József Pálinkás, Chairman of the Hungarian Academy of Sciences, told a innovation conference in Budapest's ELTE University on Wednesday.

Hungary plans to introduce electronic road toll before phasing out the flat-rate toll in the following years, local daily Népszabadság reported on Monday. The vehicles likely to be hit the hardest will be the biggest trucks.

The European Commissioner for Economic and Financial Affairs, Olli Rehn has contacted the Hungarian government in writing, asking for a list of planned reform steps, the Hungarian business daily Világgazdaság said on Tuesday.

A proposal by the head of the parliamentary group of the governing Fidesz to cut state subsidies for renewable energy is being reviewed by the Ministry of National Development. The draft would alter agreements already negotiated by the Ministry.