August 2008

Government to Discuss Tax Cuts at August 21st 2008 Cabinet Meeting

The government will discuss tax cuts at a cabinet meeting on August 21st, Finance Minister Janos Veres said in an interview published in Monday's issue of the economic daily Vilaggazdasag.

GKI projects higher growth, firmer forint

Economic think tank GKI has raised its projection for Hungary's 2008 GDP growth to 3.0 pct in its latest forecast from 2.5-3.0 pct in May, and it puts the average HUF/EUR rate at 245 for the year, compared to an average of 253.6 in the first half of 2008.

Aquaplus Wins Tender to Build Siklos Baths with Bid of EUR 8.7 m

Aquaplus has won a tender to plan, build and operate a seasonal thermal bath in Siklos (SW Hungary) with a bid of net HUF 2.04 billion (EUR 8.7 million), the latest issue of the Public Procurement Gazette reveals.

Nitrokemia to Build EUR 170.2 m Lactic Acid Plant in Hungary

Hungarian chemicals company Nitrokemia plans to build a HUF 40 bn (EUR 170.2 million) lactic acid plant in Balatonfuzfo in North-West Hungary, the company announced at the site on July 31st 2008.

Number of Registered Businesses Increases 22.5 pct in H1

The number of businesses registered in Hungary was 1.624 million at the end of June, 2008, 298,000 or 22.5 pct more than at the end of 2007, and 342,000 or 26.7 pct more than at the and of June, 2007, the Hungarian Central Statistical Office (KSH) reported on July 31.

MOL Sets up Geothermal Energy Company With International Partners

Hungarian oil and gas company has set up a geothermic energy producing company with Icelandic company Enex and Australian company Green Rock Energy International, MOL announced on the website of the Budapest Stock Exchange on July 30th 2008. The joint venture, CEGE Central European Geothermal Energy Production Private Company will have even shares held by the three founders.

Hungarian Television Starts Test Digital Broadcasts

Hungarian Public Television started test digital broadcasts on one of its channels, M2, on August 1st 2008, becoming the first television company in Hungary to start using the technology.

Apollo Tyres Sees Delay in Start of Production in Hungary

India's Apollo Tyres sees production at a plant it is building in Hungary starting later than expected due to delays in acquiring land and regulatory permits, Reuters reported on July 31st 2008, citing a spokeswoman for the company. The plant was to have started production in June 2009. Now, because of regulatory delays, production will start in June 2010 at the earliest, Kankana Das told Reuters.

Synergon Wins EUR 2 m Contract from MFB

T company Synergon on Friday, August 1st 2008 announced it had won in a tender a contract worth almost HUF 500 million (EUR 2 million) to update and develop the Hungarian Development Bank's SAP system over three years.Synergon will involve SAP Hungary as a subcontractor in the project.

News Monitoring