August 2008

Consulting Before Tax Reform

Major tax consultancies Deloitte, Ernst & Young and KPMG supported by the National Association of Employers and Industrialists, the American Chamber of Commerce, the Joint Venture Association and the Hungarian Association of International Businesses introduced their proposal for a possible Hungarian tax reform - reports MTI Econews.

Hungary Protects Her Genuine Wine Brand Name

Hungary's government decided on 13th August 2008, to make international legal steps in order to protect the genuine Hungarian wine brand, "Tokaji". The name is bonded to the Northern Tokaj region and Hungarian oenologists claim that the geographical environment makes the local product inimitable. Italian rivals refuse the argument insisting on their interpretation that the brand name is only tied to a certain type of grape.

State Investment Agency Looks for Alternative Sites for Apollo Tyres Plant

The Hungarian Investment and Trade Development Agency (ITDH) has started looking for sites for a new EUR 200 million factory which India's Apollo Tyres wants to build in Hungary, the Ministry of National Development and Economy said on August 15th 2008.

Chinoin to Use Money Saved Because of Scrapped Fee for R&D

Hungarian drug maker Chinoin, a unit of sanofi-aventis, will be able to spend an additional HUF 1 billion on R&D because of the elimination of a registration fee for drug company sales representatives, spokesman Istvan Rozsa has announced.

Hungary Q2 GDP Grew by 2.1%

Hungary's second-quarter gross domestic product (GDP) grew by an unadjusted 2.2% and a calendar-year adjusted 2.1% from the same period a year earlier, according to a first estimate by the Central Statistics Office (KSH) and its research arm Ecostat, published on August 16th 2008. KSH noted that the preliminary figures have a margin of error of +/- 0.2 percentage points.

R&D Office Announces Tenders for HUF 6 Billion in Grant Money

Hungary's National R&D Office announced on August 14th 2008 tenders for a combined HUF 6 billion in grant money available over the next three years for commercially useful R&D projects.

Lending Growth and Forex Gains Raise OTP Q2 Profits by 47%

The second-quarter after-tax profit of Hungary's OTP Bank has jumped by 46.6% to HUF 74.3 billion from the same period a year earlier, boosted by lending growth and big forex gains, the bank said in its consolidated IFRS report for the period, published on August 14th 2008.

Hungarians Buy Nearly Twice as Many Laptops as Desktop Computers

Hungarians bought nearly twice as many laptops as desktop computers in the first half of 2008, compared to the same period a year earlier, business daily Vilaggazdasag reported on August 13th 2008, citing figures compiled by market research company IDC.

Suzuki Turns Out One-Third More Cars at Hungary Plant

Japanese carmaker Suzuki turned out 149,438 vehicles at its plant in Hungary in the first half of the year.

Pfizer Could Pick Hungary for USD 30 m R&D Centre

US pharmaceutical giant Pfizer could set up a USD 25-30 million R+D centre in the Hungarian city of Szeged, business daily Vilaggazdasag reported on August 1st 2008. Pfizer Hungary managing director Mario Gattino told the paper that the unit had submitted an application to host the centre in July.

News Monitoring