February 2009

Minister of Economy Sees Chance in Crisis

Mr. Gordon Bajnai, Minister of National Development (NFGM) and Economy said in an interview given to HINT magazine that Hungary could find an opportunity in the crisis.

Grant Money for R+D Projects Rises to HUF 111 Billion in 2009-2010

Some HUF 111 billion will be available for R+D projects in 2009-2010 under the New Hungary Development Plan.

Hungary's Gross Wages Rise 7.5 pct in 2008

Gross wages increased 4.6 pct in the twelve months to December and rose 7.5 pct in 2008 from 2007.

Hungary and Slovakia Cooperates to Mitigate Effects of Crisis

Hungarian and Slovakian ministers of economy joined forces to strenghten the position of the Central European countries in the global business environment.

ITD Hungary Visits Barcelona GSMA Mobile World Congress

Four companies arrived to Spain to introduce their infocommunication products at the Congress opened on February 16th, 2009.

Raba Cuts Hours to Save Jobs

Hungarian vehicle and vehicle parts maker Raba will reduce work time at all three of its divisions in Q1 and, depending on stock of orders, Q2, to 32 and 36 hours per week, local daily Kisalfold reported on February 23.

Prime Minister Initiates Amendment Allowing PSZAF to Ban Short Selling

Prime Minister Ferenc Gyurcsany will initiate an amendment to the law on Hungarian Financial Supervisory Authority PSZAF, allowing it to suspend or prohibit the practice of short selling.

Szekszardi Noveny Expects no Drop in Seed, Herbicide Sales

Szekszardi Noveny, a company which sells seeds, herbicides and pesticides, does not expect its seed and herbicide sales to drop in 2009, though fertilizers sales might decline slightly during the year.

Number of Employees Falls Further in December

The number of employees fell a further 43,400 in December after declining 26,100 in November, the Central Statistical Office (KSH) said on February 20.

American Investor Offers to Inject USD 42 Million into Genesis Energy Spain Unit

Genesis Energy, a Hungarian company that is building solar panel plants in Hungary, Spain and Singapore, on February 19, 2008, said it had received a letter of intent from an American investor on injecting USD 42 million into its unit in Spain.

News Monitoring