July 2010

Sapa Profiles Expands Production in Hungary

Norwegian-owned Sapa Profiles, the world’s largest producer of light aluminum profiles, laid the cornerstone of a new 8,000 sqm production facility in Szekesfehervar on Tuesday.


PM Confirms 2011 Introduction of Single-rate Income Tax

From January 2011, Hungary will gradually introduce a single-rate personal income tax – Hungary’s PM Viktor Orban said in a TV interview on Monday.


BOOK REVIEW

Recommended read for this week: Dilemmas of Transition: The Hungarian Experience (1990)


LEGAL ALERT

Local business tax matters devolve back to local governments.


PRESS MONITOR

International news sources report on Hungarian business and economy.


The Volume Of Retail Sales Decreases By 4.7pct in the First Five Months

The volume of retail sales – based on calendar-adjusted data – decreased by 4.7pct both in the first five months of 2010 and in May compared to the same period of the previous year.


GKI: Improving Business And Deteriorating Consumer Expectations

In July, GKI's economic sentiment index (adjusted for seasonal effects) remained unchanged.


Parliament Approves Bank Levy

Late on July 22, parliament approved a three-year bank levy which is to generate budget revenues of HUF 200 billion in 2010, including some HUF 13 billion in revenue from extraordinary bank taxes already in place.


Hajdu Completes HUF 780 Million Water Boiler Production Investment

Hungarian-owned Hajdu Hajdusagi Ipari has completed a HUF 780 million investment to expand and improve water boiler production capacity at its plant in Teglas, CEO Anna Novotni-Dede said at a press conference on July 23.


PM Orban and Econ Min Matolcsy on Negotiations with IMF

Prime Minister Viktor Orban has stressed the improtance of a pan-European agreement to stengthen the fiscal stability of the 27 nations.


News Monitoring