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

August 5th 2008

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. The parent company is expected to choose between other subsidiaries competing for the centre in the autumn. The Hungarian government has already reassured Pfizer that it would award the company a grant if it decides to put the centre in Szeged, but Pfizer's decision might be easier if the government were to allow drug companies to write off R&D costs from a special tax on subsidized medicines introduced last year, he said. The centre would employ 75-120 researchers.

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

August 4th 2008

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.
The Finance Ministry has already calculated a realistic amount for the tax cuts, but the government will have the last word, Mr Veres said.
"The figure for next year's tax cuts could be in the hundreds of billions of forints, not in the thousands and not in the tens of billions of forints," he added.

GKI projects higher growth, firmer forint

August 4th 2008

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.
GKI prepared the projection in cooperation with Erste Bank.
GKI attributed the forint's sharp firming in July - the forint passed the 230 mark to the euro during the month - to Hungary's high base rate, as well as high yields on the government securities market.

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

August 4th 2008

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.
Aquaplus was one of two bidders in the tender, which was put out by the local council.
Aquaplus will operate the bath for 25 years.

Nitrokemia to Build EUR 170.2 m Lactic Acid Plant in Hungary

August 1st 2008

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.
Construction of the plant will start in 2009 and be completed in 2012. The plant will use an annual 100,000 tons of wheat to produce 20,000 tons of lactic acid, used in the production of plastics and recyclable packaging material.

Number of Registered Businesses Increases 22.5 pct in H1

August 1st 2008

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.
The number of registered companies increased by 15,467 or 2.9 pct to 546,576 and the number of sole proprietorships rose by 282,482 or 40.2 pct to 985,077 in the six months to the end of June.

MOL Sets up Geothermal Energy Company With International Partners

August 1st 2008

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.
The new company's activities will include exploration, production and sales of geothermal energy, the construction of geothermal power plants and technologies for directly supplying thermal heat.

Hungarian Television Starts Test Digital Broadcasts

August 1st 2008

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.
Hungarian Public Television plans to start regular digital broadcasts with the opening ceremony of the Olympic Games on August 8th 2008.

Apollo Tyres Sees Delay in Start of Production in Hungary

August 1st 2008

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.
When announcing the project in January, Apollo said it would spend about EUR 300 million to build the plant which will have an annual capacity of 7 million tires. The government said it would provide EUR 27 million in subsidies, including training subsidies and other support, for the project, which will create 1,500 new jobs.

Synergon Wins EUR 2 m Contract from MFB

August 1st 2008

IT 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. Payment will happen in installments according to the schedule of developments over the three years.
Synergon signed the contract with the Hungarian Development Bank (MFB) on July 31st 2008.