Lawyer launches constitutional appeal against insane mandatory chamber membership fees [2]
It seems that not everyone in Hungary is resigned to the chamber of horrors that is Hungary’s new Chamber of Commerce law. Lawyer Csaba Tordai (at left in photo) has filed a complaint with the Constitutional Court seeking to annul the fees all businesses in Hungary are being forced to pay from January, so that hacks like Hungarian Chamber of Commerce and Industry head László Parragh (right) can continue their important work of doing exactly what we’re not sure. [more]
Establishing a company in Hungary to become that much more expensive
The cost of establishing a limited liability company (kft) in Hungary will jump from Ft 15,000 (€52) to Ft 50,000 (€173) as of March 1st, while in the case of limited and general partnerships (bt & kkt) it will jump to Ft 25,000 (€86). Establishing a single-person firm will now cost Ft 15,000. The previous “one hour company creation” will also cease as a possibility. [more]
Credit Agricole Bank shuts down Hungary branches [1]
France’s Credit Agricole Bank is closing its branch in Hungary, business daily Napi Gazdasag reported on Monday, citing the bank’s press department in Paris. A decision has not yet been taken on a date for closing the branch, but clients have already been informed of the move, the paper said. The bank’s press department said no new contracts are being signed at the branch and client services are being transferred. [more]
Analysts up 2012 growth forecast for Hungary on stronger German outlook
Central and Eastern Europe will likely see a stronger-than-expected growth in the next two years on the back of a rebounding German recovery that should help Hungary to avoid a full-year recession in 2012, London-based emerging markets analysts said on Friday. [more]
Russia’s Sberbank said to have big plans for newly acquired Magyarországi Volksbank [3]
Russia’s Sberbank, the new owner of Magyarorszagi Volksbank, wants to undertake big investments in Hungary, Valentin Mihov, Sberbank’s director for strategy and development, said at a press conference in Budapest on Friday. Mr Mihov said Volksbank would strengthen its retail activity in Hungary in the future. He added that it did not want to compete with OTP Bank but aimed to achieve 5pc market share in the foreseeable future. [more]
Danubius Hotels deeper in red as financial losses grow [5]
Losses of Hungary’s Danubius Hotels grew to HUF 2.36bn in 2011 from HUF 883m in the previous year as financial costs rose, the company’s consolidated IFRS report for the period published late Wednesday shows. Revenue edged up 2pc to HUF 46.95bn. Operating costs rose at the same rate to HUF 43.46bn. Danubius Hotels booked a HUF 2.83bn financial costs, mainly on forex losses, compared to a HUF 1.31bn loss in the base period. [more]
Hungary in talks with Russian lender to revive Malév as failed air carrier slashes 2,000 jobs [4]
Expert talks are under way in Budapest and in Moscow as part of a drive to rescue Hungarian airlines Malev, which shut down last week, business daily Napi Gazdasag said on Friday. [more]
Former Finance Minister Oszkó accused of benefiting from Malév’s collapse; revealed to have joined board of rival WizzAir
Ryanair’s CEO Michael O’Leary revealed to Hungarian media yesterday that former Finance Minster Péter Oszkó joined the board of rival low-cost airline WizzAir in April 2011, prompting Fidesz to accuse him of profiting from Malév’s demise. [more]
Ryanair to open Budapest base, expand capacity after Malév halt
Irish low-fare airline Ryanair will open a base for five aircraft at Liszt Ferenc International Airport Budapest on February 17, CEO Michael O’Leary said at a press conference in the Hungarian capital on Thursday. Three aircraft will be based in Budapest from the 17th and two new Boeing 737s will arrive from the factory in the middle of March, Mr O’Leary said. [more]