HungaryTrends – The week in business and finance

See below the main business and financial news from the previous week:

CHINA EASTERN TO LAUNCH DIRECT SHANGHAI-BUDAPEST FLIGHT 

China Eastern Airlines, the world’s seventh largest airline company, will launch a direct flight between Shanghai and Budapest next summer, Péter Szijjártó, the foreign affairs and trade minister, told public media after talks in Shanghai on Monday. Read more HERE.

ORBÁN: CHINA APPRECIATES ROBUST GROWTH IN CENTRAL EUROPE 

China appreciates that economic growth in central and eastern Europe is twice the European average, the Hungarian prime minister said on Monday in his address at the Chinese International Import Expo (CIIE) organised for the first time in Shanghai. Read more HERE.

DOOSAN INVESTS HUF 32 BN IN BATTERY COPPER FOIL PLANT

South Korean conglomerate company Doosan will invest 32 billion forints in a battery copper foil plant in Tatabánya, western Hungary. The company will receive a 4.7 billion government grant for the project. Read more HERE.

EC RAISES HUNGARY GDP GROWTH PROJECTIONS

The European Commission raised its projections for Hungary’s GDP growth this year and next to 4.3 percent and 3.4 percent, respectively, in a biannual forecast. The EC raised the projection for 2018 from 4.0 percent and the one for 2019 from 3.2 percent in a forecast published in the spring. Read more HERE.

GOVERNMENT TO PROPOSE GRANDFATHER PROVISION FOR HOME PROJECTS WITH BUILDING PERMITS

The government will propose a grandfather provision allowing the continued application of the preferential 5 percent VAT rate on home construction to projects for which builders already have a permit or a registration, Finance Minister Mihály Varga said.

RICHTER Q3 PROFIT PLUNGES AS REVENUE DROPS

Third-quarter net income of Hungarian drugmaker Gedeon Richter fell by 44.1 percent year-on-year to 8.8 billion forints (EUR 27.3m) as revenue dropped and administration and R+D spending rose, an earnings report shows.

Featured image: MTI

Source: MTI