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