AAA Auto remains in the black in Q3 profit dips 44%
Prior to its regulatory financial results announcement AAA Auto Group NV has on November 9 reported selected financial highlights for the third quarter 2009. The listed used car dealership chain has managed to post a profit again after Q2 Portfolio Hungary reported. The results confirm a positive development noted during...

Egis profit warning due to strong forint hopeful on Turkey
Hungarys listed drugs maker Egis issued a profit warning last week as the consensus forecast of analysts in a Portfolio.hu poll considerably exceeded the companys actual profit. Chief Financial Officer Laszlo Marosffy said the bulk of the HUF 2.5 billion difference was mainly caused by a HUF 1.8 billion headwind...

EU launches probe into Hungarian govt subsidy for Audi
The European Commission has opened a formal investigation into Hungarian aid for an investment project of Audi Hungaria Motor Kft. in its existing plant in Gyor Portfolio Hungary reported early last week. Hungary intends to subsidise the installation of new high-tech engine production lines for new generation engines and engine components...

GE proposes job cuts of 2 570 in Hungary
General Electric could lay off 2 570 workers at its Hungarian lighting division over the next 2 years the US-based maker of electrical products and jet engines announced early last week as cited by Deutsche Presse Agentur dpa reported. The European director of GE Lighting Phil Marshall told reporters in...

BD to fire up €100 mln plant despite global crisis
BD Becton Dickinson and Company a leading global medical technology company is ready to start trial runs at its €100 million Hungarian plant Portfolio Hungary reported on October 27. BD launched the construction of its new state-of-the-art pre-fillable syringe manufacturing facility in Tatabanya 60 km northwest of Budapest on 30...

Raiffeisen to close 20 branches in Hungary
Raiffeisen Bank was to close 20 of its branches in Hungary early last week the bank said Real Deal reported early last week. All of the clients at the branches were informed earlier of the closures Raiffeisen Bank said. Raiffeisen Bank said in mid-August that it would close the 20...

Avermann-Holvex starts up HUF 100 mln glass recycling
German- and Hungarian-owned Avermann-Holvex has started operating a HUF 100 million glass recycling plant that was built with the support of EU funding in Csomor on the outskirts of Budapest managing director Laszlo Hollenda said on 20 October Budapest Business Journal reported. The plant can process a daily six to...

Penny Market adds new units seeks further growth
Discount grocery chain Penny Market has recently opened two new units in Hungary boosting the total number of stores to 176 Portfolio Hungary reported on 20 October. Penny Market is seeking to expanding its local presence targeting 250 units in the medium term. The opening of two new Penny Market...

Genesis Energy to soon choose company to build plant
Genesis Energy a Hungarian company that is building solar-panel plants in Hungary Spain and Singapore expects to select the company to build its plant in Spain Genesis board of directors member Damian Greco said at the companys EGM on October 20 Budapest Business Journal reported. Four companies are bidding to...

PM offers to mediate for Suez Environment
Hungarian Prime Minister Gordon Bajnai offered to mediate in a re-nationalization dispute between the local council of Pecs and the Hungarian unit of Frances Suez Environment at a meeting with the management of the French company in Paris Budapest Business Journal reported on 19 October. We have no legal means...

EBRD ready to aid Hungarys MAV
THE global economic and financial crisis has forced the European Bank for Reconstruction and Development EBRD to rethink its strategy and put off its exit from central and eastern Europe to beyond 2010 said Zsuzsa Hargitai head of the lenders resident office in Budapest. Under certain conditions EBRD would be...

IMF approves €54 million credit facility for Hungary
THE Executive Board of the International Monetary Fund IMF completed the third review of Hungarys economic performance under a programme supported by a $25.1 billion rescue package granted last autumn. The Board also extended the Stand-By Arrangement SBA by six months to 5 October 2010 to support the countrys economic...

Hungary to modernize bus fleet
HUNGARYS government aims to draw up a plan to boost domestic bus production in a bid to rejuvenate the countrys ageing bus fleet a move that could be a great opportunity for listed automotive group Raba as well Portfolio Hungary reported on 28 September. Hungarys bus fleet comprises around 9...

MÁV-Cargo opens €7.5 million container terminal in Romania
MÁV-CARGO the Hungarian unit of Rail Cargo Austria inaugurated a €7.5 million container terminal on 28 September in the Romanian city of Curtici near the border with Hungary Portfolio Hungary reported. MÁV-Cargo made the investment together with Polands Trade Trans group and Luka Koper of Slovenia said MAV-Cargo CEO Imre...

State railway company MAV asks for €325 million
Hungarys state-run railway company MAV requires 88 billion florint €325 million worth of loans this year to compensate for the curtailed government subsidy and to launch restructuring in the second half of 2010 Portfolio Hungary reported on 23 September. MAV wants to take out a medium-term loan to make up...

Visa and Mastercard fined for price fixing
The Hungarian Competition Authority GVH issued fines on 24 September of more than $10 million to Visa MasterCard and seven local banks for distorting the market through price fixing Deutsche Presse Agentur dpa reported. The GVH fined Visa and MasterCard 477 million florint $2.61 million each for their role in...

World Banks €1 billion loan for Hungary
The World Banks Board of Executive Directors has approved the €1 billion Euro $1.4 billion loan prepared as part of a $ 25.1 billion international support package financed jointly by the International Monetary Fund IMF the European Commission and the World Bank last autumn Portfolio Hungary reported on 23 September....

PannErgy research hits hot spring in SE Hungary
Albeit six months behind schedule publicly traded alternative power company PannErgy has successfully completed geothermic research in the town of Szentlorinc southwestern Hungary Portfolio Hungary reported on September 15. Drills in the research field hit a hot spring approximately 1 600-1 800 meters underground which may prove a major landmark...

MOL defers refinery upgrade Croatian project on track
Hungarian oil group MOL has rescheduled plans to build a new hydrocracker unit at the Szazhalombatta refinery which will be realized two years later than originally planned according to CEO Gyorgy Mosonyi Portfolio Hungary reported on September 14. The new target date for the new unit to become operational is...

Bidder for bankrupt NE Hungary steel giant identified
While the liquidation managers remain silent a source close to Miskolc-based bankrupt steel industry company DAM 2004 has divulged information on one of the two bidders interested in an acquisition Portfolio Hungary reported on September 14. According to wire service MTI this prospective investor is none other than Max Aicher...

IMF extends time limit on Hungarian rescue loan
The International Monetary Fund IMF has extended the deadline for Hungary to draw down the remaining tranches of a standby loan made available last autumn Hungarian Finance Minister Peter Oszko told reporters on September 7 Deutsche Presse Agentur dpa reported. The six-month extension until October 5 2010 means Hungary will...

Hungarys BorsodChem eyed by Chinas Yantai Wanhua
Rumour had it that either Russian or some Far Eastern investor was eying to acquire a stake in Hungarian chemical producer BorsodChem but a local daily claimed it is in fact a Chinese company that wants to buy a stake in BC Portfolio Hungary reported on September 7. The Chinese...

Slovak Hungarian premiers to meet as relations dive
Hungarian Prime Minister Gordon Bajnai is to meet his Slovak counterpart on September 10 in a bid to ease growing tension between the neighbouring countries the Hungarian government said on September 1. The announcement came as almost 1000 Hungarians demonstrated in front of the Slovak Embassy in Budapest as new...

McDonalds to splurge 6.6 mln Euro on facelift
The Hungarian unit of US fast-food giant McDonalds will spend a total of HUF 1.8 billion 6.74 million Euro on development projects this year the company said Portfolio Hungary reported on August 26. It is under this expansion scheme that McDonalds was to open its 100th unit in Hungary more...

September 11 sees budget pass through Parliament
Hungarys government is scheduled to discuss the first draft of the 2010 budget at an extraordinary cabinet meeting on September 1. The final version may be approved by government ministers on September 9 and submitted to Parliament on September 11 Portfolio Hungary reported on August 25. This stage will be...

Lindab closes down Hungarian plant
Swedish building materials maker Lindab has announced on July 6 that it will shut down its plant in Nyiregyhaza eastern Hungary as it sees a 50 percent in sales volumes for the first half of the year Portfolio Hungary reported. The first six months of 2009 has seen a significant...

MOL to comply with Russian rules
Russias Federal Subsoil Agency also known as Rosnedra has given a joint venture between Hungarys MOL and Russias Russneft six months to comply with natural gas usage regulations at their ZMB field Portfolio Hungary reported on July 6. Environmental watchdog Rosprirodnadzor said the JV which is developing the Zapadno-Malobalykskoye field...

Hungarian investor launches plant in Ukraine
The largest industrial project by a Hungarian investor in Ukraines Transcarpathian region a pellet factory set up by Skala-Energy in the town of Tiachiv was launched on July 3 Portfolio Hungary reported. Skala-Energy which is part of the Skala Group invested approximately 40 million 3.7 million Euro in the plant...

AsiaFood to build noodles plant in Hungary
French-owned AsiaFood Kft is to build a noodles plant in Verpelet northeast Hungary Portfolio Hungary reported on June 23. AsiaFood is to build a 5 000-sq m 53 820-sqf factory in scope of a green-field investment to produce frozen Chinese noodles. The plant which is to be up and running...

Intesa Sanpaolo unit boosts capital by 150 mln Euro
CIB Bank the Hungarian subsidiary of Italys Intesa Sanpaolo has decided at an extraordinary general meeting to increase its capital by HUF 42.2 billion Portfolio Hungary reported on June 23. An EGM of CIB Bank one of Hungarys fourth-largest commercial banks by assets decided previous Friday to increase its capital...

Ministers to donate 1-month salary to crisis fund
Hungarys government decided to establish a HUF one billion crisis management fund that will provide one-off assistance to some 30 000 of Hungarys most disadvantaged families. Ministers have offered to donate their one-month salary to the fund government spokesman Domokos Szollar said on June 19 Portfolio Hungary reported. The crisis...

A 2 mln Euro new production line for Bericap
Bericap Hungary a maker of caps for drink containers will finish installing a two million Euro automated production line at its plant in Szekesfehervar by November managing director Denes Papp said Budapest Business Journal reported on June 15. The new production line will turn out caps for markets in Norway...

USD 1bln shopping spree for Malev
Hungarys national airline Malev is to buy 30 Sukhoi Superjet-100 SSJ-100 aircraft Portfolio Hungary reported on June 15. The 98-seat SSJ-100 was among the exhibited aircraft at the Paris Air Show early last week where Malev has made its surprise announcement about its plan to buy 30 of the airliners....

E.On gets compensated for losses
Hungarys government has agreed to compensate German utility giant E.On for the losses it suffered due to retail gas prices the cabinet kept artificially low and the weakening of the HUF the Energy Ministry said Portfolio Hungary reported on June 10. Hungary had scrapped the so-called import price correction item...

Proland Software partners with VirusBuster
Cranes Software Subsidiary Proland Software an IT security company that owns the Protector Plus range of Anti-virus software products has entered into a strategic partnership with VirusBuster a Hungary-based security solutions provider Business Wire reported on June 8. The partnership is an important step for VirusBuster to further strengthen its...

MOL posts heavy first-quarter loss
Hungarian oil and gas company MOL posted a first- quarter net loss of USD 507.1 million on May 19 almost double the level predicted by analysts Deutsche Presse-Agentur dpa reported. However shares in MOL were riding high amid news of the company having secured a 10 percent stake in a...

Magyar Telekom buys hospital information firm for 10 mln Euro
...

PannErgy signs deal with Croatia
...

Government to up household gas prices
Hungary will increase natural gas prices for households by five percent as of July 1 because of an equivalent rise in the main value added tax rate state radio quoted government spokesman Domokos Szollar as saying. Gas prices will drop from October when the heating season starts to reflect a...

Doubts whether Bajnai can succeed
From Zsolt BECSEY Hungarian Member of European Parliament for EPP-ED and member of the Committee on Economic and Monetary Affairs Instread of euphemistic ldquo;strict economic reformsrdquo; we can clearly talk about harsh restrictions. Without doubt Gordon Bajnairsquo;s hands are forced: his predecessorrsquo;s Ferenc Gyurcsaacute;nyrsquo;s government ran the country into a...

These are hard new times for beleaguered Hungary
Hungaryrsquo;s new Prime Minister Gordon Bajnai taking over from his predecessor Ferenc Gyurcsany who had headed a minority Socialist government for a year after the opposition Free Democrats quit his coalition has introduced strict reforms aimed at stabilising the countryrsquo;s economy. The new government which took office April 19 said...

These are hard new times for beleaguered Hungary
Hungaryrsquo;s new Prime Minister Gordon Bajnai taking over from the previous politician Ferenc Gyurcsany who had headed a minority Socialist government for one year after the opposition Free Democrats quit his coalition has introduced in last few days very strict reforms aiming to tackle the countryrsquo;s economy. The new government...

Solyom calls for early general elections
Hungarian President Laszlo Solyom on March 25 joined the call for early general elections in Hungary. But a day later Gyorgy Suranyi said he should not be considered a candidate for Hungarys prime minister. In an interview in Brussels the 55-year-old region head of Italian banking group Intesa SanPaolo told...

IMF to monitor from new Budapest office
The International Monetary Fund IMF is to open an office in Budapest the worlds lender of last resort confirmed on March 25. The office will facilitate discussions over the USD 15.7-billion emergency loan granted to Hungary last October the Hungarian newspaper Nepszabadsag had reported. IMF press officer Angela Gaviria told...

BP plans new service centre
BP plans to set up a service centre in Budapest that could create about 1 000 new jobs Hungarys Minister for Development and Economy Gordon Bajnai said on March 23. Bajnai noted that although some 30 000 jobs have been lost in Hungary since October around 12 000 new jobs...

Hungarian premier resigns
Hungarian Prime Minister Ferenc Gyurcsany announced his resignation on March 21 saying a new government with a new leader was needed to tackle his countrys economic meltdown Deutsche-Presse-Agentur dpa reported. Hungarys main opposition party Fidesz promptly repeated its call for early elections announcing that it plans to present a motion...

Currency hits another all-time low
The Hungarian forint fell to a record low of 312 against the Euro on March 4 morning heightening concern over Hungarys ability to meet its external debt obligations and putting further pressure on Hungarians with foreign currency loans. Finance Minister Janos Veres sought to dismiss fears that Hungary was on...

Jabil Circuit cuts 900 jobs in Hungary
The US-based circuit board manufacturer Jabil Circuit is to lay off 900 workers at its plant in Hungary the firm revealed on February 25. Jabil which currently employs some 4 000 in Hungary told the local news agency MTI that its decision was due to falling orders. The news came...

Social crisis looms after Roma murders
Hungarys ombudsman for minority affairs called on February 24 for a peace plan? to deal with rising ethnic tension in the country in the wake of a spate of attacks against Roma families.There is not only an economic crisis but also a social crisis in Hungary ? Erno Kallai told...

PM wants non-members into Euro zone faster
The European Union should ease its rules to allow new members to swap their national currency for the Euro more rapidly Hungarys Prime Minister Ferenc Gyurcsany said on February 24. The best protection against foreign-exchange problems is to join the Eurozone ... We should see how the steps towards the...

Soros: In revolutionary times the impossible becomes possible
From the mid-1980s, Hungarian-born investor and philanthropist George Soros pumped hundreds of millions of dollars into foundations in Eastern Europe dedicated to promoting the idea of the "open society" and challenging the region's Soviet-backed regimes. Since then his Open Society Institute has evolved into a network of foundations and offices working in over 60 countries. Here, writing exclusively for CNN.com, he describes how the work of his foundations ultimately contributed to the collapse of communism.

Taking the plunge in Budapest
In Budapest, Hungary's vibrant capital, you can sample spicy paprika at the Great Market Hall (designed by Gustave Eiffel), sip coffee in a genteel turn-of-the-20th-century cafe and enjoy an affordable performance at the luxurious Opera House.

'In the length of a football season it was gone'
Richard Blystone was CNN's senior correspondent in Europe throughout 1989, witnessing and reporting on the momentous events of that year from the first protests in the communist Eastern Bloc to the fall of the Berlin Wall and revolution in Romania.

Thousands flock to D.C. for Cherry Blossom Parade
Thousands of visitors lined Constitution Avenue in Washington on Saturday morning for the annual National Cherry Blossom Festival Parade.

From the next Berlin to the new Acropolis museum
From the Czech Republic to Greece, the eastern part of Europe is changing so fast that you could visit every year and feel as if you've experienced something completely new.

2 killed in Hungary school shooting
A principal and teacher were killed Wednesday when a masked gunman opened fire in a private elementary school in Budapest, Hungary's capital city, police said.

Hungary: 4 Dead, 26 Injured in Train Collision
A local passenger train ran into the back of an long-distance train Monday near Budapest, killing four people and injuring 26

Eastern Europe: What's now
Forget lists of "What's Next" in travel. Eastern Europe is "What's Now." While it's catching up to the West -- becoming more modern, expensive and crowded -- Eastern Europe remains a great value. Here's what to expect this year.

Cuba slams Hungary for granting asylum to migrants
Cuba branded Hungary an "imperial accomplice" of Washington on Wednesday for granting political asylum to 29 Cubans who were held at the Guantanamo Bay U.S. naval base.

Hungary braces for more protests
Hungarian police said Wednesday that hard-core football hooligans had hijacked peaceful anti-government protests, but Prime Minister Ferenc Gyurcsany blamed opposition parties for a second night of violence.

Your e-mails: Hungary Riots
Early Tuesday, protesters across Hungary clashed with police and in Budapest stormed the headquarters of state television, responding with violence to a leaked recording that caught the countries prime minister admitting the government "lied morning, evening and night" about the economy.

Hungary police brace for more protests
Hungarian police said that hard-core football hooligans had hijacked peaceful anti-government protests but Prime Minister Ferenc Gyurcsany blamed opposition parties for a second night of clashes between rioters and police, saying they had failed to deliver on a pledge to calm protests.

Hungary: Rioters attack TV station
Protesters seized the headquarters of Hungary's state television network and set fires in and around the building early Tuesday after the country's prime minister admitted lying about the economy "throughout the past one and a half or two years."

Today's Buzz stories
Thieves in Hungary have stolen some tapes of the BBC's new prime-time series "Robin Hood," stalling completion of some of the 13 episodes, the broadcaster said.

Where the dollar is still king
As the dollar continues its slide against the euro - down almost 6 percent this year to a 1 year low - Americans thinking of traveling abroad might look beyond Paris, Rome or Madrid to destinations where the U.S. dollar remains strong.

Hungary plane crash: 42 dead
Recovery efforts continued Friday at the site of the crash of an AN-24 Slovak military plane, which was carrying 43 passengers when it crashed in the rugged terrain of northern Hungary.

Get involved: Europe
Send us your tips, words, photos and videos to thescene@cnn.com, or text "SCENE" plus your comments to +44 7786 20 40 60. Remember to include your name and the city/country where you live.

Best investments 2005: Bonds
Junk and foreign bonds beat going long. Risk: High-yield debt is more tied to economic ups and downs.

Powell to Hungary: Stay the course
U.S. Secretary of State Colin Powell thanked Hungary on Tuesday for the "steadfastness" of its commitment to the coalition in Iraq, saying now is not the time to get "weak in the knees" despite continued violence and kidnappings.

European Quest: Your views
For two weeks, Richard Quest and his team are traveling around countries about to join the European Union on May 1. We asked for your views. The following are a selection of your e-mails.

Our European Quest
Our trip started in Hungary, but we flew to the Austrian capital Vienna and drove across the border because it was a lot easier than flying anywhere else.

Hungary at Europe's crossroads
Folk-dancing nights in Budapest are a weekly event for Istvan Pal and his fellow musicians -- a reflection of the Hungarians' strong identification with their distinct language and culture.

Eastern Europe set for travel surge
With 10 more countries about to swell the ranks of the EU come May 1, the one business sector likely to get a boost is the travel industry -- both for leisure and business.

Leading Indicators WHAT'S HAPPENING THIS MONTH, AND WHAT IT MEANS.
BROADBAND Electrifying the Net

Hungarian Rhapsody AN UNEXPECTED ECONOMIC REVIVAL
Four years ago, the Hungarian economy was deep in crisis: Inflation was rampant, unemployment was rising, and trade and government deficits were mounting. Making things even worse was the fact that...

HERE'S A LESS RISKY WAY TO TAP SIZZLING FOREIGN MARKETS
The world's developing markets are suddenly as hot as the midday Brazilian sun. Mexican equities are up 15.6% so far this year (to Feb. 20), double the return for U.S. shares. Other Dow beaters inc...

FUNDS RUSH TO CASH IN ON EASTERN EUROPE'S BOOM
Lured by spectacular gains in markets such as Russia (up 105% in the first eight months of this year), Hungary (86%), Poland (77%) and the Czech Republic (26%), several new mutual funds have sprung...

THREE RISING STARS IN CENTRAL EUROPE
After six years of false starts, hardship, and loud public skepticism, Central Europe's three main economies have emerged from the Russian bear's shadow and look sustainably bullish. The Czech stoc...

PORTFOLIO TALK A VOTE FOR SQUID, BEER, AND BANCO O'HIGGINS AN INTERVIEW WITH GRACE PINEDA Manager of MERRILL LYNCH DEVELOPING CA
Born in the Philippines and living the itinerant childhood of a diplomat's daughter, Grace Pineda became proficient not only in her native Tagalog but also in English, French, Russian, and Spanish....

MAKING REAL DOUGH IN EASTERN EUROPE
AS UNDERGRADS AT HARVARD, ADAM HAVEN-Weiss and Robert Brooker dreamed of starting their own business. But by fall 1992, Haven-Weiss was at Columbia University Law School and Brooker was working at ...

The market that fears no news, what Khrushchev didn't do, Gouldism on the march, and other matters. GETTING IT WRONG
One regrets the recurrent temptation, thus far irresistible around our house, to argue with E.D. Hirsch Jr., professor of English at the University of Virginia. His basic proposition is sound. One ...

EASTERN EUROPE IS ONE HOT MARKET
-- From the Baltic to the Black Sea, Eastern Europeans are loading up on merchandise bearing U.S. brand names like Kodak, Kellogg's, Band-Aids, Rice-a- Roni, SlimFast, and Purina Cat Chow. Warsaw s...

GET AN AUSTRO-HUNGARIAN PORTFOLIO ON THE CHEAP
Of all the emerging Eastern bloc nations, none has a brighter future than Hungary. This peppery land of goulash and bauxite has taken to economic freedom with a vengeance. Within the last year or s...

WHO'S WHO IN THE EAST In Eastern Europe, the people to know are both colorful and energetic. ! Want to meet the Clark Gable of f
Business is always personal, but especially so in Eastern Europe, where daunting bureaucracy and changing ground rules can spook even veteran investors from abroad. In such a climate, knowing the r...

NEW LIGHT IN EASTERN EUROPE? Amid the economic chaos that followed the crash of Communism come signs of emerging entrepreneurshi
A NERVOUS SOBRIETY has set in across Eastern Europe. Two years after the Iron Curtain came crashing down, the region's experiments with capitalism might, to some eyes, seem an excellent advertiseme...

POLAND'S GAMBLE BEGINS TO PAY OFF The Poles have achieved remarkable results in the first stages of their rush toward a free-mar
FOR POLAND this may be the most dangerous summer since 1939. While their Soviet neighbors fiddle, the gutsy Poles are switching from Communism to capitalism in one stroke. But their boldness has al...

GLASNOST'S HARVEST: JEANS THAT NEED A SCREWDRIVER, AN ANGEL FOR BORIS, AND MORE
-- The red star and the Cyrillic writing on the back pockets and an accessory in the form of a free screwdriver mark a hot new seller: cotton jeans ($60 and up) from the Soviet Union. The screwdriv...

HOW TO MANAGE IN THE NEW ERA Seizing global opportunities requires exploring more options -- and acting faster -- than ever. Her
Are you up to the challenge? Beware. Leading the vanguard of global investors doesn't necessarily make for restful nights. When Swedish ball-bearing maker SKF plunged into Russia, its dream of prof...

WHO GAINS FROM THE NEW EUROPE Almost everybody does -- and there's opportunity aplenty for deals. The combined GNP of East Germa
WITH THE FALL of the Wall and the lifting of the Curtain, Western managers and investors must rethink their strategies for doing business in Europe in the 1990s. Suddenly the Old World has gained a...

TOWARD A NEW ERA OF POSSIBILITIES
The historic events in East Berlin and Moscow, Warsaw, and Budapest provide the most dramatic evidence yet that the Cold War is over and we have won. Socialism is on the run, and democratic capital...

IRON CURTAIN MBA
Move over, Karl Marx. Hungary's premier university has dropped Das Kapital from its required reading list. And, this month, the reform-minded Magyars are launching the East bloc's first MBA program...

SIGNALS
Bright young comrades will soon be receiving their MBA degrees from Karl Marx University in Budapest. Eager to adopt the West's business acumen, Hungary recently asked the University of Tennessee t...

Hungary's capitalist crusade
The tax man has sneaked behind the Iron Curtain and is emphatically not getting any Red carpet treatment. On January 1, Hungary became the first Soviet bloc country to impose a personal income tax ...

Hot money haven
If Switzerland is no longer a safe home for dubious dough, what is? Believe it or not, the hot new haven is Hungary. In the past year Switzerland has frozen the accounts of deposed despots Ferdinan...

Hungary, Class of '56
A remarkable number of top U.S. executives will mark the 30th anniversary of Hungary's brief revolt against Soviet domination on October 23: They are veterans of the uprising. Within weeks of the 1...

Musicians Who Poked at the Iron Curtain
Some of the musicians who played in ostracism during the last gray years of Communist rule gathered for a festival in New York.

Life After the Property Boom That Wasn't
Two or three years ago, Budapest was about to capitalize on the property boom. Then the downturn arrived.

For a Type of Songbird, Bats Are on the Menu
In a cave in Hungary, researchers found great tits hunting, pecking and eating small pipistrelle bats.

Hamilton Wins First Title of Season at Hungarian Grand Prix
The win on Sunday was Lewis Hamilton’s 10th career victory, his first since the Chinese Grand Prix last fall and his second in Budapest, where he won in 2007.

A Posthumous Dispute Over a Writer’s Legacy
A battle over the estate of the Hungarian playwright and novelist Ferenc Molnar spans generations, continents, religions and sensibilities.

Some Village Folkways: Incest, Murder, Adultery
Bela Pinter’s ribald sendup of opera blends Hungarian folk songs with the conventions of baroque music, to strange but surprisingly satisfying effect.

In Eastern Europe, Industries That Survived Communism Now Crumbling
The downturn, which has hit the region's export-led economies hard, is threatening to turn powerhouses of the communist and post-Soviet eras into a new ''rust belt.''

Gas Pipeline in Turkey Gains European Backing
Four European governments signed an agreement with Turkey Monday for a gas pipeline that would reduce Europe’s dependence on Russian gas.

Energy Trade in East Calls for Scrutiny
Over the past few days, a Hungarian gas trading company called Emfesz has become a showcase for all the secret deal-making that has turned the energy sector in this part of Europe into a quagmire.

As Economic Turmoil Mounts, So Do Attacks on Hungary’s Gypsies
Over the past year, at least seven Roma long among Europe’s most oppressed minority groups have been killed in Hungary.

Hungary’s Spirits Are Back Up, on a Horse
Overdose, a thoroughbred bought for a pittance, has turned into a national hero in Hungary.

Politics Add to Economic Turmoil in Hungary
The struggle of Hungary’s largest bank, OTP, mirrors that of the nation, whose prime minister unexpectedly resigned.

Two Natural Gas Deals Tie Hungary Closer to Russia
The Russian deal runs counter to claims by Hungary’s prime minister that he supports a rival pipeline by the European Union.

A Crisis Is Separating Eastern Europe’s Strong From Its Weak
Financial problems have reached the Danube, even in a relatively resilient economy like the Czech Republic’s.

Dow Plumbs The Depths Of Last Fall
Concerns about deteriorating financial situation in countries like Romania and Hungary lead to huge sell-off that began overseas and crashed on Wall Street; Dow Jones industrial average falls 297.81 points, or 3.8 percent, to 7,52.60, which is almost same as close on Nov 20; Standard & Poor's 500-stock index slides 37.67 points, or 4.6 percent, to 789.17; Nasdaq composite index falls 63.70 points, or 4.2 percent, to 1,470.66; price and yield of 10-year US Treasury note noted; Moody's Investors ...

Tompa Triple Murderer Confesses
"A 29-year-old man has confessed to committing the triple murder on a farm in Tompa, southern Hungary on November 4. The suspect in the killing of an elderly couple and their daughter was detained on Monday following an analysis of evidence found during a ten-day inspection. He had been employed by the family.

Joint Statement On Transparency
"This press release is being issued with the support of the Embassies of Belgium, France, Germany, Japan, Norway, Switzerland, The Netherlands, The United Kingdom and The United States. We represent countries whose companies provide the majority of Hungary's foreign direct investment.

Radical Website Editor On Trial In Hungary
"Balázs M., the alleged editor of radical right-wing website kuruc.info, went on trial on charges of abuse of personal data and libel at a Székesfehérvár court on Friday.

Irish Driver Detained Nine Years Later
"Irishman Francis Ciaran Tobin was taken into custody at his home in Ireland yesterday, nine years after his car struck and killed two children in Leányfalu, north of Budapest. He has been released on bail, and his passport has been confiscated.

Fidesz Opposes Andor Nomination
"Fidesz MEPs will not support the nomination of László Andor to the EU Commission, the group announced on Wednesday.

Foreign Ministers Of Hungary, Armenia Meet
"Armenia’s Foreign Minister Edward Nalbandyan met with his Hungarian counterpart Peter Balazs in Budapest. The parties agreed that visit of Armenian President Serzh Sargsyan to Hungary creates a platform for deepening and strengthening of bilateral friendly relations between the two countries, press office of Foreign Ministry reports."

Bajnai Joins Berlin Commemorations
"Hungary’s role in the fall of the Berlin Wall makes it one of the “heroes of the moment” of 1989, Prime Minister Gordon Bajnai told Hungarian reporters in Berlin before Monday commemorations marking the 20th anniver-sary of the collapse of the wall.

Orbán Doesn’t Respect The Constitution
"Fidesz leader Viktor Orbán honours the Constitution but does not respect it, he told Echo TV on Monday. Orbán said his party is open to dialogue on a deep transformation of the constitutional system, but “the fire needs to be put out” in the coming years.

Three People Slain At Ranch
"Three people were slain at a riding ranch near Tompa, Bács county, Wednesday night. The body of the ranch owner was found in the house, and those of his wife and daughter in the trunk of a car in the stable.

Hungarian Mountaineers Lost In China
"A team of Hungarian mountain climbers have disappeared in the eastern Himalayas region of western Szechuan, China, according to reports. The group of two men and two women left for China on October 7 with the aim of scaling the never before climbed 6,079m peak of Ren Zhong Feng, near the Himalayas."

Budapest To Merge Sporting Facilities
"Budapest City Hall will merge 14 properties owned by the capital into a holding company called Budapest Sport Non-profit from January 1, 2010.

65-75% Of Public Procurements Corrupt In Hungary
"Of Hungary’s public procurement processes, 65-75% are tainted by corruption, according to a comprehensive survey made at the request of the Public Procurement Council and carried out by research institutes GKI and MÁST.

Majtényi Refuses To Ink Radio Contracts
"Departing National Radio and Television Board (ORTT) president László Majtényi on Friday announced that he will not sign the contracts of recent radio frequency tender winners Advenio and FM1 consortium.

Danubius To Sue ORTT
Danubius Rádió will turn to the courts to appeal against the decision of the National Radio and Television Board (ORTT) on the ten-der that led to it losing the radio frequency li-cence it had held since 1997, Napi Gazdaság learnt. Sláger Rádió, the other station that lost its licence in last week’s decision, has already turned to the courts.

Jobbik Video Banned From YouTube
"Warner Music has issued an order to have a campaign video produced by radical right-wing party Jobbik banned from YouTube, as it violates copyright by using the theme from the Star Wars movies.

Sexism, Ageism On Job Market
"Middle-aged men have the least chance of finding work in Hungary, and half of the over-45s are rejected for job vacancies, a National Ethnic Minority Rights Protection Office sociological survey found.

Hungary Doesn't Accept Modifications To Lisbon Treaty-Ministry
"Hungary doesn't agree with any proposals that involve the modification of the Lisbon Treaty, Hungarian Foreign Ministry spokeswoman Zsuzsanna Matrai told Dow Jones Newswires Tuesday."

The Arab World Has A Prominent Place In Hungary’s Foreign Policy
"The Foreign Minister met a group of Arab ambassadors accredited to Budapest on October 22. They discussed current topics connected with the Middle East and recent developments in the peace process. Hungarian-Arab relations and opportunities for their advancement were also on the agenda."

Hungarian City Moves To Oust Suez Water Management
"The Hungarian city of Pecs will call an extraordinary general meeting to remove the management of the local water utility appointed by French minority owner Suez Environnement (SEVI.PA), the town's mayor said on Tuesday."

Hungary Fidesz Chief Orbán Catches Up With President In Popularity Ranking
"Hungary’s President of the Republic László Sólyom has tied with Viktor Orbán, President of the country’s main centre-right opposition party, in the latest monthly popularity ranking compiled by Szonda Ipsos. They both scored 47 points, local daily Népszabadság reported on Monday. There is hardly anyone on the list that scored over 30.

FlyBalaton Airport Operator Ordered Under Liquidation
"Cape Clear Aviation spokesman Árpád Beznicza said Vectigalis would be the liquidator of the company. When asked by MTI to name the party that brought the liquidation procedure against the company, Beznicza declined to answer, saying the information was not public."

Hotel Opens In Budapest With Helicopter Pad
"A hotel with a helicopter pad on its roof has opened on Hold utca in Budapest’s Fifth District. Helicopters will need a special permit to land on the roof, as the US embassy, the National Bank and Parliament are nearby.

Baglioni Hotels Withdraw From Budapest Project
"It has been announced today by Guido Polito, Vice President, Baglioni Hotels Collection that the company has decided to withdraw from the management contract for the Hotel and Racz Thermal Spa in Budapest."

Airport Transfer At A Great Introductory Price Of Just HUF 990 (EUR 3,5*)!
"Malév and its partner Airport Shuttle Kft. have launched a new service for passengers travelling with a Malév e-ticket.

Sármellék 'FlyBalaton' Airport Suspends Operations
"FlyBalaton airport in Sármellék closed down for an indefinite period on Saturday, CEO Attila Benkő announced. The airport at the western end of Lake Balaton will not reopen until an agreement is reached with new operators, with whom talks are on ongoing, said Benkő. He did not elabo-rate on the state of the talks nor the potential investors.

Canada Denies Plans For Hungarian Visas
"Canada has no intention of reintroducing visas for Hungarian citizens, an immigration spokeswoman told AFP Thursday following Hungarian media reports to the contrary."

Escape From Hungary To Albania - By Liam Crow
Sadly it is finally the end of the summer that really wasn’t. June was a cool, rainy mess, July and August didn’t produce the heat wave which makes you go WOW, and now September has swept in with its warm days and cool nights which are much more like the October I remember. I wasn’t getting the taste of summer here I needed and since it’s been 4 years since my last proper 10+day holiday it was time to pack up the bag and get the heck out of Dodge.

Malév Aircraft Design Tender - Vote For The Best Design
"About 200 plans from Hungary and abroad were submitted to the Malév aircraft paintwork design tender. Malév is using this tender as a way to select a totally new livery for one of the Q-400 turboprop aircraft. One criterion of the final design is that it should draw the attention of air travellers to the unique values of Hungary.

Hungary Jan.-Aug. Tourist Arrivals Decline
"Monday, Hungary's Central Statistical Office said that the foreign tourist arrivals decreased 12% year-on-year in the January to August period. Meanwhile, the domestic tourist arrivals were down 6%."

70-Meter Tower Cranes Arrive At Ferihegy Airport
"The construction of SkyCourt has reached a new stage in Ferihegy: the special tower cranes which will lift the steel structure of the building to its place have arrived from Germany.

Win A Weekend In Budapest
"Participants completing this survey will be entered into a contest to win a weekend in December for two in Budapest. The prize will include airfares, accommodation, a Budapest Card, museum and concert tickets, a taste of the Budapest Christmas Fair and a dining cruise on the Danube.

Hotels In Central And Eastern Europe
"Occupancy of Budapest hotels fell to 55,7% in Summer 2009 and VAT concession in tourism was the only good news in the Hungarian market. – claims the latest hotel market report of CB Richard Ellis (CBRE).

Malév Reports A Good Summer With Strong Passenger Growth
"This summer generated more passengers for Malév. The Hungarian national carrier is one of very few European network airlines that recorded success in its summer passenger traffic. During the summer months more customers travelled on the airline's European network than in the same period of 2008. This figure topped 12% in the month of August alone.

Malév Hungarian Airlines See Increase In Passengers, Market Share
"Malév Hungarian Airlines reported a 12% increase in passengers in August yr/yr, while the average seat occupancy rate was as high as 84%, the company reported.

Research Shows Which Countries Offer Best Holiday Bargains
"Tesco Travel Money have revealed the results of its research into where the best deals can be found for holiday destinations and Bulgaria, Hungary and Poland came out on top."

€49 Rescue Ticket From Malév For Sky Europe Passengers
"Malév is making a further special offer available to passengers left stranded and holding valid Sky Europe tickets, who can pick up one-way air tickets for just €49 - a fare that compares favourable with low-cost airlines' prices - between 3-15 September. Travellers caught out by Sky Europe can travel to 12 selected cities in Europe through the Malév network.

Returning Home For The Summer
"Looking forward to taking your children 'home' for the summer? Visiting Britain may not be top of the childrens' wish list."

Light-Years Ahead At Ferihegy Airport
"Budapest Airport commenced the concurrent trial operation of new lighting technology in two different locations. The aim of both projects is to significantly reduce the energy consumption of the airport, and thereby reduce Ferihegy’s carbon dioxide footprint.

Malév Hungarian Airlines Reports Soaring Q2 Passenger Count
"Hungary's former flagship carrier Malév registered an increase in passengers that started in April. Despite the fact that the industry is particularly sensitive to the economic recession, Malév has seen 8% increase in passenger counts in Q2 2009, the airline said.

Malév Check-In Information
"In order to provide our passengers with a fast and convenient service, the check-in process may also be completed, besides conventional desks at the terminals, by using the machines installed at terminal 2A -or even online from home.