Under a new legislation that took effect in May and requires new reporting requirements for the transfer prices of multinational firms operating in Hungary, a fine of up to HUF 20 million can be issued to companies that do not comply with the new rule, Grant Thornton Hungary warns in a press statement sent to the Budapest Business Journal.

Hungarian road haulage company Waberer’s has closed the acquisition of its Polish peers Link and Link Services for a combined EUR 32.5 million, which the Hungarian company financed from its own resources, according to a press statement sent to the Budapest Business Journal.

International rating agency Standard & Poorʼs Global Ratings revised the outlook on MOLʼs credit rating to positive from stable, the Hungarian oil and gas company said today, according to state news agency MTI.

Nordic Light’s occupancy rate has reached 98% with Rail Cargo Hungaria Zrt., part of Europe’s second largest rail forwarding company, having signed to move some of its divisions to the building, according to a press statement sent to the Budapest Business Journal. 

Réti, Antall and Partners Law Firm PwC Legal has announced the appointment of a new managing partner and new law firm member, according to a press statement sent to the Budapest Business Journal. 

The Government Debt Management Agency (ÁKK) sold a combined HUF 34.5 billion of bonds at auction today, cutting its original offer by HUF 5.5 bln on paltry demand for the shortest maturity, Hungarian news agency MTI reported.

Hungaryʼs cash flow-based general government deficit reached HUF 911.2 billion at the end of June, 78.1% of the full-year target, the National Economy Ministry confirmed in a second reading of data today, Hungarian news agency MTI reported. The deficit does not include the balance of local councils.

Two members of the management of Hungarian low fare airline Wizz Air have been promoted to the firm’s executive team, according to a press statement sent to the Budapest Business Journal.

Stephen Jones has been appointed executive vice president and deputy CEO at Hungary’s low fare airline Wizz Air, taking effect from of the second half of the year, according to a press statement sent to the Budapest Business Journal.

Spending on research and development in Hungary reached HUF 427.2 bln last year, falling 8.8% from the previous year, a summary of data by the Central Statistics Office (KSH) shows.

The National Bank of Hungary (MNB) accepted placements of HUF 50 billion in its three-month deposit at a tender yesterday, level with the maturing depo stock, Hungarian news agency MTI reported.

Hungaryʼs government has approved more than HUF 600 million in personnel and one-off costs towards establishing an independent gambling oversight authority, a resolution published in yesterdayʼs issue of the official gazette Magyar Közlöny shows.

Hungarian startup Shelfie aims to revolutionize how the youth thinks about furniture, as the creator wishes to offer an alternative to those who cannot or do not want to pay for expensive design furniture, according to a press statement sent to the Budapest Business Journal.

Alongside the official FINA mobile application, another app with the name of Budapest 2017 has been launched, chiefly aimed at providing leisure-related information in connection with the 17th FINA World Championships in Budapest, according to a press statement sent to the Budapest Business Journal.

The Government Debt Management Agency bought a combined HUF 19.1 bln of bonds expiring in 2018 and 2019 before maturity at a reverse auction today, Hungarian news agency MTI reported.

Hungaryʼs Government Debt Management Agency (ÁKK) has mandated Bank of China and HSBC to organize an issue of yuan-denominated "panda" bonds, ÁKK said on its website today.

Following the expected maintenance of the national bankʼs base rate, CIB Bank Hungary believes it will be kept at 0.9% for an extended period of time, probably at least until 2018, according to an analysis sent to the Budapest Business Journal.

Hungary’s low cost airline Wizz Air announced today that it will no longer charge passengers an additional fee to bring a large item of hand luggage into the aircraft cabin on all Wizz Air flights, taking effect from October 29, according to a press statement sent to the Budapest Business Journal.

Hungarian drugmaker Gedeon Richter announced this morning that the European Commission (EC) has granted marketing authorization to Reagila (cariprazine), a new antipsychotic for the treatment of schizophrenia in adult patients, according to a press statement sent to the Budapest Business Journal.

Assets in investment funds managed by members of the Association of Hungarian Investment Fund and Asset Management Companies (BAMOSZ) were up 0.4% or HUF 23 billion from the previous month at HUF 6.024 trillion at the end of June, BAMOSZ said yesterday, according to Hungarian news agency MTI.