Brain Bar brings big minds to Budapest

FROM PRINT EDITION: Gergő Böszörményi-Nagy, director of Design Terminal, a public agency to promote creativity, talks about his organization’s June 4-6 event to encourage discussion of technology and society.

Juncker calls Orbán ‘dictatorʼ, slaps him

In video posted on the internet, Jean-Claude Juncker, President of the European Commission and former Prime Minister of Luxembourg, calls Hungary’s Prime Minister Viktor Orbán a “dictator” and playfully slaps him the face when they met for press photo shooting yesterday at the Riga Summit. Click to see the video.

BBJ in print: Budget 2016, lawyers, property

Does the new budget have what it takes to improve Hungaryʼs credit rating? Have big real estate investors finally changed their attitude about property here? How do GDP growth, and new legislation, impact the local legal business? Find out in the latest print edition of the Budapest Business Journal, on newsstands now!

Budapest Airport offering retail space

Budapestʼs Liszt Ferenc Airport has room for six stores, with a total space of 600 sqm, in the airportʼs SkyCourt building, a mostly duty-free-zone, the airport announced in a press release today. The stores currently in those locations had five-year contracts with the airport, and those contracts are set to expire, the release said.

Magyar Posta’s profit rises last year

Consolidated after-tax profit of Hungarian state-owned postal company Magyar Posta reached HUF 2.8 bln last year, almost tripling as compared to the previous year’s HUF 1.03 bln, the company said today.

BUSINESS

Startup founder on innovation conference

FROM PRINT EDITION: Brain Bar Budapest, a conference exploring the nexus of humanity and technology, will take over several Budapest venues in the capital on June 4-6 with a host of interesting speakers and events. The Budapest Business Journal spoke about the Brain Bar with Prezi co-founder Ádám Somlai Fischer, who will also be presenting at the event.

ECONOMY

Survey finds 40% of Hungarian real estate could be underinsured

Roughly 40% of Hungary’s real estate insurance contracts may not provide fully comprehensive insurance, a survey published today by local insurance company Genertel Biztosító Zrt. reveals.

ECONOMY

Social sector workers to get HUF 7.6 bln wage supplement this year

Some 65,000 workers in the social services sector are expected receive wage supplements as of July, Human Resources Minister Zoltán Balog (pictured) said today.

BUSINESS

Kontakt-Elektro inaugurates HUF 200 mln production hall

Hungarian electronics manufacturer Kontakt-Elektro today inaugurated a HUF 200 mln production hall at its base in Pécs, southwestern Hungary, national news agency MTI reported.

BUSINESS

GVH fines Auchan, charging misleading advertising

Hungaryʼs Competition Office (GVH) fined Auchan Magyarország HUF 56 mln on charges of unfair price comparison practices, GVH said today.

ECONOMY

Hungarian-Albanian joint economic cooperation committee meets in Tirana

The Hungarian-Albanian Joint Economic Cooperation Committee met yesterday in Tirana in order to discuss ways to boost trade and investment, Hungarian news agency MTI reported, adding that the meeting was the second, following a meeting in 2013.

BUSINESS

Axon inaugurates HUF 1.5 bln plant in Kecskemét

The Hungarian subsidiary of French cable manufacturer Axon Cable yesterday inaugurated a HUF 1.5 bln factory in Kecskemét, central Hungary, national news agency MTI reported today.

ECONOMY

Hungary GDP per capita two-thirds of E28 average, adjusted for purchasing power

Hungaryʼs GDP per capita, adjusted for purchasing power, was 66% of the average for all 28 European Union member states in 2013, a report released by Eurostat yesterday reveals.

BUSINESS

Zwack proposes HUF 1,200 per-share dividend

The management of Zwack Unicum, Hungaryʼs best-known spirits manufacturer, will propose to shareholders the payment of a HUF 1,200-per-share dividend for the 2014/15 fiscal year at an AGM on June 25, according to the invitation for the meeting, Hungarian news agency MTI reported today, adding that the dividend fund amounts to HUF 2.44 bln.

ECONOMY

MNB: 90% of banks commit to increased lending

Roughly 90% of banks in Hungary said they are willing to increase their lending activity, chiefly among SMEs, in response to the Hungarian government reiterating statements that the extraordinary tax on the banking sector would be lowered in favor of banks lending more.

POLITICS

EC finds Altus contract in order

The European Commission officially informed the Hungarian government that everything is in order with the contract awarded to Altus, a company owned by current leader of the Democratic Coalition opposition party and former PM Ferenc Gyurcsány, to assess European Union-financed development projects from 2014 to 2020, Cabinet Chief János Lázár said at his regular weekly press conference yesterday.

BUSINESS

Schafer-Oesterle to build HUF 500 mln hall at base

German car interior manufacturer Schafer-Oesterle yesterday signed a contract on the construction of a HUF 500 mln production hall at its base in Bonyhád, southwestern Hungary, national news agency MTI reported. 

BUSINESS

Kun-Mediator clients seek Quaestor-like compensation

Hungarians who lost money invested with Kun-Mediator, a travel agency that also provided clients with unlicensed investor services and has gone insolvent, are asking Hungaryʼs Prime Minister Viktor Orbán for compensation similar that clients of the failed boutique brokerage Quaestor received, their counsel István Dobrossy said yesterday.

ECONOMY

European Court general advocate: Hungary fuel rules may be stricter than EUʼs

European Union law does not exclude Hungarian authorities from establishing supplementary regulations on vehicle fuel that go beyond EU norms for safety reasons, a general advocate of the European Court said yesterday. 

BUSINESS

RBI books €21 million first-quarter loss in Hungary

Austriaʼs Raiffeisen Bank International (RBI) booked a €21 mln loss at its Hungarian business in the first quarter, narrowing fromln a €33 mln loss in the base period, an earnings report published yesterday reveals. Net interest income fell 17% to €36 mln as the result of less interest income from derivatives and securities as well as lower interest rates, RBI said. 

ECONOMY

Lázár: Overcharged Főgáz clients to be compensated

The government will propose compensation for customers of gas distributor Főgáz who were overcharged, cabinet chief János Lázár said at a weekly press conference yesterday. Főgáz "cheated " customers by installing unnecessarily large gas metres in blocks of flats, raising the price of basic service, Lázár said. 

ECONOMY

General government deficit comes close to 70% of full-year target in April

Hungaryʼs cashflow-based general government deficit, excluding local councils, reached HUF 609.8 bln at the end of April, the National Economy Ministry said in a second reading of data yesterday. The deficit reached 69.5% of the HUF 877.4 bln full-year target, the ministry confirmed in the report. 

ECONOMY

Forint eases further versus the euro on interbank market

The forint was trading at 307.33 to the euro late Thursday on the interbank forex market, down from 307.04 late Wednesday. At 307.05 to the euro early Thursday, the forint moved between 306.11 and 307.76 after a one-week high at 303.96 Tuesday intraday, and after another more than two-month low within a week at 309.68 Monday intraday.

ECONOMY

BUX further down, OTP weighs

The Budapest Stock Exchangeʼs main BUX index finished down 0.21% at 22,185.55 Thursday, after sliding 0.46% Wednesday. It is up 33.37% from year-end, after losing 10.40% last year. OTP dragged down the Budapest parquet while other shares picked up towards close following a slight turnaround in euro area markets.

ECONOMY

Hungarian banks unanimously commit to boosting lending activity

The Hungarian Banking Association has compiled and presented to the National Bank of Hungary (MNB) local banksʼ commitment to boosting their lending activity, the central bank said today.

expert opinion

Property market performs better with remnants of the crisis still present

Property market performs better with remnants of crisis still present

by Sándor Habóczky and Tamás Balogh at Schoenherr Hetényi Attorneys at Law

BBJ video: CBRE Moves

BBJ video: Innovation