OPINION

CIB and SMEs: Awareness, perseverance, trust

The following is an interview with Róbert Szerdahelyi, CIB’s SME Regional Director, who explains what his bank is doing to support Hungary’s vital small- and medium-sized enterprises.

BUSINESS

Robert Bosch investing HUF 2.9 bln

German-owned automotive industry supplier Robert Bosch is investing HUF 2.9bn at its base in Hatvan, eastern Hungary, the company announced today.

BUDAPEST

Budapest Airport hosts cargo conference

Approximately 100 cargo industry representatives participated at the conference hosted by Budapest Airport today. Hungary could become a natural hub for air cargo companies with its developed electronics and pharmaceutical industries, said Budapest Airport property director Rene Droese.

BUSINESS

Rondo invests HUF 350mln in automation at Budapest base

Austrian-owned cardboard maker Rondo Hullámkartongyártó is investing HUF 350 mln on automation in its Budapest factory, the company told Hungarian news agency MTI today.

BUSINESS

Quick 2000 inaugurates HUF 134 mln investment

Pharmaceutical machinery maker Quick 2000 inaugurated a HUF 134 mln investment facility at its base located in the town of Tiszavasvári, 200 km north-east of Budapest, on Saturday.

ECONOMY

Gas interconnector between Hungary and Slovakia to start in 2015

The test operation of the gas interconnector between the Hungarian and Slovak networks has been delayed, business daily Napi Gazdasag said today. State-owned Hungarian Electricity Works (MVM), which coordinated the construction of the pipeline, did not explain the delay. 

BUSINESS

Fiers Mechanika completes HUF 511 mln expansion

Hungarian-owned toolmaker Fiers Mechanika completed a HUF 511 mln expansion at its base in Szabadbattyán, the company announced today. Fiers Mechanika won a HUF 150 mln European Union grant for the investment, which added 1,200 sqm of area to its production base.

ECONOMY

Croatia determined to save INA

The Croatian government will try to protect INA, a subsidiary of Hungary's MOL oil company, Croatia's economy minister Ivan Vrdoljak told journalists this weekend, Croatian news agency HINA reported.

ECONOMY

S&P: Hungary's rating still stable

Rating agency Standard and Poor's (S&P) maintains Hungary’s long-term sovereign credit ratings at “stable”, American news wire Dow Jones reported on Friday. S&P affirmed the 'BB/B' long- and short-term foreign and local currency sovereign credit ratings of the country, saying that after a decade of suppressed demand, Hungarian economy was apparently recovering.

ECONOMY

Number of registered jobseekers falls in August

There were 401,500 registered job seekers in Hungary at the end of August, down 3.0% from July and 18.4% lower than a year earlier, the National Labour Affairs Office (NMH) said on its website.

ECONOMY

K&H: More firms ready to invest

One third of Hungarian companies are optimistic regarding corporate growth index, especially investing in technology, according to K&H's investment index survey, which was released today. The index rose to 33% for Q2, from Q1's 31%, but it still indicates the majority of corporations do not expect to invest more in the coming 12 months.

BUSINESS

Court rejects KDB Bank's defense of contract changes

The Municipal Court of Budapest rejected Korean-owned KDB Bank's defense of changes it made to borrowers' contracts in a ruling on Friday. The judge said practically none of the lenders' contract conditions – spelled out in 50 pages of fine print – had met the legal requirements for transparency.

BUSINESS

Nova Bútor building HUF 510 mln furniture plant

Hungarian furniture maker Nova Bútor is building a HUF 510 mln factory in Zalaegerszeg, the city's mayor said on Friday.

POLITICS

State to buy Bombardier's stake in JV with MÁV

The Hungarian National Asset Management Company (MNV) has signed an agreement to buy out a foreign-owned stake in Bombardier Transportation MÁV Hungary, a joint venture between the rolling stock maker headquartered in Germany and the Hungarian railways, the National Development Ministry said on Friday.

ECONOMY

ÁKK plans net bond issues, discount T-bill repayments in Q4

Hungary's Government Debt Management Agency (ÁKK) plans net forint securities issues of HUF 223 bln in the fourth quarter, scheduling net repayment of three-month and 12-month T-bills and net issues of bonds, the fresh three-month forint financing plan published earlier this week shows.

ECONOMY

Forint further up on interbank market

The forint was trading at 311.05 to the euro late Friday on the interbank forex market, up from 311.68 late Thursday. At 311.60 to the euro early Friday, the forint moved between 310.30, a more than seven-week high, and 311.70. It is up 1.29% on the week in euro terms after falling 0.44% over the previous week. It is down 4.43% year-to-date, after easing 1.95% last year.

ECONOMY

BUX dives on blurred outlook

The Budapest Stock Exchange's main BUX index finished down 1.80% at 18,412.40 Friday, after falling 0.14% Thursday. It is down 0.82% from the end of last year, after it rose 2.15% in 2013.

ECONOMY

HUF 6.1 bln invested in cow and pig farm

The Mezort Group yesterday inaugurated a HUF 6.1. bln investment at the Lajta-Hansag dairy farm in Karolyháza, north-western Hungary, said Mezort CEO Ferenc Purgai.

BUSINESS

Mondelez inaugurates capacity expansion

American snack maker Mondelez International inaugurated a HUF 4.5 bln capacity expansion at its biscuits plant in Székesfehérvár, northwest Hungary, today.

POLITICS

PM nominates Szijjártó for foreign minister

Hungarian Prime Minister Viktor Orbán today nominated Péter Szijjártó, incumbent state secretary, for the post of minister of foreign affairs and trade, the head of the PM's press office reported.

expert opinion

CIB and SMEs: Awareness, perseverance, trust

CIB and SMEs: Awareness, perseverance, trust

Szerdahelyi Róbert

CIB's SME Regional Director