Wizz Air to change cockpit procedures

In the wake of the Germanwings’ tragedy, which caused the death of 150 passengers, Hungarian low-cost airline Wizz Air today confirmed that it has revised its cockpit procedure and will soon introduce new procedures to ensure that the cockpit can never be manned by one single person, airline spokesperson Daniel de Carvalho said.

Design Terminal launches spring mentor program

Out of the 70 startups from the creative industry who submitted applications to participate in Design Terminal’s second mentor program, six were chosen. These include: Do3D, Dori Tomcsányi, Paprikum, Studio Nomad, AP Faktura and November, the urban design institute announced today in a press release.

HUF 68 bln in Buda-Cash assets seized

Some HUF 68 bln in Buda-Cash assets have been secured to provide compensation for the brokerage’s clients who suffered damages when the brokerage went broke, Budapest’s chief prosecutor reportedly said today.

KSH: Hungaryʼs jobless rate reaches 7.7%

The average unemployment rate in Hungary of those between the ages of 15 and 74 was 7.7% in December-February, down from 8.4% in the same period a year earlier, however, up from 7.4% in November-January, the Central Statistics Office (KSH) reported today.

MIPSZ holds inaugural meeting

The Hungarian Industrial Park Association (MIPSZ) aims to establish strong advocacy in the interest of industrial parks and local councils in order to making industrial park developments a priority in time for the new European Union funding period, chairman Tamás Janzsó said at the association’s inaugural meeting in Siófok, near Lake Balaton, yesterday.

ECONOMY

Associations turn to Constitutional Court regarding Sunday closures

The alliance of unions Liga and business association VOSZ intend to turn to the Hungarian Constitutional Court regarding the recently introduced Sunday opening hour restrictions for retailers, Liga chairman István Gaskó told a press conference today.

ECONOMY

Szijjártó: Ecuador sees Hungary as its regional trading center

From now on, Ecuador will consider Hungary its regional trading hub in eastern Europe and Hungary will soon open an embassy and a trading house in Quito, Foreign Minister Péter Szijjártó said after talks with Ecuadorean government officials.

ECONOMY

MNB: Government deficit in 2014 around 2.3-2.4% of GDP

In 2014, the deficit of the general government sector may have been around 2.3-2.4% of GDP, 0.1-0.2 percentage points lower than forecast in December, the National Bank of Hungary (MNB) said in its quarterly Inflation Report released yesterday.

ECONOMY

City of Pécs welcomes Confucius Institute

The Confucius Institute was opened today in Pécs, southwestern Hungary, to assist in the promotion of traditional Chinese medicine at the local universityʼs health science department, Hungarian news agency MTI reported.

POLITICS

PM: ‘I made the decision before receiving the letter’

Hungary’s Prime Minister Viktor Orbán decided to warn ministries to withdraw funds from brokerages “well before” receiving Quaestor CEO Csaba Tarsoly’s letter, which contained the same information the brokerage reported earlier to Hungary’s Economy Ministry, the prime minister said today in his fortnightly interview with state-owned Kossuth radio.

ECONOMY

China eyes regional tourism office in Budapest

Chinaʼs tourism authority is planning to open a regional office in Budapest, the nearest similar office being in Zurich, Levente Magyar, state secretary for economic diplomacy said in a statement yesterday.

ECONOMY

ÁKK dep-CEO expects no plans for FX issues in 2016 either

Hungaryʼs Government Debt Management Agency (ÁKK) expects it will not plan any foreign issues next year, just as this year, deputy-CEO László András Borbély said at a conference yesterday.

POLITICS

Lázár: EC could approve Paks fuel supply agreement in two weeks

Cabinet chief János Lázár said yesterday that the European Commission could clear an agreement between Hungary and Russia on fuel supply for the upgrade of the Paks nuclear power plant within two weeks. 

BUSINESS

OTP Bank Russia sells RUB 17 bln in bad loans

The Russian unit of Hungaryʼs OTP Bank has sold approximately RUB 17 bln of its bad loans to factors in 2015 alone, Russian business daily Vedomosti said yesterday, citing a source at a factor, Hungarian news agency MTI reported. 

ECONOMY

EC initiates infringement procedure against Hungary

The European Commission said yesterday that it had launched an infringement procedure against Hungary to investigate the countryʼs investor restrictions on farmland, according to Hungarian news agency MTI

BUSINESS

Raiffeisen Bank books HUF 115 bln loss in 2014

Raiffeisen Bank in Hungary booked a HUF 114.7 bln loss last year, after closing 2013 HUF 31.2 bln in the red, CEO Heinz Wiedner said at a press conference yesterday, according to Hungarian news agency MTI

BUSINESS

Appeals court rejects FHB Mortgage Bank contract defense

The Budapest Municipal Court of Appeals yesterday upheld a first-instance ruling rejecting a contract defense by FHB Mortgage Bank. The appeals court also rejected FHB Mortgage Bankʼs request to initiate a procedure with the European Court of Justice. 

POLITICS

Police arrest three in Quaestor case; Lázár defends Orbán

Three men were arrested late Thursday afternoon in connection with the Quaestor brokerage case, according to the National Police Headquarters’ website, and officials continued to deny insider knowledge in the case. 

ECONOMY

Government seeks alternative to M4 motorway project

Following the European Commission’s rejection of Hungaryʼs proposal for the M4 motorway, the government is currently devising a plan to connect Szolnok, in central Hungary, with the existing M5 motorway via a four-lane highway, cabinet chief János Lázár said at a press conference yesterday, according to Hungarian news agency MTI. 

ECONOMY

Forint weakens on interbank forex market

The forint traded at 300.17 to the euro late Thursday, weakening from 298.99 around the same time on Wednesday.

BUSINESS

Erste fund buys remainder of Budapest office complex

The Erste Real Estate Fund has bought the rest of Vision Towers, an office block in Budapest, from developer Futureal, the parties announced yesterday, according to Hungarian news agency MTI

ECONOMY

BUX finishes higher; MOL leads advance

The Budapest Stock Exchangeʼs main BUX index climbed into the green late in the session on Thursday to finish up 0.42% at 20,191.10. Oil and gas company MOL led the advance, gaining 2.84% to HUF 12,495. In spite of the rise, turnover of the share reached just HUF 1.7 bln, a fraction of the HUF 22.2 bln session total.

BUDAPEST

Expect Nagykörút traffic and transit delays

Due to construction, delays can be expected in traffic and transit between Oktogon and Széll Kálmán tér, especially on the Margit bridge, from March 21 for at least two months according to transit authority BKK. The tramlines 4 and 6 will be shortened and replaced in certain sections by buses. It is recommended that travelers avoid the Nagykörút and Margitkörút.

BUSINESS

Meva-Hu winds up HUF 146 mln base

Czech-owned waste management industry supplier Meva-Hu today inaugurated a HUF 146 mln base at the industrial park in Tatabánya, northwestern Hungary, Hungarian news agency MTI reported.

BUSINESS

Wabererʼs sets up Italian subsidiary

Hungary-based haulage company Wabererʼs International has established a subsidiary in Milan, Italy, the company informed Hungarian news agency MTI today.

expert opinion

Licensing intra-group financing activity

Licensing intra-group financing activity

Csaba Ember

Senior Associate at Gide Loyrette Nouel-dʼOrnano Iroda

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