ECONOMY

Saint-Gobain creates architecture award for Hungarian university students

Saint-Gobainʼs Hungarian group of companies founded a new award for architecture university students on the occasion of its 350th anniversary, the company announced in a press release today.

ECONOMY

Deposit insurance fund head to become chief of investor insurance fund

The managing director of the National Deposit Insurance Fund (OBA) will take over operative leadership of the Investor Protection Fund (Beva), Beva announced today.

ECONOMY

The NFM offers tenders to replace old washing machines

The National Development Ministry (NFM) is offering HUF 500 mln non-refundable financial support to replace household washing machines in Hungary, as the continuation of tenders for new refrigerators, freezers, windows and boilers, the ministry said in a press release today.

ECONOMY

ÁKK sells HUF 65.5 bln of bonds auction, well over HUF 47 bln plan

The Government Debt Management Agency (ÁKK) sold a combined HUF 65.5 bln of bonds at auction today, well over the planned HUF 47 bln as demand from primary dealers exceeded expectations.

POLITICS

Orbán, Varga meet transport association leaders

Hungary’s Prime Minister Viktor Orbán and National Economy Minister Mihály Varga met leaders of the Hungarian Road Transport Association this morning to discuss the situation in the industry, Orbán’s press chief Bertalan Havasi told Hungarian news agency MTI.

BUDAPEST

Budapest Marriott Hotel offers catering tender

Budapest Marriott Hotel is offering $40,000 in financial support in the form of a tender to contractors interested in opening a catering establishment in the Danube Promenade area, with a total area of 100 sqm, the hotel announced in a press release today.

ECONOMY

KSH: Hungary’s investment volume falls 4.5% in Q1

Investment volume in Hungary saw a year-on-year decrease of 4.5% in the first quarter this year following a y.o.y. growth of 1.9% in the fourth quarter last year, with investments adding up to HUF 816.5 bln at current prices, data published by Hungary’s Central Statistics Office today reveal.

ECONOMY

KSH: Unemployment drops to 7.6%

The April unemployment rate in Hungary was 7.6%, which is 0.5% lower than it was a year ago in April, Hungary’s Central Statistics Office (KSH) said today. These figures count government workers who make less than minimum wage for doing menial public service tasks as being employed.

ECONOMY

Oberbank sees best year ever in Hungary in 2014

Last year, the Hungarian branch of Austrian Oberbank’s profit was "in the millions of euros preceded by a single digit", chairman-CEO Franz Gasselsberger told journalists in Budapest yesterday.

ECONOMY

Moodyʼs assigns (P)Ba1 senior unsecured debt rating to MFB

Moodyʼs Investors Service yesterday assigned a provisional (P)Ba1 long-term foreign-currency senior unsecured debt rating to Hungarian state-owned MFB’s (Hungarian Development Bank) planned Euro-denominated bond issuance, the ratings agency said in a press release.

BUSINESS

Spar Magyarország opens HUF 317 mln unit in Budapest

Retailer Spar Magyarország yesterday opened a HUF 317 mln unit on Vaci út 34 in Budapest, with a total area of 500 sqm, the company said in a press release.

ECONOMY

Analysts: Hungary’s base rate may drop below 1.5%

London-based emerging markets economists expect the National Bank of Hungary (MNB) to keep cutting the base rate, which is likely to bottom out well below the earlier expected 1.5%, Hungarian news agency MTI reported late yesterday.

BUSINESS

Survey finds bribery still a problem here

FROM THE PRINT EDITION: Corruption practices are widespread in Hungary, as they are across Central and Eastern Europe, even though regulations in the past two years have become stricter, according to an EY survey entitled “Fraud and corruption — the easy option for growth?” published on May 20.

BUSINESS

Richter’s uterine fibroid drug OK’d for long-term use

Gedeon Richter announced today that its drug Esmya was approved by European Commission officials for long-term management of uterine fibroids. The drug had already been approved for pre-operative treatment of symptoms from uterine fibroids.

BUDAPEST

Budapest metro carriage renovation approved

The Budapest local council yesterday approved an agreement on conditions for the renovation of trains that run on the cityʼs number three underground line. A contract on the renovation with the Budapest Public Transport Company (BKV) is to be signed by July 1 of this year and the project will be completed by the end of 2017. 

BUSINESS

Univer Product winds up HUF 620 mln biomass furnace

Hungarian condiments producer Univer Product installed a HUF 620 mln biomass furnace at its plant in Kecskemét, central Hungary, the company said yesterday. The investment was supported with a HUF 307 mln European Union and state grant. 

OPINION

Network Sharing – the 4G race

With the market trend for strong growth in mobile data demand set to continue, operators are facing an ever-increasing demand to invest in both infrastructure and spectrum. This, combined with falling revenues, means they are being forced to look for ways to reduce or consolidate the costs involved in rolling out high-speed mobile networks.

ECONOMY

Szijjártó meets with political, business leaders in Singapore

Hungary’s Minister of Foreign Affairs and Trade Peter Szijjártó met with local political and business leaders in Singapore yesterday. Szijjártó told Hungarian news agency MTI by phone that an agreement had been reached on the transfer of Patec Automotiveʼs capacity in China to Hungary. 

BUSINESS

Btel delisted from BSE

The Budapest Stock Exchange (BSE) yesterday said it is delisting the shares and bonds of Business Telecom (BTel) because of a liquidation procedure launched against the company. The last day of trade for the products will be May 29. 

BUSINESS

MVM revenue climbs 30% in 2014

Consolidated revenue of the state-owned Hungarian Electricity Works (MVM) rose almost 30% to HUF 1.195 trillion last year, the company said yesterday. EBITDA was practically flat at HUF 103 bln. Pre-tax profit came to HUF 6.5 bln. 

expert opinion

Network Sharing – the 4G race

Network Sharing – the 4G race

by Dóra Petrányi

equity partner of CMS Cameron McKenna LLP

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