Main business and financial news from Hungary – 5th week, 2018

See below main business and financial news from the previous week:

A FUTURISTIC METRO LINE M2 STATION TO BE BUILT – VIDEO

If everything goes according to the plans, the connection of metro line M2 and the suburban railways can start soon that will result in a rather futuristic and cool design. Check out how it will actually look like! Read more HERE.

HERITAGE FOUNDATION: HUNGARY’S ECONOMY MODERATELY FREE

According to a global survey of economies around the world carried out by the American Heritage Foundation, Hungary’s economy is moderately free. Read more HERE.

REGIONAL MINISTERS RESPONSIBLE FOR EU DEVELOPMENT FUNDING MEET IN BUDAPEST

Ministers responsible for European Union development funding from the Visegrad Group countries of Hungary, the Czech Republic, Poland and Slovakia met with their counterparts from Bulgaria, Croatia, Romania and Slovenia in Budapest together with European Commissioner for Budget and Human Resources Gunther Oettinger.

NBH POLICY MAKERS KEEP BASE RATE ON HOLD

The National Bank of Hungary’s Monetary Council decided to keep the central bank’s key rate on hold at 0.90 percent at a monthly policy meeting. The Council has left the base rate on hold since signalling an end to an easing cycle at a policy meeting in the spring of 2016.

COMPETITION OFFICE CLEARS TAKEOVER OF KONZUM ALAPKEZELŐ, OPUS

Hungary’s Competition Office said it approved the takeover of sole direct control of fund manager Konzum Alapkezelő, and thus sole indirect control of holding company Opus, by the investor Lorinc Meszaros.

CELLUM GLOBAL PARTNERS WITH INDONESIA’S TELKOM GROUP

Hungarian mobile payment company Cellum Global signed a strategic cooperation and investment agreement with Metranet, a unit of Indonesia’s Telkom. Under the agreement, Telkom will acquire a 30.4 percent stake in Cellum in two steps and ensure the company’s expansion on the Indonesian market.

WIZZ AIR CELEBRATES 1 MILLION DEBRECEN PASSENGERS

Wizz Air, the largest low-cost airline in Central and Eastern Europe, celebrates the significant milestone of its one millionth Debrecen passenger. The lucky customer arrived from Moscow with the newest WIZZ flight and was greeted upon arrival with a value voucher. Read more HERE.

WIZZ AIR Q3 REVENUE CLIMBS 24 PC

Hungarian low-fare carrier Wizz Air had revenue of 422.9 million euros in the third quarter of its business year ending March 31, up 24.0 percent year-on-year, an earnings report shows. Revenue from ticket sales increased by 26.1 percent to 241.7 million euros and non-ticket revenue was up 21.3 percent at 181.1 million euros.

TELENOR MAGYARORSZÁG Q4 REVENUE RISES 7 PC

Telenor Magyarorszag’s fourth-quarter revenue rose by an annual 7.2 percent to 40.2 billion forints (1UR 130m), an earnings report released by parent company Telenor shows. Turnover was lifted by higher average revenue per user among retail post-paid subscribers and migration from pre-paid to post-paid contracts.

HUNGARY JOBLESS RATE REACHES 3.8 PC

Hungary’s rolling average three-month jobless rate reached 3.8 percent in October-December, the Central Statistical Office (KSH) said. The rate was level with that a month earlier but fell from 4.4 percent a year earlier. The rate covers unemployment among Hungarians between the ages of 15 and 74. Read more HERE.

CONTINENTAL TO ESTABLISH EUR 17.8M SOFTWARE DEVELOPMENT CENTRE IN BUDAPEST

German-owned automotive industry supplier Continental is setting up a 5.5 billion forint (EUR 17.8m) software development centre in Budapest that will employ 100 engineers, Minister of Foreign Affairs and Trade Peter Szijjarto announced. Hungary’s government is supporting the investment with a 1.4 billion forint grant.

NEW HOME PRICES ROSE 7.8 PC IN Q1-Q3 – KSH

Average new home prices rose by 7.8 percent in the first three quarters of 2017 while the price of resale homes increased by 7.5 percent, according to a summary of data published by the KSH. Read more HERE.

GOVERNMENT EARMARKS EUR 1.06BN FOR MODERN CITIES MISKOLC DEVELOPMENTS

The central government has allocated about 327 billion forints (EUR 1.06bn) in development funding for Miskolc (NE Hungary) in the framework of the Modern Cities programme, said Lajos Kósa, the minister without portfolio in charge of developments in Hungary’s biggest cities.

Source: MTI/Daily News Hungary