Business and finance news from Hungary – 4th week, 2018
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Top business and financial news from last week:
CONTITECH INAUGURATES HUF 6BN EXPANSION
ContiTech Magyarország, a unit of German automotive industry supplier Continental, inaugurated a 6 billion forint (EUR 19.4m) expansion at its base in Nyíregyháza, in eastern Hungary. The government supported the investment, which created over 200 jobs, with more than 2 billion forints in grant money.
SZENTKIRÁLYI FOUNDER, PASQUALE FAMILY ACQUIRE PEPSICO INTERESTS IN HUNGARY
Levente Balogh, who founded the Szentkirályi mineral water brand in the early part of the decade, teamed up with his Italian partners, the Pasquale family, to acquire PepsiCo’s holdings in Hungary. The acquisition of the PepsiCo businesses will make their joint venture in Hungary market leader on the local mineral water and soft drinks market. Balogh partnered with the Pasquale family in 2015, merging his Szentkirályi business with their Hungarian bottler Kékkuti. Read more details HERE.
ACCENTURE TO MAKE 200 NEW HIRES AT BUDAPEST TECH CENTRE
Consulting and professional services company Accenture announced plans to make 200 new hires at its new technology centre in Budapest this year. The centre, which already has a staff of 150, will hire testers, developers, planners and project managers.
NBH FINE-TUNES NEW IRS FACILITY
The National Bank of Hungary (NBH) said it will make tenders of its new monetary policy interest rate swaps fixed-rate, rather than variable-rate, and link allocations to the size of bidders’ assets. The NBH held the first tender for the monetary policy interest rate swap (MIRS), designed to flatten the yield curve, on Thursday, January 18. “Due to the characteristics of the variable rate tender applied at the MIRS tenders on 18 January 2018, the yield orienting role of the facility did not have the desired effect, as a result of the outstanding demand the NBH could not accept offers submitted at lower yield rates,” the NBH said.
MOL LAUNCHES CAR-SHARING SERVICE
Oil and gas company MOL launched a car-sharing service in Budapest dubbed MOL Limo. The service started with 300 cars, of which one-third are electric vehicles. Read more details HERE.