HungaryTrends – Business news from the previous week

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

FRIENDS OF FIDESZ AMONG THE WINNERS OF THE STATE LAND AUCTIONS

József Ángyán, former state secretary for agriculture in the second Orbán-government made his report on land auctions public. This time, he examined the auctions in Pest county. Earlier he did so in the case of Fejér, Győr-Moson-Sopron, Somogy, Jász-Nagykun-Szolnok and Borsod-Abaúj-Zemplén counties. Read more HERE.

NO STOPPING! HUNGARIAN REAL ESTATE MARKET ON THE RISE!

The Hungarian housing market is living its heydays. This phenomenon appears in multiple forms: high sums of investments, continuously increasing real estate prices and growing demands. Forbes.hu published Duna House Barométer’s analysis from February, which reveals these tendencies. The effects of the changing rates can be already clearly seen. Read more HERE.

NEW OWNER TO INVEST IN SZENTGOTTHÁRD CAR PLANT

The future of the car manufacturing plant in Szentgotthárd, western Hungary, is secure after last year’s change of ownership, with new owner PSA to invest into resetting the plant to manufacture Peugeot motors from 2020. Read more HERE.

PPF GROUP TO BUY TELENOR HUNGARY

PPF Group agreed to by the assets of Norway’s Telenor in Hungary, Bulgaria, Montenegro and Serbia for 2.8 billion euros. The deal is expected to be closed in June 2018, pending regulatory approval. Read more HERE.

HUNGARY WAGE GROWTH NEARLY 14 PC IN JAN

The average gross monthly wage in Hungary rose by an annual 13.8 percent to 310,800 forints (EUR 993.6) in January, the Central Statistical Office (KSH) said. Net wages climbed at the same pace to reach 206,700 forints. Calculating with annualised CPI of 2.1 percent in January, real wages rose by 11.5 percent.

MOL, JSR INAUGURATE SYNTHETIC RUBBER PLANT

Hungarian oil and gas company MOL and Japan Synthetic Rubber Corporation (JSR) inaugurated a synthetic rubber plant in Tiszaujvaros, eastern Hungary. The plant will turn out 60,000 tonnes of synthetic rubber a year, enough to make 50 million tyres. Read more HERE.

OTP BOARD PROPOSES HUF 219-PER-SHARE DIVIDEND

The board of OTP Bank will propose payment of a 219 forint-per-share dividend on last year’s earnings at an annual general meeting scheduled for April 13, the AGM agenda showed. The dividend fund comes to 61.3 billion forints.

RICHTER BOARD PROPOSES HUF 68-PER-SHARE DIVIDEND

The board of drugmaker Gedeon Richter will propose to shareholders payment of a 68 forint-per-share dividend on last year’s earnings at an annual general meeting on April 25, the AGM agenda showed. Richter’s net income fell 23 percent to 51.2 billion forints last year, according to an earnings report released in February.

OTP ACQUISITION IN ROMANIA FAILS TO WIN WATCHDOG’S APPROVAL

The National Bank of Romania rejected a request for approval by the local unit of Hungary’s OTP Bank to acquire Banca Romaneasca from the National Bank of Greece. “The management is analyzing the legal aspects of the letter of the supervisory authority,” OTP said.

THYSSENKRUPP TOPS OUT HUF 11 BN PLANT IN DEBRECEN

German engineering company thyssenkrupp held a topping out ceremony at an almost 11 billion forint plant it is building in Debrecen, eastern Hungary. The plant will turn out more than 6 million coil springs and stabilisers for the automotive industry a year when it is completed in the summer.

ARKLUB TO BUILD HUF 8.3 BN CHOCOLATE FACTORY IN N HUNGARY

Family-owned Arklub announced plans to build an 8.3 billion forints chocolate factory in Batonyterenye (N Hungary). Hungary’s government is supporting the investment with a 3.3 billion grant. The grant is in part a “diplomatic response” to the cancellation of a contract to manufacture Arklub’s Vadász chocolates by a factory in Budapest owned by the Ukrainian president, said state secretary Levente Magyar.

RAVABER TO BUILD HUF 6.4 BN INSULATION PLANT IN N HUNGARY

Ravaber, a joint venture of Belgium’s Ravago group and Turkey’s Besler Tekstil, will build a 6.4 billion forint insulation plant in Alsózsolca (N Hungary), creating 90 jobs, Foreign Minister Peter Szijjarto said. The government is supporting the investment with a 1.24 billion grant.

HUNGARY UNVEILS PLANS FOR LEGOLAND DISCOVERY CENTER

The head of the Hungarian Tourism Agency outlined plans to build a 9.5 billion forint Legoland Discovery Center in Nyiregyhaza, northeast Hungary. Talks with the owner of the attraction are progressing well and negotiations have started with the local council on a site, said Zoltán Güller.

Source: MTI/Daily News Hungary