HungaryTrends – The previous week in business and finance
See below MTI’s main business and financial news from the previous week (completed with further DNH news):
HUNGARIAN COMPANY WOULD CREATE AN ENCRYPTED “FACEBOOK”
Tresorit’s new idea, the Prevaat is a groundbreaking conception because it would encrypt data end-to-end. This means that not even the site operators could see anything of it, not to mention selling the information, as Facebook does. Tresorit already started a public funding. Read more HERE!
NEW BATTERY PRODUCTION PLANT TO BE CONSTRUCTED IN MISKOLC
Japanese battery manufacturing specialist GS Yuasa is constructing its first factory in Europe in Miskolc’s southern industrial park; the foundation stone of the new facility, which will be completed by 2019, was laid on Wednesday. Read more HERE!
MODINE INAUGURATES EUR 19.8 M EXPANSION IN NORTH-EASTERN HUNGARY
The Hungarian unit of US-based automotive company Modine Manufacturing inaugurated a 6.2 billion forint (EUR 19.8m) expansion at its base in Mezőkövesd, in north-eastern Hungary, on Tuesday. Read more HERE!
MOL INAUGURATES USD 15 M GAS PROCESSING PLANT IN PAKISTAN
Hungarian oil and gas company MOL’s Pakistani unit inaugurated a 15 million dollar gas processing plant near Kohat, in the north of the country. The plant was commissioned in December to process gas from the Tolanj X-1 and Tolanj West-1 gas wells. The wells are in the TAL block, which MOL operates. Read more about MOL’s investments HERE!
STADLER TO SPEND EUR 32 M ON CAPACITY EXPANSION IN EAST HUNGARY
Swiss rolling stock maker Stadler announced plans to double capacity at its train body and bogie plant in Szolnok, in eastern Hungary, with a 10 billion forint (EUR 32m) investment. The expansion will be implemented at the site of a former sugar refinery in the city.
OPUS GROUP AGREES TO BUY OUT CZECH PARTNER FROM MÁTRAI ERŐMŰ
Listed holding company Opus Global said it agreed to buy out its Czech partner EPH in power plant company Mátrai Erőmű. Opus will buy out EPH’s stake in two steps, acquiring 35 percent of the 50-50 JV that made the acquisition by June 20, 2019 and the remaining 15 percent stake on June 20, 2019.
WAMSLER LAUNCHES EUR 11.5 M EXPANSION
Hungary’s Wamsler, Central Europe’s biggest maker of fireplaces and stoves, laid the cornerstone of a 3.6 billion forint (EUR 11.5m) expansion at its base in Salgótarján, in northern Hungary. The construction of a 5,400 square metre production hall and the installation of automated equipment will raise capacity at the base by about 50 percent to 150,000-160,000 units a year.
NBH PROJECTS HIGHER GROWTH BUT STANDS BY INFLATION FORECASTS
The National Bank of Hungary said it is standing by its inflation forecast for this year in spite of making a higher projection for economic growth. In its quarterly Inflation Report, the NBH left its projection for average annual inflation in 2018 at 2.5 percent. At the same time, the central bank raised its forecast for GDP growth this year to 4.2 percent from 3.9 percent in the December Inflation report. Read more HERE!
NBH TO INTRODUCE 30 PC CAP ON INTERBANK FUNDING
The National Bank of Hungary said it decided to introduce a 30 percent cap on interbank funding for lenders from July 1, 2018. “Based on available data, the [threshold] will not require adjustment for the overwhelming majority of institutions; it will nevertheless act as a barrier to the build-up of excessive reliance on wholesale funding,” The NBH said.