HungaryTrends – The week in business and finance

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

A HUNGARIAN STARTUP MANAGED TO BREAK INTO THE CHINESE BOOK MARKET 

PublishDrive, which reformed the market of e-books managed to break into the state-controlled Chinese book market. In fact, after a series of negotiations they will be able to enter the market through retail giant DangDang, often dubbed as ‘the Chinese Amazon’. As we already reported, Hungarian startups are very successful lately. Read more HERE.

GOVERNMENT PLAN A SUCCESS: HUNGARY BEGINS TO ATTRACT MORE TOURISTS

The government has been trying to make Hungary the ‘Spice Of Europe’ for a while now, and if latest numbers are to be believed then they have been successful in doing so as the number of people visiting Hungary is on a constant rise. Read more HERE.

AUDI LAUNCHES SERIAL PRODUCTION OF ELECTRIC MOTORS IN HUNGARY

German carmaker Audi launched serial production of electric motors at its base in Győr, in north-west Hungary. The current headcount of 100 is expected to rise over 130 by year-end. Production capacity will be about 400 electric axle motors a day at the start, but will gradually increase as a single shift soon changes to three shifts.

ORBÁN MEETS VODAFONE CEO

Prime Minister Viktor Orbán met Vodafone CEO Vittorio Colao in Budapest to discuss Hungary’s digital development, next-generation mobile services for consumers and industry, and the rollout of the 5G network, as well as the company’s recent acquisition of Liberty Global. After the Liberty Global transaction is closed, pending approval by the European Commission, Vodafone Magyarorszag’s market share is expected to reach 25 percent in the mobile segment, 24 percent in the fixed line segment and 19 percent in the commercial television segment. Read more HERE.

FOREIGN BUYERS ACCOUNT FOR 5 PC OF HOME SALES IN HUNGARY LAST YEAR

Foreign nationals bought 7,371 homes in Hungary last year, accounting for just under 5 percent of total market turnover, data compiled by the Central Statistical Office showed. Almost two-thirds of those foreigners were citizens of other European Union member states. Read more HERE. 

APPENINN TO ACQUIRE RESORT ON LAKE BALATON

Listed holding company Appeninn said it agreed to acquire 74.99 percent of Pro-Mot Hungaria, a joint holding of Israeli property developers Shikun + Binui and AFI Group which owns a resort on Lake Balaton. Under the agreement, Appeninn will acquire 37 hectares of lakefront property that comprise Club Aliga, a former resort for officials of the Hungarian Socialist Worker’s Party, as well as asset management rights for another 10 hectares attached to the resort. Read more HERE. 

HUNGARY JOBLESS RATE FALLS TO 3.6 PC

Hungary’s rolling average three-month jobless rate reached 3.6 percent in April-June, down from 3.7 percent in the previous period and from 4.3 percent in the same period a year earlier, the Central Statistical Office (KSH) said. Read more HERE.

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 0.9 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. Read more HERE.

Featured image: MTI

Source: MTI