HungaryTrends – The week in business and finance
See below the main business and financial news from the previous week:
ARIA HOTEL BUDAPEST IS ONCE AGAIN THE BEST CENTRAL EUROPEAN HOTEL
Visitors and users could vote for the best Central European hotel on the popular travel website Condé Nast Traveler. Turizmus.com reports that not only the top hotel is a Hungarian one, but there are seven Hungarian hotels in the top 15. Read more HERE.
IMF RAISES GDP GROWTH FORECAST FOR HUNGARY
The International Monetary Fund (IMF) raised its projection for Hungary’s GDP growth this year to 4.0 percent in its fresh World Economic Outlook published on Tuesday. Read more HERE.
AROUND 17 PC OF HUNGARIANS ALWAYS LOOK FOR CHEAPEST PRODUCTS – SURVEY
When making a standard purchase around 50 percent of Hungarians focus on the price to value ratio, 25 percent look for discounted items and 17 percent always buy the cheapest of everything, according to a representative survey made by insurance company Generali. Read more HERE.
BLACKROCK INAUGURATES TECH AND INNOVATION HUB IN BUDAPEST
US-based investment management company BlackRock inaugurated a global technology and innovation hub in Budapest’s GTC White House building. Some 450 people work at the hub which is BlackRock’s second-largest in Europe. Read more HERE.
GOVERNMENT SUPPORTS BMW PLANT IN DEBRECEN WITH HUF 12.3 BN GRANT
Hungary’s government on Friday signed a contract on 12.3 billion forints in state support for a 1 billion euros plant German carmaker BMW is building in Debrecen, in eastern Hungary. Hungary will see a manifold return on the grant money, Péter Szijjártó, the minister of trade, said. Read more HERE.
MOLSON COORS INVESTING EUR 12M IN HUNGARY EXPANSION
Multinational brewer Molson Coors is investing 12 million euros at its unit in Hungary, the managing director of brewery Borsodi told business daily Világgazdaság. The investment, to be carried out in two phases, will raise the capacity of Borsodi’s brewery in Bőcs, in north-eastern Hungary, to an annual 2.5 million hectolitres from 1.8 million.
BANKING SECTOR LIQUIDITY NARROWS FURTHER IN SEPTEMBER – NBH
Forint liquidity of Hungary’s banking sector narrowed further in September from a month earlier, which was mainly reflected in a decrease in the average stocks of one-day deposits, the National Bank of Hungary said in a report based on preliminary data on Thursday. Forint liquidity of the sector has been narrowing now for the fifth month in a row.
COURT SCRAPS PROVISION SANCTIONING EXECS OF COMPANIES UNDER COMPULSORY DISSOLUTION
Hungary’s Constitutional Court cancelled a legal provision prohibiting the owners or executives of a company that undergoes compulsory dissolution from taking a controlling stake or holding a management position in another company for a period of five years.
Featured image: MTI