HungaryTrends – The week in business and finance

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

HUNGARIAN BAKER MAKES THE FINEST BREAD IN GREAT BRITAIN 

István Nádházi’s (Moby) bakery won two categories at the World Bread Award. Read more HERE.

HOW DID BUDAPEST BECOME THE CAPITAL OF DENTAL TOURISM? 

Do you know someone who was in Budapest for dental care and returned to home proudly with a brand new smile? Every year thousands of dental tourism patients fly to Hungary from English-speaking countries, such as Canada, the UK, Ireland or the USA. They visit the beautiful city of Budapest, capital of Hungary, and get their teeth fixed while doing so. Recently, a new trend has been developing, as tourists from France, Switzerland, Germany in addition to Austria are now visiting Hungary since local dental treatment fees are very high in these countries. Read more HERE. 

TOURIST BUSES TO BE BANNED FROM ONE OF THE MOST BEAUTIFUL PLACES IN BUDAPEST 

The aim of the investment is to free Gellért Hill from the emission of the intense bus transport – replied the Centre for Budapest Transport (BKK) to the question of 444 when they asked whether there will be a prohibition of tourist buses on Gellért Hill because of the funicular planned to be built there, reports 444. Read more HERE.

PARLIAMENT VOTES TO PHASE OUT SUBSIDIES ON HOME SAVINGS BANK DEPOSITS

Parliament voted to phase out the state subsidy on deposits with home savings bank in an expedited procedure after the government argued that the scheme was no longer functioning efficiently, while lauding the success of the Home Purchase Subsidy Scheme for Families with Children, known by its Hungarian acronym “CSOK”. Banks urged the government to replace the subsidies, and the government said the support would be ploughed back into the CSOK programme. Read more HERE.

CONSTRUCTION SECTOR OUTPUT CLIMBS 24.4 PC IN AUGUST

Output of Hungary’s construction sector climbed by an annual 24.4 percent in August, data released by the Central Statistical Office showed. Output of the buildings segment was up 10.1 percent, lifted by construction of factories, stores and homes. Civil engineering output increased by 46.8 percent, supported by road, railway and utilities projects. Read more HERE.

US HUNGARY BUSINESS COUNCIL BRINGS THIRD ANNUAL MISSION TO BUDAPEST

The US Hungary Business Council (USHBC) brought its third annual business mission to Budapest, meeting with Finance Minister Mihály Varga and Innovation and Technology Minister László Palkovics to discuss further opportunities for cooperation. The USHBC was established in 2016 by American businesses operating in Hungary to facilitate dialogue between US business leaders and the Hungarian government. Read more HERE.

NBH RAISES GOLD RESERVES FROM 3.1 TO 31.5 TONNES

The NBH said its policy makers decided to raise the central bank’s gold reserves from 3.1 tonnes to 31.5 tonnes, “considering the long-term goals of national and economic strategy”. “Possession of the precious metal within the country is in line with international trends, supports financial stability and can further strengthen market confidence in Hungary,” the central bank said. Read more HERE.

RÁBA INAUGURATES HUF 1.2 BN CAR UPHOLSTERY FACTORY

A unit of Hungarian automotive industry company Rába inaugurated a 1.2 billion forints (EUR 3.7m) car upholstery factory in Mor, in western Hungary. The factory will supply Suzuki’s plant in Esztergom as well as vehicle makers Daimler, Nissan, Skoda and Seat.

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 0.90 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. However, the rate-setters have made use of “unconventional, targeted” instruments to ease monetary policy further.

THERMO FISHER INAUGURATES SERVICE+DEVELOPMENT CENTRE IN BUDAPEST

US-based biotech product development company Thermo Fisher inaugurated a regional service and development centre in Budapest. The centre will start operating with a staff of 100, but headcount is set to double next year and then continue to grow.

Featured image: MTI

Source: MTI