HungaryTrends – The week in business and finance

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

THE TOP 100 BIGGEST HUNGARIAN BUSINESSES

This year too, Forbes.hu compiled their list of the 100 most valuable purely Hungarian businesses. It was a good year for the Hungarian economy; as two-thirds of the listed businesses worth more than a year ago, read more HERE.

HUNGARY GIVES SOMETHING UNIQUE TO THE WORLD

Zalaegerszeg’s test track, called Zala Zone, already has the first four contracts and more than another hundred companies are interested in the project. The Zala Zone test track focuses on driving and driving stability through the research and development of infrastructure elements of future vehicles. The research ground provides not only dynamic tests for conventional vehicles, but it also allows validation tests for autonomous vehicles and electric vehicles, read more HERE.

GOVERNMENT SPECIFIES STAFF REDUCTIONS AT MINISTRIES, SUPPORT INSTITUTIONS

Hungary’s government mandated 2,600 job cuts at ministries and 4,210 redundancies at institutions overseen by ministers in a resolution published in the official gazette Magyar Közlöny. The resolution noted that positions that are unfilled at the moment will count toward the layoff targets, to be achieved by January 1, 2019.

MOL Q3 REVENUE, PROFIT JUMP

Third-quarter net income of Hungarian oil and gas company MOL rose by 89 percent year-on-year to 90.0 billion forints (EUR 279.1m), supported by higher revenue, an earnings report showed. MOL’s total revenue climbed 40 percent to 1,454.3 billion forints during the period.

BUNGE FINISHES EUR 9.7M FEED PLANT IN HUNGARY

US-owned agribusiness Bunge completed a 9 billion forints (EUR 9.7m) feed plant at its base in the eastern Hungarian town of Martfű. The plant will turn out high-protein, GMO-free, sunflower-based feed that will be sold under Bunge’s SunPro brand.

MASTERPLAST TO SHUT DOWN POLYSTYRENE PRODUCTION IN SZEKLERLAND

Hungarian building materials maker Masterplast said it decided to permanently cease production at its polystyrene plant in Sfantu Gheorghe (Sepsiszentgyörgy), Romania. Masterplast weighed restarting production, which was temporarily shut down at the end of 2017, but still did not find it economical.

HUNGARY JOBLESS RATE REACHES 3.8 PC

Hungary’s rolling average three-month jobless rate reached 3.8 percent in September, edging up from 3.7 percent in the previous month, but falling from 4.1 percent in the same period a year earlier, the Central Statistical Office (KSH) said. The rate was close to the average for the previous twelve months.

NBH PUTS 2018 BUDGET DEFICIT SLIGHTLY UNDER TARGET

Hungary’s budget deficit could reach 2.2 to 2.3 percent of GDP this year, a little under the 2.4 percent target in the budget act, the National Bank of Hungary (NBH) said in a biannual report. The central bank said in the Public Finance Report that its projection would depend on whether reserves in the Country Protection Fund are tapped.

FELFÖLDI CONFECTIONARY LAUNCHES NEW PRODUCT AT YUMMEX DUBAI

Hungarian family-owned Felföldi Confectionary launched a dry cheese snack dubbed “Let’s Cheese” at the Yummex Middle East trade fair in Dubai.

JAGUAR TO SET UP NEXT DEVELOPMENT CENTRE IN BUDAPEST

British car maker Jaguar will set up a new technical development centre in Budapest. The facility will open early next year and employ 100 Hungarian engineers, read more HERE.

Source: MTI