HungaryTrends – The week in business and finance

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

HUNGARIAN ANDROID APPS AMONG GOOGLE’S BEST PICKS 

Google has just published its list of the Best Apps of 2018, where two Hungarian applications for Android operating systems are featured. Read more HERE.

HUNGARIANS DEVELOPING A BETTER APP FOR SENDING LARGE FILES 

The Hungarian and Swiss company Tresorit, which specialises in the field of sending different kind of file attachments securely, is developing a brand new classified app, called Tresorit Send, for sending large files easily and free of charge, up to 5 GBs. This brand new development is going to be better than WeTransfer, which is also a large file sending app, operating since 2009. Read more HERE.

APARTMENT PRICES CONTINUE TO RISE IN HUNGARY 

According to the experts of the Rock Home real estate agency, the increasing of the apartment prices will continue in the next year, thus, small apartments are more ideal as an investment and people are less likely to negotiate about prices in the housing market. Read more HERE.

BOSCH TO INVEST EUR 43.3m AT BASE IN HUNGARY

Robert Bosch Power Tool, a Hungarian unit of German engineering giant Bosch, will invest 14 billion forints (EUR 43.3m) to set up a European centre of competence for batteries and expand its power tool assembly capacity in Miskolc, in northern Hungary. The government will support the investment with a 3.4 billion forint grant. Read more HERE.

VESTFROST TO SPEND HUF 4.4 BN ON EXPANSION IN HUNGARY

The Hungarian unit of Danish appliance manufacturer Vestfrost will spend 4.4 billion forints (EUR 13.6m) to expand capacity to make and store refrigerators in Csongrad, in southeast Hungary. The investment is supported by a 1.1 billion forint government grant. Read more HERE.

BANKING SECTOR PROFIT FALLS 12 PC IN Q1-Q3

The combined after-tax profit of Hungary’s banking sector fell by an annual 12 percent to 425 billion forints (EUR 1.3bn) in Q1-Q3 because of higher costs and a drop in release provisions, data released by the National Bank of Hungary (NBH) showed.

INSURERS’ REVENUE FROM PREMIUMS CLIMBS 11 PC IN Q3

Hungarian insurers’ combined revenue from premiums rose by 11.1 percent year-on-year to 250.3 billion forints (EUR 774.0m), quarterly data released by the NBH showed. Revenue from premiums on life insurance policies increased by 5.2 percent to 115.5 billion forints. Revenue from premiums on general insurance policies climbed 16.7 percent to 134.8 billion.

Featured image: MTI