HungaryTrends – The week in business and finance
See below the main business and financial news from the previous week:
NEW RAILWAY LINE CONNECTING HUNGARY, SERBIA, ROMANIA TO BE BUILT OVER NEXT 10 YEARS
Hungary is set to build a new 500km railway line over the next decade connecting major cities in Hungary, Serbia and Romania, Fidesz MP János Lázár told the local daily Délmagyarország on Thursday. Read more HERE!
BUDAPEST REMAINS ONE OF THE CHEAPEST CITIES WORLDWIDE
The Economic Intelligence Unit (EIU) is the research and analysis division of The Economics Group, the sister company to The Economist Newspaper. Also, EIU is considered to be the world’s leader in global business intelligence which helps to understand how the world is changing every day. Read more HERE!
BALATON REAL ESTATE BOOM: OVER 3,000 EUROS/M2
Due to the high demand, real estate prices increased a lot in the Balaton region recently. New apartments on the shore go for 3,200 Euros per m2, which is shocking. However, it does not seem to reach the buyers’ psychological limit quite yet. Read more HERE!
FAKT UNVEILS PLANS FOR EUR 1BN FARMING CENTRE
Germany’s FAKT announced plans for a 1 billion euros farming centre on 330 hectares in western Hungary. The centre will produce vegetables such as paprika and asparagus as well as fish on a fish farm. The centre will create 5,000 jobs.
OTP PROPOSES HUF 219-PER-SHARE DIVIDEND
OTP Bank’s board decided to propose to shareholders payment of a 219 forint-per-share (EUR 0.69) dividend on last year’s earnings at an annual general meeting on April 12. The dividend is the same as the one approved by shareholders last year on 2017 profits.
MAPEI INAUGURATES HUF 2.8 BN EXPANSION IN HUNGARY
The Hungarian unit of Italian building materials company Mapei inaugurated a 2.8 billion forints (EUR 8.8m) expansion at its base in Soskut, central Hungary. The investment has raised Mapei Kft’s capacity to 110,000 tonnes from 55,000 and doubled warehouse space to around 15,000sqm.
WABERER’S BOOKS EUR 20.9 M LOSS IN 2018; MANAGEMENT ADDRESSES CHALLENGES
Hungarian haulier Waberer’s reported an after-tax loss of 20.9 million euros in 2018, but the company’s new CEO outlined steps to reduce loss-making capacities and make cost savings in an earnings report. Waberer’s had after-tax profit of 18.4 million euros in 2017.
Featured image: MTI