HungaryTrends – The week in business and finance – 27th week

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

Hungary signs agreement on establishing a port in Trieste

The state of Hungary on Friday signed an agreement on establishing a port and logistics base in Trieste to give Hungarian companies easier access to export markets. Read more HERE.

Could global warming shake the Hungarian housing market?

Climate change appears to have a direct effect on apartment prices: more and more buyers move away from South-facing flats, citing “summer heat” as their reason. More details HERE.

INZI CONTROLS PLANS HUF EUR 45.6M EV BATTERY PLANT IN HUNGARY

South Korea’s Inzi Controls announced plans to build a 14.8 billion forints (EUR 45.6m) electric vehicle battery plant in Komárom, in northwest Hungary. The government is supporting the investment, which will create 122 jobs, with a 1.6 billion forint grant. Production at the plant could start early next year. Read more HERE.

RETAIL SALES GROWTH DECELERATES

Retail sales rose a calendar year-adjusted 2.6 percent year on year in May, the slowest rate in more than two years, data released by the Central Statistical Office (KSH) showed. An industry insider suggested excitement over the roll-out of family support measures and the launch of a “superbond” for retail investors may have made Hungarians more prudent spenders during the month.

CJEU ADV GEN SAYS HUNGARY RETAILERS TAX COMPATIBLE WITH EU RULES

An advocate general of the Court of Justice of the European Union (CJEU) said in an opinion that a progressive, sectoral tax on retailers in Hungary is compatible with European Union rules. The opinion does not bind the court.

DEUFOL TO BUILD HUF 7 BN PACKAGING, LOGISTICS BASE IN HUNGARY

German packaging and logistics company Deufol said it will build a 7 billion forints base in Debrecen, eastern Hungary. The government is awarding Deufol a 1.4 billion forints grant for the investment which will create 120 jobs.