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.
MFB INVEST TO INJECT EUR 17.5 M IN OPUS ISOGLUCOSE UNIT
MFB Invest, a unit of the state-owned Hungarian Development Bank (MFB), will invest 17.5 million euros in KALL Ingredients to support the development of the company’s isoglucose plant in eastern Hungarian Tiszapüspöki, KALL Ingredient’s owner, Opus Global, said. The developments will boost KALL Ingredients’ export revenue from half of total turnover at present.
HUNGARIAN, CHINESE AUTHORITIES AGREE TO RECOGNISE AIRWORTHINESS CERTIFICATES
Hungarian and Chinese aviation authorities signed an agreement on joint recognition of certification that paves the way for Magnus Aircraft’s entry onto the Chinese market. Under the agreement, both authorities will recognise each other’s type certificates signifying the airworthiness of particular categories of aircraft.
SET GROUP PARTNERS WITH VENTURE CAPITAL INVESTOR OXO GROUP
Listed holding company SET GROUP, which acquires companies that run into trouble during generational transitions, announced a strategic partnership with incubator and venture capital investor OXO Group. OXO Group will give SET GROUP the chance to buy stakes in companies from which it is exiting.
NBH MAKES CASE FOR PACKAGE PRICING RETAIL PAYMENT SERVICES
The National Bank of Hungary (NBH) argued that local banks could benefit from adopting the international best practice of package pricing for retail payment services in an annual report. The NBH said the cost level of retail payment services in Hungary is relatively high in international comparison, accounting for 0.52 percent of an average client’s income. That ratio is well over the 0.36 percent average for retail bank clients across Eastern Europe, as well as the 0.16 percent average for Western Europe.