HungaryTrends – The week in business and finance

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

BUDAPEST IS AMONG THE SMARTEST CENTRAL AND EASTERN EUROPEAN CITIES – MAP

A research conducted by Eib.org focusing on the level on which European Union members make use of smart applications, illustrating the findings on maps. The Hungarian capital city is somewhere on the middle ground, read more HERE.

THESE ARE THE MOST INFLUENTIAL FIGURES IN THE HUNGARIAN BESIDES LIFE

Manager Magazin Top 101 lists the most influential businessmen in Hungary. This year, Sándor Csányi, Lőrinc Mészáros, and György Matolcsy made it to the top 3, as VG.hu reports. Read more HERE.

DAIMLER BREAKS GROUND FOR THE SECOND PLANT IN HUNGARY

German carmaker Daimler laid the cornerstone of a 1 billion euro plant at its base in Kecskemét, in central Hungary. The new plant, Daimler’s second in Hungary, will create 2,500 jobs. Production is expected to start in 2020. Read more HERE.

CHINA’S ZHEJIANG KAISHAN COMPRESSOR TO BUILD EUR 140.5m POWER PLANT IN HUNGARY

China’s Zhejiang Kaishan Compressor has agreed to build a 45 billion forint (EUR 140.5m) geothermal power plant in Túra, near Budapest, Foreign Minister Péter Szijjártó told MTI during a visit to Shanghai. The 40MW power plant will supply heat to farms and residential buildings as well as generate electricity. Read more HERE.

HUNGARY SECOND-MOST PROBED COUNTRY BY EU’S ANTI-FRAUD OFFICE OLAF!

Hungary, along with Poland was the second-most investigated country by the EU’s anti-fraud office OLAF in 2017 after Romania, with the office had looked into 10 cases related to the use of EU funds in the former two member states, according to its annual report released on Wednesday. OLAF conducted 11 probes in Romania. Read more HERE.

WIZZ AIR FLEET REACHES 100 AIRCRAFT

Hungarian low-fare airline Wizz Air added the hundredth aircraft to its fleet in Budapest. Wizz Air celebrated the event with the unveiling of a special livery on a Wizz Air Airbus A321. Read more HERE.

INDUSTRIAL OUTPUT CLIMBS 7.8 PC IN APRIL

Hungary’s industrial output rose by an annual 7.8 percent in April, the Central Statistical Office (KSH) said in a first reading of data. Adjusted for the number of working days, of which there were two fewer ones in the base period, output increased by 2.9 percent. Read more HERE.

BUDGET DEFICIT REACHES EUR 3.7bn IN MAY

Hungary’s cash flow-based budget, excluding local councils, ran a 1,187.5 billion forints (EUR 3.7bn) deficit at the end of May, the finance ministry said in a preliminary release. The shortfall was 87.27 percent of the 1,360.7 billion forint full-year target.

FLOWSERVE TO OPEN DEVELOPMENT CENTRE IN BUDAPEST

US industrial and environmental machinery supplier Flowserve announced plans to set up a development centre in Budapest. Flowserve VP Rob Phillips said the company had picked Hungary for the development centre because of its talented engineers and first-class universities. The centre will create 35 jobs in the coming years but headcount could rise to 150 later.

NKM LAUNCHES SOLAR PANEL SERVICE FOR HOMEOWNERS

Hungary’s National Public Utilities Company (NKM) announced the launch of a unit that will offer homeowners solar panel installation services. The unit, called NKM Optimum, will offer customers the full range of services, including planning, delivery, installation and applications for permits. NKM Optimum will offer the service nationwide.

OPUS GLOBAL TO ACQUIRE CONTROLLING STAKE IN 4IG

Listed holding company Opus Global said it reached agreements with shareholders of 4iG to acquire just over 50 percent of the IT company’s shares. In a separate statement, Opus Global’s PR agent said Opus Global wants to transfer its 24.67 percent stake in Takarekinfo, which provides Hungary’s integrated savings cooperatives with IT and telecommunications support, to 4iG with the aim of capitalising on the two companies’ synergy.

AEGON SELLS HUF 75 BN MORTGAGE LOAN PORTFOLIO TO RAFFEISEN, INTRUM

Aegon Hitel, a unit of Aegon Magyarorszag, sold its portfolio of mortgage loans, worth almost 75 billion forints (EUR 233.5m), KPMG, which consulted Aegon on the transaction, said. Aegon Hitel sold the loans for which borrowers are not behind on payments to Raiffeisen Bank. It sold the NPLs to the local unit of Intrum.

INSURERS’ PREMIUMS REVENUE CLIMBS 8 PC IN Q1

First-quarter revenue from premiums of Hungarian insurers rose by an annual 8 percent to 275.6 billion forints (EUR 861.6m), fresh data compiled by the National Bank of Hungary (NBH) showed. Revenue from premiums on general insurance policies increased by 9 percent to 157 billion forints.

Photo: MTI

Source: MTI