HungaryTrends – The week in business and finance

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

OPUS AND EPH PARTNER TO ACQUIRE MAJORITY STAKE IN MÁTRAI ERŐMŰ

Opus Global, a listed company of investor Lőrinc Mészáros, and EPH, an integrated energy utility in the Czech Republic, are partnering to indirectly acquire a 72.6 percent stake in power plant Mátrai Erőmű, Opus said.

PM ORBÁN’S FAVOURITE ENTREPRENEUR IS RICHER THAN HABSBURGS WERE

Lőrinc Mészáros is a former gas fitter who became mayor of Prime Minister Viktor Orbán’s home town Felcsút in 2011. His companies have been winning public tenders in a row since the so called G-day when the friendship and alliance between PM Orbán and biggest government oligarch Lajos Simicska broke up. Mészáros’s wealth has risen from 23 billion (EUR 75M) to 120 billion HUF (385M EUR) in only 12 months last year. Read more HERE.

YOU WOULD NEVER GUESS WHAT HUNGARIANS SPEND MOST ON DURING CHRISTMAS

PCompared to last year, Hungarians spend almost 8% more, an average of 42900 HUF, on Christmas shopping, turns out from a research made on request by CIB Bank. Most people still prefer receiving cash. Read more HERE.

HERE ARE THE DETAILS OF THE 1ST PIZZERIA OF JAMIE OLIVER OPENED IN BUDAPEST

The 1st European member of Jamie Oliver’s new restaurant chain, a pizzeria, is opened where once the Gozsdu Manó Club, better known as GMK, was. So far, he only operated a pizzeria in India. The franchise holder of the restaurant is the same Zsidai Group Ltd. with Zoltán Roy Zsidai that is also responsible for the franchise of Jamie’s Italian restaurant, opened last year in the Buda Castle, the Spíler and the ÉS bistro. Read more HERE.

AMERICAN MICROSOFT ABANDONING HUNGARY BECAUSE OF CORRUPTION

Microsoft’s Hungarian subsidiary was checked recently. Last year, the investigation related to the corrupted business between the Romanian government and the local Microsoft became a nationwide scandal. Microsoft Hungary also has things to explain. Read more HERE.

MOL SIGNS EUR 750 M REVOLVING CREDIT FACILITY AGREEMENT

Hungarian oil and gas company MOL has entered into 750 million euro revolving credit facility agreement with 13 banking groups on December 15, the company said on the Budapest Stock Exchange.

ADIENT INAUGURATES EUR 47.5 M EXPANSION IN W HUNGARY

Automotive company Adient inaugurated a 47.5 million euro expansion of its unit in Mór (W Hungary). Head of operations Sorin Moisescu said the new 12,000sqm plant will turn out more than two million seating structures a year for premium customers such as BMW and Daimler.

NUMBER OF SMES UP 2.8 PC IN 2016 – KSH

There were 687,698 small and medium-sized business operating in Hungary in 2016, up 2.8 percent from a year earlier, KSH said in a summary of data. Within SMEs, microbusinesses accounted for 94.4 percent, small businesses for 4.8 percent and medium-sized business for 0.8 percent.

KONZUM AIMS FOR 24.85 PC STAKE IN CIG PANNÓNIA

Holding company Konzum will aim to acquire a 24.85 percent share in insurer CIG Pannonia by raising capital at the insurer through a private placement, pending approval from CIG Pannonia shareholders and the National Bank of Hungary as a market regulator, Konzum said.

BANKING SECTOR LIQUIDITY DOWN IN NOVEMBER – NBH

Forint liquidity of Hungary’s banking sector fell in November from a month earlier, which was mainly reflected in declines in the average stocks of credit institutions’ overnight deposits and three-month deposits, the National Bank of Hungary said in a report based on preliminary data.

OTP’S CSÁNYI NAMES KOMERCIJALNA BANKA AMONG ACQUISITON TARGETS

OTP Bank in Serbia, photo: MTI

Sándor Csányi, the president and CEO of Hungary’s OTP Bank said his bank would buy other banks in Serbia if there was a chance, naming Komercijalna Banka as one possible target.

Photo: MTI

Source: MTI/Daily News Hungary