HungaryTrends – A wrap-up of the week in Hungarian business

Budapest (MTI) – Following are some of the top business stories last week:

WIZZ AIR SIGNS BALKAN FLIGHT CONCESSIONS

Hungarian low-cost airline Wizz Air signed an agreement with the National Development Ministry on concessions to operate flights between Budapest and five destinations in the Balkans from April. Wizz Air will operate the flights to Podgorica, Pristina, Skopje, Tirana and Sarajevo twice a week, on Wednesdays and Sundays.

COURT RULES COMPETITION OFFICE MUST RECALCULATE BANKS’ FINES

The Kúria, Hungary’s supreme court, ruled that the Competition Office (GVH) made serious errors when calculating fines on eleven banks for cartel activity in 2013. GVH fined the lenders almost HUF 10bn after it found they colluded to reduce their losses from an early payback scheme for retail borrowers with FX loans.

SHARES OF AGRIBUSINESS UBM LISTED ON BUDAPEST BOURSE

The shares of agribusiness UBM Holding were listed on the Budapest Stock Exchange, although they will not trade until the company converts from a private company limited by shares (Zrt) to a public company limited by shares (Nyrt). UBM is Hungary’s largest trader of raw materials for feed and a major feed producer itself.

AUTOMOTIVE SECTOR OUTPUT DOWN BY 1.4 PC IN OCTOBER

Output of Hungary’s automotive sector, a key driver of industry in the country, fell by 1.4 percent in October from the same month a year earlier after a 0.6 percent drop in September, the Central Statistical Office (KSH) said in a second reading of data. Hungary’s overall industrial output was down by an annual 2.1 percent in October, slowing from a 3.7 percent decrease in September.

DAIMLER TO RAISE PAY AT HUNGARY PLANT BY 20 PC

German carmaker Daimler’s unit in Hungary will raise the basic wage at its plant in Kecskemét by 20 percent over two years, Mercedes-Benz Manufacturing Hungary said, after reaching an agreement with unions.

YUAN, FORINT TRADE LAUNCHED ON ONSHORE CHINESE FX MARKET

Direct trading between yuan and forints was launched on the onshore Chinese foreign exchange, the National Bank of Hungary announced. Direct trade between the currencies can lower conversion costs, the central bank said.

ASAHI GROUP TO ACQUIRE HUNGARIAN BEER BRAND DREHER

Japan’s Asahi Group said it will acquire brewer SAB Miller’s assets in five countries in central and eastern Europe. Among the assets is the Hungarian beer brand Dreher.

Source: MTI