HungaryTrends – The week in business and finance

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

HUNGARIAN MICROSOFT CORRUPTION PROMPTS U.S. TO INTERVENE 

Months have passed since news about the rather suspicious software-acquiring tactics of the Hungarian government first popped up, and it has been relatively silent – until now. US authorities realised at last that something fishy was going on and launched an investigation. In fact, several people have been let go after the first round of the research of the public administration‘s software procurement process. Read more HERE.

THESE ARE THE BEST-SELLING HUNGARIAN PRODUCTS 

Have you ever wondered which Hungarian products rocked foreign markets? Here are the best-selling products from 2017, based on Napi.hu’s report. Read more HERE.

THE MOST EXPENSIVE HUNGARIAN PROPERTIES ARE BOUGHT BY CHINESE BUYERS 

According to Heti Világgazdaság, out of the foreign buyers, the Chinese are the ones who buy the most expensive realties in Hungary, but those coming from Vietnam are also interested in expensive properties. Read more HERE.

RETAIL SALES GROWTH DECELERATES TO 6.8 PC IN JUNE

Retail sales in Hungary climbed 6.8 percent in June from the same month a year earlier, decelerating from a 7.1 percent increase in May, a second reading of data released by the Central Statistical Office (KSH) showed. Calendar-adjusted data show retail sales were up 6.4 percent annually in June. Read more HERE.

NBH POLICY MAKERS KEEP BASE RATE ON HOLD

The National Bank of Hungary’s Monetary Council decided to keep the central bank’s key rate on hold at 0.90 percent at a monthly policy meeting. The Council has left the base rate on hold since signalling an end to an easing cycle at a policy meeting in the spring of 2016. However, the rate-setters have made use of “unconventional, targeted” instruments to ease monetary policy further. Read more HERE.

ESMYA ACTIVE INGREDIENT FAILS TO WIN FDA APPROVAL

An application for ulipristal acetate, the active ingredient in Esmya, Hungarian pharma company Gedeon Richter’s drug used to treat uterine fibroids, was not approved by the United States Food and Drug Administration (FDA). A letter from the FDA “indicates it is not able to approve the ulipristal acetate [New Drug Application] in its current form and is requesting additional information,” Richter’s partner Allergan said. The FDA expressed concerns over reports of a possible link between Esmya and liver injury in some patients in Europe.

KONZUM AGREES TO SELL APPENINN STAKE TO BDPST

The Konzum group agreed to sell a 20.59 percent stake in property holding company Appeninn to BDPST in an OTC transaction for an undisclosed price, reducing the group’s stake in Appeninn to 33.2 percent when the deal is closed. Konzum group and BDPST will cooperate on real estate investment and development in future, Konzum’s PR agent said.

GROSS WAGE GROWTH REACHES 11.2 PC IN JUNE

The average gross monthly wage in Hungary stood at 329,600 forints (EUR 1,016) in June, up 11.2 percent year-on-year, KSH said. Gross wage growth has been in the double digits since early last year, lifted by an agreement on minimum wage increases as well as a labour shortage.

Featured image: MTI

Source: MTI