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BANKING NEWS: EBRD; OTP; Granit Bank

July 21. 2017.

- The European Bank for Reconstruction and Development (EBRD) has announced on Friday that it is taking part in a financial restructuring of the company that operates the Ferenc Liszt international airport in Budapest. The goal is to "attract greater international investment and improve the airport’s operational performance."  More from portfolio.hu

- Hungary's OTP Bank OTPB.BU has agreed to buy Romania's Banca Romaneasca from the National Bank of Greece (NBG), two sources with knowledge of the deal told Reuters on Friday, continuing OTP's acquisition drive in central and eastern Europe. More from Reuters

- The state of Hungary will sell its 36.5% stake in Granit Bank, Minister for National Economy Mihály Varga said yesterday, Hungarian news agency MTI has reported. More from bbj.hu

Orbán and Netanyahu Address Hungarian-Israeli Business Forum

July 20. 2017.

More than one hundred Hungarian and Israeli businesses took part at the forum organised by the Hungarian National Trading House in a major Budapest hotel. Israeli PM, Benjamin Netanyahu said Israel and Hungary could learn from each other and offered that Israel would host IT fellows from the V4 countries so that they can master the most advanced cyber technologies in Israel. "All political obstacles to Hungarian-Israeli economic cooperation have been cleared", said Hungarian PM Viktor Orbán. He added, Hungary’s Eximbank had opened a 600 million dollar credit line to support partnerships between Hungarian and Israeli companies. Israel is Hungary’s third largest investor: Israeli investments make up 12% of all foreign investments in the country. Bilateral trade was 525 million dollars in 2016, up by 12% from 2010. (Photo: B. Netanyahu addressing forum attendees  - MTI Balázs Mohai)

IEER Monthly Bulletin of Economic Trends - June 2017

July 19. 2017.

Institute for Economic and Enterprise Research

Two interesting topics are highlighted in this issue: first a comprehensive study analyses the measures Hungarian corporations have taken or intend to take in 2017 to tackle the compulsory minimum wage rise and increased guaranteed minimum wage for skilled workers. The second part of the Bulletin is a brief analysis of the current situation of the Russian economy, its  macroeconomic indicators, and the Russian-Hungarian trade relations. Read or download the full text of the Bulletin.

Ceva Phylaxia Inaugurates State-of-the-Art Vaccine Plant

July 18. 2017.

The Pig Site

Ceva Santé Animale, one of the fastest growing, top 10 animal healthcare companies today held the inauguration ceremony of its new European vaccine production facility. A further 3900m2 of space, containing more than 100 pieces of new equipment, were added to the existing campus at a cost of € 25 million euro (7,8 billion forint), creating 60 new jobs. More...

Bulgaria, Hungary to Advance Energy Cooperation

July 17. 2017.

bta.bg

Bulgarian Deputy Prime Minister for judicial reform and Foreign Minister Ekaterina Zaharieva conferred with Hungarian Minister for Foreign Affairs and Trade Peter Szijjarto in Brussels on Monday, Zaharieva's ministry said. The two discussed bilateral relations, ways to enhance energy cooperation and prospects before the Western Balkans. More...

Failing To Comply With New Rules Could Bring HUF 20 mln Fine

July 21. 2017.

Budapest Business Journal

Under a new legislation that took effect in May and requires new reporting requirements for the transfer prices of multinational firms operating in Hungary, a fine of up to HUF 20 million can be issued to companies that do not comply with the new rule, Grant Thornton Hungary warns in a press statement sent to the Budapest Business Journal. More...

 

STATISTICAL UPDATE: Gross Earnings

July 20. 2017.

Central Statistical Office

In May 2017, average gross earnings amounted to HUF 296,100, 12.9% higher than a year earlier. In the first five months of the year, both gross and net earnings grew by 12.1% compared to the same period of the previous year. Details

Hungarian Central Bank Holds Rates With Low Inflation in Mind

July 18. 2017.

Reuters / By Krisztina Than

Hungary's central bank kept interest rates unchanged as expected on Tuesday, with any price pressures from strong economic growth seen as unlikely to lift inflation beyond its 3 percent target level this year or next. The bank flagged possible further loosening in monetary conditions with unconventional tools, saying inflation would reach its target in a sustainable way only in early 2019. It said rising wages in the economy have not posed any upward pressure to inflation so far. More...

CEE’s Automotive Wage Growth Revs Up Pressure

July 17. 2017.

bbj.hu

With the automotive workforce in Central Europe becoming more expensive, Hungary saw a 10% growth in salaries in the first half of the year, compared to the same period in 2016, according to data from international salary survey platform Paylab. The wage growth in the region appears to be increasing pressure on the industry. More...

Orban Courts Voters Outside Hungary With Grants, Cheap Loans

July 14. 2017.

Reuters / by Gergely Szakacs

Antal Kracsun was about to convert a barn next to his house into a pigsty to make ends meet, when a Hungarian government grant gave his small welding business in northern Serbia a shot in the arm. The 800,000-Serbian dinar ($7,600) grant under Prime Minister Viktor Orban's cross-border stimulus program, for poorer, ethnic Hungarian regions in central Europe, enabled Kracsun to buy expensive welding machinery which would otherwise have been beyond his means. More...