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3rd January, 2019

Hatvan sports arena exceeds costs

Eger construction company Variabau has won the contract to build a handball and sports centre in Hatvan for Ft 3.6 billion, according to public procurement gazette Kozbeszerzesi Ertesito.

Originally, the local handball sports club, which ordered the construction, estimated the costs at Ft 2.7 billion.

The government provided a Ft 2 billion subsidy to the project, of which Ft 700 million was allocated as extra funds in November.

According to company data service provider Opten, Variabau has only 17 employees and realised Ft 323 million in revenues in 2017, up from less than Ft 100 million a year earlier. (24.hu; napi.hu; index.hu; nepszava.hu)
3rd January, 2019

MET to build wind farm in Serbia

Hungarian-owned energy company MET has signed an agreement with Serbian oil and energy company NIS on jointly building a 100MW wind farm in Plandiste, Vojvodina, Portfolio reports.

NIS will invest €140 million in the construction, to be completed by the first half of 2020.

Swiss-registered MET and NIS will each have a 50% stake in the joint venture.

Russian gas company Gazprom owns 56.2% of NIS and the Serbian government has a 29.9% stake in it. (portfolio.hu)
3rd January, 2019

IKEA closing earlier on Sundays

Beginning on January 6, IKEA shops in Hungary are closing at 7 p.m. on Sundays, two hours earlier than the 9 p.m. closing time valid in 2018, the subsidiary of the Swedish furniture retailer announced on Wednesday.

IKEA outlets will be open between 9 a.m. and 7 p.m. on Sundays.

The new opening time will be tested for a three-month period and the final decision will be made after feedback from customers.

The shorter opening hours do not mean any dismissals, as labour will be reshuffled to otherwise busy hours, IKEA underlined. (444.hu; napi.hu; nepszava.hu; origo.hu; portfolio.hu; index.hu)
3rd January, 2019

State fashion agency moves to villa

State fashion and design agency Magyar Divat es Design has moved to a villa on Istenhegyi ut in Budapest’s 12th District, news website 24 reports.

The agency was founded before the general elections in 2018, by splitting off a department of the state tourism agency MTU.

Zsofia Bata-Jakab, a friend of the prime minister’s daughter Rahel Orban, was appointed to head the new agency.

The agency uses state funds to promote those Hungarian fashion companies abroad which maintain good relations with Rahel Orban, website 24 writes.

Cabinet Office Minister Antal Rogan announced the development of a unified fashion and design strategy nearly a year ago. He said in early 2018, before the agency was set up, that the government was going to take control of the co-ordination of the Hungarian fashion industry and was developing a strategy for this business sector. After this announcement, the government allocated Ft 1.9 billion to state tourism agency MTU for the development of a country brand.

A Fashion Industry Marketing Directorate was created within the MTU and Bata-Jakab was appointed as its first leader. Later she was appointed head of the fashion agency. (24.hu; napi.hu; hvg.hu; index.hu; nepszava.hu)
3rd January, 2019

BSE turnover lower in December

Turnover on the Budapest Stock Exchange came to Ft 393.4 billion in December, down 1.9% from one year earlier, the BSE announced on Wednesday.

However, December’s average daily turnover of Ft 11.6 billion was an increase from the Ft 10.2 billion of one year earlier.

Among brokerages, Concorde realised the largest turnover, Ft 89.3 billion, regaining the leading position from Wood, which headed the list in November.

Wood recorded turnover of Ft 87.8 billion last month, followed by Erste with Ft 76.5 billion, Equilor with Ft 33.1 billion and OTP brokers with Ft 22.3 billion. (portfolio.hu)

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