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15th November, 2018

Audi union rejects wage hike proposal

The union representing Audi employees has rejected the carmaker’s wage proposal, the union announced on Wednesday.

The Gyor subsidiary of the German company has offered a 3% guaranteed and a further 4% performance-based increase for some workers for each of the next two years, while keeping the annual amount of fringe benefits at Ft 620,000.

The union would like to sign a one-year agreement only.

The 4% part of the wage hike would be at the discretion of bosses, cherrypicking employees that they like, said union vice-president Gyorgy Csalogany.

The union is asking for an 18% wage hike with a minimum monthly raise of Ft 75,000 for the lowest paid.

The main objective is to have all wage elements included in the monthly wage and have guaranteed wage hikes, Csalogany said. (napi.hu)
15th November, 2018

GVH withdraws approval of Digi-Invitel merger

The competition authority GVH has fined Digi and Invitel Ft 90 million and withdrawn its earlier approval of the merger of the cable TV and telecom companies, saying the companies provided incorrect information.

The GVH began a new investigation into the proposed merger.

The regulator has not told the companies to cease preparations for the merger, but appointed a commissioner to oversee the process until the new investigation is completed.

The GVH approved the merger in May on condition that in communities where Digi cable TV services and Invitel’s cable network are both present, the new company must cancel contracts with networks other than that of Invitel.

Information supplied by the companies indicated that the number of communities where this condition applies is 23 rather than the actual 89. (portfolio.hu; hvg.hu; kreativ.hu; index.hu)
15th November, 2018

Raiffeisen Hungary profit drops

Raiffeisen Hungary realised a €31 million profit after taxes in the third quarter, according to figures released by Raiffeisen International on Wednesday.

The Hungarian subsidiary generated a €57 million post-tax profit in the first three quarters, down from €93 million a year earlier.

The decrease is mostly due to smaller loss reserve releases and lower operating revenues.

Parent bank Raiffeisen International realised a €417 million profit after taxes in the third quarter, of which €130 million was generated in Russia and €65 million in Romania. (portfolio.hu)
15th November, 2018

Erste to bank for social co-operatives

Erste Bank has signed a co-operation agreement with the Interior Ministry on providing low-cost bank account services and cheap loans for social co-operatives.

These co-operatives are organised by the ministry to provide jobs for socially challenged people in villages where traditional business forms cannot really work.

Erste offers its Social Banking package to the co-operatives. (portfolio.hu)
15th November, 2018

Teva opens new production line

Teva will produce its newly developed active ingredient caspofungin in its new Ft 5 billion, 1,500m2 production facility that was formally opened in Debrecen on Wednesday.

The Hungarian pharmaceutical industry is competitive on the global market, Foreign Affairs and Trade Minister Peter Szijjarto declared at the event.

Teva exports 84% of the drugs made in its Debrecen facility, he underlined, adding that Hungary became the world’s 19th largest drug exporter last year, in which result Teva has a great share. (origo.hu; haon.hu)
15th November, 2018

Heineken revives hop cultivation

After a break of more than 20 years, Heineken Hungaria, in co-operation with Ecumenical Aid (MOS), has revived hop cultivation in Hungary, the brewery announced on Wednesday.

Some 2,500 hop seeds have been planted on a one hectare site owned by MOS in Kastelyosdombo, Somogy county.

Heineken provided Ft 30 million to the aid organisation for teaching local people how to cultivate hops and agreed to purchase the harvest at market price. (agrarszektor.hu)
15th November, 2018

Altera appoints investment officer

Altera has appointed Gabor Szekely as its new investment officer to oversee the listing of the firm’s shares on the Budapest Stock Exchange, the car trading company announced on Wednesday.

Szekely was a founder of property developer Appeninn in 2009 and became its investment director.

Altera, owned by Wallis, increased its capital to Ft 3.4 billion on October 11 by absorbing the four car trading subsidiaries of the Wallis group.

The shares will probably be listed in the fourth quarter. (napi.hu)

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