HATC SAMPLE EDITION:
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14th November, 2024
Ministry releases details of loans for young workers
The social consultation on preferential loans for young workers started on Wednesday, the Economy Ministry announced as it released details of its proposal.
The scheme makes ten-year interest-free loans of Ft 4 million available to employed persons aged 17-25, with a total budget of Ft 500 billion.
Those who are eligible for student loans are excluded from this scheme.
Applicants must work for at least 20 hours a week as an employee or an entrepreneur.
They must also undertake to have a registered address in Hungary and to work for at least five years from the date of the disbursement of the loan.
The ministry estimates that 300,000 people will take up the new loans in the next two years.
As, in addition to helping young people start their careers, the government aims to help young people to start a family, repayment of the loan is suspended for two years for women after the birth of their first child, another two-year moratorium comes into effect after the second child, when half of the debt is forgiven, while in the event of the arrival of a third child, the entire outstanding debt is cancelled. (portfolio.hu; hvg.hu; hirado.hu; magyarnemzet.hu)
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14th November, 2024
Baranyi claims Students City is part of Olympic plans
Nobody should have any doubts about why the government will begin construction of a Students City – it is not because of the housing crisis in Budapest but because of the cabinet’s Olympic plans, Ninth District mayor Krisztina Baranyi told ATV on Wednesday.
The sports facilities necessary for hosting the Olympics have practically without exception been completed, but there is no Olympic village to accommodate the large number of Olympic participants, she added.
The Fidesz leader on city council, Alexandra Szentkiralyi, made the surprise announcement on Tuesday that the government would finance construction of the Students City, a project that it began work on but then withdrew from a few years ago.
Mayor Gergely Karacsony has been trying to persuade the cabinet to build the complex of dormitory places for three years.
Even the most optimistic opinions agree that Budapest could not stage the Olympics before 2036, Klubradio remarks. (klubradio.hu; atv.hu)
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14th November, 2024
Govt would build Students City with external funds
A Students City dormitory complex as announced by Fidesz on Monday would be ready three years after a decision to build it is made, Culture and Innovation Minister Balazs Hanko said on TV2 station Wednesday morning.
Hanko said the designated brownfield area in the Ninth District would be an ideal place for the complex with an at least 12,000 but up to 20,000 places that would serve all of the city’s universities.
Planning of the costs is still ongoing and the government would like to involve external funds in the project, he said, but he did not say where foreign funds might come from.
The cabinet reached an agreement with the city on a Students City to be built in the Ninth District but it was revealed that a Budapest campus of China’s Fudan University would be built on the same area.
This stirred up widespread protest, and, although Parliament approved a bill on proceeding with the Fudan campus, no progress has been made since then in the matter of the Chinese university. (hvg.hu; magyarhirlap.hu; mandiner.hu; magyarnemzet.hu; hirklikk.hu)
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14th November, 2024
Fidesz MPs begin nationwide tour
Fidesz and Christian Democrat politicians, including ministers and state secretaries, began touring the country on Wednesday to promote the National Consultation, in a campaign that will run until December 6.
State secretary Balazs Hidveghi told reporters that the National Consultation is necessary because the EU wants to force “an economic Cold War” on Hungary, by determining which countries Hungary can or cannot trade with.
Hungary can prosper, he said, if it preserves its economic autonomy and economic neutrality – that is, if Hungary can engage in trade with both the West and the East.
Therefore, he is asking everybody to fill in the consultation questionnaires which will arrive in peoples’ mailboxes by December 6, as promised by Magyar Posta. (hirado.hu; magyarhirlap.hu; magyarnemzet.hu; hirtv.hu; tenyek.hu)
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14th November, 2024
OLAF meets with Integrity leader
Ville Itala, head of the EU’s anti-fraud office OLAF, and Pal Ferenc Biro, president of the recently created Integrity Authority, discussed questions of cross-border co-operation in combating fraud and corruption, the authority announced on Wednesday.
The two leaders stressed the importance of pooling resources and expertise in dealing with complex forms of cross-border fraud that jeopardise EU taxpayers’ money.
The two parties expressed their shared commitment to broaden the powers and capabilities of national authorities, to uncover and investigate international fraud and to develop legal procedures. (hirado.hu)
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14th November, 2024
New law speeds up adoption of children abandoned at hospitals
The first accelerated adoptions of children left in hospitals have taken place, Interior Ministry state secretary Bence Retvari announced on Wednesday.
He said that last summer Parliament had passed a bill submitted by the cabinet aimed at speeding up the adoption procedure for babies abandoned in hospitals.
Under the new regulations 31 babies left in hospitals before September 30 were declared fit for adoption, while adoption procedures for another seven children were closed by October 24.
The adoption of another ten babies is still under way but they are already living with the couples intending to adopt them.
Retvari said more than 1,000 babies await adoption in Hungary. (telex.hu; hang.hu)
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14th November, 2024
City approves law enforcement units on BKV vehicles
A law enforcement force will operate on Budapest public transport vehicles within the frameworks of the capital’s law enforcement directorate FORI, as approved by the city council, the mayor’s chief of staff Ambrus Kiss, told Magyar Nemzet on Wednesday.
The new agency will be established with 75 staff members, complemented with 20 law enforcement officials who already work for the Budapest Transport Centre or city public transport company BKV through sub-contractors.
Kiss said the new force will be established within the FORI because FORI public area inspectors can proceed in individual cases.
Kiss said the city does not want to create an organisation that harasses homeless people, as, simultaneously with the establishment of the new law enforcement unit, it will be a top priority to ensure that homeless people removed from public transport vehicles should not remain at bus or tram stops, where they might easily freeze to death in winter.
The idea of the law enforcement body for public transport had been raised by David Vitezy during the mayoral election campaign. (444.hu; mandiner.hu; magyarnemzet.hu; infostart.hu)
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14th November, 2024
Sinking industrial output confirmed
Final data released by the Central Statistics Office on Wednesday confirm initial estimates that industrial output was 5.4% lower in September than one year earlier, according to workday-adjusted figures.
Unadjusted data show a 7.2% decline in industrial output.
Both seasonally and workday adjusted figures show output shrinking by 0.7% from August to September.
The performance of industry has not been so poor in four years, Portfolio observes.
Output has been on a downward trend for two years, and it seems that a sudden rebound cannot be expected, the website adds.
Industrial export volume decreased by 5%, year-on-year, while domestic industrial sales dropped by 2.9% in September.
Output of the manufacturing sector, which represents a 96% weight within the industrial sector, was down 8.3%, that of the energy industry fell by 2.2%, while the output of the relatively small mining sector increased by 29%.
Automotive sector production decreased by 11.4%. Within that category vehicle production fell by 14.8% and parts production was down by 8.5%.
The production of electrical equipment, with a weight of 10% in the total, was 10.4% lower than a year earlier. There were declines of 11.6% in EV battery production, and 8.6% in the production of electric motors, power generators, and distribution and control devices.
Over the first nine months, industrial production was 4.3% lower than in the same period of last year.
Industrial exports, amounting to 62% of industrial output, fell by 4.8%, while domestic sales were down by 2.9% in January-September. (ksh.hu; portfolio.hu; novekedes.hu; mfor.hu; economx.hu)
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14th November, 2024
Airbnb makes case in letter to Nagy
Airbnb has issued an open letter to Economy Minister Marton Nagy, as the European Tourism Forum was held in Budapest on Wednesday, urging the government not to ban the short-term accommodation service.
The government has imposed a moratorium on new Airbnb permits in Budapest in 2025 and 2026.
In addition, the Sixth District has outlawed all short-term home rents from 2026.
In the letter, Airbnb asks national and local authorities to recognise the positive effects of home sharing on local and national economies, and to allow Hungarians to continue to share their homes and to obtain additional income in economically difficult times.
Guests of short-term apartment rentals contributed a total of around euro 1.5 billion to Hungary’s GDP last year and, sustains approximately 40,000 jobs, according to the Airbnb letter.
Airbnb warns that disproportionate and ill-considered bans can significantly reduce the possibilities for households and families to supplement their income. (portfolio.hu)
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14th November, 2024
Leasing market expands in Q3
The leasing market reached Ft 684 billion in financing in the third quarter, 7.9% more than a year earlier, the Leasing Association reports.
A total of 61,072 new contracts were signed, 218.6% more than in the same period of 2023.
The total amount of the existing leasing portfolio increased by 6.1% to Ft 2.209 trillion, but the number of existing contracts shrank by 4% to 313,113.
New leases of cars, vans and motorcycles reached Ft 404 billion in the third quarter, accounting for roughly 60% of the market.
The vast majority of 83% of customers signed leasing contracts for new devices.
As much as 87% of the market is still corporate, with the remaining 13% shared by households, the state and other customers.
Leasing Association general secretary Laszlo Koszegi observed that the market for leasing agricultural machinery is declining, due to the lack of state subsidies.
In deals so far this year, 35.6% of the financed amount and 17.7% of the contracts were based on foreign currency, compared to last year’s 41% and 22%, respectively. (portfolio.hu; piacesprofit.hu)
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14th November, 2024
Fewer foreigners buying homes
Roughly 6,300 foreign citizens bought residential units in Hungary in 2023, which is 1,700 fewer than a year earlier, but in some districts of Budapest, one in five apartments sold went to a foreign buyer.
Last year, foreigners accounted for 5.9% of home sales by total, and 7.6% by value.
With the exception of the Vietnamese and the Russians, there were fewer home buyers from all countries than in the previous year.
Most of them were Germans, who accounted for nearly 25% of all foreign purchases, buying 1,473 homes.
They were followed at a large distance by Slovak, Romanian and British buyers, each with purchases of 600-700 apartments.
The largest non-European group was the Chinese, who bought a total of 588 homes, mostly in Budapest.
Vietnamese buyers came second with 267 homes, even more concentrated in the capital.
Some 22-23% of German and Dutch buyers – and 33% of buyers from Switzerland – were over 65 years old.
Half of the units purchased by Germans were in Somogy or Zala county.
The most active buyers in Budapest last year were the Chinese, who bought more than 500 homes. (portfolio.hu; telex.hu)
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14th November, 2024
MOL hopes to extend EU exemption on Russian oil
The EU derogation allowing MOL to sell oil to the Czech Republic delivered from Russian pipelines and refined by MOL expires on December 5 but negotiations are ongoing about a possible extension, the company told journalists in a background discussion.
MOL operates a refinery in Bratislava, close to the Czech border.
In the event of a ban, instead of Russian crude oil, MOL would have to buy 500,000-700,000 tons of crude oil delivered by sea, analyst Tamas Pletser of Erste estimates.
If the EU lifts the derogation in December, then the Czech market may face supply challenges and fuel price increases, according to MOL’s downstream director Pal Szabolcs Szabo. (portfolio.hu)
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14th November, 2024
GVH approves Indotek purchase of Auchan Hungary
The competition authority GVH, has approved the acquisition of French retailer Auchan’s domestic subsidiary, Auchan Hungary by Biery Investments.
The purchaser is a subsidiary of the Indotek Group, owned by Daniel Jellinek.
In addition to the retail operations, Biery also bought Auchan’s real estate development companies, Ceetrus Hungary and Nhood Services Hungary, as well as MH Auchan Gas Stations, which operates the company’s filling stations.
The parties announced last year that Jellinek would buy a 47% stake in Auchan, but it was later revealed that, despite the minority stake, the Hungarian billionaire will also have sole control rights. This has now been approved by the GVH.
The Indotek Group announced its ambitious plans for Auchan in November last year, vowing to make Auchan Hungary’s third largest food retailer by market share within five or six years, behind Lidl and Spar, but ahead of Penny, Aldi, CBA, Coop and Tesco. (hvg.hu; economx.hu; 24.hu; mfor.hu)
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14th November, 2024
Samsung obtains environmental permit for God battery factory
The Pest county government office has granted the modified environmental use permit for the Samsung factory in God, as published on the town council’s website.
The permit stipulates that annual EV battery production capacity can be increased from 130,900 tons to 157,080 tons, and the amount of organic solvent used from 14,477 tons to 22,000 tons. (infostart.hu; hvg.hu; 24.hu)
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14th November, 2024
Waberers profit shoots up in Q3
Waberer’s realised a euro 5.4 million net profit in the third quarter, up from euro 500,000 a year earlier, the haulage company announced on Wednesday.
Deputy CEO Szabolcs Toth said third-quarter operating profit was higher than a year earlier, partly due to the improving performance and partly due to the results of newly acquired companies.
The unrealised exchange rate gain also plays an important role in this, compared to the negative effect one year earlier, he added.
Revenue expanded by 10% from one year earlier to euro 193 million.
The Regional Contract Logistics unit realised euro 63.4 million in revenue, up by 20%, while the Transportation and Freight Forwarding unit generated euro 110.5 million, a 5.3% increase.
Revenue from Waberer’s insurance unit rose by 9.8% to euro 23.1 million.
The ebit of the group went up by 26% to euro 10.1 million.
Management maintained its targets for this year of revenue of euro 770-780 million and ebit of euro 40 million. (portfolio.hu; economx.hu)
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14th November, 2024
Gestor sells shopping mall in Spain
Hungarian company Gestor Real Estate has sold the Mazarron Park retail complex in Costa Calida, Murcia, Spain to French company Epsilon 360° SCPI via an “off-market” transaction, the company group announced on Wednesday.
Mazarron Park was developed by Barcelona’s Activ Group in 2018 and was purchased by Gestor more than four years ago, during the pandemic.
Mazarron Park consists of four units: an Aldi store, a BP petrol station, a Burger King restaurant, and a mall.
The car park with 370 spaces has been operating at 100% capacity since its opening. (portfolio.hu)
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14th November, 2024
Nearly 3mn Hungarians live in housing poverty
Some 2.8 million Hungarians are living in housing with at least one of the four standard indicators of housing poverty, the organisation Habitat for Humanity said in its housing report released on Wednesday.
An estimated 232,000 people live in 90,160 households without a bath, shower or indoor toilet.
Of the chief indices of housing poverty this was the only one which has improved largely in the past ten years, having fallen from 660,000.
Eurostat says there are 475,000 households in Hungary where the roof leaks, the walls are mouldy or the floor is rotting, with 1.2 million people living in such conditions.
In addition, residents of 328,000 households cannot afford to heat their homes sufficiently.
An estimated 1,670,000 people live in overcrowded properties. The majority of families of four to five live in such places, while almost all families of six or more live in overcrowded conditions.
One definition of housing poverty is that the resident spends 40% of their income on housing, as is the case in 105,000 households.
If this limit were defined at 30%, then one-third of the country would belong here.
Zsolt Szegfalvi, the Hungarian executive director of Habitat for Humanity, said the government has at last recognised that there is a housing problem, as 10 of the 21 points in the government’s economic stimulus package deal with housing, and the Budapest city council is also addressing this issue. (hvg.hu; nepszava.hu)
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14th November, 2024
More students opt for foreign universities
After the decline caused by the pandemic, the number of Hungarian students studying abroad is increasing again at an accelerating rate, reaching over 17,500 for the first time in the 2023-24 academic year, according to the Engame Academy’s estimate.
The top five destination countries are Austria, Germany, the Netherlands, Denmark, and the UK.
The Netherlands is slowly catching up with Germany, as it offers many English-language courses.
This year the number of Hungarian students in the Netherlands matches the number of Hungarians who were studying in the UK before Brexit.
However, it is expected that this number will fall, due to high housing costs. (portfolio.hu)
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14th November, 2024
Zebras found on Meszaros land
Acting on a reader’s tip, staff members of the Gulyasagyu Media website found zebras living on land near Hatvanpuszta that belongs to the Talentis Group, one of Lorinc Meszaros companies.
The land is protected from human eyes by a double fence and an artificial hill.
Photographs taken show African zebras and a herd of Ankole-Watusi cattle – and a donkey.
Warning signs hanging on the fence state that a company licensed to hunt is active in the area, and that the fence may be a danger to both human beings and dogs if touched.
Gulyasagyu checked on the price of the two rare animals and found that each one of the special breed of cattle costs euro 1,500-10,000 while a zebra is for sale at euro 5,000-15,000. (telex.hu)
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