Politics & Foreign Relations

   Economic News

   Business News

   Other News of Interest

   All stories

23rd November, 2023

Erste reports cyberfraud rising in value and volume

Mobile and internet bank users of Erste Bank suffered a Ft 500 million loss from online fraud, and the loss for the entire sector reached Ft 7 billion in the second quarter alone, deputy CEO Laszlo Harmati reported at a press conference on Wednesday.

Overall, 2023 has seen rapid growth in cybercrime in the financial sector in volume as well as value and frauds have become more sophisticated, he added.

Affirming that Erste is continuously working to improve its 24/7 monitoring activities to prevent cybercrime, Harmati said these measures prevented Ft 4.4 billion of fraud in the third quarter alone, a three-fold increase from the first quarter.

Data phishing and fake stores are the most common forms of online crime.

Erste’s own statistics show that the highest number of frauds were committed against middle-aged women living in Budapest, as they are active on websites most likely to be targeted by criminals, but in terms of financial losses, middle-aged men living in the capital topped the ranking.

Erste’s head of compliance Anna Kosa warned customers against buying from “cloned” webshops that do not have an email or phone number. Bad spelling and misspelled URLs should also raise alarm bells, she added.

Erste can filter out fake webshop operators once they have been flagged. In these cases, the bank can instantly block the online purchase and the bank card before informing the client, she added.

Criminals posing as bank employees also regularly target clients with direct calls and manipulate them to give out sensitive data. Once that happens, there is little chance of recovering the money, Kosa said. (portfolio.hu; 24.hu; novekedes.hu; index.hu)
23rd November, 2023

EIB extends euro 100mn loan to MFB

The European Investment Bank (EIB) will lend euro 100 million to state development bank MFB for renewable energy and energy-efficient investments under an agreement signed by the two banks on Wednesday in Luxembourg.

The agreement allows the MFB to expand financing of investments contributing to the reduction of greenhouse gas emissions and lower energy costs, further strengthening competitiveness and sustainability, the Hungarian bank said.

The operation is co-financed by the Council of Europe Bank, bringing total project costs to an expected euro 150 million, the lender said. (portfolio.hu; novekedes.hu)
23rd November, 2023

Villeroy & Boch and Continental announce layoffs

The year-end brings mass layoffs in Mako and Hodmezovasarhely, as 50 workers from the Continental tyre factory in Mako will be laid off this year, and in Hodmezovasarhely, German-owned Villeroy & Boch Magyarorszag, the city’s largest employer, will part with the same number of Hungarian workers.

Both companies blame a decline in orders for the dismissals.

Continental’s international company network includes six factories in Hungary, a tyre trade centre, and a development centre, which together employ more than 8,000 people.

In Mako, ContiTech Fluid Automotive Hungaria produces components for European automotive companies, such as pipes for car heating-cooling systems.

In recent years, there has been high staff turnover at the factory, and layoffs were frequent due to the coronavirus pandemic.

In 2021, the company paid back Ft 1.7 billion in support to the state, which it had received for expanding the workforce.

In Hodmezovasarhely, Villeroy & Boch Magyarorszag has reached an agreement with unions on the dismissal of 50 of its Hungarian employees.

The 86 foreign workers who came to work at the company from Indonesia were dismissed earlier. (telex.hu; mfor.hu)
23rd November, 2023

New regulated real estate investment company debuts on BSE

Shares of Biggeorge SZIT, a regulated real estate investment company, began trading on the Budapest Stock Exchange in the standard category on Wednesday after the MNB approved the company’s request for the change of corporate structure to SZIT.

The company is a member of Biggeorge Holding, one of the largest Hungarian private real estate and investment groups, engaged in the development of industrial parks.

The company listed 3.8 million dematerialised shares, or 25.8% of the total, with a face value of Ft 1,000 on the bourse.

Biggeorge, the fifth SZIT on the stock market, serves as a good example for companies seeking sustainable financing solutions for long-term growth and competitiveness, said BSE CEO Richard Vegh.

Founder and CEO of Biggeorge Property Tibor Nagygyorgy called the listing a milestone in the company’s strategy, based on capital market presence and transparent operations.

Biggeorge does not plan further share sales, he added. (portfolio.hu; novekedes.hu)
23rd November, 2023

Penny also closing on Christmas Eve

Penny Market has become the latest retail chain to announce that its shops will be closed on December 24 this year, a Sunday.

The retailer told 444 that it will try to make it easier for its customers to prepare for Christmas with longer opening hours in the days leading up to this.

Penny pointed out that it also kept its shops closed on December 24, 2016, which fell on a Saturday.

Lidl, Rossmann and Mountex have said they will be closed on Christmas Eve, while Aldi has said its shops will remain open until 7 p.m. (444.hu)

Contact Free Trial Subscription