HungaryTrends – previous week in business and finance

See below MTI’s main business and financial news from the previous week.

HUNGARY, RHEINMETALL SIGN EUR 2 BN INFANTRY VEHICLE DEAL

Hungary signed an agreement with German defence industry company Rheinmetall on a more than 2 billion euro programme to produce and procure Lynx infantry fighting vehicles. Under the agreement, Rheinmetall and the state of Hungary will establish a joint venture to manufacture the Lynx vehicles in Hungary.

Read our article here: Next-generation combat vehicles to be manufactured in Hungary − VIDEO

4IG ESTABLISHES HUNGARY’S FIRST COMMERCIAL SATELLITE BUSINESS

Listed IT company 4iG established a venture to launch and operate Hungary’s first satellite suitable for commercial, governmental and scientific research missions in 2024. 4iG holds a 51 percent controlling stake in the company, called CarpathiaSat Magyar Urtavkozlesi, that was established with share capital of HUF 5 million (EUR 14,300) and a capital reserve of 365 million forints. Terrestrial broadcasting company Antenna Hungary has a 44 percent stake in the venture and New Space Industries holds 5 percent.

Our report here: WOW! Hungary to conquer space with their satellite?

PANDEMIC SPENDING LIFTS STATE DEBT RATIO TO 71.9 PC

Government expenditures related to the coronavirus pandemic lifted Hungary’s state debt relative to GDP to 71.9 percent at the end of the second quarter from 66.8 percent at the end of Q1, preliminary data released by the National Bank of Hungary (NBH) showed. The state debt ratio stood at 66.4 percent at the end of 2019.

COMMERCIAL ACCOMMODATIONS DRAW MORE DOMESTIC VISITORS IN JULY