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HungaryTrends – A wrap-up of the week in Hungarian business
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Budapest (MTI) – Following are some of the top business stories last week:
WIZZ AIR SIGNS BALKAN FLIGHT CONCESSIONS
Hungarian low-cost airline Wizz Air signed an agreement with the National Development Ministry on concessions to operate flights between Budapest and five destinations in the Balkans from April. Wizz Air will operate the flights to Podgorica, Pristina, Skopje, Tirana and Sarajevo twice a week, on Wednesdays and Sundays.
COURT RULES COMPETITION OFFICE MUST RECALCULATE BANKS’ FINES
The Kúria, Hungary’s supreme court, ruled that the Competition Office (GVH) made serious errors when calculating fines on eleven banks for cartel activity in 2013. GVH fined the lenders almost HUF 10bn after it found they colluded to reduce their losses from an early payback scheme for retail borrowers with FX loans.
SHARES OF AGRIBUSINESS UBM LISTED ON BUDAPEST BOURSE
The shares of agribusiness UBM Holding were listed on the Budapest Stock Exchange, although they will not trade until the company converts from a private company limited by shares (Zrt) to a public company limited by shares (Nyrt). UBM is Hungary’s largest trader of raw materials for feed and a major feed producer itself.
AUTOMOTIVE SECTOR OUTPUT DOWN BY 1.4 PC IN OCTOBER