AS Budapest and Menzies Aviation to Merge Activities

Airport Service Budapest Plc. (AS Budapest) and Menzies Aviation Hungary Ltd. will merge their activities to provide ground handling, cargo and lounge services at Budapest’s Ferenc Liszt International Airport as one company, pending approval by the competition authority, in order to provide more efficient and competitive services, AS Budapest told MTI.

AS Budapest Plc. acquired a 35% stake in Menzies Aviaton Hungary Kft. The name of the company remains Menzies Aviaton Hungary Ltd.

The statement said that AS Budapest is the ground handling agent for several major airlines at the Hungarian capital’s Ferenc Liszt International Airport. Its activities include passenger, cargo and aircraft handling, but it also provides aviation security and other airport services, such as the operation of the Skycourt Lounge.

Menzies Aviation Hungary Ltd. has a strong international customer base through its parent company, Menzies Aviation, which is the world's largest airport ground handling company in terms of number of countries, airports and aircraft.

According to publicly available company information, Menzies Aviaton Hungary Ltd. achieved a net sales revenue of HUF 6.8 billion in 2022, up from HUF 3.4 billion in the previous year. Its profit after tax in 2022 was HUF 392 million, compared to a loss of HUF 472 million a year earlier.

Airport Service Budapest Plc. recorded net sales of HUF 7.3 billion in 2023, compared to HUF 7 billion in the previous year, and its pre-tax profit was HUF 1 billion negative last year, compared to a loss of HUF 692 million in the previous year.

Richter's New Headquarters in Kőbánya Inaugurated

The new headquarters of Richter Plc. in Kőbánya, the 10th district of the Hungarian capital was inaugurated on Thursday. The 17,400-square-meter building, which provides space for 450 employees, was completed with an investment of HUF 20 billion, financed by the pharmaceutical company from its own resources.

Speaking at the opening ceremony, Energy Minister Csaba Lantos stressed that the company represented not only innovation but also the government's desire to 'invest'. Without a foreign presence, it is impossible to remain competitive in the world in the long term, he underlined.

Gábor Orbán, the company's CEO, said among other things that Richter provides one third of the Hungarian corporate R&D expenditure, which enriches the company's own intellectual capital, and that the intellectual assets created in Hungary can be converted into business results abroad.

In his speech, Csaba Lantos recalled the history of Richter and pointed out that the company continues its tradition of innovation, being one of the few pharmaceutical companies to carry out original research.

In certain industries, Hungary is too small, and if we want to remain competitive, we need to invest not only in research and development, but also in outsourcing, he said.

He said it was a particularly significant achievement that the pharmaceutical company could increase its export turnover, which would give stability to the company and thus to the national economy.

The energy minister also pointed out that he had been a member of the company's board of directors for more than ten years and had been involved in the decision to build the new headquarters.

Richter CEO Gábor Orbán stressed that the new headquarters building, designed by the internationally renowned architect Gábor Zoboki, expresses Richter's national and international standing.

The new headquarters is a meeting point of Hungarian knowledge and economy, and the building is a worthy symbol of a global company headquartered in Hungary and present in around 100 countries, said the CEO.

Among other things, Szilveszter E. Vizi, Chairman of the Board of Directors of the company, explained that Richter is a Hungarian multinational company with subsidiaries in 50 countries, 93% of its products are sold abroad, more than half of its employees work abroad, and its product range includes Hungarian intellectual capital, which is also of material value to Hungary.

Nobel Prize-winning Hungarian physicist, Ferenc Krausz, said at the ceremony that Richter, a symbol of Hungarian innovation, had been appropriately packaged.

Róbert D. Kovács, Mayor of the 10th district, was of the view that Richter's new headquarters is the face of Kőbánya in the 21st century. The pharmaceutical company, which has been operating in Kőbánya for 120 years, represents quality and innovation in a competitive business environment and is developing like the district, preserving the values of the past and incorporating them into the present and the future.

Thirty Years on the Stock Exchange for PannErgy

PannErgy celebrated its 30th anniversary on the Budapest Stock Exchange (BSE) on Thursday, the company announced on the BSE website.

Founded in 1922, the company was originally active in the plastics industry under the name Pannonplast, and through a strategic transformation, it has become a major player in the renewable energy sector.

PannErgy is now one of the BSE's longest-standing issuers and one of the greenest stocks, committed to sustainability and environmental awareness, they said.

The company has geothermal projects in Miskolc, Győr, Szentlőrinc and Berekfürdő. PannErgy's share price is almost six times its start-up price.

The company is listed on the Budapest Stock Exchange, is a member of the BUX basket and a premium share issuer, they said.

According to the information, the company closed last year with consolidated revenue of HUF 9.6 billion and net profit of HUF 1.716 billion under International Financial Reporting Standards (IFRS). PannErgy's shares are traded in the premium category of the Budapest Stock Exchange, with a price of around HUF 1,430 on Wednesday. Over the past year, the price has ranged between HUF 1,065 and 1,505.

Czech Consortium Buys Parcel Delivery Service Foxpost

A consortium of financial investors, which also owns the Czech parcel delivery service Packeta, has bought the sector's competitor Foxpost from its Hungarian owners, the parties informed MTI on Wednesday.

According to the information, the Wallis Group and Trueway (formerly Finext) sold the operator, which was the first player in the Hungarian parcel delivery market, to a consortium formed by CVC Capital Partners and EMMA Capital Group.

The transaction is expected to close later this year after obtaining regulatory clearance, they said. The parties did not disclose financial details of the transaction.

Foxpost was launched as a start-up in 2014 with 62 indoor vending machines, making it the first parcel delivery company in the Hungarian market. Its growth over the past ten years has been supported by two investor owners, Wallis Group and private equity fund manager Trueway.

The company now operates more than 1,200 vending machines, has contracts with thousands of e-commerce partners and delivered nearly 10 million parcels last year.

Foxpost is a true Hungarian start-up success story. "Wallis, together with fellow investor Trueway, has supported the company with its financial backing over the past ten years, and it has now attracted the attention of international investors," the statement quoted Gyula Mező, CEO of Wallis Asset Management.

Trueway board member Iván Halász said in the statement that they are proud to have been involved in building another innovative, competitive domestic company from its early, growth stage.

Ádám Bengyel, CEO and co-founder of Foxpost Zrt. highlighted the importance of the backing provided by the previous owners, adding that the change of ownership supports their growth plan.

According to publicly available company data, Foxpost Plc.'s net revenue last year was HUF 8.184 billion, up from HUF 4.217 billion in 2022, which is about five times the 2020 figure. The company ended last year with a profit after tax of around HUF 300 million, compared with a loss of HUF 1.280 billion in 2022.

Packeta Hungary Kft. achieved net sales of HUF 8.182 billion in 2023 and HUF 5.57 billion in 2022. Its loss of HUF 475.2 million in 2022 turned into a profit of HUF 340.5 million last year.

CVC is a global equity and investment fund manager with operations in Europe, Asia and the United States, managing EUR 177 billion of investments, with stakes in 125 companies with annual sales of around EUR 100 billion.

EMMA Capital is a private investment holding company founded by Czech billionaire Jirí Smejc in 2012. In addition to the EU, the company is active in Asian markets with a focus on retail and customer-focused companies.

Magyar Suzuki Closed a Stable Year in 2023

The Japanese automaker Suzuki plans to introduce five electric models by 2030 as part of the green transition of the automotive industry, and Magyar Suzuki is aiming to have the Esztergom plant participate in the production of these models, said Magyar Suzuki Plc. CEO Masato Atsumi at a press conference in Budapest on Wednesday.

Assessing the company's activities over the past year, he stressed that Suzuki has been a reliable player in the Hungarian economy amid difficult economic conditions, focusing on safe and stable operations. The company spent EUR 55 million on development, with EUR 75 million planned for this year. He recalled that the owner has invested EUR 2 billion since its foundation.

Deputy CEO Róbert Krisztián reported that Suzuki had a very good year in 2023, with the capacity shortfall and shortage of cars in the first half of the year being made up in the second half. Production increased by 24.3%, 160 338 Vitaras and S-Crosses were produced, 88.5% were hybrid models.

Suzuki models also performed well in sales. Globally, the Esztergom plant delivered 161,763 cars to 123 countries on five continents, 156,213 of which were produced in Esztergom. 92% of the vehicles sold were exported.

In Hungary, 12,167 new Suzuki cars were sold, of which 10,957 were made in Esztergom. The brand's market share in the Hungarian new car market is 11.3%. The Deputy CEO also said that half of the vehicles sold in Hungary went to companies and half to private buyers.

Róbert Krisztián indicated that the sales plan for this year is 130,000, down from last year, as dealers managed to replenish stocks this year.

Magyar Suzuki Zrt. had net sales of EUR 2.871 billion in 2023, up 33.9%. Domestic sales amounted to EUR 272.6 million and export sales to EUR 2.598 billion.

Profit after tax was EUR 141.7 million. The company paid no dividends, with profits being transferred to the profit and loss reserve.

Magyar Suzuki Plc. is expected to sell 130,000 cars this year, with imports of around 5,000 units. The projected turnover will reach EUR 2.3 billion.

Indian Automotive Supplier Expands in Hungary

SMR Automotive Mirror Technology Hungary, a Motherson Group company, has announced to implement a EUR 33.3 million investment in Hungary. The Indian automotive supplier’s development aims to expand production and logistics capacities and install automation at four different sites in the country.

A statement by the Hungarian Investment Promotion Agency says that  Indian-owned Motherson Group has been present in Hungary since 1993 that has now decided to expand its local footprint. The automotive supplier will invest EUR 33.3 million to serve demand for rear view mirrors, bumpers and other auto parts to be generated by the future Hungarian operation of BMW and the extra capacities of Mercedes-Benz.

The development concerns four sites (Mosonszolnok, Mosonmagyaróvár, Túrkeve and Kecskemét). Apart from setting up a logistics center, a new production hall will be established, production lines will be installed and plastic injection molding capacities will be expanded. The timeline indicates completion by early 2025.

International Sustainability Certification for Mol Group

The Mol Group has been awarded the International Sustainability and Carbon Certification (ISCC Plus) for the chemical recycling activities at the Mol Petrochemicals site in Tiszaújváros, NE Hungary. The certificate will enable the company to create a comprehensive value chain covering the entire life cycle of plastic waste, the company told MTI on Wednesday.

According to the statement, the value chain starts with the activities of the Waste Management Plc. (MOHU). MOHU plays a key role in collecting plastic waste and transforming it into a valuable resource.

The company is committed to meeting EU targets and aims to significantly increase its domestic recycling rate from the current 32% to 65%, it said.

The statement quoted Péter Császár, managing director of Mol Group Chemicals, as saying that chemical recycling offers an innovative solution to the growing plastic waste problem, especially for materials that cannot be processed by traditional mechanical recycling.

The Mol Group is aiming to start trial production this year, with the aim of expanding the company's product portfolio with types made from chemically recycled polymers.

Mol also indicated in a statement that its medium-term plans include the construction of a pyrolysis plant with a capacity of 40,000 tons in Tiszaújváros. The planned investment also underlines the company's commitment to a more sustainable future for the plastics industry, they stressed.

Matild Palace Excels at Dining Guide Awards Gala

The Dining Guide TOP 100 Restaurant Guide has once again awarded the best hospitality establishments, luxury hotels, and professionals at national level, recognizing those who are the heart and soul of the hospitality industry. Matild Palace, a Luxury Collection Hotel, Budapest, triumphed in several categories this year, in addition to its restaurant, Spago Budapest making the TOP 10 list this year again, according to a press statement by the hotel.

The hotel was named the Best Luxury Hotel in Hungary, as it was last year, and Spago Budapest was officially recognized as the Best Sunday Brunch venue in the city. Additionally, the restaurant's head sommelier, Imre Rácz, was honored as Sommelier of the Year for his expertise and passion for wine.

The Matild Palace - a UNESCO World Heritage site and neo-Baroque landmark - underwent years of restoration before opening its doors three years ago. Since then, the luxury hotel has received numerous international awards for architecture, interior design, and sustainability, as well as high service standards and sleep-friendliness. Its restaurant, Spago Budapest received a Michelin recommendation within six weeks of opening and has maintained it ever since. Last year, Imre Rácz, head sommelier of Spago Budapest won the Sommelier of the Year Award in the Michelin Guide Hungary 2023. In addition to these international accolades, the hotel has now received domestic recognition, winning the Luxury Hotel of the Year award for the second consecutive year, and Spago Budapest is once again among Hungary's top 10 restaurants.

"In this sector, we constantly face new challenges and strive to meet the high standards we set for ourselves each year. It is a great honor for us, and I am particularly pleased that the Dining Guide TOP 100 Restaurant Guide has recognized multiple aspects of our work this year. I am proud of my colleagues for their professionalism and dedication across all units of the hotel," said Selim Ölmez, General Manager of the hotel, on the occasion of the awards. "Maintaining quality year after year requires immense hard work. Many new hotels have opened in Budapest recently, drawing attention to the capital. We are proud to succeed in this developing city and wish the same for other hotels."

The ground floor of the hotel is home to Austrian chef legend Wolfgang Puck's gastronomic concept: the Spago Budapest restaurant. Chef Puck, known for being the gastronomic master of the Oscars for three decades, presents classic dishes from national cuisines with an exciting twist. The kitchen is led by István Szántó, an executive chef with a solid professional background trained in Michelin-starred restaurants. As part of the Spago concept, the menu always includes typical local dishes, resulting in iconic creations like Goulash Soup adapted by István Szántó, the 2022 Oscars favorite Braised Beef Cheek ‘Vadas style,’ and Somlói Galuska in ''Nutshells.'' Wolfgang Puck's signature dishes, such as Smoked Salmon Pizza, Wiener Schnitzel, Steamed Scottish Salmon ‘Hong Kong’ style, and Wolfgang’s Favorite Kaiserschmarrn, are also featured. Last year, the restaurant's eclectic gastronomic offerings were enhanced with a high-quality sushi selection. Since the end of March, Spago Budapest offers a Sunday Brunch from noon to 3 pm, providing a unique experience with its spectacular show kitchen, variety, and quality. Imre Rácz, Sommelier of the Year, curates the wine list with a passionate dedication and outstanding knowledge of exclusive wines.

"In this profession, constant learning and openness are crucial. For me, the most qualified professionals in the world are my guides. This award is a great honor, showing that I am on the right track and that my hard work and learning are paying off. It’s a pleasure to help my guests have a lasting experience, gain their trust, show them something new, and make them return with a smile," Imre Rácz said.

70 Hungarian-Turkish Cultural Year Events in Hungary, So Far

The events of this year's Hungarian-Turkish Cultural Year are a great success in both countries. That is according to Turkey's ambassador to Hungary, Gülsen Karanis Eksioglu. In the first five months, almost seventy Turkish-organized events were held in Hungary, to Budapest said.

Assessing the events of the season at a press breakfast on Tuesday in Budapest, she stressed that more than 400 Turkish artists, performers and cultural professionals had participated in the programs so far.

"During the Hungarian-Turkish Cultural Year, one hundred artistic and scientific events take place in both countries. The events in Hungary so far have been attended by some 75,000 visitors in ten cities. In Budapest, prestigious venues such as Müpa Budapest, the Hungarian National Museum and the National Theatre have hosted the programmes," the Ambassador stressed.

She recalled that the Hungarian-Turkish Cultural Year is held in 2024 to mark the 100th anniversary of the establishment of diplomatic relations between Hungary and Turkey. The opening ceremony of the series of programs was held last year on December 18 at Müpa Budapest with the participation of Prime Minister Viktor Orbán, President of Turkey Recep Tayyip Erdogan and the then President of the Republic of Hungary Katalin Novák. The closing event of the cultural season will take place on December 18 this year at the opera house of the Atatürk Cultural Center in Istanbul.

According to Gülsen Karanis Eksioglu, the Hungarian EU Presidency in the second half of the year will add further opportunities to the cultural season. She added that they hoped that the cultural cooperation established during the season would continue in the coming years.

She said that towns and cities in Hungary such as Tata, Szeged, Veszprém, Pécs, Debrecen, Szigetvár, Miskolc, Győr and Bugac host events during the cultural year. Hungary's cultural and artistic events will take place in some of Turkey's most prestigious venues, including the Ataturk Cultural Center in Istanbul and the Presidential Symphony Orchestra Hall in Ankara.

Osman Can Ürel, Head of Go Turkey Hungary and Tourism and Culture Counsellor at the Turkish Embassy in Budapest, highlighted the events of the season in Hungary so far, including the Güldestan and Dance Adrenaline performances, the Tas Tepeler archaeology seminar, the Allegra Ensemble concerts, the Yunus Said a Word concert, the Turkish Harp: Sirin Pancaroglu, Tutu Aydinoglu's The Sultan's Lost Piano, Büsra Kayikci's Duna, Ömer Faruk Tekbilek and Önder Focan Jazz Trio, and the Turkish Age Historical Festival at Tatai Patara.

In June, the Sema celebrations will be held in Pécs and Budapest, and Turkey will be the main guest country at the Győr International Dance Festival.

The 52nd Istanbul Music Festival is currently underway, with successful performances by Kristóf Baráti, Roby Lakatos and his ensemble, the National Choir, the Budapest Festival Orchestra and a concert by the Liszt Ferenc Chamber Orchestra on June 6. The Istanbul Jazz Festival will be held from July 3 to 18, and will also feature a Hungarian performer: the Modern Art Orchestra will take to the stage on July 4.

Hungary's First Green Hydrogen Plant Inaugurated

Hungary's first green hydrogen plant was inaugurated at a ceremony in the Bükkábrány Energy Park in NE Hungary. The plant, which is now officially starting its trial operation, will produce hydrogen from renewable energy generated by the local solar park, not only to combat climate change but also to take a significant step towards energy independence in the country, according to a press release.

The Bükkábrány Energy Park, one of the largest solar parks in Hungary, has a peak capacity of more than 22 MWp with 65,000 polycrystalline solar panels. The park, which covers an area of 32 hectares, has been revitalized by the recultivation of the former open-cast lignite mine of the Mátra Power Plant and is actively contributing to the spread of sustainable energy sources.

The new green hydrogen plant will convert the electricity generated by the solar park into hydrogen using a complex electrolysis system. The start-up of the plant has been preceded by a successful testing phase, the results of which will now allow the plant to go into trial operation. The significance of the event is that it is the first of its kind in Hungary and is closely aligned with the country's national hydrogen strategy announced in 2021. "The green hydrogen development in Bükkábrány coincides with the government's energy policy intentions to create facilities to balance and regulate the production of the record-breaking renewable energy capacity," Energy Minister Csaba Lantos said at the inauguration ceremony.

Budapest Airport: 28 Awards and Accolades in 18 Months

The last year and a half have been the most successful period in the history of the Hungarian capital’s Ferenc Liszt International Airport and its operator, Budapest Airport. In addition to the company working continuously and successfully on recovery from the coronavirus pandemic, closing its second profitable year since the epidemic last year and the steady upturn in passenger and cargo traffic, the airport operator has earned 28 awards and accolades nationally and internationally.

According to a press release, several of these bear witness to the high quality of the services provided by Budapest Airport, but the airport community has also earned prestigious awards in the fields of sustainability, route development, human resource management, PR, marketing, cargo, event management and procurement.

In the spring of 2019, Budapest Airport started a major series of developments, and over the past five years, the value of investments at the airport has exceeded HUF 130 billion, and this spring, a new series of developments worth HUF 17 billion was launched. The continuous development is also felt by passengers; in the latest international passenger satisfaction survey, which evaluates the first quarter of 2024, Budapest Airport’s rating has reached unprecedented heights. Respondents gave Budapest Airport a record overall satisfaction score of 4.32 on a scale of 5, putting it in first place out of the 20 benchmark airports surveyed, ahead of Prague, Alicante and Barcelona, for example. However, this survey only topped off the last year and a half of Budapest Airport, during which the operator and the airport community earned no less than 28 awards, accolades and professional certifications.

At the beginning of March 2023, Ferenc Liszt International Airport, its operator Budapest Airport and the airport community received an unprecedented recognition. Airports Council International (ACI) named Budapest Airport the best airport in Europe in the category of airports with 15-25 million passengers. As part of the survey, ACI assesses service quality at nearly 400 international airports based on 30 performance indicators and asks passengers face-to-face about the entire passenger process, providing a complex picture of the arrivals and departures experience, from entry, through time spent at the airport to boarding.

A little later, the industry also recognized the improvement in quality, after passengers, as auditors from the international aviation research organization Skytrax assessed the airport’s services and processes and, following a three-day audit, upgraded the airport’s rating to four stars. As with hotel rankings, the independent experts provided a rating on a scale of 1 to 5 stars, based on more than 500 performance indicators.

As last year, Ferenc Liszt International Airport won the Skytrax Best Airport in Eastern Europe award at the World Airport Awards. This year marks the eleventh time in a row that Budapest Airport has earned this prestigious award, based on passenger feedback. The Skytrax Award is based on the World Airport Survey questionnaires, which are completed by passengers of more than 100 different nationalities over a seven-month survey period, through the independent organization.

This year, the WELL Health-Safety Rating awarded to Ferenc Liszt International Airport in 2023 was also extended, confirming that the airport operator is taking all necessary steps to ensure the safety and health of passengers and staff. Budapest Airport Terminal 2 is currently the only facility in Hungary to hold this certification, and is unique in this respect among airports worldwide as well.

Sustainability is a key focus area for Budapest Airport, and the company is taking a number of measures to reduce the environmental burdens of the airport. These efforts have been confirmed by several certifications over the past year and a half.

The biggest recognition in this area is the huge step forward that Budapest Airport has taken in achieving level 4+ “Transition” on a scale of 5 in ACI’s Airport Carbon Accreditation scheme. This is currently achieved by less than ten percent of the more than 550 airports participating in the assessment, and Budapest Airport is the first airport in the Central European region to attain this certification. This achievement confirms that the airport fully offsets the direct carbon emissions from its operations, and is also working with its partners to reduce emissions.

Budapest Airport continuously monitors and double-checks its sustainability performance, in order to continuously improve it. According to an ESG audit performed last year, the airport operator has achieved a low-risk rating, which confirms that the company pays particular attention to environmental, social and governance (ESG) aspects in its investment decisions. The airport operator received a score of 13.2 in Sustainalytics’ ESG risk rating process this year, ranking 49th out of 187 transport companies assessed worldwide and 995th out of 15,718 companies rated globally. Within the BUD group, Airport Fuel Supply Ltd. also achieved an outstanding score in the ESG audit process. Further improving its sustainability performance, AFS improved its bronze rating attained in 2022 to silver in 2023, outperforming 87% of the companies assessed in the scheme by EcoVadis that year.

Among the projects to receive multiple recognitions in 2023, the DANOVA project supporting independent travel for blind and partially sighted people needs to be highlighted, as it was shortlisted at the Effekt2030 awards and won a special award in the CSR Doing Good Equality, Responsibility, Donation, Supporting Disadvantaged Groups category, the press release highlights.

Hungarian PM Receives Suzuki Chairman

Prime Minister Viktor Orbán held talks with Toshihiro Suzuki, Chairman and CEO of the Japanese Suzuki Motor Corporation in his office in the Buda Castle this Monday, the Prime Minister's Office told MTI.

During the meeting, the parties reviewed the situation of the European and Hungarian automotive industries and the challenges of the technical transition. According to the Prime Minister, “we are interested in Suzuki's success, and that the relationship between the Hungarians and Suzuki is more than just business: it is a friendship.”

Regarding the state of the Hungarian economy, Viktor Orbán was of the view that “our economy will continue to grow this year and next year; credit rating agencies, investors, Hungarian entrepreneurs and the Hungarian people also have confidence in Hungary.” He said “we are optimistic,” but at the same time, he expressed his opinion that “war is a great danger, and in this respect the situation is very difficult, because war not only destroys lives, families and people's wealth, but also entire economies.”

The BUX Index Fell This Week on Rising Turnover

The Budapest Stock Exchange (BSE) share index, the BUX, closed the week at 67,906.51 points, down 939.62 points or 1.36% compared to last Friday, MTI reported Sunday morning along with a brief analysis of the week..

Total turnover on the stock market rose from HUF 59.450 billion to HUF 93.818 billion on a weekly basis. Leading stocks weakened with the exception of Magyar Telekom.

The BUX started the week at an all-time high, followed by a significant correction on Tuesday and a small decline in the rest of the week.

Foreign analysts recommended buying both Richter and OTP shares at higher prices this week, while Fitch Ratings affirmed its debt rating on Mol, Equilor Investment Ltd. said in its weekly summary.

OTP continued its share purchases, increasing its treasury stock by more than 113,000 shares in the first four days of the week.

Market-moving effects were driven by National Economy Minister Márton Nagy's announcement on Tuesday that he believes extra profits should be removed from sectors where they do not generate extra profits, and the pharmaceutical industry is one of them. He added that a decision on the issue is expected in the fall.

In the closing session of trading on Friday, HUF tens of billions were placed on OTP shares, which also boosted the total weekly turnover.

Richter closed the week with the biggest decline of 3.09%, or HUF 290, at HUF 9,100, with a turnover of HUF 23.756 billion.
OTP weakened by 2.04% to HUF 360, falling to HUF 17,310, with a total turnover of over HUF 54.559 billion.
Mol closed Friday at HUF 2,790, down 0.36% or HUF 10, with a total turnover of HUF 9.405 billion.
Among the leading shares, Magyar Telekom was the only one to strengthen this week. It rose 1.03%, or HUF 10, to HUF 982, with total turnover exceeding HUF 2.060 billion.

The BUMIX index of small and medium-sized shares closed at 6,236.38 points, 1.28% higher than last Friday at 78.94 points.

Hungary Excels at the World Italian Riesling Championship

Hungary was the best performer at the Grow du Monde competition (also known as the World Italian Riesling Championship), with Hungarian wines winning 8 platinum, 48 gold, 54 silver and 47 bronze medals in Balatonfüred from Monday to Friday this week, MTI reported Saturday afternoon.

More wines than ever before were entered for the third Grow du Monde, with the international jury judging 349 wines from seven countries, the organizers told MTI.

Winners were announced in five categories. The best young Italian Riesling was awarded to Vino Gaube Laski Rizling 2023 (Slovenia), the best matured Italian Riesling was awarded to Vinartsví No. 44 Dunajovsky Vlasák Pasák 2022 (Czech Republic), the best sweet Italian Riesling was Galic Grasevina Mateo Izborna berba 2018 (Croatia), the best orange/lauric wine was Vina Joannes Natura 2021 (Slovenia), while the best Italian Riesling-based blend was the winery Figula Pincészet Olasz&Furmint 2021 (Hungary).

In the national medal table, Hungary came first, with the Czech Republic second (3 platinum, 7 gold, 5 silver) and Slovenia third (3 platinum, 1 gold, 4 silver, 5 bronze), but Croatian, Serbian, Slovakian and Italian producers also won a number of medals.

Organized by the Balaton Wine Region, all the Balaton wine regions had the opportunity to present their wines to the judges from 10 countries, including several Master of Wine and Master Sommelier wine experts.

During the five days of Grow Balaton, the jury members visited several wine regions and took part in 5 masterclasses, where they got to know the wines of about 70 Balaton wineries. The event, co-organized by the Balaton Wine Region, the Rizling Generation, the Balaton Circle and the Pécs Wine Magazine, was made possible mainly thanks to the support of the community and enthusiastic sponsors.

The Grow du Monde is an international wine competition that brings together wines made from the Italian Riesling, Grasevina, Grasac Beli, Laski Riesling, Welschriesling and Ryzlink Vlassky grape varieties.

Starting this year, the Rizling Generation initiative will also allow 'grow' to be used as a synonym for Olaszrizling (‘Italian riesling’) on bottles (even as an additional designation), which could give it an advantage and better recognition on international markets, according to the statement.

TDK Opens New Plant in Szombathely

TDK Hungary Components Ltd., a subsidiary of the Japanese TDK Corporation inaugurated its new plant in Szombathely. The company's operational scope will now include the production of signal transmitters and sensors, marking the first time these products have been manufactured in Europe. According to the Hungarian Investment Promotion Agency, the EUR 70 million investment will create 250 new jobs until 2026, further establishing TDK as one of the city’s largest employers.

Founded in 1935, TDK is one of the world’s leading electronics companies, with a presence in over 30 countries across Europe, the Middle East, and Africa. TDK Hungary Components Kft. is a member of this Tokyo-based electronics conglomerate and serves as its most significant European hub for development and manufacturing.

In addition to consumer electronics, the company develops and produces components for smart car applications in Szombathely. Their product lineup includes parts for keyless entry and start systems, optical parking assist systems, lane departure warning systems, and various traffic sign recognition systems.

Recognizing the significant growth in the automotive industry, the company has undertaken a 12,000-square-meter factory expansion. This EUR 70 million investment solidifies TDK's world-leading status and expands its activities to include the production of various signal transmitters and sensors, exclusively for the automotive industry, which have not yet been manufactured in Europe.