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2 Business
Budapest Business Journal | Jan 29 – Feb 11, 2016
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reported, however, the timeframe for the launch of Audi Q3 production has not yet been revealed. As the Audi plant in Brussels prepares for the launch of the first fully electric SUV in 2018, Audi A1 model production is being relocated from Brussels to Martorell, MTI said. Audi Hungaria Motor managing director Peter Kössler said the decision was the latest confirmation of Audi Hungariaʼs competence and efficiency, as well as Hungary’s competitiveness as a production base, MTI said. The German manufacturer turns out TT Coupe models, TT Roadsters, Audi A3 Limousines and Audi A3 Cabriolets in Győr, the news agency noted.
Uber has 80,000 users in Budapest Roughly 80,000 people use Uber in Budapest, eight times more than a year ago, the San Francisco-based ridesharing service told news agency MTI on January 14. Most Uber passengers are local residents, but a large number of foreigners also use the service. Uber celebrated the first anniversary of its operations in Budapest on November 12 of last year but its short presence in the capital has not been without protests from local taxi drivers and challenging legislation imposed by the Hungarian government. Uber, however, has continued to serve local clients. There were approximately 1,200 Uber drivers in Budapest at the end of last year, up from 200 at the start of the year. The average waiting time for an Uber car was reduced from about seven minutes to four minutes and 40 seconds during the period.
Magyarmet winds up HUF 592 mln investment
Magyarmet Finomöntöde has completed a HUF 592 million technology upgrade and capacity expansion at its base in Bicske, near Budapest, Hungarian news agency MTI reported on January 22. Magyarmet won a HUF 296 mln European Union and state grant for the investment, which has created 35 jobs. Headcount at the company currently averages 215. Magyarmet has also added BMW to its business partners as a result of the technology developments. The company had net revenue of HUF 3.5 billion last year. About HUF 2.5 bln was derived from exports.
PwC Hungary welcomes new executive director
Advisory group PwC Hungary has appointed Dr. Csaba Polacsek executive director, taking effect on January 11, after he joined the firm at the beginning of the month, according to a press statement issued by the company on January 19. Polacsek is expected to focus on expanding PwC Hungary’s financial and transaction advisory services, using his experience in the financial services industries, the statement noted. Having spent approximately 20 years in the financial services and banking sectors, Polacsek worked for more than five years in the public sector as deputy CEO of National Asset Management Inc. and then as Deputy State Secretary in charge of national financial services and postal matters in the Prime Minister’s Office.
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IBM acquires UStream U.S.-based IBM on January 21 announced the acquisition of Hungarian-founded video streaming service UStream, Inc., according to a press statement issued by the American company. Shown are the offices of the local company, near the top of the Párizsi Nagyáruház on Andrássy út. The financial terms of the deal were not disclosed, although Fortune said the acquisition was expected to be valued at approximately ‘$130 million in cash, plus possible earn-outs and employee retention packages’. IBM said the acquisition would extend the IBM Cloud platform to help enterprise clients unlock the value of video, a rapidly evolving digital media and data asset. ‘Video has become a first-class data type in business that requires accelerated performance and powerful analytics that allows clients to extract meaningful insights,’ said Robert LeBlanc, senior vice president, IBM Cloud. ‘Aligning our expansive video and cloud innovations into an integrated unit will create opportunities for clients to take advantage of this medium in the most strategic way possible,’ he added. ‘Video is the most powerful and emotional medium,’ said Brad Hunstable, CEO of Ustream, commenting on the acquisition. ‘Increasingly it is becoming the favored form of communication, not just for entertainment, but also for business. We’ve built a video platform that is easyto-use, yet incredibly scalable, secure and powerful and it is these qualities that made us an ideal addition to IBM’s portfolio.’ (Photo: MTI/János Marjai)
Wabererʼs postpones decision on IPO The shareholders of road haulage company Wabererʼs have decided to postpone a decision on an initial public offering (IPO), the company said on January 18. Wabererʼs listed its shares on the Budapest Stock Exchange last October, but in November its board proposed cancelling the IPO in light of current market conditions. At an extraordinary general meeting on January 14, shareholders made the decision to hold off on the IPO in light of the board’s withdrawal of a proposal to transform the company back to a private company limited by shares (Zrt.) from a public company limited by shares (Nyrt.). The Budapest Stock Exchange said late in December that it would extend the deadline for Wabererʼs shares to start trading on the bourse to June 30, 2016, at the issuer’s request.
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Casino Sopron renews concession for ten years After renewing its expired concession contract for an additional ten years, Casino Sopron reopened for business on January 15, following a twoweek closure, managing director Erik Holcsek told news agency MTI. The casino signed the contract with Hungary’s National Economy Ministry. Casino Sopron, the country’s oldest casino, had approximately 120,000 visitors last year, with the number of Hungarian guests rising recently, to reach approximately 40% of total visitors, the managing director said. The casino saw an after-tax profit of HUF 688 million on revenue of HUF 2.8 billion in 2014, MTI reported, adding that it foresees a year-on-year revenue increase in 2015.
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2016. 01. 27. 20:14