Envisioning a Better Future?

Total Page:16

File Type:pdf, Size:1020Kb

Envisioning a Better Future? american chamber of commerce in hungary VOICEVol IV. Issue 16, september 2014 Envisioning a Better Future? MORE INSIDE: Incentivizing Whistleblowing Positive Impact 3 Contents 4 introduction 14 COVEr STORY 30 AmchAm nEws Dear Members and Friends… BSE Making no Headway Dare to Dream About HR 5 PEoPLE 16-17 COVEr STORY Value and Impact Envisioning a Better Future 31 AmchAm nEws Acing a Creative Network BUSINESS WITHOUT 6 PEoPLE 19-21 COVEr STORY Creating a Culture Moving to a new of Whistleblowing Model of Education 32-34 AmchAm nEws BOUNDARIES New Members 7 PEoPLE 22-23 LifEstyle Incentivizing Whistleblowing CIB EXPORT AND András Török’s 36-39 AmchAm nEws Budapest Photo Coverage 8 PEoPLE TRADE FINANCING Making Hungary More Popular 24-25 AMCHAm nEWS 40 PAtron Profile 9 PEoPLE Positive Impact Budapest Marriott Hotel Open up new horizons for your business. Choose the Thumbs up to Innovation favourably priced, fi xed rate export loans of Hungary’s 26 AmchAm News 10 -11 News & AnALYSIS Become a Disability- 41 PAtron Profile market-leading corporate lender CIB Bank. Business News Roundup friendly Workplace! Coca-Cola HBC Hungary Ltd. 12-13 mAcroEconomics 29 AmchAm nEws Hungary Tops EU Growth Jubilee Thanksgiving 42 Ceo’s notE for Q2 Charity Drive Getting on Board Voice is published on behalf of the American Chamber of Commerce by Absolut Media Zrt., Madách Trade Center, 1075 Budapest, Madách Imre út 13-14., Building A, 8th floor Editor-in-chief: ROBIN MARSHALL ([email protected]) • Contributors: LEVENTE HÖRÖMPÖLI-TÓTH, ROBIN MARSHALL, ANDRÁS TÖRÖK, Photography: András HAJnal, LÁZár TodoroFF • Design: ABSOLUT DESIGN STÚDIÓ ([email protected]) • Art Design: NORBERT BALÁZS • CEO: TAMÁS BOTKA Advertising: ABSOLUT MEDIA Zrt. ([email protected]) • Sales and Marketing: BALÁZS ROMÁN ([email protected]) Subscriptions: [email protected] • Printing: Absolut Print Kft. Bank of Websites: www.amedia.hu, www.bbj.hu For AmCham Content and Advertising: ZSÓFIA JUHÁSZ ([email protected] + 36 1 266-9880/360) HU ISSN 2062-1817 CIB_Uzlet_hatarok_nelkul Voice_A4 ENG.indd 1 08/09/14 14:51 VOICE american chamber of commerce in hungary Introduction People 5 Dear Members, Dear Friends, INTERVIEW for future generations, we put the from one sector to another can help focus on finding and encouraging entrepreneurs in divergent industries Value and Impact those pioneers who will launch and to learn from one another and to learn by robin mArshALL lead organizations in fields that are from one another’s experiences. only beginning to emerge. Some of VOICE sat down with chairs to collect their input into the these will be innovative ideas; some I encourage you to read the program to new CEO Irisz Lippai- definition of our strategy. On August may be different business models for get a feeling for the complexity of the 28 we had a very dynamic and fruitful existing ideas. But it’s not enough to organization surrounding the summit. Nagy to discuss her hopes discussion to determine the direction talk about it. AmCham’s Transparency From universities to private business and aspirations for the and next steps. It was really promising and Governance committee has taken people, their companies, AmCham staff, to organization she now to see how active the participants were, it upon itself to organize the Third other civic organizations, we’ve endeavored sharing their thoughts and transmitting Entreprenuership summit to inspire to include others in shaping this part of helps lead. their energy and commitment. entrepreneurs – decided and undecided the Hungarian business landscape. People Currently we are working on finalizing – to adopt an exciting way of thinking. and companies giving of them selflessly our strategy, defining how best we can But it’s not enough to be excited. The produce outstanding results. I am proud to WHat attRacted YOU to THE create value and make an impact in committee has worked out a program know many involved and know that with positioN IN THE fiRst PLace? a structured way. My task is to make – called ‘Start Your Business’ – to each passing year, the bar is raised. We The board asked me the same question sure we have an executable strategy Photo: István Nagyapáti encourage entrepreneurs to play within learn and adapt, learn and adapt. during the recruitment process and and detailed work plan for 2015 in the bounds of the law, to create and my answer was – and still is – that I place to mobilize and motivate not only If you have spent any amount of time contribute so to speak. At AmCham If you feel a slight tug to help organize, would like to work with interesting, AmCham staff, but also our members in Hungary over the last three years, we believe in making an impact within support and mentor leaders and inspiring people to promote the for the effective execution. you have likely noticed that the topic a framework. The program serves to businesspeople of the future, we’d business environment in Hungary. of entrepreneurship has slowly crept show several examples of successful be happy to discuss how you could During the first three months in the job How wiLL YOU JUDGE near the top of many agendas. This entrepreneurs, their paths, and their contribute to this wonderful effort. I have met more than 50 professionals WHetHER YOU Have beeN includes that of AmCham. As society nuggets of wisdom. No two ventures Hats off to those involved. It’s a big representing many different industries. SUccessfUL IN THE CEO’S post? concerns itself with sowing the seeds are alike, but cross-pollination step to help others take a small step. These people hold important leadership Beside informal feedback from our positions, they have already achieved members and our staff, there is a very a lot in their career, and it is very clear indicator: increasing retention AmCham Member’s Board fulfilling to see that they devote time of current members and a growing and energy to AmCham to move number of new members. President First ViCe President seCond ViCe President seCretAry treAsurer William Norbert Ferenc Péter forward things they believe in. BENkő FOGARASI PONGRÁCZ Fáth YoU Have HELD HIGH- Morgan Stanley Rózsakert Hungary IBM Hungary Honorary YoU Have Had A CHANce to poweRed Jobs foR A NUmbeR Medical Center Analytics Ltd. 1117 Budapest, member Neumann Str. 1. Get YOUR feet UNdeR THE of YeaRS AND YOU ALso Have 1026, Budapest, 1095 Budapest, Gábor Áron u. Lechner Ödön tabLE AND settLE IN Now. two CHILDREN. How do YOU 74-78. fasor 8. WHat Has SURPRised YOU services to meet their needs. In the maiNtaiN A HeaLTHY woRK/ [email protected] [email protected] [email protected] [email protected] Phone: +36 1 225 7350 Phone: +36 1 881-4113 Phone: +36 1 382 5924 Phone: +36 23 502 400 most aboUT THE Job? past AmCham has been a powerful Life baLANce? fax: +36 1 881-3700 fax: +36 1 382 5501 Although I was managing huge and impactful organization, which I have been lucky as I could always BoArd MeMBers At lArge organizations, this time I need to is a very good base from which to count on the help of my parents, Gábor Edina Márk Andrea GONDA HEAL HETéNyI JUHOS engage volunteers and coordinate their define those areas where we can be a helping me look after the children work. While it is fulfilling on one credible partner for decision makers and organizing things at home. Hewlett Packard Google Flextronics LHH Magyarország, 1117, Budapest, 1077 Budapest, International Career Consultants Kft. hand, it also requires very different in improving the competitiveness of Still today my mother stays with us Alíz utca 1. Wesselényi u. 1183 Buda- 1021 Budapest, 16/A. pest, Hangár Ötvös János u. 1-3. leadership capabilities and in my view our market. If I look not only at GDP during the week, which is not only utca 5-37 personal engagement becomes even but also the brain power concentrated a big help but also transmits the [email protected] [email protected] [email protected] [email protected] Phone: +36 1 229 9001 Phone: +36 1 888 0501 Phone: +36 30 677 5029 Phone: +36 1 392 5070 more important. in AmCham, represented by our values of living in a big family, with fax: +36 1 229 9999 fax: +36 1 888-0501 fax: +36 1 297 0158 fax: 36 1 392-5071 members from almost all industries, three generations together. When my BoArd MeMBers At lArge ChieF exeCutiVe oFFiCer WHat ARE THE biGGest I am confident the chamber can act previous employer moved to Budaörs, Bob Diána Eszter Irisz CHALLENGes IN THE ROLE AND as a source of information and be a we took the decision to move there so I MANSFIELD STEGENA SZABó LIPPAI-NAGy faciNG AMCHam itseLF? think tank for working out overarching didn’t lose time in traffic. When I am Mansfield & Amgen Kft. GE American Chamber Associates 1055 Budapest, 1138 Bp., Duna of Commerce in During my discussions with our recommendations. Our challenge now asked for advice by younger women 1051 Budapest, Kossuth tér Tower, Népfürdő Hungary 1051, members the question I am most is to define those areas of focus that I always stress two things – try to Szent Istvan 16-17. III/2. utca 22. B-C. Budapest, Szent tér 11. épület István tér 11. interested in is what they expect coincide with the interests of both our organize the help around the children [email protected] [email protected] [email protected] [email protected] Phone: +36 30 609 6379 Phone: +36 1 354-4710 Phone: +36 1 237 6811 Phone: +36 1 428-2080 from AmCham.
Recommended publications
  • Financial Statements of the Budapest Stock Exchange for the Year 2016 Table of Contents
    FINANCIAL STATEMENTS OF THE BUDAPEST STOCK EXCHANGE FOR THE YEAR 2016 TABLE OF CONTENTS BALANCE SHEET 3 INCOME STATEMENT 5 NOTES TO THE 2016 FINANCIAL STATEMENTS 6 BUSINESS REPORT 33 Statistical Code 12853812-6611-114-01 Company’s Reg. Num. 01-10-044764 BALANCE SHEET Budapest, 18 April, 2017 Richárd Végh Ildikó Auguszt Chairman-CEO Financial Director 3 | Financial statements of the Budapest Stock Exchange for the year 2016 Statistical Code 12853812-6611-114-01 Company’s Reg. Num. 01-10-044764 Budapest, 18 April, 2017 Richárd Végh Ildikó Auguszt Chairman-CEO Financial Director 4 | Financial statements of the Budapest Stock Exchange for the year 2016 Statistical Code 12853812-6611-114-01 Company’s Reg. Num. 01-10-044764 INCOME STATEMENT Budapest, 18 April, 2017 Richárd Végh Ildikó Auguszt Chairman-CEO Financial Director 5 | Financial statements of the Budapest Stock Exchange for the year 2016 NOTES TO THE 2016 ANNUAL REPORT GENERAL COMPANY INFORMATION Name of Company: Budapesti Értéktőzsde Zártkörűen Működő Részvénytársaság Address of Company: H-1054 Budapest, Szabadság tér 7. Company’s Registration No.: Cg. 01-10-044764 Data of persons authorised to Richárd Végh, Chairman-CEO sign the report on behalf of the Address: H-2010 Budaörs, Kálvária utca 7. Company: Ildikó Auguszt, Financial Director Address: H-1138 Budapest, Róbert Károly krt. 18/C The person charged with the management of bookkeeping tasks and the preparation of the annual report: Ildikó Auguszt (address: H-1138 Budapest, Róbert Károly krt. 18/C, registration No. 120433). Statutory audit is obligatory for the Company. Data of the Auditor KPMG Hungary, Audit, Tax and Advisory Services Limited Liability Company HU-1134 Budapest, Váci út 31.
    [Show full text]
  • Erste Bank Hungary
    ERSTE BANK HUNGARY ANNUAL REPORT 2005 Table of contents 2 Key figures 3 Letter to the clients, partners and shareholders 4 Economic environment and banking sector in 2005 6 Reports of divisions 6 I. Retail division 7 II. Corporate division 8 III. Treasury 9 Analysis of the financial and earnings situation 12 Non-cconsolidated report 12 I. Assets 15 II. Liabilities 18 III. Profit&Loss account 21 IV. Cash-Flow statement 22 Independent Auditors' Report 23 Companies included in the consolidation 25 Consolidated report 25 I. Assets 28 II. Liabilities 31 III. Profit&Loss account 34 IV. Cash-Flow statement 36 Independent Auditors' Report 37 Branch network 42 Commercial centres 43 Supervisory Board, Board of Directors 44 Ratings 1 Key figures of Erste Bank Hungary ON THE BASIS OF AUDITED, CONSOLIDATED ANNUAL FIGURES OF 31ST DECEMBER 2005. in million HUF Profit and loss account: 12.31.2004 12.31.2005 Operating revenue 216,096 223,795 Operating costs 206,755 198,917 Operating profit 9,341 24,878 Pre-tax profit 9,198 24,844 After-tax profit 8,237 19,236 Net income 7,322 17,385 Balance: 12.31.2004 12.31.2005 Total assets 1,119,647 1,452,904 Loans to clients 752,387 959,598 Clients' deposits 643,181 705,069 Net assets 58,534 78,995 Cost/income ratio 72.14 % 61.12 % Return on Assets (ROA) Pre-tax profit / Asset worth 0.82 % 1.71 % After-tax profit / Asset worth 0.74 % 1.32 % Return on Equity (ROE) After-tax profit / Net assets 14.07 % 24.35 % Employee numbers 2,527 2,505 Number of corporate trade centres 25 25 Number of retail branches 139 160 2 Letter to the clients, partners and shareholders DEAR CLIENTS, PARTNERS AND SHAREHOLDERS, Erste Bank Hungary has closed one of the most successful years of its history in 2005: the bank strengthened its leading position among large banks, and became one of the most pro- fitable Hungarian financial institutions.
    [Show full text]
  • Execution Venues List
    Execution Venues List This list should be read in conjunction with the Best Execution policy for Credit Suisse AG (excluding branches and subsidiaries), Credit Suisse (Switzerland) Ltd, Credit Suisse (Luxembourg) S.A, Credit Suisse (Luxembourg) S.A. Zweigniederlassung Österreichand, Neue Aargauer Bank AG published at www.credit-suisse.com/MiFID and https://www.credit-suisse.com/lu/en/private-banking/best-execution.html The Execution Venues1) shown enable the in scope legal entities to obtain on a consistent basis the best possible result for the execution of client orders. Accordingly, where the in scope legal entities may place significant reliance on these Execution Venues. Equity Cash & Exchange Traded Funds Country/Liquidity Pool Execution Venue1) Name MIC Code2) Regulated Markets & 3rd party exchanges Europe Austria Wiener Börse – Official Market WBAH Austria Wiener Börse – Securities Exchange XVIE Austria Wiener Börse XWBO Austria Wiener Börse Dritter Markt WBDM Belgium Euronext Brussels XBRU Belgium Euronext Growth Brussels ALXB Czech Republic Prague Stock Exchange XPRA Cyprus Cyprus Stock Exchange XCYS Denmark NASDAQ Copenhagen XCSE Estonia NASDAQ Tallinn XTAL Finland NASDAQ Helsinki XHEL France EURONEXT Paris XPAR France EURONEXT Growth Paris ALXP Germany Börse Berlin XBER Germany Börse Berlin – Equiduct Trading XEQT Germany Deutsche Börse XFRA Germany Börse Frankfurt Warrants XSCO Germany Börse Hamburg XHAM Germany Börse Düsseldorf XDUS Germany Börse München XMUN Germany Börse Stuttgart XSTU Germany Hannover Stock Exchange XHAN
    [Show full text]
  • Zsolt Katona Is the New CEO of the Budapest Stock Exchange
    Zsolt Katona is the new CEO of the Budapest Stock Exchange Budapest, 10 May 2012 The Board of Directors of the Budapest Stock Exchange appointed Zsolt Katona to be the new Chief Executive Officer of the Budapest Stock Exchange from 15 May 2012. He is a professional with over two decades of executive experience in the financial and the stock exchange fields. He started his career over 20 years ago at one of the founding broker firms of the then reawakening BSE and has been connected to the Stock Exchange by many links ever since. He has been directing the investment services unit of the ING Group in different positions in the past 17 years while also filling several positions related to the Hungarian stock exchange and the capital market in the meantime. He was a member of the Supervisory Board of the BSE between 2002 and 2011, including a 3-year period when he was the Chairman of the BSE Supervisory Board, and he was also a member of the Supervisory Board of the Central Clearing House and Depository (KELER) between 2003 and 2004. In the last one and a half years, he has been participating in the work of the Consultation Body of the BSE, the task of which was to co-ordinate and harmonise interests in relation to the projected replacement of the trading system of the BSE. In connection with his appointment, Zsolt Katona said: “I made my first stock exchange deals in the “good old days”, at the beginning of the 90's, at the open-outcry trading floor in Váci Street, so my ties to the BSE do really go back a long way.
    [Show full text]
  • ELEMZÉS Felpezsdült a Hazai Befekte
    2013. október www.resourceinfo.hu 750 Ft A -csoport tagja INTERJÚ ELEMZÉS TUDÓSÍTÁS FÓKUSZ Tatár Tibor Felpezsdült a CEE Property „A” és „B” kate gó- a star toló Buda- hazai befekte- Fo rum riás iroda házak pest One-ról tési piac Bécsben Budapesten _B1-REs-1310.indd 1 10/17/13 11:43 AM BUDAPESTI zSZOLGÁLTATÓ ZRT. z¼»À»ÉÐÊóÉ»ÁÁ»ÂÌ»Éп¼»Â ·¾·È¹ÅÊ·ÌÒÂÉÒ½»ÂÂ»Ä ÁĬÈÄϻлÊÌóº»ÂÿÉлÃÆÅÄÊÅÁÄ·Áû½¼»Â»ÂįÊÒ̾įÉÐŽÒÂÊ·ÊÒÉÉÐó»ÉÁĬȸ»ÄÊĬÈÊóÄį»ÂÊ»ÈÀ»ºóÉ» óȺ»Áó¸»ÄÂóÊÁóȺóÉ·ÐÒÈƓ·ÐŹÉĤ¾įƖóɷ·ƺċÀƔ»ÈÉ»ÄÏÁóÆ»ÉÉó½»¼ÅÁÅÐÒÉ·óȺ»Áó¸»Ä· z ·ÐËÊĤ¸¸¿óÌ»Á¸»ÄÉÐÒÃÅÉÅÂϷĸ»È˾ÒÐÒÉʾ·ÀÊÅÊÊÌó½È»ƑûÂÏ»Á»È»ºÃóÄÏ»ÁóÆƷ·ÁÅÉÉÒ½¿·Â·ÆƖ ºċÀ·Êʸʷ̈ƖÁ·Â¹ÉĬÁÁ»Äʾ»ÊÊ»Ƒ¿Â»ÊÌ»·Â»½Ä·½ÏŸ¸¼įÌÒÈÅÉ¿¸»È˾ÒÐĤÁÊĬ¸¸É󽻿ɷÊÒ̾įÉÐŽÒÂÊ·Ɩ ÊÒÉÊÌÒ·ÉÐÊÅÊÊ·Ɣ Ì»ÈÉ»ÄÏÁóÆ»É ·ÀÒÄ·ʿ ÁÅÄÉÊÈËÁ¹¿ĤÁÄ·Á óÉ Ã·½·É ÉÐŽÒÂÊ·ÊÒÉ¿ ÿÄįÉó½Ä»Á ÁĬÉÐĬľ»Êį»Ä ÅÂÏ·Ä ¿Ä½·Ê·ÄÅÁ¹É·Ê·ÁÅÐÊ·Á·ÊÒ̼ŒÊóÉÈ»ƑÿÄÊ·¿É¿ÅÄÅÍ»ÈÉƑ·ÐÈÁÒº ų ƔƑ·Ð»»óÉ·ÐÊ»ÄÅÈ¿Èź·Ɩ ¾ÒзÁƔÊÒ̾įû»ÊÊÉÐĤ·пÉƑ¾Å½Ï¸¿ÐÅÄÏÅɸ»È˾ÒÐÒÉ¿»Â»Ã»Á»Ê·ÉÐŽÒÂÊ·ÊĤ÷½ÒÈ·ÌÒ·ÂƑċ½Ï ÆóºÒË·½ÒÐÁ·ÐÒÄÄÒÂÀĤÌ·ÂÁ¿É»¸¸¾»ÂÏ¿½óÄÏŒ¾įÁĬÐÆÅÄÊû½óÆċÊóÉóÊ¿ÉƔ ÐËÊĤ¸¸¿óÌ»Á¸»Ä·Ð¿É»ÈįÉċÊ»ÊÊ»· zÆÅÐċ¹¿ĤÀÒÊƑ¾Å½Ï»½ÏÈ»ÊĬ¸¸»É»Ê¸»Ä»ÂįÊóȸ»Á»ÈŎ· ¼ŒÊóɿȻĺÉлȻÁÁĬÈÄϻлÊÌóº»ÂÿÿÄįÉċÊį¸»ÉÅÈÅÂÒÉ·Ƒ·¾Å·ÊÒ̼ŒÊóÉÀ»Â»ÄÊįÉ»ÂįÄÏÊóÂÌ»ÐƔ z»Ð»Ä·ÐŋÊÅľ·Â·ºƑº»·Á¿ÉÉÐÒÃŋŎлʿ¿Ä½·Ê·ÄóÆċÊóɻÿ·ÊÊÊÅÌÒ¸¸¿Æ¿·¹ÅÁ¼»Âó¿ÉÄÏ¿ÊƑ ċ½Ï·ÐĬÄÁÅÈÃÒÄÏзʿ¿Ä½·Ê·ÄÅÁ»ÂÂÒÊÒÉ·¼»Âó¿ÉƔ·½ÏÈóÉÐŎÁÄó·ʻÂÀ»É¼ŒÊóɿȻĺÉлÈƯ·½ÒÐÁ·Ɩ ÐÒÄʿɸ»Â»óÈÊÌ»Ư¼»ÂŋÀċÊÒÉÈ·ÉÐÅÈËÂƑ·Ã¿»É»Ê»ÄÁóÄÊÊĬ¸¸ÊċÐÿ¿Ĥ¼ÅÈ¿ÄÊÅÉÁĬÂÊÉó½½»ÂÀÒȾ·ÊƔ ÂÏ»ÄÁÅÈ óȺ»Ã»É ÉÐÒÃÅÂÄ¿ · ÊÒ̾įÉÐŽÒÂÊ·ÊÒÉÉ·ÂƔ Ĭ¸¸Ƒ ÁÅÈÒ¸¸·Ä · ÊÒ̼ŒÊóÉÈį »ÌÒÂÊ ÊÒÈɷɾÒÐƑ ¿Â»ÊÌ» ĬÄÁÅÈÃÒÄÏзʿ¿Ä½·Ê·ÄÌÒ·ÉÐÊÅÊÊ·¿ÉÃóÊ·
    [Show full text]
  • FLASH REPORT on the Activities of Danubius Hotels Nyrt
    FLASH REPORT on the activities of Danubius Hotels Nyrt. in 2006 Introduction – improvement in operating profit and profit before tax The Danubius Group produced HUF 47.3 billion revenue at consolidated level in 2006, exceeding the figure of the previous year by 11%. This was achieved with group level average rates of HUF 12,172 and group level occupancy of 67.7% which indicates that in line with our targets the company has raised the average rates (+16%) accompanied only by a moderate set back in occupancy (-2.2%). The HUF 2.8 billion operating profit shows 21% improvement. The changes in the exchange rates had a significant impact on the group performance. On the one hand, the weakening of the forint against the euro had a positive effect on our Hungarian revenues – owing to offering rates in Euro –: the monthly average rates fluctuated significantly but showed weakening of the forint all along the year (1–13% against the euro). At the same time in case of the foreign subsidiaries the local currencies strengthened against the Euro. On the other hand, due to the consolidation of the foreign subsidiaries in forint the weakening of the forint compared to the local currencies influenced our profits. Besides this, the year-end exchange rate applied when revaluating the loans did not deviate significantly from the previous year’s, meaning that the accounted exchange rate difference shows HUF 157 million profit in 2006. The consolidated profit before tax was HUF 1.8 billion in 2006, surpassing the previous year by 60% (+HUF 676 million).
    [Show full text]
  • Press Release
    PRESS RELEASE Real estate purchase in Kőbánya and development opportunities for Appeninn Budapest, March 9, 2017 – Appeninn purchased another real estate, this time in the Kőbánya district of Budapest, giving way to the realization of a significant property development project. Together with the area belonging to the purchased real estate, the company now owns an 8711 square meters office building situated on a 4029 square meters land in an exclusive area of the 10th district of Budapest. The aggregation of real estates located in one block creates an excellent opportunity for new investments, possibly even for building a residential property. Appeninn Nyrt. has carried out an important transaction regarding its property in Kőbánya by purchasing the company (Estate Pest Office Kft., 4025 Debrecen, Arany János utca 55., registry ID: 09-09-006270) owning the almost 1000 square meters land adjoining its existing, 3029 square meters property. The now purchased real estate is located in the middle of the area already owned by Appeninn; thus, a 4000 square meters connected land has been created as a result of the transaction, which provides an excellent opportunity for the company for a development project in the central part of Kőbánya. At present, the Szent László Téri Szolgáltató Ház is situated on the two sites, with a total area of 8711 square meters and an occupancy rate of almost 90%, but Appeninn is looking into the possibility of realizing a residential property investment via the aggregation of the two real estates. Appeninn Nyrt., listed in the Budapest Stock Exchange in the Premium category, purchased the company owning the land for HUF 136.5 million, which was paid fully with its own shares, on a HUF 220 rate per share.
    [Show full text]
  • Download (8Mb)
    COMMISSION OF THE EUROPEAN COMMUNITIES DIRECTORATE-GENERAL XXIII -TOURISM UNIT STUDIES TOURISM RESOURCES IN EASTERN EUROPE: PROBLEMS AND PROSPECTS FOR COOPERATION Volume II: COUNTRY PROFILES "­-.. UJ UJ 0 DOCUMENT 1993 This document has been prepared for use within the Commission. It does not necessarily represent the Commission•s official position. Cataloguing data can be found at the end of this publication. Luxembourg: Office for Official Publications of the European Communities, 1993 Volume II: ISBN 92-826-5978-X Volumes I and II: ISBN 92-826-5976-3 © ECSC-EEC-EAEC, Brussels • Luxembourg, 1993 Reproduction is authorized, except for commercial purposes, provided the source is acknowledged. Printed in Belgium Commission of the European Comunities Directorate General XXIII- Tourism Unit TOURISM RESOURCES IN EASTERN EUROPE: PROBLEMS AND PROSPECTS FOR COOPERATION Volume II: COUNTRY PROFILES PA CAMBRIDGE Economic Consultants 1993 3000 2000 1000 500 200 ~~o Elevation in metres BLACK SEA TouRISM REsouRcEs IN EASTERN EuROPE Poland Hungary ·Czechoslovakia Yugoslavia Bulgaria ~ 0 t-4 >z 0 Contents PART ONE: TOURISM INFRASTRUCTURE IN POLAND 1 PART THREE: VISITOR ATIRACTIONS 16 1.1 Airports and Air Services 1 3.1 Introduction 16 Introduction 1 3.2 Cities and Historic Sites 16 Okecie Airport, Warsaw 1 Warsaw 16 Rebiechowo Airport, Gdansk. 3 Krakow 16 Balice Airport, Krakow 3 Czestochowa 16 Goleniow Airport, Szczedn 4 Gdansk 17 Lawica Airport, Poznan 4 Szczecin 17 1.2 Rail Services 5 Poznan 17 1.3 Road Access 5 Lublin 17 Private cars 5 To rum 17
    [Show full text]
  • Market Microstructure During Financial Crisis
    This paper is appearing in the Finance Research Letters. Please cite this article as: Ormos, M., Timotity, D., Market Microstructure During Financial Crisis: Dynamics of Informed and Heuristic-Driven Trading, Finance Research Letters (2016), DOI: 10.1016/j.frl.2016.06.003 This is the pre-print version of our accepted paper before typesetting. Market Microstructure During Financial Crisis Dynamics of Informed and Heuristic-Driven Trading1 MIHÁLY ORMOS Department of Finance, Budapest University of Technology and Economics Magyar tudosok krt. 2., 1117 Budapest, Hungary Phone: +36 1 4634220; Fax: +36 1 4632745 [email protected] DUSAN TIMOTITY Department of Finance, Budapest University of Technology and Economics Magyar tudosok krt. 2., 1117 Budapest, Hungary Phone: +36 1 4634220; Fax: +36 1 4631083 [email protected] Abstract We implement a market microstructure model including informed, uninformed and heuristic- driven investors, which latter behave in line with loss-aversion and mental accounting. We show that the probability of informed trading (PIN) varies significantly during 2008. In contrast, the probability of heuristic-driven trading (PH) remains constant both before and after the collapse of Lehman Brothers. Cross-sectional analysis yields that, unlike PIN, PH is not sensitive to size and volume effects. We show that heuristic-driven traders are universally present in all market segments and their presence is constant over time. Furthermore, we find that heuristic-driven investors and informed traders are disjoint sets. Keywords: market microstructure; heuristic-driven trader; probability of informed trading; probability of heuristic-driven trading; contrarian trader; size effect; volume effect JEL codes: D47; D53; D82; G02 1 Acknowledgements: We highly appriciate the comments and suggestions of Niklas Wagner.
    [Show full text]
  • Ratings of Erste Bank Hungary
    ANNUAL REPORT 2012 2012 Table of contents 3 Key figures, ratings 4 Letter to customers, partners and shareholders 6 CSR activity 9 Economic environment and banking sector in 2011 10 Reports of divisions 10 I. Retail division 12 II. Corporate division 13 III. Treasury 14 Analysis of the financial position 19 Non-consolidated report 19 I. Balance sheet 19 Assets 21 Liabilities 24 II. Profit & Loss account 27 III. Cash-flow statement 28 Independent auditor’s report 30 Companies included in the consolidation 32 Consolidated report 32 I. Balance sheet 32 Assets 32 Liabilities 33 II. Profit & Loss account 34 III. Cash-flow statement 36 Independent auditor’s report 38 Branch Network 41 Corporate Trade Centres 42 Supervisory Board, Board of Directors 2 Key figures, ratings Key figures of Erste Bank Hungary for the annual report, dated 31st December, 2012, based on audited, consolidated annual figures according to IFRS. in million HUF Profit and loss account 31. 12. 2011 31. 12. 2012 Net interest income 116,100 103,780 Net fee and commission income 29,055 27,922 Net trading result 11,891 2,529 Risk provisions for loans and advances -225,808 -61,331 Net operating income / (expenses) -68,762 72,901 General administrative expenses -59,635 -52,203 Other operating result -15,515 -21,092 Profit / (loss) before tax -143,911 -394 Loss for the year -149,403 -6,113 Other comprehensive income -18 -91 Total comprehensive income -149,421 -6,205 Balance sheet 31. 12. 2011 31. 12. 2012 Total assets 3,247,936 2,788,200 Loans and advances to customers 2,309,752
    [Show full text]
  • International Equity Portfolios and Currency Hedging: the Viewpoint of German and Hungarian Investors*
    INTERNATIONAL EQUITY PORTFOLIOS AND CURRENCY HEDGING: THE VIEWPOINT OF GERMAN AND HUNGARIAN INVESTORS* BY GYONGYI BUGJkR AND RAIMOND MAURER ABSTRACT In this paper we study the benefits derived from international diversification of equity portfolios from the German and the Hungarian points of view. In contrast to the German capital market, which is one of the largest in the world, the Hungarian Stock Exchange is an emerging market. The Hungarian stock market is highly volatile, high returns are often accompanied by extremely large risk. Therefore, there is a good potential for Hungarian investors to realise substantial benefits in terms of risk reduction by creating multi-currency portfolios. The paper gives evidence on the above mentioned benefits for both countries by examining the performance of several ex ante portfolio strategies. In order to control the currency risk, different types of hedging approaches are implemented. KEYWORDS International Portfolio Diversification, Estimation Risk, Hedging the Currency Risk, Emerging Stock Markets. 1. INTRODUCTION Grubel (1968) was the first who extended the theoretical concepts of modern portfolio selection developed by Markowitz (1959) to an international envi- ronment. Since that time a large number of empirical studies have examined * Financial assistance from the Deutsche Forschungsgemeinschaft, SFB 504, University of Mannheim, the Landeszentralbank of Hessen, the German Actuarial Society (DAV), the Bundesverband Deutscher Investmentgesellschaften (BVI) and the Hungarian National Scientific Research Fund (OTKA F023499) are gratefully acknowledged. The authors thank the participants of the AFIR- International Colloquium 1999 in Tokyo and of the FUR IX 1999 Conference in Marrakesh for helpful comments. The Comments of the two anonymous referees improved the paper substantially.
    [Show full text]
  • Budapest Stock Exchange
    Budapest Stock Exchange –––––––––––––––––– INFORMATION POLICIES –––––––––––––––––– Version number Effective date/date of modification I/2005 01 January 2005 I/2006 01 January 2006 I/2007 01 November 2007 I/2009 01 January 2009 I/2011 01 January 2011 I/2013 01 June 2013 II/2013 06 December 2013 I/2014 01 January 2014 I/2015 01 January 2015 I/2018 03 January 2018 Budapest Stock Exchange Ltd. Information Policies 1. Distributor’s Group 1.1 BSE allows Distributor’s Group to include Affiliated Companies and third party Service Facilitators. 1.2 An Affiliated Company or a Service Facilitator accepted by BSE in accordance with Section 12.3 of the IDA may use Information within Distributor’s Service(s). Distributor remains liable for licence fees applicable to Affiliated Companies’ or Service Facilitators’ use of Information within Distributor’s Service(s). BSE reserves rights to withhold or withdraw permission for any Person to act as a Service Facilitator. 1.3 Service Facilitators may be agents of Distributor, owners or operators of websites displaying Distributor’s Service(s), software developers, facilities managers, property managers or providers of other support services. 1.4 BSE acknowledges the Service Facilitator’s activity if the relation between Distributor, Service Facilitator and Subscriber is the following: (a) For Information access Service Facilitator should contract with Distributor directly. Subscriber’s contractual partner for receiving Information is always the Distributor. (b) Distributor retains full control, either technically or via an agreement acceptable to BSE, over all display and release of Information to Subscriber provided by Service Facilitator. (c) Distributor unconditionally guarantees and accepts responsibility for performance of all obligations under the Agreement in respect of Information distributed via Service Facilitator.
    [Show full text]