Volume 12, Nr. 35 , 29 August – 4 September 2014 www.bzt.hu HUF 750 9771785 110000 14035 TThehe BBududaapespestt TTimesimes Understanding­

Music to their ears Sziget Festival breaks record

The Budapest Times E d i t o r i a l

We’re back. They aren’t The four-week summer vacation of The Budapest Times is over – though the weather made the summer part questionable – and we are back to bring you coverage of what’s making the headlines in Hungary. Here’s the problem though: despite September be- ing around the corner not much is happening in the country. We expected the munici- pal election campaign to be in full swing by now but the only splash was made by Fer- enc Falus, the Budapest mayoral candidate of the left, who recently compared himself to a horse, then went on to say that he doesn’t believe the horse to be a particularly smart animal. We kid you not, this is what he said. Never mind the campaign, the forex lawsuits have begun, but courts are throwing out or postponing most of the cases filed by banks to prove that their loan contracts were not drafted in bad faith. In the past we could always count on National Bank Governor György Matolcsy to create some waves, but even the Monetary Council decided to put an end to the two-year lowering cycle of the base rate. So it seems like we came back a week too soon. But instead of acting like no news being important news, we decided to bring you three interviews from three various fields: Father Kozma of the Maltese Charity Service chatted with us about what it was like to help German refugees during the opening of the border, SAP Hungary director Markus Hilken talked about a new industrial revolution and Hungary’s part in it, and the Indian Ambassador discusses the relations between Hungary and one of the biggest economies of the world. And we are not out of subjects: in our next edition look for our interview with Miklós Németh, who was prime minister of Hungary when the Berlin Wall fell. Attila Leitner

News 4 | The Brief History of the Week – The headlines of the past seven days Sziget sets record The week-long annual Sziget Interviews Festival on Óbuda Island this 10 | ‘We simply did the right thing’ – Interview with Father Imre Kozma, month attracted 410-420,000 founder of the Hungarian Maltese Charity Service visitors, a record, main or- 13 | We are on the verge of a new industrial revolution – SAP director ganiser Károly Gerendai has Markus Hilken says a significant change is coming announced. A daily record of 15 | A sub-continent in one country – From millennium-old culture to satel- 85,000 people was set on the lites in space third day, Gerendai said, adding 16 | Passenger safety a political football – M3 ‘potential death trap’ that despite the rise in expens- es he expected this year’s Business/Economy 22 festival to be in the black. 18 | Mock-ups of new Puskás Ferenc stadium presented 20 | Germans dominate list of top companies in Hungary Doing the right thing Budapest 21 | Moving memory – Trains provide platform for Picnic celebration Many refugees from 22 | After Sziget there are no festivals to love the German Demcrat- 24 | Discovering talent – Underground Cinema presents local film projects ic Republic, who were 26 | A healthy child for a healthy adult stuck in Hungary, had 28 | M3 upgrade loan two-thirds cost of new carriages to keep on waiting in 30 | Wolfing it down in the Whale – Review: EscoBar in Bálna, District IX August 1989. Many of them have to thank 33 | What lies beneath – Selfie-less Father Imre Kozma and hundreds of his charity workers for helping them to survive this difficult time. 29 August 2014 | Nr. 35 10 3 P o l i t i k The Budapest Times Photos: MTI Photos:

29 August 2014 | Nr. 35 MTI Photos: 4 The Budapest Times I f y o u m i s s e d i t

The news that made headlines The Brief History of the Week The Budapest Times is unrivalled among English-language print publications in the capital for its coverage of the week’s most important national stories, whether they be economic, political, cultural, sporting or among the hundreds of other happenings that go on daily in a major European city. Here, in one concise package, we present some of the important and fascinating news developments of the past seven days.

Parliament all aglow

The ongoing reconstruction of Kos- suth tér has seen the inauguration of the decorative lights on Parliament’s east side, completing the illumination of the entire building. The square-side of Parliament features 764 light sourc- es, some hidden in the plants, some in the ground and others installed on the building’s façade.

Turkish investor to renovate landmark palace

The District V council has decided unanimously to sell the landmark south Klotild Palace to Turkey’s Ozyer Group for HUF 2.2 billion. Ozyer has promised Hungary’s general and military histo- novel policies. These had been treated to renovate the structure within five ry and served the flotilla for with suspicion in the EU but Hungary years at a cost estimated at HUF 2 bil- more than 50 years, Vilmos Kovács, should not have to defend itself. Rath- lion-plus, the council said. The building commander of the Defence Ministry’s er, diplomats should present oppor- has stood vacant since 2009. Military History Institute and Muse- tunities linked to successes already um, said at the inauguration. delivered. Orbán said Hungary is the only EU country whose political sys- River battleship tem had been “thoroughly screened” now museum on Danube PM tells diplomats to spread by the EU for common European val- Hungarian ‘success’ ues. Hungary was among EU coun- The Lajta Monitor, the sole remain- tries that regarded the current sit- ing, fully restored river warship of Hungary has embarked on a period uation with Russia as essentially an the Austro-Hungarian Navy, is now of economic growth that could put it economic issue. The EU was moving a floating museum on the Danube in among the fastest-growing EU mem- further away from Russia day by day, front of Parliament. The river moni- ber states, according to Prime Min- which was bad not only for Hungary tor was launched in 1871, and besides ister Viktor Orbán. Addressing the but the whole EU. serving throughout the First World annual meeting of Hungarian mission War it played a part in the toppling leaders, Orbán said the country had of the short-lived communist regime ended a four-year period of successful 49 other cities ‘better’ of Béla Kun in 1919. The ship was re- governance, signalled by its emerg- than Budapest constructed with EU funding of HUF ing from the EU’s excessive deficit 100 million and forms part of the Par- procedure. He asked the diplomats to Budapest ranked 50th this year on liament Visitors’ Centre. Otherwise represent a country with a “success- a list of most liveable cities published known by its German name SMS Lei- ful outlook”, one that has produced by the Economist Intelligence Unit. tha, it is the most significant ship in results thanks to unconventional and This improved on the 55th place five è

29 August 2014 | Nr. 35 5 Photo: MTI The Budapest Times I f y o u m i s s e d i t

years ago out of 140 cities tested, the der of Merit of the Republic of Hungary Bereményi’s novel. Poet Géza Szőcs, a investment consultancy firm said. The Commander’s Cross with Star. chief advisor to Prime Minister Viktor survey gauged living standards in big Orbán, will be in charge of dramaturgy. cities in terms of stability, healthcare, The planned budget is USD 20-25 million education, culture and environment, Kincsem film at starting gate and actors Mads Mikkelsen, Martin Free- and infrastructure. Budapest received man, Ed Harris and Jean-Paul Belmon- an overall score of 88.9 out of 100. It The shooting of a high-budget interna- do have been approached. Shooting is rated 100 for quality of education, 90 tional film about Hungary’s legendary planned to conclude next spring. Losonczi for culture and environment, 91.7 for race horse Kincsem is expected to start said no state support would be used. healthcare services and 83.9 for infra- in late October, producer Gábor Losonczi structure. Melbourne came top, then has said. The film would be called “The Vienna and Vancouver. Invincible” and would be co-produced by ‘State-of-art comfort zone’ in Hungary, Britain, Russia, , the world’s first water house US and Austria, Losonczi said. Academy Iron men, women Award-winning Roger Christian, whose The prototype of the world’s first all-water display steely qualities credits include films in the “Star Wars” fluid house has been presented to the indus- and “Alien” franchises, would direct. The try in Kecskemét. Designed by Hungarian Portugal’s Bruno Pais triumphed in the screenplay has been written by Tibor architect Mátyás Gutai, the sustainable fluid men’s competition and Denmark’s Mi- Fonyódi from Losonczi’s idea and Géza house uses water insulation in thermal pan- chelle Vesterby in the women’s at the Iron- man triathlon race hosted by Budapest for the first time on Saturday. Erika Csomor and Anna Halász of Hungary came second and third in the women’s category and the best Hungarian man was Dávid Hankó (pictured), seventh. The race comprised a 1.9-kilometre swim, 90-kilometre bicycle ride and 21.1-kilometre run, namely 70.3 miles, leading to its naming as “Ironman Budapest 70.3”. The event was an official half-distance race of the world cup series organised in cooperation with the World Triathlon Corporation. Budapest is the first Central-Eastern European location in the history of the Ironman race series.

Polgár has made her final move in pro chess

Hungary’s international chess grand- master Judit Polgár is retiring from professional chess. Polgár, 38, who has topped the women’s world ranking since 1989, revealed her decision in The Times magazine. At age 15 she became the youngest ever international grandmaster in the world, breaking Bobby Fischer’s re- cord. Polgár, her older sisters Zsuzsa and Zsófia, and Ildikó Mádl formed the Hun- garian team that won the chess Olympics in 1988 and 1990. As the world’s top fe- male player, she garnered her best score, 2,735 points, in July 2005. Polgár will concentrate on the activities of her Judit Polgár Chess Foundation for Educational Benefits, which she founded in 2012, and on promoting chess education in school. In March 2013 she was awarded the Or-

29 August 2014 | Nr. 35 7 P o l i t i c s The Budapest Times Photo: MTI Photo: Photos: MTI Photos:

29 August 2014 | Nr. 35 8 The Budapest Times I f y o u m i s s e d i t

els on all sides of the building. The balancing 2016 and the museums would be ready for up 55%. Seszták said Szerencsejáték has effect of the house provides a state-of-the-art the first visitors in March 2018. The new become one of the ten largest taxpayers. comfort zone within a few seconds in the museums would be built for HUF 75 bil- building, but the water also works as a heat- lion and the Liget complex’s renewal, in- er/cooler interface. The prototype presented cluding creating the new museum quarter, Promises begin is a 10-square-metre building constructed would cost HUF 150 billion, according to as local election campaign starts with European Union support. Gutai, who plans cited by KPMG. The study evaluat- attended secondary school in Kecskemét ed the project’s impact based on its bene- The campaign for Hungary’s local elec- and received his first degree from Budapest fits to tourism and catering, tax revenues tions on 12 October has been officially Technical University, is now a researcher at and job creation, among other aspects. It opened by President János Áder. The offi- Tokyo University. expects visitor numbers at sites cial campaign lasts 50 days under the new to rise from the current 4 million to 5.9 election procedures law. Candidates can million in 2019 and to 6.2 million in the collect supporting signatures by voters un- Liget project ‘to return fourth year of its opening. til 8 September. Election rallies can be last investment in 10 years’ held on the day preceding the vote but cam- paigning will be banned within 150 metres The Liget Budapest project planned in Lotteries put budget on a winner of polling stations on 12 October. Ruling na- City Park will bring returns on the invest- tional party Fidesz has promised economic ment within ten years of its expected com- State lottery company Szerencsejáték stimulus and jobs, and a chance to “put the pletion in 2018, daily Magyar Hírlap says, increased revenue by a record HUF 36 bil- Gyurcsány-Bajnai era behind us”. E-PM citing an impact study by consultancy firm lion or 32% in the first half of this year com- has vowed to make the first moves to erode KPMG. The project will involve setting up pared to the same period of 2013, National the Orbán regime by building “bridge- five museums: for fine arts, architecture, Development Minister Miklós Seszták has heads” in Budapest. Allied LMP and 4K! ethnography, music and photography, by said. From its total revenue of HUF 148 have proposed the launch of a major social utilising existing museum buildings and billion the company contributed HUF 35.4 housing project involving 10,000 rentals to constructing new ones. It also involves billion to the budget, over 21% more than in ease the needs of low-income earners and redevelopment of the park. The KPMG January-June 2013. After-tax profits were the homeless. study said the development would start in HUF 8.617 billion in the first half of 2014,

29 August 2014 | Nr. 35 9 IPno t le ir t v i ki e w The Budapest Times

The Budapest Times continues its series marking the 25th anniversary of opening the borders to the West. This week: Interview with Father Imre Kozma, founder of the Hungarian Maltese Charity Service ‘We simply did the right thing’ Many refugees from the German Democratic Republic, who were stuck in Hungary, had to keep on waiting in August 1989. They did not want to return to East Germany and the way to West Germany remained closed to them. The refugees, who were often families with children and had almost exhausted their financial resources, have to thank Imre Kozma, the Roman Catholic priest and founder of the Hungarian Maltese Charity Service that year, and hundreds of his charity workers for helping them to survive this difficult time.

„„Father Imre, under which circum- the situation. However, that was far suffering this serious disease she had de- stances did you begin helping refugees from being true. The myth of the “car- veloped a critical view of life. At this point from East Germany? ing state” began to crumble. This made in her life she became aware of her Hun- us braver and braver, and around 1986 garian origin and came to Budapest. Csilla It happened from one moment to the next we dared to come out from our hiding Fényes visited several hospitals and she that I got involved in the admission of ref- place and we began to talk to people saw the difference between the domestic ugees. However, it all began a little earlier outside our church in Zugliget. This hospitals and the ones in Western Ger- anyway. I was born at a bad time, since in is how we slowly built a community, many. She was horrified by the bad cir- the communist era priests were third-class which wanted to show the other people cumstances and wanted to help. To do so citizens. You really had to invent survival what it meant to stick together, what it she needed an institutional background. strategies in order to get along. However, meant to be human. We slowly created She managed to put the German Maltese this constant alertness makes people more the first social network operated by the Charity Service by her side. The result was willing to take risks. state. From that point onwards it did that help came flowing in almost like an not take us long to become the Maltese explosion. To channel, lead and distribute „„What kind of risks? organisation. all this in Hungary, we needed to have a receiving organisation here. Mrs. Fényes Even ten years before the political „„Who or what gave you impulse to spoke to Bishop László Lékai about this change many people were already willing found the Hungarian Maltese organisa- need and he advised her to turn to me. We to change things. However, they were al- tion? met in summer 1988 and we both felt that ways kept under control. The ones who this meeting was a sign. We immediately were less brave stayed within the limits; It was clearly Csilla Fényes. She was the founded the Charity Service. the braver ones tested how far the system wife of a German baron and she came to would let them go. This is the way how Hungary in 1988, seriously struck by can- „„The Hungarian Maltese Charity the Hungarian Maltese organisation was cer. She had visited almost all hospitals Service was founded in 1989. What hap- founded as well. in West Germany already, and through pened next?

„„Is the Hungarian Maltese Charity Service a result of the times before the change?

Yes, absolutely. In the second half of the 1980s we experienced a changed at- titude from the state side; the Church was urged to address its activities to helping the poor and the ones left be- hind. These were the tasks that need- ed to be done urgently in order not to endanger the structure of the whole so- ciety. This is why the state, which was convinced it was a welfare state, became more forgiving with the Church in these areas, because they wanted to keep the impression that they were controlling

29 August 2014 | Nr. 35 10 The Budapest Times I n t e r v i e w

We began to build up a Hungarian base. Maltese organisation could help to supply promises. It was a moving experience for We wanted to give real, tangible help. Then and accommodate the East German refu- me that no one was looking for excuses or something really surprising happened: the gees, since the embassy was aware of our anything, but everyone was looking for the people in our Zugliget community got “in- work in Zugliget. Both of us said “yes” im- next instruction on what to do. It was like fected” by the desire to do something. They mediately. If I think about it right now, if I they expressed their humanity through the saw that we were simply helping others had considered it a little longer, I probably help that they provided. Some restaurants without expecting anything in return. From should have said “no”. I had no idea how and hotels brought us food on a daily basis, that point on, the citizens were looking for much effort the task would require and not and none of the caterers asked when they opportunities to join us. This was not the even where I should begin. The only thing I would receive payment. That was never an only thing that shocked us. The Hungarian knew was that I had to help. option. The only thing that was important state also welcomed our initiative and they was helping. We soon received some sani- were happy about the numerous donations „„What happened next? tary caravans, toilet containers and laun- that we received. While we were getting dry containers from Germany. Living this familiar with the new tasks and circum- The day after, I started calling all the way was new and unusual for us. stances, there were some new, historical possible people and institutions, restau- responsibilities waiting for us. We had nei- rants, hotels and so on. We needed to pro- „„How long did your camp operate? ther planned nor intended those. vide for these people. On the same evening we could accommodate 900 people under For about three months. Almost 5,000 „„What happened? very nomadic circumstances but in safety. people lived in the camp during this time in total. About 600 charity workers were Many East German refugees came to „„How and where did you manage to present each day, directly in the camp or Hungary in August 1989, most after firm- accommodate them? in the close proximity. For instance Aunt ly deciding that they were never going to Nuni (Nuni néni). She was responsible for return to the GDR. With that decision There was a small park in front of our running the kitchen and she spoke three or they risked their whole life and existence. church. People placed their tents there and four languages. Since politicians and am- The term “homeland” lost its meaning for the ones that came in a caravan parked it bassadors from all around the world were these people. This is the state in which they in front of the church on the street. There daily guests in our camp to learn about the reached Hungary. were makeshift accommodations created situation in person, it also happened often all over the place. Shortly after that we re- that five or six international politicians, „„About how many people were there? ceived some large Maltese tents from Mu- ministers of foreign affairs and different nich. The “camping” began. employees of the embassies were stand- There were about 30.000 refugees in Bu- ing in our tiny kitchen at the church. They dapest and Hungary at that time. A large „„How could you keep all these people were eating sandwiches and leading a con- group resided in the former West German there and provide them with the neces- versation with Aunt Nuni’s help. consulate and embassy. The employees of sary sanitary facilities? the institutions let them in voluntarily. „„How was the life of the refugees at However, the work at the embassy stopped We could never have done it without the camp? because of this. In the evening of 13 August, our community in Zugliget. The families of when Csilla Fényes came back to Hungary, our community opened their homes for the Although we tried to do everything in our I was performing a mass. A diplomat wel- refugees, they invited them to eat, they let power so that the people had everything comed Csilla at the Ferihegy airport and I them do their laundry and have a bath at they needed, it was amazing how much was visited by an employee of the sacristy. their place. It was just natural that every- they feared us and each other too. No one We were asked the same question almost one who was part of the Maltese organisa- trusted anyone because there was gossip at the same time: whether the Hungarian tion wanted to help without making com- going around that there were East German è Szépvölgyi Tennis Centre Whether in rain or shine – at our centre you can play in dry conditions throughout the year

High-quality clay courts in a beautiful environment. (On rainy days you can make use of our hall with artificial courts). Qualified trainers are on hand to give lessons to children and adults.

29 August 2014 | Nr. 35 11 I n t e r v i e w The Budapest Times Photo: Nóra Halász Photo:

spies at the camp. For a long time there They offered general amnesty. They would ship with the border zone; some people were never more than three or four grown- have assured that every refugee who went who were helping us. We gave a map to the ups speaking in a group with each other. back to East Germany could return unpun- leavers with the route drawn on it and we There was another thing that worried our ished. We got some fliers and despite all the gave them the names and addresses of our “inhabitants” pretty much. They were re- reservation we assured the East German contacts, which could help them in crossing ally afraid that this improvised camp only embassy that we would support them in the border. Almost all of them made it, just served to collect them in order to hand their endeavour. From that point on there a few returned to us. them over to the East German authorities. was a caravan in which the East German Slowly, very slowly they opened up towards embassy received the possible “candidates” „„When you look back, how would you us, the workers of the Maltese organisa- and they could discuss the details of their evaluate your work done at that time? tion. However, they still did not trust each travel back. other. The photographers (believed to be I believe that this was the year of the Stasi agents: Editor) on the rooftops of the „„How many refugees made use of that miracles. The people were helping other surrounding houses did not improve the offer? people without expecting anything at all in situation either. return. I think that the important thing is Not even one. I was afraid that there that when it comes to the most important „„How was your organisation’s rela- would be a scandal or even an angry protest questions of life, the answers will come by tionship with the West German and East from the side of the refugees. But nothing themselves. We did not think about it at German states respectively? happened. Many of them just stood at the that time, we simply did the right thing. fence and they stared at the caravan with ▶▶Elisabeth Katalin Grabow Shortly after the opening of our camp the a rigid face. West German embassy asked us for per- Father Imre Kozma, born on 4 June 1940, is a mission to establish a work station in the „„What happened in the camp after Roman Catholic priest and founder of the Hungar- camp in order to get in touch with the peo- that? ian Maltese Charity Service in 1989. His name ple locally. This was a great challenge for is still closely connected to helping the East us because we were a charity organisation; About 50 to 100 people left the camp German refugees in Hungary. His work has been honoured by numerous national and international we did not want to become part of a politi- each day to start towards the green bor- awards. The Hungarian Maltese organisation is cal issue. Still we agreed. A little later the der. These people tried their luck and we still working under his leadership. East German embassy also contacted us. supported them. We had a good relation-

29 August 2014 | Nr. 35 12 The Budapest Times I n t e r v i e w

Interview with SAP Hungary director Markus Hilken In brief We are on the verge Consumer, business confidence index slips

of a new industrial GKI-Erste’s combined gauge of con- sumer and business confidence edged down in August as consumer sentiment revolution soured. The index slipped to minus 4.1 points from minus 3.9 in July. The con- 3D printing, smarter robots, Big Data, machine-to-machine sumer index dropped to minus 21.9 communication, mobility, augmented reality – these are just simple points from minus 18.9 but the business milestones on a road that leads to the fourth industrial revolution. index rose to 2.2 from 1.4. Expectations According to Markus Hilken, director at SAP Hungary, we are on the improved markedly in the trade sector verge of a significant change that is being driven by technology. but were little changed in the industrial, construction and service sectors. He thinks the country can benefit from this phenomenon. Households’ assessment of their own financial positions worsened and fewer said they would be able to make sav- ings. More feared unemployment. . „„What is the fourth industrial rev- As machines and objects become olution? A new buzzword? smart and communicative, production units will become more active, auton- Decision soon The fourth industrial revolution is a term omous and self-organising. Objects used by experts to describe a phenomenon and machines will be able to decide on FX car loan holders that will change how we look at manufac- together which tools will be used and The government will decide in autumn turing. It will fundamentally alter the role where parts should move for the next whether to include foreign currency-de- of humans in production. In Germany the production step. Machines will report nominated car loans in the forex loan re- term “Industry 4.0” has been used to com- their condition and work to a central lief scheme, National Economy Minister bine the multiple trends, highlighting the system. A factory will be able to adapt Mihály Varga has said. The government fundamental changes at hand as the advent to continuous customer-driven chang- has maintained its position that assistance of a fourth industrial revolution. The term es on the fly. The fuel for this is the should mainly go to troubled housing loan highlights the breadth and force of an up- data. By analysing data, problems can holders, but it would also consider ways to coming transformation in manufacturing. be fixed even before they occur. As a convert other types of retail loans, Varga result of digitalisation we already see said. He added that there were some 150,000 car loans denominated in euros a dramatic increase of available data „„In what way? or Swiss francs, the total amounting to from any kind of device, from many HUF 162 billion. The minister noted the Western civilisation has already wit- aspects of economy and life. This is difference between mortgages and car nessed three industrial revolutions, which known as the Big Data phenomenon. loans and said that “when a debtor is could also be described as disruptive leaps Also there are certain economic and about to lose their home, the government in industrial processes resulting in sig- societal shifts that force this revo- must intervene with no delay”. He ac- nificantly higher productivity. The first lution. One is the customer demand. knowledged that a car loan holder’s strug- improved efficiency was through the use Customers want unique, tailor-made gle with debt service might lead to losing of steam power and the development of goods. Besides customising there is the house, too. János Lázár, the head of machine tools. The second brought elec- the need for sustainability in an era the Prime Minister’s Office said car loan holders should be helped just as much as tricity, enabling mass production, and when the cheap access of raw material mortgage holders because their contracts the third meant the use of electronics to is ending. There are the growing regu- with banks have also been declared unfair automate production. The fourth is being lations, cost control, market volatility by the Kúria, the Supreme Court. ensured by the so-called cyber-physical as well, just to name some. The trans- systems and integrated IT. This means formation to tackle these challenges simply that sensors and microchips can leads through technology to “smarti- be added to almost every product (tools, sation”. machines and even raw material), thus making the products “smart” and able to „„How will this revolution affect the communicate with each other. daily life?

„„Why is it beneficial if an auto part Industry 4.0 is primarily relevant for and a robot can communicate? companies in the manufacturing space. è

29 August 2014 | Nr. 35 13 I n t e r v i e w The Budapest Times

But the topic is even larger. Many com- egy. In Austria too millions of euros n brief panies are moving out of their traditional will be invested just to further re- I industry silos to cut across value chains. search this possibility. Additionally Industry 4.0 supports this by connecting we are already developing solutions, systems, networks and machines, and for example different logistical soft- GKI warns of slower making these systems smart, enabling wares and Big Data capabilities, in smart factories, smart grids and even our development centre in Budapest economic growth… smart cities. For the common people it that enables this revolution. Another means they get better product, individual concrete example: at a plant in the Economic research institute GKI says services and new possibilities in the econ- USA, Harley-Davidson can build 1,700 Hungary’s GDP growth is projected to grad- omy. For companies it means they can bike variations on one production line ually slow from 3.5% in the first quarter of cooperate in business networks to sell the and ship a customised bike about this year to 2.5% for the full year. Rapid goods, or ask for unused factory capacity. every 90 seconds. Real-time monitor- growth in the first months of 2014 came to a sudden halt in several areas in May, GKI They get a deep understanding how cus- ing of the production line helps plant said. Industrial production had fallen by 1% tomers use different products and when do managers detect problems before they from April to May and retail trade sales they stop using them any more. They can occur. This permits real-time decision dropped 0.1% but construction output con- use those insights to develop new prod- making – what Harley-Davidson exec- tinued to grow. GKI said it was favourable ucts, introduce new revenue streams. utives simply call a “phenomenal ex- that employment had grown by more than But be clear, in a smart factory the na- perience”. 6%, including fostered workers, in the first ture of work will change. As simple man- five months and, excluding fostered work- ual tasks disappear and customised pro- ers, by 2.5%. But jobs growth also slowed „„What possibilities does this change duction becomes the norm, there will be down, GKI said. Prices were expected to bring to Hungary? less need for low-skilled people. Workers remain unchanged over the year, with real wages projected to grow by around 3%, can be assigned to coordinate automat- I believe it’s crucial that we be aware retail turnover also by 3% and consumption ed production processes and intervene of what is currently happening at Hunga- by around 2%. when machines call for action. They will ry’s biggest economic partner in order to have new demands in managing com- secure and elevate the competitive edge. plexity, problem solving and self-organ- This has now the utmost importance. … but statistics office, isation. This might involve, for example, We can exploit this approaching phe- robots helping with manual work or aug- nomenon only if we have enough high- ministry see brighter times mented reality that provides the right ly-skilled people and creativity, among information at the right time. These and others. The good news is, according to my National economic output grew by an annu- other technologies will also enable an ag- experiences, the Hungarians are good in al 3.9% in the second quarter, beating ex- ing expert workforce to collaborate close- those segments but we need to do more, pectations and prompting an official upward ly with a younger tech-savvy generation. such as being open for innovation. Maybe revision. The data exceeded analysts’ ex- this revolution won’t be visible in several pectations and exceeded the first quarter’s 3.5%, making it the best since the first quar- „„It seems like it’s still a vision rath- weeks or months but it will come earlier ter of 2006. Growth was propelled mainly by er than a reality. What concrete achieve- in our life than we think. Just think of the increased industrial and construction sector ments are behind it? automated cashiers in a hypermarket. output, the Central Statistical Office (KSH) Only a few thought it would be a reality said. The economy grew by 0.8% from the Industry 4.0 is already part of the in Hungary but it proved to be true and first quarter. KSH department head Pál German government’s high-tech strat- they are spreading. BT Pozsonyi noted the strong industrial and construction sector data. Farm sector per- formance is also shaping up, in spite of a worse-than-expected grain harvest, Markus Hilken: Pozsonyi added. He said all branches of in- Hungarians are dustry are showing growth. Infrastructure investments were the driving force in con- skilled and struction but the start-up of investments in creative, but we manufacturing was also tangible. need to do more

29 August 2014 | Nr. 35 14 The Budapest Times D i p l o m a c y

From millennium-old culture to satellites in space A sub-continent in one country India’s Ambassador to Hungary, Malay Mishra, gives the lowdown on his astonishing country and the bilateral relationship.

„„Is India the wildest, weirdest, most States and seven Union Territories, each automobile and automotive parts, ICT, phantasmagorical country in the world, having their own individual cultures and energy including renewable, SMEs etc. with its manifold gods, holy cows, snake ways of living. Thus a visitor to India will that have opened up. The list is long. We charming, rope tricks, the Taj, Red Forts, have to travel through a sub-continent, are opening several new areas within the Golden Temple, pink city and so much such as , (4) India has launched framework of bilateral cooperation that more? several satellites into space over the past are covered under the Joint Economic 20 years from its own launching station Commission, which meets annually and It is true that India abounds in contra- in Sriharikota in southern India. The reviews various aspects of economic and dictions. While it has preserved its mil- latest was a satellite to promote e-health trade cooperation. lennium-old culture, a visitor can also linking high-tech health facilities with see the outstanding progress that the other countries of the world, (5) India „„How are Indian-Hungarian rela- country has made since independence in has a 7,240-kilometre coastline that is tions politically? 1947. That perhaps attracts India to a well guarded by the Indian Navy and the good number of tourists to seek different Indian Coast Guard. The Indian Ocean They are characterised by warmth and things according to their taste. India to- is the only body of water in the world cordiality. Both the countries have new day stands out as one of the most attrac- named after a country, (6) Indian Rail- governments now. Both leaders, Viktor tive investment destinations of the world ways is the largest employer of the gov- Orbán in Hungary and Narendra Modi in and a top emerging developing economy. ernment and employs over 1.6 million India, are dynamic, forward-looking na- people. The Indian railway network of tionalistic leaders. Both would like to take „„Your embassy in Budapest has a nearly 15 million kilometres has 13 mil- their respective countries on the course cultural centre attached. Are you spread- lion passengers commuting every day. of self-reliance and with the spirit of na- ing Indian culture successfully? tionalism. We have much to share with „„How many Hungarians a year visit each other. Hungary has been close to In- Our cultural centre is now called Am- India? dia since the latter’s independence, long rita Sher-Gil Cultural Centre and it is before Hungary became free from Soviet promoting a lot of activities depending This is in the range of 4,000-5,000, for influence. The Government of India, tak- on the requirements of the local people. multiple reasons, including seeking job ing up the cause of Dr. Arpad Gonz, when Hungarians are extremely fond of In- opportunities. the latter was condemned to harsh puni- dia’s culture and heritage and would like tive measures, is too well-known to bear è to gratify themselves in several ways, in „„Hungarian so far as India is concerned, either stay- Prime Minister ing at home or visiting our country, The Viktor Orbán was cultural centre stands out as one of the there last Octo- major highlights of Hungary’s cultural ber. Did his visit landscape and has been engaging in a achieve anything number of activities in Budapest as well long-lasting? as in various parts of the country by or- ganising India Days and related shows. Mr. Orban’s visit has laid the ground „„What do Hungarians really know for bilateral eco- about India? What are six important nomic cooperation facts they should know? in a major way. There are many ar- Hungarians mostly know about cul- eas such as water tural facets of India. They should know and waste manage- – (1) India is the oldest civilisation and ment, agriculture, Ambassador largest democracy in the world, (2) India agro-processing, Malay Mishra has 18 officially recognised languages be- science and tech- sides over 500 dialects, (3) India has 29 nology, defence,

29 August 2014 | Nr. 35 15 D i p l o m a c y The Budapest Times

repetition. Hungary pact, Cognizant, Wipro, Sun Pharma, Crompton Greaves are Agreements between was among the first among the companies that are active in Hungary. With a to- countries in the tal accumulated investment of USD 1.8 billion to date, Indian Warsaw Pact with companies have created employment opportunities for more India and Hungary whom India estab- than 8,000 people in Hungary. (See “Details of Indian invest- • Double Taxation Avoidance Agreement lished political as ment in Hungary” table.) (signed in November, 2003) well as trade rela- • Bilateral Investment Protection and Promotion tions. Similarly, In- Agreement (November 2003) „„ How are business customs and practices in India? dia was the largest • MoU on IT Cooperation (November 2003) • Agreement on Defence Cooperation and most important These were earlier unorthodox as the Indian economy un- (November 2003) country for Hunga- til the early 1990s was largely state-controlled. However, and • Economic Cooperation Agreement (June 2005) ry in terms of pro- particularly in the last decade, India has caught up with tech- • Cultural Exchange Programme (October 2006). moting trade and nical innovations and modern practices. Now it can easily be • Agreement on cooperation in agriculture commerce. There said that the business and investment environment in India is (January 2008) • Agreement in science and technology has been a great one of the most conducive in the world. (January 2008) deal of exchanges • Health Cooperation Agreement (January 2008) at every level in- „„What about trade agreements, visits, trade fairs, dele- • Agreement between ONGC and MOL for joint cluding at the level exploration (January 2008) gations? • Establishment of a Strategic Fund of of President and EUR 2 million (January 2008) Prime Minister, During the visit of Mr. Orbán in October 2013, where he was • MoU on Social Security Agreement besides regular ex- accompanied by a large business delegation, four Memoran- (February 2010) change of parlia- dums of Understanding (MoU) and two Letters of Intent (LoI) • MoU between ITDH and FICCI on trade and mentarians. This were signed in the following areas: (1) MoU on Traditional Sys- investment cooperation (February 2010) • Agreement on arbitration between has led to a great tems of Medicine, (2) MoU on Cooperation in Sports, (3) MoU FICCI and HCCI (February 2010) deal of friendship on Cooperation on Defensive Aspects of Microbiological and • MoU on cooperation between and understanding Radiological Detection and Protection, (4) Cultural Exchange HITA and FICCI (October 2013) that has translated Programme for 2013-2015, (5) LoI on Revision of Air Servic- • MoU on Traditional Systems of Medicine into excellent bilat- es Agreement, (6) LoI for Indo-Hungarian Strategic Research Ministry of Health India, Ministry of Human Resources Hungary (October 2013) eral relations in all Fund (enhanced contribution of EUR 2 million each for 2014- fields. 17). In addition to these agreements, a number of other agree- ments and MoUs signed in the past provide the overall institu- „„ What are tional framework for economic cooperation with Hungary. the trade/business links between Hungary and India? The Mr. Orbán’s visit was followed by then-foreign minister Mr. main companies, goods, exports and imports between the two Martonyi in November 2013 to participate in an Asia-Europe countries? Trade balance? Investment amounts? Economic (ASEM) Meeting, where he held bilateral consultations with growth, GDP? External Affairs Minister Salman Khurshid. An investment delegation from the State of Gujarat with 18 major compa- India’s relations with Hungary have been close and friendly, nies will be shortly visiting Hungary as part of an Eastern multi-faceted and substantive, and have stood the test of time. and Central European tour. In addition various official visits (See “Bilateral trade” table.) According to the Economic Sur- in the fields of S&T, Micro, Small and Medium Enterprises vey 2013-14 tabled in the Indian Parliament on 9 July 2014 by (MSMEs), water resource management, agriculture, etc. are in Union Minister for Finance Arun Jaitley, gross domestic prod- various stages of finalisation. uct (GDP) is expected to grow at 5.4-5.9% in 2015. The survey reports that the services sector will constitute 57% share in „„Do you have any interesting business stories? GDP at factor cost (at current prices) in 2014. BHE Bonn Hungary participated in the space programs „„How many Hungarian businesses/individuals are in In- of India, such as the Chandrayaan-1 first Moon and Mars dia and what important things are they doing? Do they have any particular problems there? Table 1 – Bilateral trade (USD million) (See “Hungarian companies 2013 Jan- 2014 Jan- in India” table.) Investment 2012 2013 % change flows are largely from India to Mar Mar Hungary, spread over several sectors such as IT, pharmaceu- Imports from India 363.9 365.6 93.0 98.8 6.2% ticals, power, auto-components, Exports to India 278.7 216.9 55.6 46.0 -17.1% food processing and electrical Total 642.6 582.5 148.5 144.8 -2.5% machinery, etc. SMR, TCS, Gen-

29 August 2014 | Nr. 35 16 The Budapest Times D i p l o m a c y

Table 2 – Hungarian companies in India Company Value Sector Year Remarks

Gedeon Richter Ltd USD 20 million Pharmaceutical 2004 Joint venture with Themis Medicare, 7.5% share Purchased 35% share in ONGC onshore exploration block, in MOL Rt. n/a Oil and gas 2008 northwest India. Ganz Engineering and Part of the Ganz Holding Zrt. joint venture with the Indian Energetic Machinery n/a Energetics 1993 Technip Impex Pvt. Ltd. under the name Technip Ganz Limited Machinery India Pvt. Ltd.

Tarant created a 100% subsidiary in Bangalore, with 14 Tarant Hungary USD 1 million IT/BPO 2010 employees to leverage outsourcing offer to CEE, Russia and Africa in Oracle Flexcube software used by banks.

The company signed a partnership agreement in the US (AECOM) and opened subsidiary offices in Organica Wastewater the US, Singapore and India. The 100%-owned daughter USD 130,000 2010 Kornyezettechnologiak Zrt management company in New Delhi has been established as an engineering service centre and a base of operations for international wastewater management projects. missions. ISRO launched the Chandrayaan-1 (this means „„How does Hungary rate on the scale of difficulty (or as an “reaching the moon” in Hindi) satellite in October 2008. enjoyable posting) for Indian ambassadors? This was a very successful mission. BHE Bonn Hungary de- veloped and manufactured some very important microwave Hungary does not qualify as a difficult posting in my equipment that was used as part of the Microwave Ground view. It is rather an enjoyable posting, as I have been feel- Checkout System in the Satish Dhawan Space Center at Sr- ing since arriving as Ambassador last September. In fact, I iharikota Space Port. Chandrayaan-1 was the first ever sat- complete one year in my office on 1 September. Of course, ellite mission to find water-ice on the surface of the moon. PM Orbán’s visit to India soon after my assumption of Further, BHE Bonn Hungary has been participating in the change was a challenge for me. We are following up on the Mars Mission of India. This is the first event for India to visit and with the change of government, wish to discover send a space probe to another planet. BHE has been sup- new facets of cooperation. plying special high-tech microwave receivers for the Indian Deep Space Network. „„There is an informal club in Budapest for ambassadors who speak, or try to speak, Hungarian. Are you a member? „„What is keeping you busiest in your job at the moment? I am not aware of any such club. I have not been able to Promoting trade and economic relations as well as sci- speak Hungarian so far, though can understand a little. I am ence, technology and innovation is my current priority. I am striving to learn the language, which is difficult for me. convinced that both sides have solid understanding and appreciation of Table 3 – Details of Indian investment in Hungary each other’s culture and civilisation. However these need to be supplement- Company Value Sector Year ed by economic and scientific ties for Cosmos City n/a Fashion, garments 1996 which there is ample scope and poten- Orion Electronics Ltd. n/a Electronics 1997 tial. Eroterv- Waagner-Biro Kornyezetvedelmi Kft. USD 1 million Industrial fly-ash 2000 Tata Consultancy Services TCS Hungary USD 150 million IT 2001 „„Some of the things you support in Genpact Hungary USD 100 million IT 2002 Hungary? ICN Valeant Hungary / Alkalioda USD 290 million Pharma 2005 I like to know more about Hunga- Ganz Transelektro USD 450 million Electrical equipment 2006 ry, its culture, history and above all, Dunakiliti Konzervuzem USD 10 million Food processing 2006 people. I feel good about visiting plac- Cognizant USD 20 million IT 2008 es out of the ordinary in this country. SMR Automotive Mirror Tech. USD 220 million Auto components 2009 I like Hungarian wines and cuisine, Wipro USD 30 million IT 2010 besides its wonderful cultural and eco- logical diversity. Eculine Hungary Kft n/a Logistics 2010

29 August 2014 | Nr. 35 17 EPco o l ni t o i mk y The Budapest Times Mock-ups of new Puskás Ferenc stadium presented – Once refurbished, Budapest’s Puskás Ferenc stadium will become a suitable venue for competitions in over 20 branches of sport, big and other large-scale events, Development Minister Miklós Seszták has said while presenting mock-ups of the project. Seszták said he trusted the stadium would lend fresh impetus to Hungarian sports and enable the country’s sports diplomats to bid to host big sporting events. The investment project will create plenty of jobs and provide orders for a broad range of Hungarian suppliers, he added. László Vígh, director of National Sports Centres, said the stadium would be “unique in the world” in so far as it would be built within the old one, and the space between the two would accommodate offices, a 180-bed hotel and a diagnostics centre. On its roof there would be a six-lane panorama track, open to all. The top-notch stadium would be an all-seater for 68,000. At concerts, however, it will hold as many as 80,000 spectators, Vigh said. Sándor Csányi, president of the Hungarian Football Association (MLSZ), said the MLSZ had presented a bid to organ- ise some Euro 2020 football matches. Before that, the association hopes to host a Champions League or a Europa League final in Budapest. According to estimates, the new stadium will cost HUF 90-100 billion, Vígh added.

29 August 2014 | Nr. 35 18 The Budapest Times E c o n o m y Mock-ups of new Puskás Ferenc stadium presented – Once refurbished, Budapest’s Puskás Ferenc stadium will become a suitable venue for competitions in over 20 branches of sport, big concerts and other large-scale events, Development Minister Miklós Seszták has said while presenting mock-ups of the project. Seszták said he trusted the stadium would lend fresh impetus to Hungarian sports and enable the country’s sports diplomats to bid to host big sporting events. The investment project will create plenty of jobs and provide orders for a broad range of Hungarian suppliers, he added. László Vígh, director of National Sports Centres, said the stadium would be “unique in the world” in so far as it would be built within the old one, and the space between the two would accommodate offices, a 180-bed hotel and a diagnostics centre. On its roof there would be a six-lane panorama track, open to all. The top-notch stadium would be an all-seater for 68,000. At concerts, however, it will hold as many as 80,000 spectators, Vigh said. Sándor Csányi, president of the Hungarian Football Association (MLSZ), said the MLSZ had presented a bid to organ- ise some Euro 2020 football matches. Before that, the association hopes to host a Champions League or a Europa League final in Budapest. According to estimates, the new stadium will cost HUF 90-100 billion, Vígh added.

29 August 2014 | Nr. 35 19 B u s i n e s s The Budapest Times

Germans dominate list of top companies in Hungary Nowadays the various “lists” are very popular. It is important of course to know which are the largest Hungarian companies. So we are taking a closer look at weekly Figyelő’s TOP100, a preview of its TOP200 list to be published in autumn based on data from corporate researcher Bisnode.

he editors of Figyelő made a In addition, MVM is the parent com- Including Magyar Telekom and snappy remark that although pany of the nuclear power plant in Paks, E.ON every other spot in the top 10 is TPrime Minister Viktor Orbán an- where in the next few years there will occupied by German companies. Hun- nounced 2013 as the year of ascension, be a huge (on a domestic scale) project gary’s economy is reviving after the there are hardly any prosperous Hun- running. During the project the Rus- crisis: The cards are reshuffled in the garian large companies to be found on sians will be deploying two new nucle- energy sector; the automotive indus- the list. The cumulated turnover of the ar blocks with a capacity of 1,000-1,100 try will play the role of the jolly joker, TOP100 companies decreased by 6% MW, with a modestly estimated cost of for the electronics industry the years compared to the same figure from 2012. around EUR 12 billion. of abundance are over. MOL is playing within its own league However, that’s all the “Hungarian” The Hungarian subsidiary of among the top performers; only when companies which made it on the top Philips went bankrupt last year, adding up the turnover of the five com- list; foreign multinationals take eight Nokia, which used to be regarded as panies that follow MOL in terms of size of the ten first places: Besides the au- the Hungarian export champion from do we get to the same level. tomotive companies Audi Hungária in Komárom along with Audi Hungária, MOL is a Hungarian regional multi- Győr, Mercedes Benz in Kecskemét and will be meeting its end by December. national that has been able to build up Magyar Suzuki in Esztergom, the auto- Hungary can only hope that the au- strong positions within Central Europe, motive industry is also represented by tomotive manufacturers will be more and besides the rather modest domestic their supplier, the Bosch Group. persistent. RA production owns licences ranging from the North Sea to the Middle East. Even if the Croatian government manages to put the Hungarians out of business in the case of INA, MOL’s management will surely earn a good price on the sale of the asset. The Hungarian state pur- chased a share in the oil company for a lot of money, but nobody seems to be considering MOL a state-company. Most likely because the Hungarian gov- ernment owns 20% of the MOL shares, but only 10% of the voting rights MVM, the state-owned energy hold- ing, is quite different because since the state took over the natural gas business branch from E.ON in Hungary, it has managed to place number four among the companies with the most turnover in the country. This company will play a key role in the strategy of the Orbán government through being involved in the basic supply in the future in order to secure the policy of utility cost cutting in the long term.

29 August 2014 | Nr. 35 20 The Budapest Times B u d a pe s t

Trains provide platform for Picnic celebration Moving memory The 25th anniversary of the political turn has been remembered even on the train tracks: supported by the Budapest Konrad Adenauer Foundation (KAS) and the Foundation for a Civil Hungary (PMA), one train decorated with motifs of the Pan-European Picnic and another with motifs of Sopron have travelled to Germany and Austria.

n this silver jubilee year 2014 Hun- businesses, has already produced de- ”We are still negotiating with gary, Austria and Germany have signs for the “Golden Team”, “Liszt and Deutsche Bahn about a third train,” Ibeen remembering the historical “Sissi” trains. Szauer said. ”The best would be if all events 25 years ago on 19 August 1989 ”We got the idea for the theme from the three impacted countries would in various ways, including the two the actual events and we produced the own a model.” He estimated the cost at trains. The Hungarian KAS office said design at our own cost,” Mátyás Szauer, about HUF 3 million per train. the innovative idea is to commemorate the company’s co-founder and manag- The design incorporates a wire fence the Pan-European Picnic and Hunga- er, said. The starting idea for the Pic- motif in the colours of the Austrian and ry’s leading role in the struggle for free- nic motif was the logo completed for its Hungarian flags to represent the border dom in Eastern Europe. 20th anniversary, which was converted between the two countries, by an aban- Loc&More Kft., of Sopron, which spe- to a train design last November. Then doned Trabant and by the Sopron fire cialises in locomotive advertising for train manufacturers Mitsui Rail Capi- tower, which is both a city landmark tal Europe GmbH and the starting point of the events sur- and Győr-So- rounding the Picnic. The sky in the de- pron-Ebenfurti sign represents the colours of the three Vasút Zrt. put for- impacted countries. Black shadows re- ward rolling stock call the darkness of the communist pe- and KAS and PMA riod from which the East Germans in supported the pro- Hungary were trying to break free. ject. ▶▶Daniel Hirsch

29 August 2014 | Nr. 35 21 B u d a pe s t The Budapest Times

After Sziget there are no festivals to love One of the first things that a good Hungarian friend of mine said to me when I told her I was moving to Budapest and staying during the summertime was: you have to go to Sziget Festival. To be honest, until that day I didn’t even know of the existence of Sziget, much less about its uniqueness. My first thought was that it would be just a small like many others that take place during the summer in Portugal, my home country.

„„Liliana Borges

was wrong, so wrong. It’s different from anything that I have seen before and Ifrom what I imagined I would find. The programme does not take you for a fool, which for me is the main difference com- pared with my experience with Portuguese festivals: they always promise a world full of experiences and unforgettable memo- ries but end up being just another (though usually good ones). So, most of the time festivals don’t be- come unforgettable experiences. Sure, I will remember one or two concerts from my favourite bands but will I remember the festival? In addition to the concerts on the two or three main stages, there are some free pens, bags, hats and other marketing stuff that people really don’t need but they will stay in a giant line to get it. And it’s sad. Not the looking for free things (don’t get me wrong, free is one of my favourite words in the world), but because, in the end, that’s the memory that they are Sure, there are a lot of big lines at Sziget message and presenting performances that going to take with them. The memory will as well. But they will get you to a 10-me- distinguish themselves from others with be in a drawer for some time, then eventu- tre jump. Or you can enter in a structure their artistic creativity”. ally thrown away. with architecture that resembles a Muslim Walking around Sziget you will get lost building with labyrinthine tunnels and at the many venues that will make you amazing light games. And that is some- travel in time, like the Eastern European thing that doesn’t fit in a bag but will help Funfair, where “everything is allowed, if you get an unforgettable memory. If you it’s not forbidden”, and that will make you leave Sziget just remembering the concert, experience – with humour and thought – you did something wrong. In other words, the communist era that Hungarians lived you have done nothing. through. You will get interrogated by some The headliners may be similar to other policemen and you will be asked to present festivals, so how does Sziget get about 70 your passport and give information about per cent of its visitors from 87 countries of yourself and what you are doing there, the world? Károly Gerendai, founder and making you feel extremely uncomfortable. managing director, answers this by con- Surrounding the place: a structure that firming that Sziget “is more about having a represents the Berlin Wall, brought down

29 August 2014 | Nr. 35 22 The Budapest Times B u d a pe s t

25 years ago. All a slight reminder that the And, of course, it wouldn’t be a Hun- tures groups from all over the world, festival is a result of three friends trying to garian festival without some opera. representing all kinds of traditional bring something to Budapest that would For me it wasn’t the first time but it music and dance performances that shake up the summer, after the end of the was nothing less spectacular than the you can even learn yourself. communist dictatorship. performance I saw in the real opera According to the director of the festi- From the dictatorship to the freedom you building. My body was in a tent with val, the aim is always to add something can fly to the Magic Mirror, the festival’s mud everywhere but my soul had trav- new to keep surprising the “Szitizens”. spot for queer culture, where award movies elled to the fancy Andrassy Avenue. It And I will be waiting for that. Not be- are exhibited, and shows and performances is a perfect addition to the festival’s cause I am not satisfied with the festi- last all night long. other programmes, but for visitors in val but because I can’t imagine what But just by walking and getting lost August it is the only chance to get a more can be done there, and there is no around the festival your eyes will always find glimpse at the spectacular perfor- more exciting idea than that! something exciting. Like a giant street the- mances of the State Opera House, I’m going back to Portugal with the atre, some art sculpture and trees dressed because this is closed during the sum- feeling that, after Sziget, no festival like they were taken from a Dr. Seuss book. mer months. will be good enough. And I’m pretty Or you can familiarise yourself with muse- But if you want more than a Hun- sure that I’m not the only one among ums, NGOs or Hungarian universities and garian experience, the World Village this year’s more than 400,000 visitors their scholarship programmes. is the place for you. The “village” fea- sharing this same feeling.

Sziget a record buster

this year The week-long annual Sziget Festival on Óbuda Island this month attracted 410- 420,000 visitors, a record, main organiser Károly Gerendai has announced. The previ- ous weekly record was 390,000, in 2009, he added. A daily record of 85,000 people was set on the third day this year when the event was sold out, Gerendai said. He ex- pected this year’s festival to be in the black despite a HUF 300 million rise in expenses. More than 80% of the weekly passes were sold in Western Europe but the number of Hungarians was nearly 50% among day- ticket holders this year. The highest number of foreign visitors came from Holland, with significant increases from Britain, , Germany and .

29 August 2014 | Nr. 35 23 C u lt u r e The Budapest Times

Brody Underground Cinema presents local film projects Discovering talent From two-minute shorts to feature-length films, Brody Underground Cinema covers it all. However, there are two stipulations that come with the cinematic event – that the films showcased are locally grown and recent.

„„Jennifer Walker young up-and-coming animator and Zealand but originally from the Nether- filmmaker. lands, known to most as Harrie, is more Originally from New Zealand, Young of a behind-the-camera man, having n the basement of Brody Studios, has become an institution in Budapest, made a name for himself for his short a private art club in Vörösmarty being the editor-at-large of city guide stop-animation film “Disappear”. I utca in District VI on the second “Budapest in Your Pocket”. However, The pair work well together, combin- or third Wednesday of each month, the he is mostly known for his work in film, ing Young’s showman personality and exclusive venue opens up to the pub- either as a character actor in a variety de Vaan’s subtlety. Guests are offered lic to a screening of local film projects, of small roles in feature films and TV an intimate glimpse into the Budapest live interviews with actors and trail- series or for his work as a screenwriter, movie underworld and an interactive ers to interesting films coming up. his most notable project being “Max’s view into the world of local film. Brody Underground Cinema is Midnight Movies”, which was broadcast Brody Underground Cinema has hosted by dynamic duo Scott Alexan- on AXN Sci-Fi across Central Europe. only been running for four months but der Young, a journalist, scriptwriter As Young’s partner-in-crime, young so far has screened feature films, doc- and actor, and Hendrikus de Vaan, a Hendrikus de Vaan, also from New umentaries, animations and shorts.

1014 Budapest, Színház u. 1–3. www.dancetheatre.hu | info: (+36 1) 201 4407 Toll-free Number: (+36 80) 10 44 55 Photo: Gábor Dusa Photo:

Tuesday, 2 September 7 pm Budapest Dance Theatre (Jewish Summer Festival) My Daughter, Anne Frank MOM Kulturális Központ

29 August 2014 | Nr. 35 24 The Budapest Times C u lt u r e

While it currently is home to an inti- In the audience, producer and bit- der Young’s “Max’s Midnight Movies” mate crowd, it’s likely that the event part actor in the film Daniel Kresmery but has also carved out an impressive will become wildly popular in the near came up to the stage for an interview career, having roles in “Battlestar Ga- future. with Young and de Vaan, offering a lactica” and other films and TV series. Back in mid-May, Young and de behind-the-scenes exclusive on the She’s currently in Budapest working Vaan used their contacts in the film film, detailing the creation of the mov- on a Disney film and on “Camp X”, a mov- world and their own work to fill up the ie, which was made for an estimated ie set in the Second World War. But the program. De Vaan’s award-winning HUF 20,000,000 and shot in 20 days. interview went into more depth about short film “Disappear” played a main Despite the budget and the ad-libbed her experience as an actress, and tying feature in the first Brody Underground script, the movie itself was sleek, well in her own expatriate life in the United Cinema, combining existentialism and produced and even said by some to be States with the screened documentary escapism with stop animation. one of Hungary’s best films since in- where she discussed what it was like to Premiered at Brody Underground ternationally acclaimed “Kontroll”. be a Hungarian growing up in America. Cinema, “Disappear” has gone on to Now that the Brody Underground Brody Underground Cinema con- be personally selected by Danny Boyle Cinema is finding its feet, the month- tinues on 17 September with an ani- as the winner of the Shuffle Film Fes- ly event is categorised by theme. In mation special, featuring a stunning tival, and is already lined up for show- August the focus was on documentary piece by Emil Goodman called “Henry ings at other international events. filmmaking. Waltz”, complete with a screening and Young also featured his own work as The pilot of “Leave/Stay” (Menjek/ an interview with the creator. a filmmaker, screening his documen- Maradjak), a new series looking into But things don’t stop there. Young tary “Café in the Sky”, a 30-minute the lives of Hungarians living abroad, and de Vaan are always on the lookout film for TV on the legend surrounding was shown on 13 August, along with for new talent, so if you’re an actor or “Gloomy Sunday” and the Hungarian an interview with the show’s producer a filmmaker get in touch with the boys composer Rudi Seress. László Józsa who detailed the making and get your work featured! But once the Brody Underground of, how the documentary was filmed And if you’re simply a film buff, then Cinema gained traction, more film- and talked a little bit about the show come along to the next session for Bu- makers and actors came forward to itself, as well as a look at the trailer dapest’s most interesting film club. showcase their projects. The third for the next one set in London. Brody Underground Cinema held the The main feature was the actor’s hot- For information about the next event, English-language premiere of Hun- seat, featuring Hungarian actress Lili see the Facebook page: https://www.face- garian gangster film “Fekete Leves”. Bordán, who starred in Scott Alexan- book.com/BrodyUndergroundCinema

Emil Goodman’s Henry Waltz H e a lt h C o r n e r The Budapest Times

A healthy child for a healthy adult No matter what grade your child is about to enter, there’s the yearly back-to-school checklist of to-dos: shopping for school supplies, filling out permission forms and the pediatric checkup. While it may not seem as urgent, a yearly physical exam by your family’s pediatrician is an important part of your child’s healthcare. The back-to-school season is a convenient time for putting the exam on your family’s schedule.

Beyond the athlete’s physical issues of drinking, smoking, drugs, and diet as well as check for signs of sexual activity and depression.” health problems and take some meas- “Back-to-school checkups are often Regular physicals are a great way urements depending on your child’s the only visit most kids and teenag- to protect your child’s future health. age. These usually include measuring ers have with their doctor every year,” They offer the chance to keep him or weight and height – giving your doctor Paul Stricker, MD, FAAP and author of her safe and healthy, learn if a disease information about how your child is “Sports Success Rx! Your Child’s Pre- or condition is affecting them or about growing –, taking their blood pressure scription for the Best Experience”, told health issues faced by school-age chil- to detect early problems and checking the website of the American Academy dren and adolescents, discuss health vision and hearing – to find out about of Pediatrics (healthychildren.org). topics you might feel uncomfortable to potential eye or ear problems that “The annual physical gives the discuss face to face with your child, to could make it harder for them to learn. pediatrician a chance to give the child check on vaccination status and teach The physical examination also in- a thorough physical exam,” Stricker your adolescent to take responsibility cludes a review of some of the follow- said. “It’s also a good chance to ad- for a healthy future. ing depending on your child´s age; skin, dress important questions, especially At a typical physical exam your head, eyes, ears, nose, mouth, glands, with teenagers, including adolescent doctor will give advice on exercise chest, lungs, abdomen, musculoskeletal

29 August 2014 | Nr. 35 26 The Budapest Times H e a lt h C o r n e r

childhood obesity in many ly. This typically includes a wide range countries. You doctor will of influences, good and bad. By encour- discuss your child’s diet aging your child to have regular phys- and activities with you, icals, you can help bring healthcare and specific changes may professionals into the mix of voices be recommended. that your child or teenager hears. Developing an open atmosphere of Does my teenager need discussion with doctors and nurses as a checkup as well? an adolescent and learning to be re- sponsible for personal health should Checkups for teenagers help establish a pattern of prevention open the door for early throughout life. That surely is worth detection of chronic condi- aiming for. tions, such as high blood FirstMed doctors are working all pressure, that could stand year long to keep your children and in the way of health now teens healthy. Schedule your ap- or in adulthood. Early pointment today for this year’s “back identification is impor- to school” exam. system, neurologic system, external gen- tant so that your doctor can intervene itals, growth and pubertal development. and perhaps prevent adverse conse- In addition your doctor may choose quences. to run some simple tests on your child’s The teen years are also a good time urine or blood and check immunisation to screen for scoliosis (an abnormal status to recommend appropriate vac- curvature of the spine). Detecting cines as needed (diphtheria, tetanus, such problems early can make a huge pertussis, polio, measles, mumps, ru- difference to the long-term outcome. bella, hepatitis A & B, varicella). The Some subjects are difficult for parents doctor may suggest you immunise your and their children to talk about, for ex- child against other diseases, such as ample drug use, alcohol use and sexu- School Physical Offer the flu, meningococcus or HPV. ality. Schools often engage students on From now until October, FirstMed is offer- these important issues. A physical can ing a special 50% discount on the price of the School Physical Examination at its new Staying healthy for a lifetime present another opportunity to discuss your child´s unique situation and con- District II location, Hűvösvölgyi út 181. The habits your child learns now cerns privately and confidentially. You, Visit FirstMedcenters.com/Huvosvolgy for will affect him or her as an adult and or your child, can ask for advice, clari- additional information, prices and other are likely to set the pattern of adult fication or patient education materials offers. eating and exercise. Healthy food and on topics that you’d like the doctor to regular activity can help children address. Having introduced the subject, Firstmed-FMC Kft., grow properly, control weight, feel the conversation can be continued at Hattyú u. 14, District I better about themselves and avoid home, getting down to specific behaviour Hűvösvölgyi út 181, District II later health problems. that prevents risks and promotes health. 24-hour hotline: (06-1) 224-9090 Unfortunately, changes in lifestyle Adolescence is a time of seeking www.firstmedcenters.com have resulted in a growing problem of guidance from adults outside the fami-

BEST WESTERN JANUS BOUTIQUE **** HOTEL & SPA

A small boutique hotel at Lake Balaton, a family atmosphere with individually designed rooms, suites and spa services. Depending on their mood or taste, guests can choose among several types of rooms.  ey can feel like they are in a di erent world – every day if they want to – without leaving the hotel, but by moving into the neighbouring room.

Best Western Janus Boutique**** Hotel & Spa • H-8600 Siófok, Fő u. 93-95. • Tel.: +36 84 312 546 Mobile: +36 30 500 6315 Fax: +36 84 312 432 • www.janushotel.hu • Email: [email protected]

29 August 2014 | Nr. 35 27 B u d a pe s t

In brief M3 upgrade loan sponsored by two-thirds cost of new carriages Budapest City Council has approved raising a loan for a priority refurbishment of the Soviet-era trains on Metro 3. Only opposition party E-PM voted against. Wizz Air adds Lisbon, Maastricht fter the vote, Budapest Mayor Radical nationalist Jobbik called for state Hungarian low-fare airline Wizz Air will István Tarlós said the city would funds to support the project. Ferenc Falus, launch flights to Lisbon and Maastricht. Amove to start train renovations the Budapest mayoral candidate of the op- The Lisbon service will start on 30 but further negotiations with the gov- position Socialist, E-PM and DK parties in March on Tuesdays and Saturdays, ernment are needed to clarify the fi- the upcoming municipal elections, said the and Maastricht from 15 May on nancing of the infrastructure upgrade. government should use the HUF 100 bil- Mondays, Wednesdays, Fridays and Fully 220 carriages would be renewed, lion set aside to move the Prime Minister’s Sundays. Wizz Air said it had 31% of extending their lifespan by another 20- Office to Buda’s prestigious Castle District the Hungarian market between 25 years and costing HUF 60-65 billion, for the metro refurbishment instead. January-July this year. while buying new carriages would have The green opposition LMP said M3, cost HUF 90 billion, Tarlós said. used by hundreds of thousands each Upgrading of the carriages is sched- day, was in a dangerous state of dis- uled to be completed by the turn of repair, and insisted that “the city is London, Germany 2015/16, he added. Complete reno- behind with the project [and] still in boost growing use vation of the tunnels, tracks, control the preparatory phase...” system and stations could be finished Before the vote, Budapest council Liszt Ferenc Airport handled 946,542 by 2019. member Ákos Hanzély (E-PM) said his passengers in July, up 8.5% year-on- Tarlós said he would consult the de- party suspected a secret deal whereby year, the airport operator has an- velopment minister on possible ways a contract to renew the trains would be nounced. In January-July passengers of using European Union funds. The dished out to a preferred bidder. He said increased 7.1% over the 2013 first half. mayor said track replacement, which it was “unacceptable” that “run-down, The most popular destinations re- started 18 months ago, would be com- 30-year-old trains should be renovated mained London (with Luton, Gatwick, pleted next year. at two-thirds of the price of new ones”. Heathrow and Stansted airports all available from BUD) then Paris, Frankfurt, Amsterdam and Brussels. Tarlós: further Inbound, 71,000 passengers arrived from Germany in July, 66,000 from negotiations are Britain and 33,000 from Italy. needed with the “We have every reason to be optimis- government tic in our traffic forecast for this year in the light of these figures. It seems that we are in for another record-breaking year,” said Jost Lammers, CEO of Budapest Airport. He added: “There are several reasons behind the growth. The efforts of our airline development team in recent years are paying off by having more new destinations and new airlines at Budapest Airport than before. Also, Budapest and Hungary are attractive tourist destinations with all the summer festivals and the Formula 1 Grand Prix taking place in July.”

29 August 2014 | Nr. 35 28 The Budapest Times R e v i e w

Review: EscoBar in Bálna, District IX Wolfing it down in the Whale The “Whale” on the bank of the Danube had a well-documented difficult birth and hasn’t produced the artistic hub that was envisaged, but at least you can get a decent bite to eat there. Case in point: Péter Kovács and his restaurant EscoBar.

„„Elisabeth K atalin Grabow híd, you cannot avoid coming across ing to the Danube is the most spectac- EscoBar. Although the name sounds ular highlight of the place. No cars or Latin American, many guests are at- trams are going by, only bikes and pe- hen you stroll along the Pest tracted by the offered Fish&Chips, destrians may interrupt your view of side of the Danube from Sz- which you can also order for takea- the Technical University, Gellért Hill W abadság híd towards Petőfi way. Now in summer the terrace open- and the Castle District. è Photos: Nóra Halász Photos:

V. Zoltán u. 16 (at Szabadság tér) Reservation: +36 1 331 4352 Arany Kaviar Restaurant For sale OR For rent! In XII. Béla Király street (near the German School) separated Lunchtime Russian Bistro Thinking Relocation? villapart in 3000 sqm nature park for rent. in our garden area: Think Interdean. 200 sqm, 4 rooms+hall, 2 baths, 200 sqm Tel. 888-6750 Menu for 3.900 Ft [email protected] terrace, 300 sqm garden, sauna, garage. South-facing, panoramic views. Feng-shui From 12pm to 3pm! “We make it biohuse. Pets are allowed. 1015 Budapest, Ostrom u. 19 easy” Rent: 1500 EUR/month. (Selling price: to Open: 12pm-3pm, 6pm-12am be discussed) Call (evenings or mornings): Monday closed! Tel.: (+36 1) 201 6737 Relocation Moving +36/ 20 267-4018. Immigration Real Estate www.aranykaviar.hu

29 August 2014 | Nr. 35 29 P o l i t i k The Budapest Times

29 August 2014 | Nr. 35 30 The Budapest Times R e v i e w

It is a wonderful way to relax on only force down with a shiver), then a lazy balmy evening. In order that you are very wrong. The classic fast stomach churns don’t ruin the idyllic food offered in EscoBar has nothing in scene, EscoBar has been offering food common with this unflattering image. for the past four months. You can order the fish coated in beer So every morning it is time to go crust in two sizes, in a 100-gram or to market. Manager Kovács and 150-gram version, garnished with po- his chefs proceed together to the tato wedges. The coating of batter is Nagyvásárcsarnok (the big market thin and not soaked with oil, and the hall) only steps away to buy the ingre- potato wedges are crisp, crunchy and dients for the day. Besides the regular not fatty. menu there is a constantly changing In general the high quality of ingre- seasonal offer, and nothing is left to dients is noticeable in the dishes and wish for, thanks to its diversity. drinks. The tomatoes on the Focaccia Besides the classic pizzas with a alla Pratese are dark red, the mozza- thin crust, fruity-fresh sauces and rella luckily does not taste like rub- hearty toppings, there are treats for ber, the parma ham is spicy, the pizza lovers of fast food too. Hamburger and bread is still warm - in short, all of cheeseburger are available plus the them are well made. already mentioned Fish&Chips. The drinks are also very enjoya- If you are thinking about the Eng- ble, especially the szörp (soda with lish variety that is wrapped in news- fruit syrup). The redcurrant soda is paper and dripping oil (which you can completely sugar-free for example,

è

29 August 2014 | Nr. 35 31 R e v i e w The Budapest Times

and just as good a choice as the alco- hol-free Mojito, when you want to cool EscoBar down from inside on a hot day. Address: Thanks to the very attentive and Bálna (the “Whale”) Fővám tér 1-2, District IX friendly service, time flies quickly in Daily 11am-10pm Tel.: (+36-1) 426-5380 EscoBar. Luckily, the opening times are not considered so strictly here and Price points: when the view is especially beautiful Appetisers: HUF 950-1,650 and the evening especially mild, then Main dishes: HUF 1,290-2,790 bedtime may be postponed a little. Desserts: HUF 490-590

29 August 2014 | Nr. 35 32 The Budapest Times W h a t l i e s b e n e a t h

The Capital with the Eye of an Expat Selfie-less There was a link doing the rounds a few weeks ago with the headline “Scientists Link Selfies to Narcissism, Addiction and Mental Illness”. The article claimed that the growing trend of taking smart- phone selfies is linked to mental health conditions that focus on a person’s obsession with looks.

„„M ary Murphy I was standing in front of this fantastic ouzo, but I was wrong. The rods have testimony to man’s creativity and architec- arrived in Budapest too. Just last week, tural genius, and instead of soaking it all in while out and about admiring the city in round the same time another I was distracted by seven different people all its splendour (I might have my quib- message went viral, this one posing for selfies in my immediate vicinity. bles with the government but hats off to Aclaiming that the American Psy- They were so busy taking photos of them- Orbán et al for the facelift Budapest has chiatric Association had officially (yes, selves that I doubt very much if they saw received – she’s looking amazing), I saw officially) classed the taking of selfies as anything of what was around them. many people so busy taking selfies that a disorder it was calling “selfitis”. This, Over lunch later I was highly amused they didn’t seem to notice the glorious too, was a hoax. by the antics of a couple sitting at the ta- rebirth of the Castle Bazaar. The gleam- I have no problem with selfies – I’ve ble below us. Both sat down and imme- ing walls of Parliament were lost on been known to waste more than a few diately she took out her phone and pro- them. And as for the night views across minutes in the privacy of my kitchen ceeded to take selfies (a chronic waste of the Danube… wasted. trying in vain to capture the beauty a boyfriend/husband methinks). On the Selfies have their moments, true. But within on my smartphone. I’ve even set ferry to Aegina I watched a dad take at what cost? Selfitis might not yet be a my camera on a timer in an attempt charge of the two kids while mum spent disorder but is it already in the frame? to rid my selfies of the tell-tale out- a good twenty minutes trying to get just stretched arm. the right selfie. I kid you not. Mary Murphy is a freelance writ- And while I have had some luck, it’s I had thought that this might have er and public speaker who is camera not the sort of luck I’d like to take to the been a Greek thing, something that hap- shy. Read more at www.stolenchild66. racetrack. One winning photo for every pens when you overdose on souvlaki and wordpress.com 55 or so taken isn’t exactly great odds. With each dud photo I get, I find some- thing to be critical of. It’s certainly not healthy or good for me but that doesn’t stop me indulging every six months or so when I need a new profile picture for something or other. That’s me; Mary Murphy Photo: others with a better developed self-image don’t seem to be exposed at all. What bothers me about selfies though is that taking them when you’re out and about in public robs you of the moment. Instead of enjoying what you’re doing, where you are, who you’re with, you’re posing – focusing on yourself. I was in Greece this month and saw those new-fangled rod cameras for the first time. You know them? Tiny digital cameras on the end of a collapsible rod that you stretch out in front of you to take a selfie? Now, it’s hard to imagine anything competing with the Parthenon for attention but the day I was there it had serious competition.

29 August 2014 | Nr. 35 33 P a n o r a m a The Budapest Times

Where to go? – Music mix To advertise in Budapest’s annual (since 1998) Jewish Summer Festival begins this Sunday and finishes on 7 September. The synagogues in Dohány utca, Rumbach utca and Frankel Leó út will be involved, The and the Urania National Movie Theatre. Programs include Fiddler on the Roof, klezmer, culinary events, Róbert Alföldi and the udapest Szakértők band, Kőszegi New5, Nigun, David Yengibarian Trio and B Zorán. Website: zsidonyarifesztival.hu

imes T Budapest Jazz Club: Regular programming of mostly Hungarian call +36 1 453 0752 jazz. District XIII, Hollán Ernő u. 7. www.bjc.hu

The Budapest Times ISSN 1785-1106 Published by: BZT Media Kft. 1073 Budapest, Erzsébet körút 43-49. (Corinthia Hotel Budapest) Publisher: Jan Mainka Subscriptions, sales and editorial offices Tel: 453- 0752, 453-0753 Fax: 240-7583 E-mail: [email protected] Internet: www.budapesttimes.hu

Managing Editor: Attila Leitner

News Editorial: Elisabeth Katalin Grabow Writers/editors: Christopher Maddock, Mary Murphy, Thomas Pernecker, Daniel Hirsch, Réka Hamvas, Fruzsina Wilheim, Mátyás Csikós Translator: Edina Nagy

Letters to the editor: We welcome letters to the Corporate Planning 2015 editor, analysis and opinion pieces. The views expressed by external contributors do not necessarily Growth incentives. Direct or fi nancial investment? reflect those of this newspaper.

Advertising and Sales: Jan Mainka, Péter Szentesi Conference of the Joint Venture Association Classifieds & Distribution: Ildikó Varga Advertising design: Zsuzsa Urbán Advertising E-mail: [email protected]

Printed by: Pharma Press Kft. Newsstand Distribution: Hungaropress Kft., 1097 Budapest, Táblás u. 32

Subscriptions: September 10, 2014. (Wednesday) 10.00 – 13.30 (Registration starts at 9.30) Call 453-0752 or e-mail [email protected] Price In forints In euros Magyar Telekom Headquarters (Budapest, I. Krisztina krt. 55.) Tölösi Conference Center (to EU) 6 months 16,000 120 1 year 30,000 210 Pdf/1 year 14,000 50 Program 10.00 – 10.20 Introductory presentation 12.00 – 12.50 Roundtable discussion with chief analysts: FX rates, Chris Mattheisen, President of the JVA, CEO of Magyar Telekom Nyrt. prospects – re-planning? The Budapest Times is the partner newspaper of 10.20 – 11.00 Challenges of the World Economy – Hungarian responses Participants: Prof. Dr. László Csaba, Professor of Economics, • Zsolt Kondrát, Chief Analyst, MKB Bank Zrt. Budapester Zeitung Subscription fees of The Budapest Times Member of the Hungarian Academy of Sciences • Ákos Kuti, Chief Analyst, Equilor Befektetési Zrt. 11.00 – 11.20 Economy and Society 2013/2014. • Tamás Nagy, Chief Analyst, UniCredit Bank Hungary Zrt. Postage... Dr. Gabriella Vukovich, President of the Hungarian Central Statistical Office • Gergely Tardos, Director General of Analyst Department, OTP Bank Nyrt. 11.20 – 11.30 Co ee break • Zoltán Török, Chief Analyst, Rai eisen Bank Zrt. • Mariann Trippon, Chief Analyst, CIB Bank Zrt. 11.30 – 12.00 Growth prospects of the Hungarian economy Period ...to Hungary ... to EU ... to outside EU Moderator: Henrik Tóth, Deputy General Director of MKB Bank, István Madár, Chief Analyst of Portfolio.hu, Head of the JVA’s Economic Strategic Committee Where can I buy The Budapest Times? You can buy our Associate Professor of Corvinus University paper at a number of newsstands, especially the ones in 12.50 – 13.30 Reception (Sandwich-lunch) shopping malls. Here are a few examples: Mammut 2, ½ year HUF 16,000 EUR 120 EUR 150 Budagyöngye, Rózsakert Center, WestEnd, Aréna Plaza, Arkád, Mom Park, Alle Center, Campona and Köki e event will be held in Hungarian with simultaneous translation to English. Terminál. You can also visit our office to purchase a copy 1 year HUF 30,000 EUR 210 EUR 260 of the current or a previous edition at Corinthia Hotel Sponsored by Kludi Szerelvények K ., Napos Oldal K . and Alapfy Stúdió Budapest am Erzsébet krt. Outside the capital The Budapest Times is only available PDF 1 year HUF 14,000 EUR 50 EUR 50 via subscription.

29 August 2014 | Nr. 35 34 MORE INFORMATION: WWW.JOINTVENTURE.HU Corporate Planning 2015 Growth incentives. Direct or fi nancial investment? Conference of the Joint Venture Association

September 10, 2014. (Wednesday) 10.00 – 13.30 (Registration starts at 9.30) Magyar Telekom Headquarters (Budapest, I. Krisztina krt. 55.) Tölösi Conference Center Program 10.00 – 10.20 Introductory presentation 12.00 – 12.50 Roundtable discussion with chief analysts: FX rates, Chris Mattheisen, President of the JVA, CEO of Magyar Telekom Nyrt. prospects – re-planning? 10.20 – 11.00 Challenges of the World Economy – Hungarian responses Participants: Prof. Dr. László Csaba, Professor of Economics, • Zsolt Kondrát, Chief Analyst, MKB Bank Zrt. Member of the Hungarian Academy of Sciences • Ákos Kuti, Chief Analyst, Equilor Befektetési Zrt. 11.00 – 11.20 Economy and Society 2013/2014. • Tamás Nagy, Chief Analyst, UniCredit Bank Hungary Zrt. Dr. Gabriella Vukovich, President of the Hungarian Central Statistical Office • Gergely Tardos, Director General of Analyst Department, OTP Bank Nyrt. 11.20 – 11.30 Co ee break • Zoltán Török, Chief Analyst, Rai eisen Bank Zrt. • Mariann Trippon, Chief Analyst, CIB Bank Zrt. 11.30 – 12.00 Growth prospects of the Hungarian economy Moderator: Henrik Tóth, Deputy General Director of MKB Bank, István Madár, Chief Analyst of Portfolio.hu, Head of the JVA’s Economic Strategic Committee Associate Professor of Corvinus University 12.50 – 13.30 Reception (Sandwich-lunch) e event will be held in Hungarian with simultaneous translation to English.

Sponsored by Kludi Szerelvények K ., Napos Oldal K . and Alapfy Stúdió

MORE INFORMATION: WWW.JOINTVENTURE.HU