Budapest Business Journal 3220

The Real Mission of Mobile Network Towers

Mobile services are becoming like oxygen for humans: an indispensable part of our lives. Vantage Towers plays a crucial role in providing that vital component and has made it its mission to improve our everyday lives by providing seamless connectivity.   13

Yettel Ranked Among the Best Employers in Hungary

The independent international body, the Top Employer Institute, has ranked Yettel among the best employers in Hungary, a distinction it says only 17 companies in the country share.  15

Sepultura Bids Budapest Farewell

On Nov. 17, Brazilian heavy metal band Sepultura will play Budapest’s Barba Negra club on its “Celebrating Life Through Death” tour, marking the band’s 40th anniversary and its swansong. David Holzer says he’ll be there, earplugs firmly in place.  20

The Return of the Technical Recession Telecoms

Growing the Digital Footprint

EY Entrepreneur of the Year 2024 winner Éva Hegedűs, co-founder and CEO of Gránit Bank, discusses the next stage of the bank ’s journey: taking its cutting-edge digital retail services into the Romanian market. 11

The latest GDP data fell short of even the worst expectations. In a significant negative surprise, the performance of the Hungarian economy fell by 0.7% from the previous quarter. The economy having contracted for two consecutive quarters, Hungary has again entered a technical recession.   3

10th BMG Summit Talks Realities and Ways Forward

Most observers agree Europe must catch up with her global rivals. The 10th edition of the Business Meets Government Summit, organized by AmCham and HIPA, addressed the whys and the hows.  9

EDITOR-IN-CHIEF: Robin Marshall

EDITORIAL CONTRIBUTORS: Luca Albert, Balázs Barabás, Zsófia Czifra, Kester Eddy, Bence Gaál, Gergely Herpai, David Holzer, Gary J. Morrell, Nicholas Pongratz, Gergő Rácz.

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THE EDITOR SAYS

IN PRAISE OF (WELL-TARGETED) INCENTIVES

Some decry government incentives as market distortion. Leave well enough alone and let the economic trends play out, goes the argument. But there are cases where, carefully targeted, they can be a force for good. The news that Hungary has received European Commission approval to extend its film incentive program for another six years, until the end of 2030, is welcome indeed. Unless you happen to live on a street that is closed off to allow filming, there are no apparent downsides to this story. It is not by accident that Hungary is now the second most significant film production hub after Europe. (I enjoyed the verbal maneuvering undertaken by the National Film Institute to reframe this to make Hungary the leading center in continental Europe.) The ability to claim back a large chunk of what is spent in Hungary is an obvious draw, as is Budapest’s chameleon-like ability to represent anywhere from early 1950s Buenos Aires (Evita, 1996) to ’70s Paris (Munich, 2005) to 1980s East and West Berlin (Atomic Blonde, 2017). Occasionally, it even gets to play Budapest (Black Widow, 2021, when it also did a turn as Russia). The professional quality (presumably with attractive cost benefits over their British or Hollywood peers) of the crew is increasingly important. Hungary has long enjoyed a reputation for its cinematographers, but to that, you can add sound and light technicians and set dressers, best boys and chief grips and all those other behind-the-camera roles that are important enough to receive a credit, even if the general public has no idea what they do. And then there is an increasingly broad group of background actors or atmosphere artists (extras, to you and me) who know what they are doing. That’s hardly a deal breaker, but it surely helps oil the works.

All those home-grown talents get paid, which is good for them, and they will spend that money in local shops and restaurants, which is good for the city. The same applies, on a somewhat more grandiose scale, for the actors further up the food chain, and especially the principles who also, it is to be hoped, take good memories of Hungary home with them and may well return on their own time.

Whether you believe American-Hungarian photographer Robert Capa (“It’s not enough to have talent, you also have to be Hungarian,”) or Anglo-Hungarian filmmaker Alexander Korda (“It’s not enough to be Hungarian, you must have talent too,”), it is clear that Budapest (and environs) has found a niche that it is exploiting for all it is worth.

One of the more remarkable facts about the incentive scheme, overseen as the government’s film commissioner by the American-Hungarian star producer Andy Vajna from 2011 until his death, and adroitly administered since 2019 by Csaba Káel, is its longevity. This year is its 20th anniversary, the scheme having been brought to life as the Hungarian National Film Fund in April 2004, when Péter Medgyessy was Prime Minister of a Socialist (MSzP)-Social Democrat (SzDSz) government. There can’t be many other policies introduced by the political left that still function today under Fidesz.

Perhaps, though, we should not be surprised by any of this. As Káel told Variety late last year, “I used to say we have a special DNA. This DNA is not in our body, but in our mind. This is our knowledge about the filmmaking. It’s 123 years, and it’s really something.”

Robin Marshall Editor-in-chief

THEN & NOW

The black-and-white photo from the Fortepan public archive offers a view of the main building of the Gödöllő Royal Palace from the inner courtyard, taken between 1895 and 1899. In contrast, the color image by state news wire MTI captures the opening of the “Queen Elisabeth Garden of Light” exhibition, an installation of light displays in the Gödöllő Palace Park, on Oct. 24, 2024.

Photo by Budapest City Archives / György Klösz’ Photos / Fortepan

Photo by Péter Komka / MTI

1News •

macroscope

Hungary Faces the Return of the Technical Recession

The latest GDP data fell short of even the worst expectations. In a significant negative surprise, the performance of the Hungarian economy fell by 0.7% from the previous quarter, and the drop was also 0.7% on an annual basis. With the economy having contracted for two consecutive quarters, Hungary has, once again, entered a technical recession.

The volume of Hungary’s gross domestic product in the third quarter of 2024, compared to the same period of last year, was 0.8% lower according to raw data and 0.7% when seasonally and calendar adjusted and reconciled, according to fresh data published by the Central Statistical Office (KSH). Compared to the previous quarter, the economic performance also decreased by 0.7% according to seasonally and calendaradjusted and reconciled data.

In the first three quarters, the performance of the economy was 0.6% higher according to raw data and 0.7% higher according to seasonally and calendar-adjusted and reconciled data than in the same period of the previous year.

The total performance of agriculture, industry and construction, making up about one-third of the economy, contributed to the decrease in the volume of GDP compared to the same period of the previous year by approximately two percentage points. Both market and non-market service performances slowed the downturn.

The last time Hungary’s economy was in a technical recession was the period from the second half of 2022, during the energy crisis. Of the nine quarters that have passed since then, GDP increased in only three, with a decrease in the remaining six.

Minister of National Economy Márton Nagy had already referred to possible weak growth data when he indicated at a Portfolio conference at the Budapest Economic Forum that the annual GDP growth in the third quarter would be very close to zero.

A ‘Difficult Period’

In his reaction to the weak GDP data, the minister admitted that the Hungarian economy is going through a difficult period but insisted that ever more positive signs indicate that it has reached a turning point.

As for this year, the government still expects a 1.5% annual growth rate: it is worth noting that it has been expecting the economic turnaround for more than a year. Nagy now stated that thanks to the cabinet’s 21-point action plan introduced in the past weeks, the Hungarian economy could expand at a dynamic pace again next year.

The potential for a big jump in economic performance in the third quarter of 2025 is being trailed. The minister added that if the German economy finally switches to a higher gear, the recovery of the Hungarian economy could be even faster, and growth could jump to an even higher level.

The analysts, however, are less optimistic. The third quarter GDP data was a negative surprise, Dániel Molnár, senior macroeconomics analyst at Makronóm Intézet commented. According to him, based on the third-quarter GDP data, close to 1% economic growth is more realistic

this year, but even that requires an uplift inperformance in the fourth quarter.

“The prolonged upswing also creates uncertainty regarding next year’s economic prospects, the extent of which will continue to be influenced by the development of external demand. If there is no substantial rebound in our foreign markets, it is expected that the economy will only be able to achieve a growth rate of over 3% with great difficulty due to its internal engines,” he wrote in a note.

According to ING analyst Péter Virovácz, the economy is performing far below the expectations set for it at the beginning of the year: Hungary has slowly moved from 3%-plus forecasts to the point that if 1% growth is achieved in 2024 that would be viewed as good.

Falling Short

“In the third quarter, the performance of the Hungarian economy fell short of all expectations. It could be guessed that the data would be worse than what we expected after the also unfavorable figure of a quarter ago, but not by that much,” declared Gábor Regős, the head economist of Gránit Alapkezelő.

He commented that the Hungarian economy has once again entered a technical recession. According to him, the 1.5% growth expected

so far this year has become unattainable with the latest data; to achieve this,

4.1%

quarter-on-quarter growth would be necessary in Q4 of this year, he claimed.

“It seems more likely that the Hungarian economy will expand at a pace of only around 0.5% this year, below all previous expectations and perhaps even the average of the European Union,” Regős explained. It was known from the preliminary data that agriculture, industry and the construction industry also performed poorly in the quarter, but according to the signs, everyone expected a smaller decline in these sectors. Although services improved the figure, it was insufficient to avoid slipping into a technical recession.

“Today’s data is not only bad news in itself: it makes it difficult to meet this year’s deficit target, which, however, should not be missed. In addition, it reduces the probability that next year’s growth will reach 3% and may further weaken the forint. Consequently, monetary policy will have to be stricter than previously expected. The task is therefore given: we should return from this bad situation to a growth path that we [last] saw in the second half of the 2010s,” Regős said. It won’t be easy, he added.

ZSÓFIA CZIFRA

From left, László Krisán, CEO of Kavosz Zrt. (responsible for the professional management of the Széchenyi Card Program) and chairman of the board of trustees of the Kavosz Foundation, Minister of National Economy Márton Nagy, and László Parragh, president of the Hungarian Chamber of Commerce and Industry and chairman of the board of directors of Kavosz Zrt. after signing a cooperation agreement at the Ministry of Economy on Oct. 22.

Photo by Márton Mónus / MTI

Ukraine

Orbán Contrasts Fates of Georgia and Ukraine Roundup Crisis

Prime Minister Viktor Orbán traveled to Georgia on Oct. 28 to congratulate Georgian Prime Minister Irakli Kobakhidze on his electoral victory over the weekend. During a press conference the following day, Orbán commended the Georgian people for voting for the “side of peace,” as he put it.

of the party that’s in power,” she said. Instead, Zourabichvili called for “very strong pressure by the international community on authorities to really and fully review results.”

Sharing the President’s disdain, thousands of Georgians protested the results of the election on the street of Tbilisi on Oct. 29. According to Reuters footage, Orbán appeared to be booed by a crowd when emerging from a building in the Georgian capital before entering a motorcade.

Deeper Russian Ties

“Hungary is a country neighboring Ukraine,” Orbán said. “If there is a country in Europe that knows what war is like, it is Hungary […] because it’s happening in our neighborhood, and we know how important peace is. We appreciate […] the decision of the people of Georgia, who split in favor of peace, and I congratulate you on the fact that you […] did not allow your country to become a second Ukraine,” he said. Orbán also emphasized the legitimacy of the election results.

“I read the assessment of international organizations and I see that nobody dares question that this election was a fair and democratic election,” Orbán told the press. “Alongside all the criticism, nobody dared go that far.”

Yet, election monitors, including those from the Organization for Security and Cooperation in Europe, which has 57

member states, reported a series of violations on Oct. 27, following the country’s election the day before. While stopping short of calling the outcome fraudulent, the groups claimed that alleged abuses, such as ballot-stuffing, bribery, voter intimidation and violence near polling stations, could have affected the result. Others made bolder claims.

“This election was stolen,” Georgia’s President Salome Zourabichvili told French broadcaster RFI. The Paris-born former French diplomat dismissed the results of any recount by the central electoral commission, “which is completely in the hands

Critics of the victorious Georgian Dream say the party has deepened ties with Russia and derailed the country from achieving greater integration with Europe. Georgia’s official candidate status for joining the EU was confirmed on Dec. 14, 2023, but it was frozen following legislation introduced by Georgian Dream earlier this year. The new law requires organizations that receive more than 20% of their funding from abroad to register as “agents of foreign influence.”

Hungary passed a similar “Sovereignty Defense” law last year. The law introduced an authority to monitor political interference and prohibits groups, such as political parties or media outlets, from receiving foreign funding. Violators risk up to three years in prison. Believing it contrary to European Union laws and values, the European Commission filed a lawsuit against Hungary over the legislation on Oct. 3.

Meanwhile, Ukrainian President Volodymyr Zelensky presented his plan for victory at an EU summit on October 17.

It consists of five main points, including Ukraine joining NATO, increasing its defense capabilities, deterring any new aggression from Russia, achieving economic growth, and developing security infrastructure following the end of hostilities.

“If the plan is supported, we can end the war no later than next year,” Zelensky claimed.

Hungary takes a different view. According to Balázs Orbán, the prime minister’s political director, Zelensky’s “victory plan is the quickest path to the outbreak of a third world war.” Hungary does not support it. At the EU summit, Orbán told the press that Zelensky’s plan involved intensifying the war through NATO countries, which Hungary finds totally unacceptable. The prime minister believes any attempt to further hostilities to be flawed.

“This war cannot be won; we need negotiations,” he told Kossuth Rádió on Oct. 18. “And now, the other 26 countries of the EU are hearing in amazement that President Zelensky has a victory plan. Why? What did he have so far? What they had for a plan so far turned out to be a plan for defeat, and they are now trying to replace it with a victory plan,” Orbán claimed, adding that Hungary would not participate.

In the photo published by the Ministry of Foreign Affairs and Trade (KKM), Deputy Minister Levente Magyar (right), Yulia Hryzina, Deputy of the Supreme Council of Ukraine and chairperson of the Parliamentary Subcommittee on Higher Education, Anatoly Fedoruk, Mayor of Bucha (Bucsa to Hungarians), and Deputy Prime Minister of Ukraine for Reconstruction Olexiy Kuleba, meet on Oct. 19. Magyar was visiting a school in Bucha that the Hungarian Interchurch Aid is restoring. Earlier that day, Magyar had spoken at the inauguration of a service center facility, including a clinic, municipal offices and a post office, built with the support of the Hungarian government, in Synyak (known to Hungarians as Szinyák), also in Kyiv County. Later, Magyar held talks with Andrii Sybiha, the Ukrainian foreign minister, in Kyiv and discussed ways to develop Hungarian-Ukrainian ties and resolve disputed issues, according to state news agency MTI. Magyar said his visit was the third to the neighboring country since the full-scale Russian invasion of Ukraine in February 2022. He reviewed the major areas of bilateral cooperation with the foreign minister and the deputy leaders of three other ministries. “This is a rich cooperation, despite the fact that the agenda is often dominated by debates on certain issues,” Magyar said, adding that “there is serious work going on in the background towards continuously strengthening HungarianUkrainian ties in important areas such as energy.”

NICHOLAS PONGRATZ

Photo by Márton

Emirates Celebrating 10th Anniversary of Flights From Budapest

Emirates first launched flights to the Hungarian capital in October 2014 and it has since carried more than 1.5 million passengers (on nearly 7,000 roundtrip flights) between the Hungarian capital and Dubai, contributing to the growth of Hungarian tourism and trade relations.

metropolis, the airlines’ network of more than 140 destinations offers a wide range of onward travel options to Asia, the Middle East, Africa, Australia and the Pacific and Indian Oceans.

“We are extremely proud to have been flying to Hungary for 10 years and to prove every day that flying can be better,” says Gábor Horváth, Emirates’ country manager for Hungary.

Describing itself as the world’s largest international airline, Emirates daily flights to Dubai use wide-body Boeing 777 aircraft. From the Middle Eastern

“We are grateful to the more than 1.5 million passengers who have placed their trust in us. We would like to thank our partners, dedicated staff and the airport authorities who have enabled us to reach this milestone,” he says.

“Hungary is a very important part of the Emirates network, and we will continue to strive to provide our passengers with the highest travel experience through our innovative products, world-class services and extensive global network for years to come,” Horváth concludes Pioneering Role

Máté Ritter, head of flight development at Budapest Airport, adds: “We are delighted to celebrate this milestone with Emirates Airline, which has played a pioneering role in strengthening Budapest and Hungary’s links

with Dubai, the Middle East, Asia and Australia. We are excited to celebrate more milestones together in the years and decades to come.” Emirates has not only helped passengers travel the world from Budapest. It says it has also transported more than 77,000 tonnes of goods between the two cities, giving operators easy access to new international export markets.

“Hungary is a very important part of the Emirates network, and we will continue to strive to provide our passengers with the highest travel experience through our innovative products, world-class services and extensive global network for years to come.”

The main export commodities out of Hungary have included pharmaceuticals, perishable foodstuffs and car parts, which have been shipped to key export markets including the UAE, India, China, Australia and Saudi Arabia. The most important imports were machinery parts, electronics, pharmaceuticals, leather goods and fresh fruit and vegetables. Emirates employs 296 Hungarian nationals, including 211 cabin crew and eight pilots. The Customer Contact Center in Budapest, the airline’s third largest SSC after Dubai, has been operational since 2014 and currently employs more than 100 people.

United Call Centers Wins Platinum at U.S. Titan Business Awards

America’s Titan Business Awards has recognized United Call Centers in the Customer Service: Artificial Intelligence category. The Hungarian service provider, 25 years old this year, won the highest “Platinum” level for its AI-based customer service solutions.

The Titan Business Awards, which recognize the most innovative companies, services and leaders, were entered by more than 1,200 organizations from over 50 countries. UCC was the only Hungarian or European company among the best in category.

“The ‘Platinum’ level of the Titan Business Awards confirms that our AI solutions are of an outstanding standard that is recognized internationally,” said Zsolt Máté Juhász, managing director of UCC.

“These enhancements completely redefine the way customer services work: while meeting the highest business and data

security requirements, they provide a new level of communication and customer experience to our partners’ customers.”

AI Trinity

UCC won based on its intensive AI development work in three sectors: aiden.agent, which communicates in more than 40 languages and

integrates the most advanced AI technologies; aiden.analytics, which can control up to 100% of a company’s communications to ensure proactive customer management, improving the customer experience and eliminating legal and quality risks; and aiden.apps, which optimizes back-end processes from AI-based warranty management to knowledge bases supporting customer service.

United Call Centers won a similar accolade in March when it scooped the U.S. Stevie Awards for Business for the development and deployment of its outstanding artificial intelligence solutions.

Founded in 1999, the Hungarianowned UCC describes itself as the country's leading provider of outsourced customer service solutions. It operates in more than 50 languages in 40 countries. Its core activities include multilingual customer support via phone, email and chat, business process automation and developing services based on artificial intelligence. It has a turnover of HUF 4 billion and 700 employees in Hungary and abroad.

Photo by Emirates

At the center from left, Gábor Horváth (country manager, Emirates), Nikolett Tóth (airline marketing manager, Budapest Liszt Ferenc International Airport), and Gábor Hegedűs (airport service manager, Emirates), celebrate the 10th anniversary of the Budapest-Dubai connection, flanked by a couple of iconic Emirates air hostesses.

Hungary’s United Call Centers won a top “Platinum” rank in the Titan Business Awards Customer Service: Artificial Intelligence category.

8,000 Breast Cancer Diagnoses Made Every Year in Hungary Health Matters

Breast cancer remains one of the leading types among adult women and increasingly affects younger age groups, experts highlighted at a roundtable discussion organized by Lilly Hungária Kft. in connection with Breast Cancer Awareness Month.

Malignant changes can be diagnosed early with proper education on selfexaminations and regular, accessible screenings, significantly increasing the chances of recovery.

However, specialists from the Hungarian Society of Senology (the study of diseases that affect the breast) and the Internal Medicine and Oncology Clinic of Semmelweis University also emphasized that, in 10-15% of cases, there is a high risk of breast cancer recurrence within two-to-five years, making it essential for patients to access all available treatment options.

October is dedicated to the fight against breast cancer every year, aiming to raise awareness about the importance of prevention and early detection. In Hungary, breast cancer is the most frequently diagnosed type among women, although it’s important to note that it can occur in men as well.

Every year in Hungary, approximately 8,000 patients are diagnosed with some form of breast cancer. While the risk of developing the condition increases significantly, younger age groups are increasingly affected.

During the roundtable discussion organized by Lilly Hungária, medical experts stressed that education about prevention

A monthly look at health issues in Hungary and the region

and symptoms is crucial, as misconceptions about the condition persist, such as the belief that using certain deodorants or wearing tight bras increases the risk.

Risk Factors

Traditionally, risk factors include a family history of breast cancer, hereditary genetic mutations, and long-term use of hormonebased medications. However, environmental and lifestyle-related risks have also increased, such as delayed childbirth, unhealthy lifestyles, and particularly obesity and excessive alcohol consumption, which may contribute to the development of breast cancer.

“It’s important to be aware, especially if you belong to the at-risk group due to any of the above factors, of the symptoms and signs that warrant consulting a specialist,” emphasized László Landherr, president of the Hungarian Society of Senology.

“These include discharge from the nipples, inward turning or noticeable changes in the shape of the nipples, and irregularities in the skin of the breast, such as redness, rashes, or peeling.

Pain in the breast or underarm that is not related to the menstrual cycle is also worth noting,” he added.

“The most well-known symptoms include tissue thickening or lumps in the breast area, as well as swelling in the underarm area; these are typically detected early through properly learned self-

examinations at home,” emphasized Magdolna Dank, a physician at the Internal Medicine and Oncology Clinic of Semmelweis University.

“However, it’s crucial to participate in necessary screenings, as the disease detected in its early stages is often highly treatable,” the expert said.

“If the diagnosis is delayed and metastases appear, the goal of treatment is to manage the condition as a chronic illness, but unfortunately, this is not always possible. Additionally, it’s important to know that the later the disease is detected, the greater the chance of metastasis,” Dank added.

Poor Participation Rates

Hungary’s public health screening program recommends mammograms every two years for those aged 45-65, while breast screening with palpation and ultrasound is advised for younger individuals. This would be enough to put Hungary among the leading countries on the continent for screening, but participation rates fall significantly short of the EU average.

According to available data, the situation, unfortunately, worsens year by year, and reversing this trend is essential if breast cancer is to be detected as early as possible and for early detection and effective treatments to reduce the progression of breast cancer to a metastatic stage.

During a roundtable discussion, participating medical experts and patient advocacy groups, including the Mályvavirág Foundation and the Health Bridge Coalition Against Breast Cancer, highlighted that early-stage breast cancer is highly variable and recurrence remains a risk.

There are various options for preventing this, and patients must have access to these if necessary. It is also crucial from a mental health perspective. Following successful therapy, patients place their hopes on not having to go through the physically and mentally challenging fight again, and every effort should be made to give them that chance.

Exactly this sentiment was echoed by invited speakers Andrea

Galló, a singer, and Judit Halász, an actress, who have both been affected by breast cancer.

BENCE GAÁL

From left: Roundtable moderator Krisztina Bombera, László Landherr (Hungarian Society of Senology), actress Judit Halász, Magdolna Dank (Semmelweis University), Krisztina Tóth (the Health Bridge Coalition Against Breast Cancer), Ildikó Nagy-Tóth (Mályvavirág Foundation), and singer Andrea Galló.

Magdolna Dank of the Internal Medicine and Oncology Clinic of Semmelweis University.

WHO’S NEWS Do you know someone on the move? Send information to news@bbj.hu

New Business Unit Leaders at KPMG

KPMG Hungary has entered the new fiscal year with a restructured leadership team, the company tells the  Budapest Business Journal

The company says that although competencies are still divided by specialization, KPMG professionals work collaboratively across disciplines, providing solutions through a multidisciplinary approach.

Aligned with this vision, since Oct. 1, 2024, the advisory division of KPMG is now jointly led by two former specialty area partners, Ágnes Rakó and Tamás Kórász .

“KPMG has become a universal consulting firm. We provide our clients full support in addressing any business challenge or change. Leveraging our broad and diverse expert knowledge base, we deliver complex solutions, ensuring that various specialized teams work in closer harmony than ever to drive success,” the pair said upon their appointments.

KPMG’s tax and legal advisory division has also seen a leadership change. Gábor Beer, partner and former head of the division has completed his 10-year leadership term. As of Oct. 1, he now focuses on developing the transaction advisory division in a leadership role.

The new head of the tax and legal advisory division from October 2024 is Zsolt Srankó, who previously led the indirect taxation area as a partner.

“The role of tax leaders has dramatically shifted. With rapid global development and digitalization, tax functions must evolve. Economic uncertainties push organizations

to reduce costs and enhance efficiency, while tax authorities continually innovate in tax administration and collection by leveraging technology and data,” noted Srankó upon his appointment.

Earlier in June 2024, KPMG’s audit division also welcomed a new leader, Albert Simonyi

“I believe that as a function leader, I am responsible for KPMG’s overall success, so I place great emphasis on close cooperation with other departments, as the future lies in cross-functional solutions,” he said.

Tímea Bana Joins

Kinstellar as Partner

High-profile technology, media, and telecommunications (TMT), data protection (DP) and intellectual property (IP) lawyer Tímea Bana has joined Kinstellar’s Budapest office as a partner and head of the local TMT service line and sector, effective Oct. 14.

Bana has a broad range of knowledge and experience across telecommunications regulatory matters, IP, DP, artificial intelligence, and M&A/corporate transactions. Her expertise spans beyond the TMT sector, and she has considerable experience in automotive and life sciences.

She joins Kinstellar from Dentons, where she was a partner for the past three years, following her role as counsel since 2016. Before that, she served as in-house counsel for major Hungarian media companies, overseeing international and local media regulatory matters, managing operational functions, and supervising program acquisition, co-production, and distribution. Throughout her career, Bana has earned widespread recognition from clients and has been consistently ranked among Hungary’s top TMT, DP and IP lawyers by the international publications Chambers & Partners and Legal 500. Clients have recently praised her ability to provide reliable, high-level service.

Balázs Sepsey, managing partner of Kinstellar Budapest, comments: “We are pleased to welcome Tímea to our team. Her strong background in regulatory and commercial matters enhances our ability to offer tailored,

practical legal solutions in this fastevolving sector. With Tímea on board, we are well-positioned to support our clients in navigating the complexities of technology and intellectual property law.”

Bana adds: “I am excited to join a firm of the caliber of Kinstellar. I look forward to working with the talented Budapest team and further expanding our offering throughout the CEE region to meet the evolving needs of our TMT clients.”

Management Change at Ganz Transformers and Electric Rotating Machines

Jan Prins, managing director of Ganz Transformers and Electric Rotating Machines, will leave the company at the end of the year, and his co-managing director, Gergely Gál, will take over his current responsibilities.

In addition to his current duties, Gál will be responsible for the company’s sales activities and the continued growth of Ganz’s business in international markets.

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Gál and Prins have been co-managing directors at Ganz since 2021. The company became 100% Hungarian-owned again in 2020 after more than 15 years.

Following the company’s reorganization in 2020, Ganz has undergone a complete overhaul and has now increased its sales in all three business areas (transformer, rotating machines, and service) in domestic and international markets, the company says. Last year, the company’s turnover reached EUR 71.55 million, almost half of which came from international orders.

“The management and professional staff of the company will continue to focus on combining tradition and innovation, producing high quality and unique products,” emphasized Gál. “I am proud and grateful to have been part of the management of Ganz, a company with a unique tradition in Hungary, as managing director during perhaps the biggest transformation in decades. At the same time, I am confident that market trends will continue to support Ganz’s development objectives in the future,” Prins added.

Ágnes Rakó

Tamás Kórász

Zsolt Srankó

Albert Simonyi

Tímea Bana

Jan Prins

Gergely Gál

Budapest Hosts 6th CRE Real Estate Awards Gala

For the sixth time, EuropaProperty has hosted the CRE Real Estate Awards Gala and Forum at the InterContinental Hotel Budapest, which annually recognizes the best buildings, companies, real estate transactions, and industry professionals in Hungary, the Czech Republic, Slovakia, and the Balkans.

GARY J. MORRELL

A jury of around 40 industry experts from nominated companies, projects and transactions decided on the awards. As in the previous year, Wing received several titles.

In the “Office Project of the Year” category, Wing won with its Liget Center project. The complex consists of two buildings: the Liget Center Classic and the Liget Center Auditorium, both of which are protected historical monuments and have undergone a significant transformation.

As a result, they have been reborn as modern, sustainable corporate headquarters while preserving their architectural heritage. The project also includes a new standalone boutique office building, the Liget Center Vitrum, which is expected to reach “shell and core completion” by the end of October. Wing also scooped the “Office Developer of the Year” title.

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International Airport, further enriching the service infrastructure there. With this project, Wing joins the ranks of real estate developers who have delivered more than 1,000 hotel rooms in Hungary.

Biggeorge Property won the “CEE Residential Developer” of the Year title at the Gala. The company has 11 ongoing residential projects, currently offering a total of 1,400 premium homes.

Multiple Projects

“Besides the four new projects launched at the beginning of 2024, we started construction of four additional residential developments in the third quarter; thus, eight new projects mark our residential development activity this year,” says Zsolt Bozsovics, deputy CEO of Biggeorge Property.

“We plan to hand over phase IV of Waterfront City at the end of this year; complete the lakeside apartments of Silverbay Residence in Siófok and Szemesbay Resort in Balatonszemes [both on the southern shore of Lake Balaton] in 2025; and finish Árnyas 40 Villa Suites, Újbuda Garden, Béke

Garden and the first phase of the Westside Grand project in 2026,” he notes.

“The four recently launched projects (Westside Grand II, Waterfront City V, Cosmo Residence and Újbuda Residence) will be ready for their new owners in 2027,” Bozsovics adds.

Repeating its success from last year, HelloParks achieved recognition in two categories. The “Warehouse Developer of the Year” award acknowledges HelloParks’ dynamic growth and market-shaping approach, according to the company. The developer was founded in 2020 as part of the Futureal Group and is currently developing more than one million sqm of warehouse and industrial space on approximately 200 hectares in four key transport hubs around Budapest: Maglód, Fót, Páty, and Alsónémedi.

The “Warehouse Project of the Year” award was a testament to HelloParks’ unique approach. The company’s Alsónémedi AN1 development (in the Budapest South area) is a 60,000 sqm modern warehouse hall that features outstanding sustainability

Ullmann Palace Undergoing Renovation

The “Hotel Developer of the Year” award recognizes Wing’s dynamic growth in hotel development. This division of the company has gained significant momentum in recent years, as evidenced by the success of the Ibis and Tribe Budapest Stadium hotel within Wing’s mixed-use Liberty complex. The developer is preparing for another milestone: a new Tribe hotel will be opened at Budapest Liszt Ferenc

Ullmann Palace, a historic building on the Andrássy út World Heritage site, is being renovated into a highend office complex. The classical neo-Renaissance palace was designed by Vilmos Freund (who also penned the Callas House and the Danube Palace, among other Budapest buildings) and built between 1883 and 1884.

“The project will ensure that Ullmann Palace remains a symbol of elegance and functionality for future generations by preserving the historic essence

of the building while modernizing it to meet current standards,” comments Jake Lodge, principal of Avison Young Hungary, the local representative for a fund managed by AEW that purchased the building. The project investor is committed to ensuring that Ullmann Palace has the highest possible Energy Performance Certificate (EPC) and sustainability rating. Lodge says this includes the selection of materials that minimize energy loss and the installation of high-efficiency equipment.

features. The developer aims to achieve Breeam “Outstanding” certification in the New Construction category.

HelloParks is the only company in the Hungarian market exclusively building such warehouse buildings, a factor that contributed to its recognition at the CRE Awards, comments the developer.

Gábor Futó, co-founder of the Futureal Group, was honored with a Lifetime Achievement Award. With his father, Péter, Futó established what has become one of the leading real estate developers and investors in the Central European region. During the pandemic, Gábor Futó foresaw the industrial real estate boom and the growing demand for modern, sustainable megaparks. Thanks in part to this, the company says HelloParks has become the country’s third most significant industrial developer based on the total area of properties under its management.

With regard to the leading consultancies in the market, Newmark VLK Hungary won the “Professional Service Provider of the Year Award” in recognition of the company’s work in the office, hotel and industrial sectors.

In addition to a state-of-the-art HVAC system, plans include upgrading the insulation and windows to maximize the energy performance of the building and obtaining Breeam certification, he adds. The renovation is due to be completed in the first quarter of 2025 when about 2,000 sqm of renovated office space will be offered to the market. The project is the latest example of a trend for restoring heritage buildings in the center of Budapest to meet the needs of high-end offices or hotels while maintaining protected historic buildings.

Biggeorge Property won the “CEE Residential Developer” of the Year title at the CRE Real Estate Awards Gala.

2 Business EU Competitiveness: 10th BMG Summit Talks Harsh Realities and Ways Forward

Most observers agree Europe must catch up with her global rivals. The 10th edition of the Business Meets Government Summit, the annual gathering organized by the American Chamber of Commerce in Hungary and the Hungarian Investment Promotion Agency, addressed the why and the how.

With its current role as President of the Council of the European Union, Hungary has an exceptional opportunity to drive an agenda beneficial for itself and the entire region. As underlined by the recently published Draghi Report, authored by Mario Draghi, the respected former head of the European Central Bank, the EU requires a set of substantial competitiveness reforms.

An estimated EUR 800 billionplus should be invested annually to ensure that the much-anticipated energy transition and the complete digital transformation of the economy occur. If that sounds like a lot, it is, as underscored by the fact that the annual GDP of 22 of the EU’s 27 member states is smaller than that.

“Europe needs change, and the Hungarian presidency wants to be the catalyst for that change,” István Joó, CEO of the HIPA, told the audience, adding that the EU currently lags in cutting-edge technologies compared to her rivals.

He said that complex regulatory frameworks can hinder business operations and limit innovations essential for economic vitality. He also noted that energy costs

remain significantly higher than those in competitor markets, adding further challenges.

He announced that a new EU competitiveness pact the Hungarian government has drawn up would seek to ease the administrative burden, provide energy at affordable prices and develop what he called a “realistic” green industrial policy; it will be presented at the next meeting of EU leaders.

Given that the European Union and the United States are each other’s biggest investors, with bilateral trade at an all-time high, the transatlantic alliance is a solid foundation upon which to build in such times.

Focusing on the Specifics

The BMG summit’s breakout sessions each covered one topic, showcasing leading trends. The Business Environment section delved into foreign direct investment trends, government incentives, and investment opportunities in rural areas. The discussions also touched upon the phase-out of windfall taxes and EU-related tax directives.

In the Digital section, experts highlighted how harnessing the power of AI could add the volume of India’s and China’s GDP combined to EU growth. However, as studies show, executives expect regulatory clarity before they can move forward faster. The problem is that AI development

Polarized Risks and More

The continent needs to set its priorities to face interconnected challenges, Fabian Zuleeg, chief executive of the EU Policy Center, said. The problem is that the recent series of crises is likely to continue, and on top of that, polarized risks also need to be taken into account. These are things that can go one way or another, like the U.S. elections, and could fundamentally impact how global trends are shaped. Hence, preparation for worst-case scenarios is essential.

As to how to regain Europe’s competitiveness, Zuleeg recalled that many issues are not determined at the EU level but rather at the business and local level in terms of competition.

is like a train blazing down the tracks, making it questionable how regulations like the EU AI Act can keep pace. The session also reviewed the priorities of the National Tax and Customs Administration’s AI Working Group and the potential impact of these trends on Hungary’s digital landscape. AmCham presented its Employee Health Benefits Survey and the new Healthcare Data Policy Paper in the Healthcare discussion. The importance of healthcare in strengthening Hungary’s competitiveness was a central theme, emphasizing preventive care, digital health progress, and infrastructure enhancement.

“The administrative burden has been around forever, yes. But the only instrument the EU has been given is legislation; far more effective ones like taxation, for example, are not available,” he pointed out. Proper harmonization would be of enormous significance, “to have instead of 27 +1 regulations just one. But it’s always the choice of the member states that insist on national exceptions,” Zuleeg commented. “Painful choices will need to be made: the golden age is over. Yet, acting can happen only together, and the EU remains the only instrument we have,” he noted. Will Europe be able to continue to attract investments? That will come down to easing the administrative burden. It is worth looking overseas for comparisons: in the United States, 3,500 regulations were adopted between 2019 and 2024; in the EU, that number was 14,000.

Legislation With Burdens

Even legislation meant to bring about positive change can sometimes impose burdens. Take the reporting obligations concerning ESG or the Corporate Sustainability Due Diligence Directive, which requires EU and non-EU organizations to conduct human rights and environmental due diligence. Compliance with this alone will tie up considerable corporate resources. How to make the most of the EU’s potential, find areas for improvement, and address the current situation was a central theme of the EU competitiveness panel, moderated by Susan Danger, CEO of AmCham EU. Regional business leaders expressed that some companies might explore investment opportunities outside Europe, where the regulatory environment is perceived as more favorable. They agreed a united action plan would be essential for navigating these challenges effectively.

The discussion emphasized action points outlined in the Draghi Report, suggesting that initiatives like a capital markets union could enhance the overall value of Europe’s economy. Achieving these goals will require resilience and significant innovation, drawing on the continent’s vast potential and immense human capital. The panelists underlined that bold action and close collaboration will also be crucial to reaching the desired objectives.

The Workforce breakout offered a comprehensive discussion of how Hungary can strengthen its competitiveness within the EU labor market. Government representatives underlined efforts to boost employment by mobilizing untapped labor reserves, including young and senior populations. The session also addressed the employment of foreign workers from third (non-EU or EFTA) countries and discussed the new immigration law, along with the formation of a new working group formed by the Ministry of National Economy and the National Directorate for Aliens Policing to refine related regulations.

From left: Munir Nanji, Central Europe sub-cluster and banking head, Citi; Abhinav Kumar, global chief marketing officer, Tata CS; Mario Klesse, VP, regional commercial strategy lead, Johnson and Johnson Innovative Medicine; Nikolaas Baeckelmans, VP EU affairs, ExxonMobil; Andrea Antoniou, VP Iron Mountain Central & Southern Europe; and moderator Susan Danger, CEO, AmCham EU.

Hungary’s Economy: Growth Ambitions Must Overcome Regulations and Taxes

While the government aims to put the economy back on a growth track with its new action plan, business leaders are pushing for less state regulation and the phasingout of extra taxes as prerequisites for real progress.

LEVENTE HÖRÖMPÖLI-TÓTH

At the Oct. 17 Portfolio Budapest Economic Forum 2024, policymakers and industry leaders debated how best to revive the Hungarian economy amid shaky inflation, geopolitical risks, and overregulation.

Minister of Economy Márton Nagy unveiled the government’s ambitious action plan aimed at tackling some of Hungary’s most pressing economic issues. The plan focuses on providing affordable housing, raising the purchasing power of wages, and doubling the size of local SMEs. These goals are central to the government’s strategy to foster long-term growth. Nagy expressed confidence about the success of the planned measures:

“We have every reason to believe that with strong foundations and targeted investments, Hungary can return to a path of sustainable growth,” he said.

Minister of Finance Mihály Varga echoed this optimism. He assured the audience that, after a tough period, growth would return to a healthy range of 3-4%, while the budget deficit would drop to 4.5%, a significant improvement from the previous 6.7%. Varga acknowledged the challenges but emphasized the need for cautious optimism: “We’ve had a bumpy ride, but looking ahead, we should expect better times,” he said.

However, the government must be careful in its approach to reviving the economy. Barnabás Virág, Vice President of the Hungarian National Bank (MNB), warned that inflation remains a persistent issue, with particular concerns around service inflation, which remains stubbornly high. This has to do with the fact that demand for services has been growing faster than that for products.

He also pointed to the geopolitical risks and the growing trend of people saving in euros as threats to stability.

“The shadow of inflation remains long,” Virág said. He underscored that on developed markets uncertainty still prevails and hinted at the cautious path the National Bank would take, declaring:

“We won’t put rate cutting on hold just in October,” he noted. His comments had an immediate impact on the markets, with the Hungarian currency gaining strength shortly after his speech.

Ease That Burden

Following the discussions by political leaders, corporate executives offered their perspectives on the state of their sectors and the broader economy. One key theme that emerged was the underperformance of the EU compared to global competitors. Several speakers referenced the Draghi Report, which highlighted how growth in the U.S. and China was five and seven times faster, respectively, than in the EU in the past ten years. The report also called for boosting investment by 5.5% of GDP annually—levels not seen since Germany’s post-war Wirtschaftswunder Beyond cutting red tape, easing the tax burden was another demand from business leaders. Sándor Csányi, President of OTP Bank, criticized the government for not following through on promises to phase out punitive taxes: “The worst part is that government promises made when these taxes were introduced are rarely kept,” he recalled.

The burden of the transaction tax is another issue that stands out: now that it has been raised it should amount to five to six times more than banking taxes. This imbalance has become a major concern for the financial sector, and its adverse effects are felt across the banking industry. Erste CEO Radován Jelasity added that while Erste’s Hungarian operations only account for 3% of the group’s performance, they are responsible for paying 16% of all taxes. This heavy tax load has placed significant strain on banks’ ability to remain competitive.

Stop Funding ForeignOwned Operations

Leaders from Hungary's largest corporations also weighed in on the impact of extra taxes and subsidies on business operations. Gábor Orbán, CEO of pharmaceutical giant Richter, stressed that these taxes are hindering the company’s acquisition activity, which is essential for growth in the competitive pharmaceutical sector. He also criticized the practice of subsidizing foreign-owned companies, pointing out that such policies fail to benefit the broader economy:

“There is no multiplier effect. These subsidies only help the firms that receive them,” Orbán said, calling for more support for locally owned companies.

János Vida, CEO of Opus Global, also voiced concerns about the disconnect between government policies and the realities of the business world.

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He suggested that policymakers often base their decisions on theoretical models that do not align with on-theground conditions. According to Vida, policy makers are sometimes working with “vials,” but the real world has little in common with what’s inside those vials.

More competition please

The forum’s closing panel discussion brought these issues to a head, with participants expressing concerns that the government’s over-reliance on interventionist policies is undermining competitiveness. György Surányi, former governor of the MNB, emphasized that current government policies are not encouraging businesses to innovate or improve productivity.

“The government’s interventions are not fostering competitiveness. Instead, they are creating an economy that is more reliant on soft money than on real growth drivers,” Surányi said.

This theme was echoed by investor Viktor Zsiday, who argued that too much state involvement is distorting market dynamics and reducing the incentive for businesses to compete and improve. Zsiday pointed out that sectors with close government ties receive most of the available funding, while successful firms face heavy taxation or stringent regulation. As a result, many companies are more focused on securing EU and government funds than on adapting to market conditions: “Diverting market forces, little competition, and too much state intervention won’t result in higher productivity,” Zsiday concluded.

Photo

Kocsis

Zoltán / MTI

Minister of Finance Mihály Varga speaks at the Portfolio Budapest Economic Forum 2024 at the Hotel InterContinental on Oct. 17.

Born and Raised Digital and Going Stronger Than Ever

Gránit Bank’s vision has been based on a two-pillar business model from its launch: offering cuttingedge digital retail services and building a solid corporate clientele. This concept has propelled the company to new heights, the latest manifestation of which is launching its mobile app in Romania, the first foreign market Gránit serves.

The market standard is to turn a newly founded bank profitable in around seven years. It took Gránit four. Its strength continues to be reflected by critical indicators such as the balance sheet total of more than HUF 1.2 trillion.

Gránit is ranked as the eighth largest universal bank in Hungary with more than 200,000 customer accounts and a non-performing loan ratio of 0.2% (June 2024). The market average is 2.1%.

LEVENTE HÖRÖMPÖLI-TÓTH

Gránit Bank is dreaming big and continuing its success story on foreign soil. Not literally, though; its presence in Romania doesn’t require a brick-andmortar facility. The expansion is taking place purely in the digital space.

It was ever thus for the bank. The recognition of the super-fast growth of smartphone penetration became a key driver for the company at the time of its foundation in 2010.

“We knew we’d have to focus on digital channels: it’s cost-effective, offers great pricing options and user experience, and since Hungary is a very competitive market, we thought that’s how we could stand out of the crowd,” co-founder and CEO Éva Hegedűs, who has just been recognized with the EY Entrepreneur of the Year Award 2024, explains to the Budapest Business Journal

Legendary investor Sándor Demján asked her to draw up the strategy for the bank, of which she became co-owner. Betting on digital was just one part of the customer acquisition equation. While retail banking brings stability, building it up is lengthy and costly.

Hence, the idea was to give a push to corporate banking “where our highly professional core banking team could draw key clients through personal contacts, credibility and a reputation for top-notch expertise,” Hegedűs notes. Word spread fast that the bank’s team was building a reputation for making quick, fact-based decisions.

“This showcases that our credit portfolio is truly high-quality, which also has to do with the fact that our lending policy is more conservative than the market average.”

Beating Industry Averages

Gránit’s growth in terms of retail and business deposits and lending both surpass the industry average. The total operational cost/balance sheet and the cost/revenue figure top the list among the top eight banks in the country. Return on equity accounted for 29% last year. These numbers tell a tale of the solid finances that will pave the way for a public listing soon.

“We put together a 10-year business plan based on historical data and market projections. The projections have been reviewed by a Big Four firm; our bank can look forward to steady growth,” Hegedűs says.

Team spirit and creativity are crucial in keeping the upward trajectory on track in the long run. But more importantly,

an innovation-driven approach is needed. AI opens up immense opportunities for personalization and takes operational efficiency to a new level.

“In customer relations, it means an enhanced user experience; on the operational level, it entails huge cost savings,” Hegedűs notes. Gránit Guru, a newly launched generative and agentic AI-based solution under testing, will tap into this potential and help raise the ratio of automated banking processes from around 40% to closer to 90%. The virtual assistant relies on Open AI’s large language model and Intuitech’s agentic AI-based framework to serve tailor-made customer needs 24/7.

Gránit’s track record of success in Hungary has laid the groundwork for seeking new horizons abroad.

“The intention behind this is to make a digital mobile application widely accepted and loved by consumers in Hungary available in the countries of the European Union. Gránit is the first Hungarian bank to launch a cross-border service in Romania, the EU’s sixth most populous country, where retail customers have a high level of digital affinity and where we can offer a wide range of retail digital banking services without a physical presence,” the CEO says. The service portfolio will be gradually widened in line with the Hungarian operation: credit card and brokerage services are also in the pipeline.

The Power of (and the Reward for) Innovation

The bank has earned more than 60 prizes domestically and abroad, but two stand out. In 2015, Mastercard’s Banker of the Year title, chosen by the banking CEOs of the country, was presented to Éva Hegedűs. It recognized the extraordinary performance of an emerging entity. A more recent top award is Mastercard’s Bank of the Year

2024, which was shared with OTP and picked by independent experts.

“It is a great honor considering OTP is CEE’s leading bank,” the CEO says. Those prizes are deeply connected with the innovation Gránit has been a frontrunner in since its launch. One of the first European video banking services, launched by Gránit in 2012, marked the

UX and Safety First

Gránit Bank’s desktop and mobile user interfaces enable smooth navigation in a slick graphic environment in typical fintech fashion. A few clicks will allow you to buy government bonds, open a securities account, place a bank deposit, or set up a direct video banking connection. The mobile app also keeps track of spending based on categories and helps prevent fraud. Customers can verify with a built-in function whether the bank made a particular call or if fraudsters are in action. Even exchanging money is made effortless: for example, in the case of euro-forint exchange, the exchange rate may be cheaper than the competitors up to HUF 10 million per month (during working hours, between 9 a.m. and 5 p.m.) All this might explain why, in the first eight months of 2024, Gránit saw the most retail accounts opened in Hungary at 50,000, or 38% of the total for the country.

Full-spectrum Bank

“As a result, we will be the only bank in Hungary licensed for cross-border services that cover the full spectrum of daily retail banking tasks and brokerage services in one mobile app on the Romanian market,” she says.

Competitive pricing and customer service in Hungarian, Romanian and English aim to offer high-quality banking services.

“It may be a highly regulated sector, but customers want to get things done simply and conveniently. We are confident that the user experience we offer will convince many customers to choose us,” Hegedűs adds.

This development occurs in a challenging market environment where the banking sector carries a significant extra burden. However, Gránit is determined to grow even in these conditions.

beginning of a new era. Gránit was also the first in Europe to introduce the latest generation of mobile pay, based on bankcard digitalization, for Android on its banking platform. A built-in eco calculator is another one-of-a-kind novelty that keeps track of your spending-based carbon footprint. Customers can offset that footprint with the click of a button, given that Gránit plants trees from such donations.

Éva Hegedűs

Startup Looking to Support 1,000s of Agricultural Professionals

This fall, Hungarian startup Agrolynx is debuting its innovative agricultural software, which has the potential to simplify the daily work of thousands of industry professionals.

The company’s creation, Farmlynx, is a unique, domestically developed agricultural collaboration system that not only supports compliance with legal data reporting but also comprehensively aids data-driven operations in farms. The solution allows for complete tracking of daily operations, making every participant in the agricultural community accessible with just a few clicks. Companies with solid expertise in the agricultural sector, information services, and software development were behind the startup. The founders aim to play a pioneering role in the

digitalization of agriculture, intending to make the advantages of online collaboration and the analysis and decision-support capabilities of “big data” solutions available not only to large agricultural operations but also to small- and medium-sized farms.

This is offered through a simple, userfriendly interface that is available as a service with minimal investment and can be accessed 24/7 from any web browser. The founders hope that with the help of Farmlynx, Hungarian agricultural businesses will become increasingly conscious, efficient, and sustainable, successfully advancing their operations.

The company says it will initially focus on the domestic agricultural sector, with plans to maintain this for a few years to ensure a successful introduction in Hungary. However, the software was developed in English from the start, and the localized Hungarian version had to be translated as a result, meaning the software is already prepared for use in other countries.

Following its successful launch in Hungary, the software will be ready for use in neighboring countries and later more broadly across Europe. Official agricultural reporting systems vary significantly by country, so the introduction in different countries will require thorough preparation and careful planning, proceeding step by step, Agrolynx notes.

Complementary App

“Certain parts of Farmlynx will be available through an app in addition to the web interface. However, to maintain clarity, this will mainly complement

Stability and Growth in the Crosshairs

This summer, Dorottya Ágnes Prokaj became head of Andersen’s tax incentives and grants division. Despite the market slowdown and uncertain regulatory environment, she sees possibilities for development and progress. The Budapest Business Journal asked her about her plans and goals.

operating for just a few years.

BBJ: What professional path led you to your new role?

Dorottya Ágnes Prokaj: I spent seven years at one of the Big Four consultancies, where most of my work involved contracts for using tax incentives and grants.

I participated in the successful completion of large complex projects, working for clients in various industries from the planning phase to implementation. I acquired quite a bit of experience and gained extensive insights. Although the opportunity to lead the Andersen division was unexpected, I said “Yes” because I felt the complexity of the task was a professional challenge while also providing new prospects.

BBJ: What are your impressions after these first months? How was the division doing when you took over?

DÁP: This is a relatively new service area for Andersen, and it has been

Nevertheless, my experience is that the foundation is stable, the client portfolio is diversified, the workflows function well, and the quality of the professional material is excellent. I can also say that the team consists of highly qualified experts from various fields. As a result, we have experience from ministries, background institutions, and the Big Four, which is a great value. Overall, we don’t have to start rebuilding the foundations; this allows us to concentrate on development and progress.

BBJ: What are the most important goals you set when you accepted the position?

DÁP: I want to maintain the division’s stability despite the unfavorable external environment and negative economic processes. I would like to establish a successful and reputable professional workshop that can react flexibly to client requirements to make Andersen a fundamental player in the market segment. Regarding business objectives,

I aim to substantially expand the current clientele and increase Andersen’s market share in the consultancy field.

BBJ: What challenges do you face in this area of services?

DÁP: We are on a difficult path. The retention of EU funds and the curbing of investments has led to a great deal of uncertainty in the domestic market, and the regulatory environment is less predictable due to changes in economic policy. International events and conflicts compound this. At the moment, the Hungarian economy is being artificially boosted. However, we must be aware that the start of any positive processes

STARTUP SPOTLIGHT

the program built for larger screens. The software will be available in both Hungarian and English at launch, enabling non-Hungarian-speaking users in Hungary to use it as well,” emphasized Béla Bartók, the CEO of Agrolynx Zrt. Farmlynx, which offers a free trial period at launch, is intended to cover nearly the entire Hungarian agricultural sector. The program is a genuinely complex software system where users see only the parts relevant to their needs.

“Who should try the Farmlynx service first? We recommend it to all farmers, advisors, specialists in plant protection and nutrient management, input material traders, seed breeders, propagators, distributors of pesticides and fertilizers, as well as crop traders and agricultural machinery distributors,” says Bartók.

“Given the system’s capabilities, the software could benefit almost everyone working in agriculture,” he adds.

Agrolynx expects initial interest primarily from medium-sized and family farms, integrator collaborations, and supporting advisor networks.

largely depends on the decisions and risk-taking of market players. A supplier will not carry out an investment only because it receives support. If it sees that the coming period will not bring the orders that justify developing a substantial infrastructure, purchasing expensive assets, or increasing staff numbers, it will not make that decision.

BBJ: Which of the division’s three service areas holds the most significant possibility for medium-term growth?

DÁP: We are considering different possibilities for EKD- (individual government decisions) based support for significant investments in the coming period. The focus will shift from traditional investments to investments with greater added value and R&D projects.

We used to concentrate on just one or two tax incentive types, though they are much broader than that, and the number of available clients is much greater than the amount we had reached. Since we have the expertise, all we lacked was the initiative.

The near future is expected to bring more business opportunities involving grants. The government is trying to provide more support to SMEs through various measures. A good example is the recently announced Sándor Demján Program, which assists these companies in capital financing.

Dorottya Ágnes Prokaj

BENCE GAÁL

Béla Bartók, the CEO of Agrolynx Zrt.

3 Special Report

Telecoms

The Real Mission of Mobile Network Towers

Mobile services are becoming like oxygen for humans: an indispensable part of our lives. Vantage Towers plays a crucial role in providing that vital component and has made it its mission to improve our everyday lives by providing seamless connectivity.

LEVENTE HÖRÖMPÖLI-TÓTH

If your car breaks down in Death Valley, CA, after dark, you will feel uneasy, with good reason. There is no reception in the nearly 14,000 square km area that is so much more than just a valley: it hosts landscapes ranging from snow-covered mountains and dunes to meadows and steep canyons. In such a vast and geologically diverse region, providing mobile coverage with traditional technology is impossible. This is Starlink territory, an Elon Musk project that brings satellite-based internet to users otherwise cut off from civilization. However, cutting-edge tech such as artificial intelligence, augmented reality or Industry 4.0 need fast and robust networks that only conventional mobile technology can guarantee.

Cost-effectiveness considerations, sustainability and the need for shared infrastructure called for tower companies to be spun off from the telco providers. While that process started in the United States in the very late 1990s, it only reached Central and Eastern Europe in the early 2020s.

Vantage Towers, a Vodafone spin-off, is a leading tower company that operates approximately 86,000 towers across 10 countries in Europe. Vantage Towers Hungary has 2,500-plus towers and puts up another 150-200 new ones each year. Following a listing on the Frankfurt

Stock Exchange, Vantage Towers is currently owned by a consortium of Vodafone, KKR and GIP.

“Many believe our job is to provide coverage, but in fact, we we provide connectivity to people and businesses and enable communications with our infrastructure,” Gergő J. Budai, the Vantage Towers cluster managing director for Hungary as well as the Czech Republic, Ireland, Portugal, and Romania, explains to the Budapest Business Journal.

DAS to the Rescue

In addition to ground-based and rooftop towers, Vantage Towers also builds so-called distributed antenna systems (DAS) that boost the signal locally in indoor and outdoor environments.

Situations and locations that scream for such solutions are plenty. Budai mentions Vodafone’s 20th business anniversary at Várkert Bazár where the use of DAS was inevitable given that the venue is built into the side of the Buda Castle hill via huge concrete blocks, making it far from ideal for reception purposes. The opening day of the 2023 Athletic World Championship in Budapest marked another challenging milestone.

“When the announcer called upon 40,000 viewers on the spot to use an app in the hope of winning a car, it made you sweat for a second,” Budai recalls, adding that, thankfully, the 42

mini antenna systems lived up to expectations.

“Our technology is agnostic in the sense that service is robust for every telco provider; a good example is the MVM Dome” the MD adds. “It is also ideal for

Gergő J. Budai

office buildings where tenants don’t want to be locked to one single provider.”

The entire business model is changing, too. Now, facility owners and managers order and pay for the deployment of the service, and Vantage Towers brings the providers on board so that every one of their tenants can have a signal.

The general condition of the Hungarian mobile networks are of great quality. However, the median mobile internet connection speed of around 54 Mbps is no more than the average figure in the region. In terms of 4G, the last few percentage points of coverage are being added, and 5G is progressing massively. The one problem is the “Nimby” effect. Everyone wants network stability, just “Not in my Back Yard.”

Budai stresses, “We are talking about a safe technology, though, as evidenced by countless scientific studies and 40-plus years of experience. Even trams’ pickups have more electromagnetic radiation.”

Real-time Means no Latency

Vantage Towers does everything in its power to keep its operations green. Its towers run on 100% renewable energy. The equation is changing substantially: electricity used to come from the grid first; backup was a lithium battery park and, if needed, a diesel generator. Now, solar is the primary energy source, batteries come second, and the grid is the third line.

But what difference does 5G actually make? It comes down to real time vs. a few tenths of seconds, Budai explains.

Crazy Ideas

Even so, conspiracy theories and crazy ideas persist. During COVID, for instance, 5G antennas were attacked in places as geographically diverse as Europe and South America because people thought they were spreading the virus. The damage done, affected telecommunications in the areas concerned, causing delays and quite possibly leading to deaths, even though at that time in most places 5G was not available and it was older networks that were damaged.

In a bid to blend in less obtrusively, mobile network towers camouflaged as pine or palm trees do exist, but you would never mistake them for real trees. Accordingly, they can’t be cut down by accident, unlike a blockbuster comedy where the effort resulted in electrocution (and funnily executed reanimation).

Whether the reception is robust enough depends very much on topology. In the Czech Republic, for instance, aprroximately

4,000

base stations are needed to provide coverage for a population of a similar size to that in Hungary. Here, only roughly 3,000 are required.

However, greater efforts remain pivotal in pushing mobile service towards perfection. Vantage Towers’ Gigabit Innovation Track project, for example, aims to provide the foundation to establish an extensive 5G mobile communications infrastructure along train tracks in Germany. And while researchers are already working on the next generation of 6G technology, nationwide developments continue.

“The number of infrastructure companies in Hungary are starting to exceed that of providers. One thing is for certain: technology and the market are always changing, developing,” Budai concludes.

“We gave goalkeepers VR sets enabled with 4G and 5G, respectively. The upgraded one allowed them to save; with 4G, they didn’t stand a chance,” he explains. Autonomous car positioning can also be tricky depending on the technology: a 30-50 cm difference can decide whether you have an accident. Where 5G really comes into play is in machine-to-machine communications. Smart cities, remote robotic surgeries and intelligent factories will all need a real-time connection, hence no latency, for which 5G is crucial.

4iG Marks 20 Years of Trading on BSE

A leading IT and telecommunications service provider in Hungary and the Western Balkans region, 4iG Plc. has marked its 20th anniversary as a listed company on the Budapest Stock Exchange.

Founded in 1995, the story of the majority Hungarian-owned company began at the same time as the explosion of the Hungarian information and communication technology market. Today, the 4iG Group is a leading player in IT systems integration services, telecommunications, space and defense. It employs more than 8,000 people and is present in Hungary, Albania, Egypt, Israel and Montenegro.

The shares of 4iG Plc were first listed on the Budapest Stock Exchange on Sep. 20, 2004, since when the company has become a significant player in the Hungarian capital market, the BSE said in a press statement. The company has experienced considerable growth and is now included in the Premium category of the bourse. The firm currently has a market capitalization of more than HUF 230 billion, the BSE said.

Highlights of its time on the bourse include being awarded the BSE Legeken 2019 prize for “Highest Share Price Rise of the Year in the Premium Category.” In 2022, itwas awarded the “Private Equity Issue of the Year” and the “Longterm Share Price Rise Company of the Year” prizes.

“Our company has undergone significant development over the past two decades. Not only in the field of IT services but also in telecommunications, we have become a leading group in Hungary and the Western Balkans,” said Péter Fekete, CEO of 4iG Group, as he rang the opening bell to mark the 20th anniversary of its shares being traded on Sep. 20.

Increasing Shareholder Value

“We have made huge strides in strategic areas and are now present in global industries such as satellite communications, space

a strong emphasis on social responsibility, customer centricity and maintaining digital growth. We aim to deploy technologies that improve people’s quality of life, help protect the environment and ensure sustainable growth in the long term. Behind these achievements is the unwavering support of our employees, partners and investors,” Fekete added.

Richárd Végh, the CEO of the Budapest Stock Exchange, also spoke at the ceremonial bell-ringing marking what he described as a significant milestone for the company and the domestic capital market.

Richárd Végh, the CEO of the Budapest Stock Exchange (left) and Péter Fekete, CEO of 4iG Group, at the ceremonial ringing of the opening bell to mark the 20th anniversary of its shares being traded on the BSE.

and defense. Our goal is to increase shareholder value continuously, and we expect our ongoing transformation program to deliver an increase in shareholder value of HUF 400 billion,” he continued.

“We are committed to continuous innovation, competitiveness and sustainability while placing

“Over the past two decades, 4iG has been an excellent example of how a company can renew itself and grow steadily by focusing on innovation, adapting to an ever-changing and increasingly consolidated market environment, achieving success in international expansion and effectively broadening its scope of activities, thus indirectly contributing to the development of the Hungarian economy and the Budapest Stock Exchange,” Végh said.

“The company is actively present on the BSE not only as an issuer of shares but also as a bond market issuer, effectively exploiting the financing opportunities offered by the capital market for dynamic growth. We congratulate 4iG on this exceptional performance and wish its continued success on the Budapest Stock Exchange in the decades to come,” he added.

Jane Goodall Institute Wins HUF 16 mln in MTel Tender

This fall, Magyar Telekom and Hello Nonprofit launched a call for proposals from Hungarian nonprofit organizations focusing on reducing e-waste and digital pollution, urban climate adaptation, or supporting the resilience of domestic ecosystems. From 21 entries, the jury selected the Jane Goodall Institute’s “Pass it back, Bro!” program, which will receive a grant of HUF 16 million.

GPS devices, tablets, and accessories. With the involvement of schools, companies, municipalities, plus other associations and organizations, the campaign creates collection points where the population can drop off mobile devices they no longer use.

Currently, more than 1,200 collection points are operating across the country in cooperation with the Követ Association. Since the launch of the program, 14,000-18,000 devices, about eight tonnes of electrical waste, have been collected annually.

year, and, together, we can reach even more people with our attitudeshaping program, with which we give hope to nature, animals and people,” Kádár added.

“We are confident that the tender is the beginning of a long-term cooperation, and together, we can further shape public thinking related to sustainability and environmental awareness,” said Diána Várkonyi, Magyar Telekom’s Capital Market Relations Hub lead.

According to Magyar Telekom, promoting climate protection, including the circular economy, is a crucial element of its ESG strategy. The telco is increasing the number of used appliances it collects annually to recycle. This year, the firm says it has collected tens of thousands of appliances, or around four tonnes of electronic waste, across the country. For more than 12 months, MTel has offered its customers refurbished appliances as part of its sustainability efforts.

The “In Circulation, In Interaction, In Community” tender competition was open to Hungarian NGOs through the Hello Nonprofit online platform. Telekom pledged to support a climate adaptation project with HUF

500

for every used device handed in by its customers and colleagues, up to a maximum of HUF 16 million. This is the amount that the Jane Goodall Institute has now won.

Since 2018, “Pass back, Bro!” has been collecting unused mobile phones,

Chimpanzee Connection

“At first, it might seem strange that the Jane Goodall Institute, whose primary goal is to protect chimpanzees and their habitats, is connected to the collection of used mobile phones,” noted András Kádár, its general secretary.

“The connection is simple: the coltan ore required for the production of mobile phones in Africa; in other words, they mine the habitats of gorillas and chimpanzees, eating up their forests. We want to curb this process, which is why we collect mobile phones for recycling,” he explained.

The support of MTel will help “ensure our efficient operation next

According to Magyar Telekom, a smartphone contains 63 different elements of the periodic table, 90% of which can be recycled. The plastic, glass, metals (such as aluminum and copper) and rare earth metals (gold and cobalt) used in mobile phones can also be extracted in Hungary and returned to circulation as raw materials.

Recycling one mobile device means 5 kg of CO2 emissions can be avoided, and by recycling four phones, one CO2 unit equivalent to the annual carbon sequestration capacity of an advanced tree can be saved, MTel concluded.

Yettel Ranked Among Best Employers in Hungary

The independent international body, the Top Employer Institute, has ranked Yettel among the best employers in Hungary, a distinction it says only 17 companies in the country share.

Independent Ranking

X vs. Brazil: High-Stakes Showdown Over Internet Censorship

Eszter Csapó Senior Counsel, Technology, Media and Telecommunications

In recent months, internet censorship has become a hot topic in Brazil, especially with the blocking of the social media platform X (formerly known as Twitter) by the Brazilian Supreme Court. This case underscores the complex interplay between court orders, corporate compliance, and the role of telecommunications companies in enforcing censorship.

The Czech-owned telco had to prove its HR practices were outstanding in an international context in a 240-point assessment over several months. What Yettel called a “rigorous and objective assessment process” monitored aspects of HR in 20 sub-themes across six key areas.

These included HR strategy, digital HR leadership, working environment and conditions, employer brand and recruitment, career management, values/ ethics and CSR policies, remuneration and workplace recognition, engagement, wellbeing, diversity and inclusion.

The mobile operator scored highest (85%) in the business and HR strategy and leadership category. In addition, it scored above 80%

in the organizational development, digital HR and work environment section. Yettel’s overall score was 74.73%.

“At Yettel, we pay special attention to our employees, as it is through their work that we can provide a high-quality service and a reliable mobile network to our customers. Every external recognition is very important for us, as it proves we are on the right track,” said Enikő Szalai, deputy HR director at the telco.

“The certification is both an inspiration and a compass for us to maintain the success we have already achieved and identify opportunities to do even better.”

It is the second time the mobile operator has been recognized as a top employer in 2024. At the beginning of the year, the career platform munkahelyeink.hu published its list of the most popular employers for the third time. The top three were, in order, Yettel Hungary, Pepco Hungary and Harman Hungary.

Munkahelyeink.hu says Top Employers Hungary is currently the only independent ranking based solely on the opinions of former and current employees, with the ranking based on a transparent methodology and real employee feedback.

The overall assessment comprises 70% of the score with an additional five criteria (pay and benefits, development opportunities, work-life balance, management and company culture and values), each worth 6%. The survey was based on assessments made between Jan. 1, 2023, and Dec. 31, 2023.

Only employers with at least

employee evaluations were included in the list.

Munkahelyeink.hu says the ranking aims to provide job seekers with credible information about workplaces and employers with feedback on the results of their employer branding activities.

Speaking of the top ranking, Szalai described it as “a great recognition that our current and former colleagues are proud of their work and the working environment in which they spend their everyday lives. And the fact that they, for their own reasons, are willingly appreciated on an independent professional platform is a particular pleasure for us.”

She added: “It is not uncommon for people to return to us who have worked with us before, another important confirmation that we are a great place to work in the home country. We are confident that the evaluation we have received will inspire those who are still thinking about applying to us in the future.”

Other telecom companies ranked in the top 30 were Magyar Telekom (in 16th place) and Vodafone Hungary (25).

On Aug. 30, 2024, Brazil’s Supreme Court, led by Justice Alexandre de Moraes, ordered the suspension of X in the country. This decision followed a prolonged legal battle with Elon Musk, the owner of X, who had repeatedly refused to comply with court orders to block certain accounts from spreading misinformation. The court mandated that X appoint a local legal representative and pay substantial fines, which Musk initially resisted. To bypass the ban, X made a technical change to how it routes its internet traffic, enabling the site to evade the digital roadblocks set up by Brazilian internet providers. X’s solution relied on Cloudflare, a major internet infrastructure provider based in San Francisco, to deliver its site in Brazil. Cloudflare helps route traffic for millions of websites, so blocking it in Brazil would have significant consequences for internet users across the nation of 200 million. X described this move as an “inadvertent” consequence of changing network providers, but it was perceived by many, including Brazil’s telecom regulatory agency Anatel, as a deliberate attempt to circumvent the court’s order. Anatel responded by working with Cloudflare to isolate X’s traffic, ensuring the ban was reinstated and maintained.

The situation escalated when SpaceX’s Starlink, another company owned by Musk, became involved. Starlink provides satellite internet service and has gained significant popularity in Brazil with more than 250,000 customers. Justice Moraes froze the bank accounts of Starlink to try to collect USD 3 million in fines he had levied against X. Starlink initially said that it planned to fight the order and would make its service free in Brazil if necessary. It also argued that the fines imposed on X were unconstitutional and that their assets had been unfairly frozen.

However, Starlink ultimately complied when faced with the threat of having its license revoked and additional fines imposed. This incident underscores the critical role that telecom companies play in enforcing internet censorship. Governments, courts, and administrative bodies are becoming more demanding of compliance with local requirements. Some tech giants do their best to comply with local laws to avoid being shut out of markets. They hire more content moderators and issue statements about following local regulations. However, others, like Musk and Telegram’s owner Pavel Durov, are more willing to stand their ground in such debates and use their power to challenge legislative orders. Nevertheless, governments and courts have managed to maintain the upper hand by obliging not only platforms but also telcos to block access to certain content. Ultimately, when courts or administrative bodies issue orders to block access to certain websites or platforms, it is the telecom firms that must implement these technical measures. Telecom operators’ networks serve only as conduits for accessing content, and they do not have editorial control over the content and services flowing through their networks. At the same time, governments do not forget that such networks are still subject to strict local regulations that, when enforced properly, cannot be bypassed.

Telcos often face significant technical and ethical challenges in this regard. Technically, they must ensure the blocking measures are effective and do not inadvertently disrupt other services. Sometimes, they have to adopt complex technical measures to comply with legal orders, as seen in Anatel’s response to X’s attempt to circumvent the ban. Ethically, they must navigate the fine line between complying with legal requirements and respecting their customers’ rights. Even if telecom companies may not fight as hard for the availability of third-party content, they could still face backlash from end users who view such bans as infringements on their freedom of expression. This balancing act is further complicated by the global nature of the internet, where actions taken in one country can have far-reaching implications.

New Corporate Communications Director at Yettel

The Corporate Communications Directorate of Yettel Hungary has a new boss: Sándor Dávid took over on Oct. 15. The new director will be responsible for the company’s external and internal communications, CSR and event management. He replaces Attila Mészáros, who spent five and a half years with the company.

The 45-year-old Dávid joined Yettel from his position as head of communications and external relations at the Mercedes-Benz auto factory in Kecskemét (90 km southeast of Budapest by road). At the automaker, which employs

About Yettel

In 2018, Norwegian telecoms firm Telenor sold its Central and Eastern European assets in Hungary, Bulgaria, Montenegro and Serbia to Czech billionaire Petr Kellner’s investment firm PPF Group for EUR 2.8 billion. PPF Telecom Group replaced the

more than 4,500 people in Hungary, he was responsible for external and internal communications, including employer branding and coordinating government relations.

Dávid has been working in communication for more than two decades. He started as a journalist whilst still at university and later gained extensive experience in local government and PR agencies before becoming a senior communications associate at EY.

Telenor name with a new brand, Yettel , in 2022. The firm’s roots in Hungary go back to 1994 when Pannon GSM Telecommunications Ltd. was founded. Telenor acquired it in early 2002. The name was shortened to Pannon in 2006, and the business was rebranded as Telenor Hungary in 2010.

and English. He believes in lifelong learning. In that spirit, he took up sailing two years ago and, more recently, Thai. In his spare time, he enjoys what he calls “intense sporting activities,” but Dávid says he really relaxes when he travels: he and his partner are regular adventurers in Asia, where he has become addicted to the local culture.

About PPF Telecom Group

From there, he returned to the agency world, working for two years as a content manager in content marketing, including social media and native advertising, for Next Wave Europe (now Dialogue) in partnership with Central European Media and Publishing (CEMP). This was followed by six and a half years at Mercedes-Benz in Kecskemét.

In addition to his mother tongue, the PR professional speaks German

4iG Telecoms Transformations Continue

In November 2023, the 4iG Group announced its transformation program, based on the structural separation of the international telecommunications market, whereby 4iG would transform its telecommunications companies into business-to-business and infrastructure companies and integrate their operations according to the separated functions.

The group’s board of directors has also begun establishing the senior management of the companies operating

under the new structure as the next phase of the program progresses.

Until the completion of the transformation process, the Hungarian telecoms trading companies temporarily created from the 4iG Group’s telecoms companies, namely Digi, Invitech, Antenna Hungaria and Vodafone, will be managed by Tamás Bányai, CEO of Vodafone Hungary.

Bányai will take over the CEO responsibilities of these trading companies from the former heads

once the legal conditions for the ongoing company demergers are fulfilled. In the next phase of the separation, the commercial companies will be merged under the ONE brand, with Bányai as CEO of the new telecoms giant.

Bányai joined 4iG Group in 2023 and has been CEO of Vodafone Hungary since September last year. He started his career in 1999 at Vodafone Hungary, where he worked as a commercial manager, and in 2014, he became director of Vodafone Malta’s residential

PPF Telecom Group is a leading telecommunications operator in Central and Eastern Europe, comprising the telecommunications company Yettel and the telecommunications infrastructure company CETIN. The group is present in five countries (Bulgaria, the Czech Republic, Hungary, Serbia and Slovakia) and provides mobile, fixed line, data and internet TV services. It has 18 million mobile customers in the region, 1.1 million fixed broadband subscribers and more than 700,000 PayTV customers. The group has a total workforce of 12,700 employees. It is part of the wider PPF Group owned by Czech billionaire Petr Kellner.

business. He served as CEO of Epic Malta, the telecommunications company that was created following the sale of the company, until his return home last year.

Pending the completion of the transformation process, elements of the group’s telecom companies will also be transformed into infrastructure companies. Once the legal conditions for the ongoing company demergers are fulfilled, the chairman of the board of these companies will be Albert Kis, head of wholesale and infrastructure of the 4iG Group.

The companies will be managed by Gyöngyvér Papp-Gerlei as CEO. Her role will be to ensure the coordinated operation of the companies in the integration process, preparing the infrastructure companies for the integrated operation from next year.

Papp-Gerlei has more than 20 years of sales and management experience. She has been CEO of Antenna Hungária Zrt. since February 2024, before which she was the company’s deputy CEO and commercial director. Papp-Gerlei also held an important role at Digi Távközlési és Szolgáltató Kft., where she served as acting managing director.

During her career, she spent 15 years at Invitel Távközlési Zrt. and its predecessor companies and worked at Canon Hungária Kft., where she led the Hungarian sales team.

Sándor Dávid, Corporate Communications Director, Yettel

Tamás Bányai

Albert Kis Gyöngyvér Papp-Gerlei

Yettel Introduces new Flexible Discount System for Customers

The Hungarian telecommunications provider Yettel has restructured its discount system, offering more flexibility to residential customers without requiring longterm commitments. Launched on Oct. 22, Yettel’s customers can now choose and combine services that best suit their needs to access significant discounts.

For years, bundling services such as TV, internet, and telephone has been standard practice in the Hungarian market. Yettel’s new approach offers customers the freedom to build their own discount packages without committing to a longterm contract. This flexibility allows customers to select services that meet their specific needs, avoiding unnecessary expenses for services they do not use.

Over the past two decades, the structure of the telecommunications market has undergone a profound

transformation. The Hungarian Infocommunication Report of 2023 highlighted that 94% of households use more than one telecommunications service, with a significant portion (38.1%) opting for all four primary service areas: mobile phone, internet, television, and fixed-line telephone. The increasing digital adoption, even among older generations, has driven the demand for tailored service packages.

Despite the prevalence of bundled services, consumers often end up paying for features they don’t need. The majority Czech-owned telco says it addresses this issue through its new service bundle, Yettel Full, which allows customers to save up to 30% on their monthly fees for residential Prime or OtthonNet subscriptions. The bundle can be customized with add-ons such as TV

Antenna Establishes 5 Subsidiaries

Antenna Hungária Zrt., which is majority-owned by 4iG, announced it would establish five subsidiaries via the website of the Budapest Stock Exchange in mid-October. One of the subsidiaries is the Company for Communication Services One Macedonia Telecommunications Dooel Skopje, a North Macedonian company. AH Három Kft., AH Négy Kft., AH Öt Kft, and AH Hat Kft. (literally AH three, four, five and six) will operate as Hungarian subsidiaries. On Oct. 21, the North Macedonian Central Registry confirmed the

establishment of the subsidiary in its country. The North Macedonian government is supporting the 4iG Group market entry. The cabinet says it expects the arrival of a new service provider to increase market competition, improve the quality of telecommunications networks, and accelerate the country’s digitalization.

Scope Affirms MTel’s ‘BBB+’ Rating

Scope Ratings affirmed the “BBB+” issuer rating of Magyar Telekom and revised the outlook to “stable,” the telco said in an announcement on the website of the Budapest Stock Exchange

within Hungary. The discount remains valid as long as at least one Prime or OtthonNet tariff is active on the billing account and no services are suspended during the billing cycle.

“We’ve looked at the market and listened to our customers. People are tired of paying for things they don’t need, and our offer focuses on addressing this issue. Just as we all live in the same building but have different apartments, the same goes for our preferences when it comes to TV, internet, and mobile usage,” explains Olga Szafonov, Yettel Hungary’s CCO for residential services.

or streaming services, making it highly adaptable to individual preferences.

One of its essential features is that customers are not required to include all three service types—mobile subscription, TV, and home internet—in their package. Discounts can be accessed with just two subscriptions, whether two mobile services (any Yettel Prime option) or two home internet subscriptions (any OtthonNet option).

Moreover, Yettel offers a 15% discount on Yettel TV (except for the XS package), and customers who prefer streaming services can benefit from the same discount on Max subscriptions.

Another significant advantage of the Yettel Full bundle is that it comes with no long-term commitment, and the mobile subscriptions within the same package can call each other free of charge

in late September. Scope said it based its affirmation on an “improving financial risk profile and continued healthy business risk profile, including the strong and stable positions in the domestic mobile and broadband markets and the benefits from low cyclicality of the telecom industry,” MTel said. The revision of the outlook to “stable” from “positive” reflects “continued policy predictability concerns in Hungary,” the rating agency added.

Vodafone Shareholders Clear Tower Spin-off

Shareholders of Vodafone Hungary have cleared the spin-off of its infrastructure activities, owner 4iG told the Budapest Stock Exchange in September. From Jan. 1, 2025, the mobile telecommunications infrastructure will operate as part of the company V-Hálozat, while ONE Hungary will handle commercial

“People are tired of paying for things they don’t need, and our offer focuses on addressing this issue. Just as we all live in the same building but have different apartments, the same goes for our preferences when it comes to TV, internet, and mobile usage.”

“Yettel Full is designed with this in mind, offering flexibility to match people’s unique needs. With just two Yettel products, customers can already see a noticeable discount, and by adding more services, or even multiple subscriptions, they can save up to 30% each month,” Szafonov adds.

Yettel says its new approach signifies a commitment to providing customer-centric solutions in an increasingly digital world.

The company’s focus on flexibility and personalization reflects the growing demand for tailored digital services, especially in a market where consumers seek more control over their telecommunications expenses.

operations. 4iG announced the launch of a program to split its commercial activities and infrastructure into separate companies back in November 2023.

HUF 23.3 bln H1 Loss for 4iG

Listed ICT company 4iG had a firsthalf loss of HUF 23.3 billion as financial losses weighed, according to an earnings report released on the Budapest Stock Exchange website on Sep. 1. Net sales revenue climbed 23% to HUF 328.4 bln and EBITDA increased 16% to HUF 110.5 bln. A HUF 39.3 bln net financial loss put 4iG in the red. The firm noted that nearly 88% of net sales revenue was generated by its telecommunications business. In a geographical breakdown, domestic sales accounted for 87% of the total, while sales in Albania generated 10% and those in Montenegro 3%.

Olga Szafonov, CCO for residential services, launches Yettel Full.

Internet Service Providers

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1112 Budapest, Boldizsár utca 2. (70) 700-1270 sajto@vodafone.com

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Nemanja Zilovic 2045 Törökbálint, Pannon út 1. (20) 930-4000

1013 Budapest, Krisztina körút 39. (1) 707-0707 ugyfelszolgalat@digi.hu

1013 Budapest, Krisztina körút 39. (1) 888-3888 vip@invitech.hu

István Kun, László Mészáros, Csaba Andrasek

8900 Zalaegerszeg, Nefeljcs utca A/2 (1) 878-1800 info@netfone.hu 7

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Budapest, Kacsa utca 15-23.

4 Socialite Heavy Metal Band Sepultura Bids Farewell to Budapest

On Nov. 17, Sepultura will play Budapest’s Barba Negra club on its “Celebrating Life Through Death” tour, marking the band’s 40th anniversary and its swansong. I’m a fair-weather heavy metal fan at best, but I’m fascinated by the genre and always on the lookout for an excuse to visit a Budapest music club I’ve never been to. I’ll be there, earplugs firmly in place.

Given that the band’s name means “grave” in Portuguese, its farewell tour is aptly named. Sepultura aims to record 40 live tracks in 40 different cities, presumably including Budapest. Announcing the tour, the band said it’s about “Euthanasia, the right to a dignified death. The right to choose to live free and to choose when you die!”

It’s arguable whether Sepultura are going out while they’re on top. But in their 40 years of playing heavy metal, they’ve certainly been a major force in a fragmented genre.

The band first lurched into life in the Brazilian city of Belo Horizonte in 1984, the brainchild of Max Cavalera and his younger brother Igor. They were the sons of a model named Vânia and an Italian diplomat named Graciliano, whose death from a fatal heart attack spelled financial ruin for the family.

The Sepultura legend goes that on the day Graciliano died, fate decreed that Max Cavalera should hear Black Sabbath’s doom-drenched dirgelike 1972 album “Vol.4.” This set the brothers on their merry way. Max was the lead singer and rhythm guitarist, Igor the drummer. If Max had heard, let’s say, Simon & Garfunkel’s “Bridge over Troubled Water” album instead, things could have been very different.

Sepultura’s name was inspired by “Dancing on Your Grave,” a track by British heavy metal band Motörhead. In terms of heavy metal, the brothers’ influences were originally the 1970s holy trinity of Led Zeppelin, Black Sabbath and Deep Purple. They were also fans of secondgeneration groups like Van Halen, AC/ DC and Judas Priest, along with extreme hardcore punk bands such as Discharge. But it was pioneering British outfit Venom who were the biggest influence.

‘The Devil’s Motörhead’

As Igor said later, “I remember the first time I listened to Venom; it was on a friend’s borrowed tape. It was similar to Motörhead, only a lot heavier. I remember someone saying, it’s the devil’s Motörhead! After we got acquainted with Venom, we stopped listening to Iron Maiden and all that lighter stuff.”

Listening to Venom’s 1981 “Welcome to Hell,” it’s clear how the band influenced Sepultura as well as giants such as Metallica. Vocalist/bassist Conrad ‘Cronos’ Lant barks his lyrics of death and destruction over breakneck riffs and rhythms and machine-gun fire rapid drums more punk than heavy.

Venom famously helped break Metallica in Europe when, in 1984, they invited the American band over from California to support them on a European tour. After Venom, the brothers Cavalero discovered extreme metal bands such as Slayer, Megadeth and Sodom. Sepultura evolved at high speed. Beginning as a black metal band, the

most sonically and visually extreme form of the genre, popularized by happy-golucky Norwegians, they took on groove and thrash metal influences. Groove is slower, funkier. Thrash hurtles along like a runaway train. Mixing these influences with a specific sonic openness that came from their exposure to Brazilian genres, such as samba and bossa nova, gave Sepultura an intriguing depth.

By their second album, “Schizophrenia,” Sepultura was attracting attention worldwide. They signed with Roadrunner Records in 1988 and released their debut on the label “Beneath the Remains” in 1989. Three albums in the 1990s – “Arise,” “Chaos A.D.” and “Roots” brought them huge international success. To date, they’ve sold more than three million albums in the United States and almost 20 million worldwide.

Max Cavalera left Sepultura in 1996. He now makes music that could loosely be defined as spiritual but doesn’t embrace orthodox religion. Asked what he thought about the infamous church burnings by Norwegian death metal artist Varg Vikernes, Cavalera said, “I support church burnings 100%, but why don’t we just burn everything? Mosques, temples, all religious burnings.”

Drummer Ivan Cavalera left in 2006 and, since then, has played in various bands, including Soulwax.

Sepultura Today

To date, Sepultura has made 16 albums. Influential music website “AllMusic” claimed that the 1993 album “Chaos A.D.” was “one of the greatest heavy metal albums of all

time.” The band’s last album, “SepulQuarta,” was recorded during lockdown. Although there are no original members left, bassist Paulo Xisto Pinto Júnior has been with the band since 1987. Guitarist Andreas Kisser played on “Schizophrenia” and has been on every album since then. Joining them are singer Derrick Green and drummer Greyson Nekrutman, formerly of Suicidal Tendencies.

Green, who identifies as vegan, is a powerful stage presence. He sings in the thrash metal guttural mutter but with a bit more of a hip-hop inflection, if you can call it that. Although they display all the stylistic flourishes of the genre, the complicated, constantly changing rhythms, fiddly guitar solos and bass runs, the band sets up a powerful, consistent groove. Website “mxdwn.com” described the band’s Oct. 20 performance at New York’s Palladium Times Square as incredible. The band played “with all the intensity that fans have come to expect from the Brazilian metal legends [but] it was the emotional connection between the band and their fans that stood out. It felt like a heartfelt goodbye, like old friends coming together one last time.”

That suggests anyone heading down to Barba Negra on Nov. 17 is in for a good night. And let’s hope the band really does call it quits and doesn’t end up doing the Ozzy Osborne shuffle with comeback following embarrassing comeback.

DAVID HOLZER

Sepultura in their farewell gig in New York City on Oct. 12.

Photo

Monet’s Impressionist Immersive Experience Arrives in Budapest

The “Monet: The Immersive Experience” exhibition has arrived in Budapest. This multimedia spectacle brings the iconic French painter’s impressionist masterpieces to life following successful showings in major cities such as New York, Los Angeles, and London.

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is history: the sun-drenched, open-air paintings depicting the beauty of everyday 19th-century life may be familiar to everyone. They also remind us to discover magic in our surroundings: there’s plenty of it; we just have to look around.”

Combining digital and audiovisual technology, the exhibition offers an entirely new way for audiences to engage with Monet’s masterpieces. Running from Oct. 17 to early March 2025, the immersive experience is being hosted at the BOK Sportcsarnok (Sports Hall).

Born in 1840, Claude Monet is one of the most influential figures in art history and a central figure in the Impressionist movement. His works, characterized by vibrant light and color, reflect his deep connection to nature and his fascination with capturing fleeting moments.

“The Impressionist movement started in 1872

with Claude Monet’s masterpiece ‘Impression, Sunrise,’” said Blanka Bán, an art historian present at the exhibition opening. “The rest

The exhibition, spanning 2,000 sqm, is similar to earlier shows focused on Van Gogh and Dalí, with the same organizers bringing this next chapter of Impressionist art to Hungary.

Dudi Bercovici, managing director of Hadran Events, highlights the advanced technology that sets this exhibition apart.

Unique Story

“We use the most modern technology to help us tell a unique story, and the experience adds a completely new meaning to the concept of a museum.

Sound and light show, spectacular 360-degree digital solutions, and virtual reality welcome visitors,” he explains.

“We are proud of this production, which has provided a lasting experience for connoisseurs and nonprofessionals, children and adults all over the world,” Bercovici adds.

“We use the most modern technology to help us tell a unique story, and the experience adds a completely new meaning to the concept of a museum. Sound and light show, spectacular 360-degree digital solutions, and virtual reality welcome visitors.”

Visitors are invited to dive deep into Monet’s universe, exploring not only his iconic works but also his inspirations, life story, and artistic evolution. The show offers an educational and entertaining experience, appealing to a broad audience, from casual art lovers to dedicated Monet aficionados.

One of the most popular segments of the exhibition, based on its previous stops on this word tour, is the virtual reality experience, where attendees can step into Monet’s world.

Eight of his most famous works, including “The Poppy Field,” “Haystacks,” and “The End of Summer,” are brought to life in VR. Visitors can explore these iconic pieces from unique angles through this immersive technology, discovering the textures, lighting, and brushstrokes that make them timeless masterpieces.

Creative Urges

Additionally, the exhibition includes a creative space where guests are encouraged to create their own artwork inspired by Monet’s style. Using digital tools, attendees can paint their impressions, which are then projected onto the exhibition’s walls, allowing them to see their work displayed in the same space as the master himself.

The immersive experience capitalizes on Monet’s enduring legacy, offering a modern interpretation of his work. By utilizing advanced audiovisual technology, this exhibition continues to engage new generations of art lovers while celebrating the enduring relevance of impressionism in today’s digital age.

The exhibit’s focus on interactivity, its accessible nature, and its familyfriendly appeal have contributed to its widespread success. Like its predecessors, the Van Gogh and Dalí exhibitions, the Monet exhibition has already proven to be a popular attraction in Budapest. The event’s organizers say they have seen visitors of all ages, from art students to families, enjoying the blend of education and entertainment.

The inclusion of a reconstructed version of Monet’s famous Giverny garden bridge and his study adds a touch of realism to the digital spectacle. The reconstruction provides a historical context, allowing visitors to see the spaces where Monet drew much of his inspiration.

The Hungarian edition of the Monet exhibition is expected to draw large crowds, with ticket prices ranging from HUF 6,500 to HUF 7,500 for adults on weekdays and weekends, respectively. Student and senior tickets are available at a lower rate. Children’s tickets (for those under 12) are priced at HUF 4,500 on weekdays and HUF 5,500 on weekends.

The exhibition is open from Monday to Thursday from 10 a.m.-7 p.m., on Fridays until 8 p.m., and on weekends from 9 a.m.to 7 p.m. The BOK Sports Hall, on Dózsa György út in District XIV, is close to the Puskás Aréna. It is easily accessible via public transport or private vehicles, with on-site parking. For more information on ticket sales and event details, visit the official website at monetkiallitas.hu.

Hungarian Film Incentive Scheme Extended to 2030

Government

Commissioner Csaba Káel, speaking at a Hungarian film event in Los Angeles, has announced the extension of Hungary’s highly successful film support scheme for another five years.

Originally launched in 2004, when it became the first film incentive in Central Europe, the Hungarian scheme has already contributed to a string of commercial successes, including “Hellboy II: The Golden Army,” “A Good Day to Die Hard,” “The Martian,” and “Terminator: Dark Fate.”

Hungary says it is now continental Europe’s biggest production hub and has reached USD 910 million in direct annual film production spend, a fourfold increase in volume in the last five years.

“2024 marks a significant milestone: the 20th anniversary of the Hungarian film support scheme that has not only transformed our film industry but has also elevated Hungary’s global presence and recognition,”

Káel said in Los Angeles at the first “Made in Hungary” event on Oct. 28.

“Over the past few years, films made in Hungary are consistently nominated for and honored with the most prestigious awards, including the Oscars and the Baftas,” the Government Commissioner for the Development of the Hungarian Film Industry said.

The Hungarian film support scheme was due to expire at the end of 2024, but its the prolongation until 2030 has been

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Speaking at the Los Angeles event, Csenge Palotai, director of the Liszt Institute New York said, “We are committed to supporting new partnerships between the Hungarian and American film industries and to showcasing the best of Hungarian cinema internationally. This tradition-making festival is an exceptional opportunity to take cultural relations between Hungary and Hollywood to a new level by leveraging the potential of bilateral diplomacy and local representation of Hungarian interests.”

in Hungary award winners. From left: József Fülöp, producer of “White Plastic Sky;” Csenge Palotai, director of Liszt Institute New York; Csaba Káel government commissioner; Petra Iványi, producer of “Cat Call;” Ákos Pál, CEO of the National Film Institute; and László Dreissiger, producer of “Some Birds.”

approved by the European Commission.

The incentive encourages filmmakers from all over the world to shoot their stories in Hungary, utilizing the country’s stunning landscapes, cuttingedge studios, and the world-renowned expertise of local film professionals.

On Oct. 28, the National Film Institute proudly presented the inaugural “Best International Production Filmed in Hungary” award to boundary-breaking, box office hit “Poor Things” at Melrose Rooftop Theater, Beverly Hills.

Outstanding Achievement

The newly established award is designed to recognize an outstanding work, produced in Hungary with the involvement of Hungarian professionals, and released for American distribution or on television/ streaming channels in the past 18 months.

“This extension [of the incentive scheme] allows us to build on our

success and deepen our commitment to take the Hungarian moving picture industry to a whole new level,” he noted.

The Made in Hungary award was initiated by the National Film Institute Hungary, in collaboration with the Liszt Institute New York.

Recent international productions filmed in Hungary include Ridley Scott’s “Alien: Romulus,” the winner of the Venice International Film Festival Silver Lion for Best Director “The Brutalist,” biopic “Maria,” starring Angelina Jolie, “Nuremberg,” with Russell Crowe and Rami Malek, the third installment of the “Now you see Me” films, the latest seasons of the CBS series “FBI: International,” and “NCIS,” and upcoming TV series “Dune: Prophecy” by Max, and “The Day of the Jackal” by NBC. Cinema and TV films produced in Hungary are eligible for a 30% rebate based on their expenditure (all direct film production costs) in the country. The incentive is available through local business companies who receive tax relief after their support of films or is guaranteed by the Hungarian State through the Collection Account managed by the NFI.

Contemporary Hungarian art from the National Bank of Hungary (MNB) collection has gone on display in the Fridman Gallery on Manhattan’s Lower East Side. It will be open to the public for one month, according to a statement issued on the MNB website. The exhibition, entitled “Abstract Narratives,” features works by, among others, Zsófia Barabas, Márton Nemes, Judit Reigl,

Róbert Batyko, István Felsmann, Erika Fábián and Anthony Vasquez. MNB deputy governor Barnabás Virág told the opening event on Oct. 19 that, following the example of other central banks around the world, the MNB had founded its contemporary art collection in 2020. By now, it includes some 1,400 works; after New York, the exhibition will travel to 14 cities in Europe and Asia.

Made

Contemporary Hungarian art on Display in New York

Photo by Made in Hungary

Chamber of Commerce Corner

This regular section of the Budapest Business Journal features news and events from various international business chambers. For further information and to register for specific events, visit the organizing chamber’s website. If you have information for inclusion on this page, send an email in English to Annamária Bálint at annamaria.balint@bbj.hu

Swiss-Hungarian Chamber of Commerce (Swisscham)

At Swisscham’s second annual HR Café event, a well-known journalist and television presenter shared his experiences and thoughts on effective communication, highlighting its importance in everyday life and business. The speaker demonstrated how to communicate effectively in different scenarios and deal with difficult situations, such as conflicts or unexpected questions, through several practical examples.

During the interactive presentation, participants also had the opportunity to ask questions, allowing for direct learning and the exchange of experiences. The chamber also organized a VIP guided tour for members at the ART Market Exhibition in October. It offered a professional insight into the world of contemporary art collections. Upcoming in November: Holinstinct III webinar on time management for success.

German-Hungarian Chamber of Industry and Commerce (DUIHK)

The DUIHK launched its annual TechCsajok (“Tech Girls”) career guidance events for female students on Oct. 15 in Budapest and on Oct. 17 in Debrecen. The chamber has organized the career orientation roadshow since 2017 with the active support of several member companies. The aim is to promote engineering and science among 14-18-year-old girls, thus alleviating the STEM labor shortage that has been a problem for years. A total of 700 students in the two cities were introduced to the possibilities of technical careers.

British Chamber of Commerce in Hungary (BCCH)

The BCCH will host its final CEO Dinner of 2024 with Ákos Garaba, managing director and engineering site lead of Jaguar Land Rover Hungary. During the event, guests can enjoy the customary three-course dinner with wine and welcome drinks while hearing the views of one of the foremost professionals on recent developments and current industry affairs. British Ambassador to Hungary Paul Fox and BCCH chairman Duncan Graham will give the opening remarks. JLR is one of the leading forces in the automotive sector, encompassing two of the most storied and iconic British brands. The Hungarian site opened in 2019, and over the past years, JLR has invested heavily in cutting-edge engineering, especially concerning electric cars. Garaba, a self-confessed petrolhead from childhood, moved to the United Kingdom to work for Jaguar Land Rover after apprenticeships on the supplier side. With two years of experience at JLR’s Coventry headquarters and a deep affection for the marques, he joined the Hungarian operation at the first opportunity as an engineer, developing highly automated driving functions and their respective simulations. After promotions to the head of the automated driving group in Hungary and then to engineering site lead and managing director, he’s as enthusiastic as ever about overseeing the site’s strategic direction.

• When: Wednesday, Nov. 27, 5:30-8 p.m. • Where: Párisi Udvar Hotel, Petőfi Sándor u. 2-4, Budapest 1052 • Fee: Members HUF 28,000 (plus VAT); non-members HUF 38,000 (plus VAT)

• When: Tuesday, Nov. 5, 2-3 p.m.

• Where: Online webinar

• Fee: Members free; non-members HUF 10,000 / person (0% VAT)

Italian Chamber of Commerce for Hungary (CCIU)

The CCIU’s “Women Leadership for the Future” event, in collaboration with UniCredit, will discuss the underinclusion of women in the business world. It aims to recognize and celebrate the contribution of women in business by analyzing how their leadership is transforming the fields of innovation and entrepreneurship. After welcome words from Ambassador of Italy to Hungary Manuel Jacoangeli and Bernardino Pusceddu, president of the CCIU, and Giacomo Volpi, deputy CEO of UniCredit Bank Hungary, it will be the turn of the speakers, all prominent figures in their respective fields. These will include Alexandra Kulcsár, CEO of DigiLean and NorexERP, and Zsófia Körmendi-Seidler, senior transformation manager of KPMG Global Services in Hungary. Topics discussed will include women’s leadership in digital transformation, the influence of entrepreneurship in promoting design and culture, the importance of coaching for leadership development, the role of women in philanthropy, and their impact on innovation and consumer behavior. The event will be a valuable opportunity to reflect on the critical role of women in shaping a more inclusive, equitable, and sustainable future.

• When: Friday, Nov. 15, 8:30 a.mnoon • Where: Budapest Marriott Hotel, Apaczai Csere Janos utca 4, Budapest 1052 • Fee: Members HUF 8,000 (incl. VAT); nonmembers HUF 12,000 (incl. VAT)

Hungarian-French Chamber of Commerce and Industry (CCIFH)

Join our Hot Topic conference and round table discussion “Carbon Neutrality: Opportunities of Municipal and Corporate Cooperation on Climate Protection” with Barbara Botos, Ambassador-atlarge for Climate at the Ministry for Energy, Márta Nagy director of Budapest Global, and Orsolya Barsi, head of the department of climate and environment at the Office of the Mayor of Budapest. Topics include corporate carbon neutrality initiatives, Budapest’s activities in the global CSR strategy, opportunities for cooperation between municipalities and companies, and collaboration between companies on the path to climate neutrality. • When: Wednesday, Nov. 6, from 9 a.m.-noon. • Where: Kristály Színtér, Margitsziget 23800/7, Budapest 1138 • Fee: Members HUF 29,000 (+ VAT); non-members HUF 44,900 (+ VAT).

The CCIFH invites guests to its large-scale gala Le Grand Bleu event, an annual prestige dinner and show. This year, the imaginary destination is a wonderful underwater world full of enchanting power. Enjoy the limitless feeling of freediving among the French business community. • When: Saturday, Nov. 16, 6:30 p.m.-2 a.m. • Where: HungExpo Sun foyer, Albertirsai út 10, Budapest 1101 • Fee: Members HUF 54,000 (+ VAT); non-members HUF 72,000 (+ VAT).

EU-Chambers of Commerce in Hungary

EU Chambers, the permanent commission of the bilateral business chambers and other business organizations of EU member states operating in Hungary, celebrated the 30th anniversary of its foundation on Oct. 25 in the Budapest Marriott Hotel. Minister of Public Administration and Regional Development Tibor Navracsics, Diego Randazzo, counselor and head of the consular chancellery of the Italian Embassy in Budapest, and Bernardino Pusceddu, president of the Hungarian Italian Chamber of Commerce and current president of the EU Chambers, shared their thoughts and ideas for the future. It was a remarkable and elegant event, graced by distinguished representatives from the diplomatic and business communities. The celebration highlighted decades of collaboration and commitment to fostering international relations and economic growth.

Canadian Chamber of Commerce in Hungary (CCCH)

The CCCH is delighted to invite guests to the 30th Annual Lobster Night this month. This flagship event promises a remarkable evening, uniting members of the Hungarian and expat business communities for a night filled with networking, entertainment, and celebration. Guests will enjoy a luxurious dining experience with fresh lobsters flown in from Nova Scotia, Canada, complemented by an open cocktail bar courtesy of Hold Private Wealth Management and a variety of premium alcoholic beverages. The night will be filled with live music, entertainment, and the excitement of a silent auction and raffle prizes. Lobster Night is an excellent opportunity for business professionals to meet, connect, and expand their networks while indulging in exceptional food and drinks provided by generous sponsors. • When: Saturday, Nov. 16 • Where: InterContinental Budapest, Apaczai Csere J. u. 12-14, Budapest 1052 • Fee: Members HUF 76,073;