INTERNAL AFFAIRS 19.07.2004 - Sexual harassment case in a government institution 20.07.2004 - Fidesz-MSZP: 50-38 21.07.

2004 - Hungarians paying largest taxes 22.07.2004 - Hungarian civilians to be called back from Iraq - Strasbourg: Hungary has to pay FOREIGN AFFAIRS 21.07.2004 - Paying by cash may be risky MACROECONOMY 19.07.2004 - Real wages: 0.4 percent growth - World Bank critics for economic policy 20.07.2004 - Benchmark interest rate left on hold - Reuters: deficit HUF 100 billion higher than projected 23.07.2004 - Simplified personal tax to come? BANK 19.07.2004 - Budapest Bank to hold general assembly - Euromoney: OTP the best Hungarian bank 21.07.2004 - Home loan activity hitting bottom 22.07.2004 - Almost one billion dollars spent by using Visa cards - OTP’s Slovakian privatisation contract made public? 23.07.2004 - Public warehouse loan in foreign exchange - Raiffeisen strengthens with deposit promotion INSURANCE 20.07.2004 - Restrictions for ramblers 21.07.2004 - Hungarian manager leading Grawe Life Insurance HEAVY INDUSTRY 19.07.2004 - Summer holidays in automotive companies 20.07.2004 - Dunaferr and DAM owned by one CHEMICAL INDUSTRY 20.07.2004 - Main shareholder of Humet to get out of the company? ENERGY INDUSTRY 23.07.2004 - MOL to lose out to OMV? BUILDING INDUSTRY 23.07.2004 - ÁÉB to get out of Zalakerámia - Charges of acting in cartel proved established – Record high fine on motorway constructors ELECTRONICS 19.07.2004 - ABB substations from Budapest TELECOMMUNICATION 19.07.2004 - Pannon GSM to enter tariffs competition - Standby tender in autumn 20.07.2004 - Additional mobile phone competition to be launched - New tariff packages from Pannon GSM 21.07.2004 - eTel increased its turnover INFORMATION TECHNOLOGY 22.07.2004 - Sun increased its Hungarian sales revenue by four percent 23.07.2004 - Accusation due to cocoa-safe computers - Software centre from India FOOD INDUSTRY 19.07.2004 - Lidl to start operations in Hungary 21.07.2004 - Domestic beer market losing out - import expanding 23.07.2004 - CBA to carry on expansion AGRICULTURE 19.07.2004 - Onion from Egypt TRADE, FAIRS 19.07.2004 - Skoda intends to increase its market share 20.07.2004 - Slight growth in the new-car market 21.07.2004 - First Saturn outlet to open in Mamut 22.07.2004 - Retail sales increased by nearly seven percent 23.07.2004 - No more Dacias manufactured

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TRAFFIC, TRANSPORT 19.07.2004 - Freighters to get discounts on motorways 20.07.2004 - Wizz Air offering tickets for EUR 1 23.07.2004 - Malév plane ticket for Cetelem loan SERVICES 21.07.2004 - Gambling on the Internet INVESTMENT, DEVELOPMENT 20.07.2004 - Skanska sold Science Park 21.07.2004 - Czech production to be moved to Ózd? - Tiner intends to build in Hungary - Wienerberger builds brick factory in Tiszavasvári 22.07.2004 - Hunguard Glass seated in Orosháza to increase production - Magna Steyr intends to build automotive factory in the region - Strabag to build the sports hall in Szombathely 23.07.2004 - Ibiden in Dunavarsány SECURITIES’ MARKETS 19.07.2004 - Richter and OTP papers are reliable WORLD ECONOMY 19.07.2004 - OTP in the upper section PUBLIC HEALTH 20.07.2004 - Chinese therapy centre in Budapest ENVIRONMENT PROTECTION 22.07.2004 - Pevdi’s plant in Gyömrő closed MEDIA 20.07.2004 - New channel from Tv2 21.07.2004 - RTL Klub taking first place in the morning 22.07.2004 - Hungarian record market to be transformed? - Online advertisement getting more popular OTHER 19.07.2004 - More than 200 Hungarian sportsmen and sportswomen taking part in Athens Olympics

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INTERNAL AFFAIRS - 19.07.2004 Sexual harassment case in a government institution One of the secretaries of the Government
Office for Equal Opportunities has denounced the Vice-Director of the institution, responsible for economy and human policy. As she states, her boss was touching his bust many times, stroking his bottom, tucking her to the corner of the room, wanting to kiss her repeatedly. He invited her to play tennis, drink beer or go for a massage on a daily basis. The case was reported by tabloid Blikk on Friday and investigation had started against István Bódis the same day. At the same time, the secretary concerned has been taken to another Directorate. István Bódis is of the opinion that someone would like to discredit him. Lawyer József Szőgyényi told daily Népszava that Hungarian legislation did not know the term of sexual harassment, so the Vice Director could be charged with abuse of his position or physical libel. He went on to say that should accusations be proved through indirect witnesses, the officer of the government institution may face several years in prison. (Nszab, 17 July, p 7, MH, 17 July, p 4, NSZ, 17 July, p 1 and 4, MH, 17 July, p 4)

INTERNAL AFFAIRS - 20.07.2004 Fidesz-MSZP: 50-38
According to the latest survey conducted by thinktank Szonda Ipsos, both opposition Fidesz Hungarian Civic Alliance and governing Hungarian Socialist Party MSZP boast larger support percentages than at the time of June’s parliamentary elections. When it comes to details, Fidesz could count on 50 percent of those with decided party preference against the 38 percent corresponding figure of socialists in case of an election held this Sunday. In this respect, junior governing force Alliance of Free Democrats SZDSZ has a support base of 6 percent with Hungarian Democratic Forum MDF at 4 percent, Hungarian Life and Justice Party MIÉP at 2 percent and Centrum at 1 percent. Four years ago, then-opposition MSZP was leading the polls and had larger advantage above then-governing party Fidesz. (Nszab, p 1 and 7)

INTERNAL AFFAIRS - 21.07.2004 Hungarians paying largest taxes
There is no other country in the European Union where the Hungarian average salary, that is, HUF 1.5 million a year, would fall under the largest tax rate or at least under the rate of 40 percent - a study by PriceWaterhouseCoopers states. In the 24 other countries of the Union employees have to earn at least 1.5 times more to have the same tax rates to be paid. However, there are states where salary has to be as much as nine times more than in Hungary to pay the same rate of tax. Presently, average salary in Hungary stands at HUF 141,000 and the yearly average salary of HUF 1.7 million falls under the largest of the three tax rates (18, 26 and 38 percent). There is an example for the 48 percent tax rate governing Hungarian Socialist Party MSZP put forward with the maximum tax rate at 52 percent in the European Union. However, they are levied in case of income topping HUF 10 million a year. As a comparison, plans in Hungary call for this rate to be introduced for those earning more than HUF 6 million. When it comes to the number of tax brackets in Union member states, the situation is quite mixed: there are countries where there are 17 different brackets, whilst in other ones there are only two. (Nszab, p 1 and 13)

INTERNAL AFFAIRS - 22.07.2004 Hungarian civilians to be called back from Iraq
Minister of Defence Ferenc Juhász called on all families of civilians working in Iraq to call their family members back to Hungary, since troops and Hungarian authorities are not capable of guaranteeing their safety. The appeal was on air in the program entitled „Nap-kelte” (Sunrise) on Hungarian national television. The Minister added that Hungarian soldiers in Iraq had no contact with civilians working in the country and the government had no information how many of our compatriots were working there, since they are not registering with Hungarian authorities. It is not only civilians who are in danger in Iraq. The United States says that Prime Minister Péter Medgyessy also should not pay a visit to Iraq because of safety implications. (MH, p 1 and 4, NSZ, p and 3)

Strasbourg: Hungary has to pay
Strasbourg-headquartered European Court of Human Rights (Emberi Jogok Európai Bírósága) has criticised Hungary on the back of not human treatment of one arrested Romany by the police. The claimant was arrested back in 1995 and according to his statement, he was beaten by a policeman during his hearing on his face and left ear. As a result, he suffered injuries to his tympanum. European judges argue that Hungarian authorities did not start an investigation into the case. Hungary was forced to pay EUR 4,000 as financial compensation and EUR 10,000 as moral one. (MH, p 4)

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FOREIGN AFFAIRS, EUROPEAN UNION - 21.07.2004 Paying by cash may be risky
European Union is planning to introduce further restrictions in the fight against money laundering. Under negotiations going on at present, in case of paying by cash an amount exceeding EUR 15,000 (HUF 3.75 million), the obligation of notification would be extended for all professions and services. Daily Magyar Hírlap has learnt that the Union working group will come up with the related draft by the autumn. After that, it should be approved by the European Parliament and then member states would be given 12 months to introduce austerity measures. Currently, financial service providers, lawyers and arts traders have to notify about cash payment transactions above the limit of HUF 2 million (EUR 8,000). As a result, however, Hungarian police already has problems to cope with the large number of such cases. Last year saw 13,000 notifications of this kind and seven ended in prosecution, whilst so far this year there have been 8,000 notifications. (MH, p 9)

MACROECONOMY - 19.07.2004 Real wages: 0.4 percent growth
Gross average earnings exceeded last year’s figure by 8.6 percent, net average earnings grew by 7.4 percent and net real wages increased by 0.4 percent in the first five months – announced Központi Statisztikai Hivatal (Central Statistics Office). The gross nominal average monthly income of full time workers was 141 thousand forints in the period between January and May. Data arising from the office show that the number of employed people was almost one percent higher than in last year’s same period. The number of employees added up to 2.777 million. The number of people working in the competitive sphere increase by 1.4 percent, while the employment in budgetary sphere shows a decrease of 0.9 percent. According to KSH’s information an increase exceeding the average value is typical in certain fields of the service industry, while the declining trend in mining industry and agriculture still continues. The number of employees significantly dropped in the fields of electricity-, gas- and water supplying and in processing industry as well. (NSZ July 17, p4, MH July 17-18, p9, NG July 19, p3, VG July 19, p4)

World Bank critics for economic policy
Hungary’s general government deficit may reach 5.2 percent of GDP this year - World Bank states. According to the analysis, 80-90 percent of February savings are of a temporary nature, meaning that austerity measures of HUF 400-600 billion would be necessary to meet the deficit target of 4.1 percent, set for 2005. World Bank calls for comprehensive reforms and urges lower curtailments and VAT, together with the extension of those paying taxes. (MH, 17-18 July, p 9)

MACROECONOMY - 20.07.2004 Benchmark interest rate left on hold
In line with expectations, the Monetary Council of the central bank has not modified the base interest rate, which still stands at 11.50 percent. The body was consequent at its session yesterday: it is still of the opinion that to meet the inflation goal of 4 percent set for the end of next year, cautious monetary policy is necessary. The Monetary Council states that external equilibrium risks are still high, keeping expected yields of forint investments up, together with data on budget performance that also did not help to lower hazards. What is more, without taking further measures, meeting this year’s general government deficit is doubtful. Experts are of the opinion that should foreign investors appear on the market, yields will start falling, and interest rate cuts could be foreseen, more or less irrespectively of budget deficit developments. (NG, p 3, Nszab, p 1 and 15)

Reuters: deficit HUF 100 billion higher than projected
According to the Reuters survey that reflects opinion of domestic and foreign analysts, Hungary’s general government deficit will reach HUF 1,286 billion this year. This figure is HUF 100 billion above the data projected by the Finance Ministry. However, experts of the ministry are still of the opinion that the target data could be met. Analysts interviewed by Reuters state that July will see a 7.2 percent inflation rate with a 6.3 percent figure expected by the end of the year and a 6.9 percent one for the whole year of 2004. As for GDP growth, analysts forecast a 3.8 percent expansion for this year and a 4.0 percent one for 2005. Some market experts are of the opinion that it will be almost a miracle if the Finance Ministry will meet its deficit goals. To meet the 4.6 percent deficit of GDP goal, the second half of the year can see only HUF 140 billion deficit accumulated. (MH, p 10, NG, p 3)

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MACROECONOMY - 23.07.2004 Simplified personal tax to come?
The Finance Ministry does not exclude that next year the simplified personal income tax (esza) system suggested by free democrats will be implemented. SZDSZ (Alliance of Free Democrats) would launch the new alternative flat rate tax that is similar to eva with a tax rate of 30 percent and no tax allowance could be applied for together with it. In the Finance Ministry calculations are under way now to find out the rate of the new tax to be introduced – said Tibor Draskovics, according to whom esza can only operate if it would really simplfy administration and not give even more income to the wealthier. (MH p9)

BANK - 19.07.2004 Budapest Bank to hold general assembly
Budapest Bank will hold an extraordinary general meeting on August 28th. The items on the agenda are electing supervisory board members and members of the board of directors. It is inferred that the owner found the successor of chief executive officer Richard Pelly. (NG p4)

Euromoney: OTP the best Hungarian bank
Euromoney has again chosen National Savings Bank OTP the best Hungarian bank. The leading London monthly has carried a global ranking of banks in its July volume. According to the list, the Hungarian credit institution boasts the largest, 43.9 percent return on equity in the Central and Eastern European region. Its HUF 35.1 billion net income from the first quarter of the year is an 85 percent increase, unprecedented not only in OTP’s history, but also on the whole Hungarian banking scene. (MH, p 9)

BANK - 21.07.2004 Home loan activity hitting bottom
The amount of subsidised home loans for resale homes went down to one-third in the first half of the year with the decrease in case of new homes reaching 10 percent. In a related development, foreign currency loans are gaining ground and subsidised constructions are losing their share - a study by economic research company DEM Információs és Gazdaságkutató Iroda Kft. reveals. For resale homes, the first half of the year saw a total of HUF 85 billion granted in subsidised loans after last year’s figure of HUF 225 billion and a HUF 90 billion data from the first part of 2002. At the same time, the number of contracts signed has gone down from 48,000 to 20,000. For new homes, HUF 92 billion has been granted after last year’s HUF 104 billion and HUF 60 billion in 2002. The number of contracts here also decreased to 13,700 from 15,400 last year. When it comes to resale homes, the amount of loan per capita has decreased from HUF 5 million to HUF 4.18 million. As far as new comes are concerned, the HUF 6.73 million figure equals the corresponding figure from last year, but is down on the March figure of HUF 7.11 million. In a parallel move, non-subsidised home loans are gradually growing: last year till the end of June a total of HUF 15.6 billion was granted with the corresponding figure from this year standing at HUF 43.5 billion. A large part of these loans are foreign currency ones, slowly gaining ground and pushing subsidised loans to the background. All this is positive news for the budget. (MH, p 10)

BANK - 22.07.2004 Almost one billion dollars spent by using Visa cards
In the 12 months prior to April a turnover of 934 million dollars was realised by Hungarian Visa cards, which exceeds the base period’s figure by 42.6 percent. The monthly turnover added up to 68.7 million dollars in the first three months of this year. In addition to the imposing expansion in turnover the number of the plastics issued was on the down grade: compared to the 50 thousand new cards issued in 2003’s last three months the number of Hungarian Visa cards grew by only 45 thousand in the first quarter of this year, so the aggregated number of these cards add up to 2245 million. (NG p4)

OTP’s Slovakian privatisation contract made public?
Concerned Slovakian ministries would like to publish the privatisation contracts of bank and energy companies. As a result, there is chance that the conditions of National Savings Bank OTP’s purchase of Slovakian investment and development bank IRB back in 2002 would be revealed. The measure has an effect on Erste Bank and Italian credit institution Banca Intesa Group. The publication of contract details signed with the Slovakian state does not apply to oil and gas distributor Mol Rt., since it had bought its Slovakian peer Slovnaft already after its privatisation. (VG, p 1 and 13)

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BANK - 23.07.2004 Public warehouse loan in foreign exchange
Budapest Bank’s public warehouse loan can be applied for in foreign exchange as well as of July. The bank grants the loan for a duration of 1-11 months, in euro, Swiss franc, British pound and American dollar to agricultural producers and traders. The amount of the company’s public warehouse loans outstanding can reach HUF 3.1 billion by the end of the year compared to the HUF 2.5 billion of last year. (VG p14, NG p4)

Raiffeisen strengthens with deposit promotion
The number of Raiffeisen Bank’s retail customers reached 200 thousand htis week. This means 51 percent growth compared to last year. As of today the company will start a six times one-month promotion for fixed deposits. They fix the customer’s money each month during six months and in the next month the deposit increased by the amount of the interest continues to bear interest. At the end of the sixth month the bank also offers bonus interest. (VG p15, NG p4)

INSURANCE - 20.07.2004 Restrictions for ramblers
Another loophole has been terminated in the third-party liability insurance by banning changing insurance companies during the year. The measure took effect in July. From now on, those causing accidents notoriously or those considering that their insurance fee is too high can not make use of the situation that in case of not paying the insurance, their insurance company terminates the contract with them. Earlier, they could enter into a contract with another company already next day, starting with a clean sheet, that is, with an A0 bonus malus classification. Those selling their cars and buying a new one during the year may still change their insurance companies with the new one putting them automatically to the A0 category. What is a condition is that the insurance holder must present the bonus verification from the old company to the new one within 90 days. Should he fail to do so, he will be classified in the worst 4 malus category. If someone already has a car and buys another one, the second will be A0, however, if he sells the older one with a better classification, it can be transferred to the other car. (MH, p 1 and 9)

INSURANCE - 21.07.2004 Hungarian manager leading Grawe Life Insurance
For the first time in its history, there is a Hungarian manager to lead life insurance company Grawe Életbiztosító Rt. Under the decision of parent company Grazer Wechselseitige AG, the Pécsheadquartered insurance firm is managed by András Hochmann from 1 May. Hochmann has been Member of the Board and Deputy General Manager of the company. Grawe Életbiztosító Rt has been profitable since its foundation of 1996 and its after-tax profits of last year amounted to almost HUF 400 million. According to figures from the Association of Hungarian Insurance Companies Mabisz, Grawe posted a premium income of more than HUF 1 billion in the first quarter of the year, translating into a 31.7 percent expansion year-on-year. Taking into account this premium, Grawe has stepped forward two places, becoming the 12th largest market player of the insurance sector. (NG, p 4)

HEAVY INDUSTRY - 19.07.2004 Summer holidays in automotive companies
Vehicle manufacturer companies in Esztergom and Szentgotthárd will improve their productive capacity during the summer standstill. Suzuki uses the three weeks long holidays for preparing the production of their new sporty mini vehicle. The production capacity will increase to 180 thousand cars annually and the number of employees will grow to 2400 as from the end of August. The new model will be introduced to the market at the Paris Automobile Fair the end of September. Opel Magyarország will double the length of the production line, on which change-speed gear units will be produced also for heavy-duty commercial road vehicles. The manufacturing plant sent 600 employees to holidays until the beginning of August. Audi Motor Hungaria located in Győr will offset its different departments in different times. (VG p9)

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HEAVY INDUSTRY - 20.07.2004 Dunaferr and DAM owned by one
Liquidator of steelmaker DAM Steel Rt. Mátraholding announced the results of the tender for the assets of the ailing company. Under this, the bid from Dunaferr group was better than the one by Max Aicher group, the operator of steel manufacturer Ózdi Acélmûvek Kft. János Kovács from Mátraholding gave no details of the bids. However, according to information by economic daily Napi Gazdaság, Dunaferr has guaranteed paying the price of HUF 1.7 billion and the employment of 700 workers. The contract will be signed by Mátraholding and beneficiary Európahíd 2003 Kft, designated by Dunaferr’s owner, Ukrainian Donbass within 30 days. General Manager of Dunaferr Péter Hónig stated after the results were announced that co-operating with the Ukrainian owner of his company, they have tabled a bid that was a guarantee for DAM?s future. Donbass will have to spend HUF 2 billion to restart production in the Diósgyőr plant, set for September. (NG, p 4, MH, p 1 and 11, Nszab, p 1 and 16)

CHEMICAL INDUSTRY - 20.07.2004 Main shareholder of Humet to get out of the company?
Main shareholder of drug manufacturer Humet Andrew G. Pichler has sold almost half of his stakes recently. However, the plastic surgeon, living in California, is still the largest stakeholder with his 280,000 shares. When it comes to minority shareholders, for them the fact that the main owner is selling shares is bad news, since Pichler, as a Member of the Board, must know the situation of the company, which looks unstable from outside. Humet could not give an offer for creditors on the back of a debt to Hungarian Tax Office APEH of an uncertain amount. The deadline has already expired and the Court of Registration is likely to have a say now in the case. Although the authority can not give extra time for Humet, should the company not come up with an offer, it might be liquidated. (NG, p 7)

ENERGY INDUSTRY - 23.07.2004 MOL to lose out to OMV?
Austrian OMV will sign the contract on the acquisition of Romanian peer Petrom today. According to reliable Romanian sources, the Austrian group paid USD 1.4 billion, that is, more than HUF 300 billion for Petrom that comes first with regards to the number of employees at 57,000. Besides this, OMV undertook development to the tune of USD 300 million. According to an analysis published by Raiffeisen yesterday, by purchasing Petrom, “OMV has taken the lead in Eastern Europe”, leaving its largest competitor Hungarian Mol that is also expanding aggressively in the region behind. The analysis adds that these two companies could make the leading oil company of Europe. However, the analyst concludes, that such a merger is not very likely in the near future on the back of political reasons. (Nszab, p 15)

BUILDING INDUSTRY - 23.07.2004 ÁÉB to get out of Zalakerámia
General Banking Trust Általános Értékforgalmi Bank (ÁÉB) is to sell its 50.11 percent stake in tile maker Zalakerámia to Lasselsberger till the end of September at the latest, since all legal and financial debates between parties have come to an end. As a result, the Austrian investor will have a 89.7 percent stake in Zalakerámia. In a related development, it plans to table another bid, increasing its share to above 90 percent and later on it would start a squeeze out. (VG, p 13, NG, p 11 and 12)

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Charges of acting in cartel proved established – Record high fine on motorway constructors
The Competition Council of economic competition watchdog GVH has levied fine to the tune of HUF 7.043 billion in a non-legally binding resolution on five Hungarian motorway construction companies. These firms won tender processes invited at the end of 2002. GVH started an investigation on grounds of acting in cartel. Strabag Rt. will have to pay HUF 2.468 billion, Betonút HUF 2.212 billion, Hídépítő Rt. HUF 1.371 billion with Egút Rt. and Debmút both to pay HUF 496 million. The Chairman of the Competition Council said when the verdict was announced after a closed session that above-mentioned companies shared commissions to the tune of HUF 128 billion for four stretches of motorways between themselves in a way that is against fair competition. Tenders were invited by National Motorway Rt. (Nemzeti Autópálya Rt.) in a public procurement process that finished at the end of 2002. (National Motorway Rt. made a decision that the stretches of motorway M7 between Letenye and Becsehely and the stretch of express road M70 between Tornyiszentmiklós and Letenye should be built by Strabag that bid HUF 45 billion. The HUF 65 billion bid by Hídépítő Rt. and Betonút Rt. was approved for construction works of M7 between Ordacsehi and Balatonszárszó. At the same time, Egút Rt. and Debmút Rt. won the commission for the stretch of motorway M3 between Polgár and Görbeháza for HUF 18 billion.) The Competition Council is of the opinion that companies had earlier agreed between themselves, which of them gets which part of motorway construction. They had also made an agreement, the council adds, as to which sub-contractor of the main contractor would be included in the construction of a total of 60 kilometres of motorway. The suspicion of the Competition Council was bolstered by copied statements detailing background talks. These documents were found on the premises of Strabag Rt. However, the institution states that Strabag was not playing a leading role in working out details of the agreement. Statements, partly in handwriting include concrete amounts on which applicant offers which amount for the construction of a given stretch and on how many percent larger price others are offering to make sure that the „chosen one” should win the given tender. Concerned executives, who admit that this is their handwriting, defend themselves by saying that some of these statements were written already after results were announced. However, to contradict this opinion is the fact that figures of these statements and announced data are a bit different from each other. Other figures are considered to be “tips” before the announcement of results, but these „tips” were so detailed that they contained several subcontractors, whilst some winning companies – according to these notes - wanted to include their competitors into works as subcontractors. Construction companies have 30 days to appeal to GVH with the case later sent to the Municipal Court. Daily Népszabadság has learnt that none of the fined companies feel that the decision was fair, meaning that the verdict would be contested in court together with an appeal that the obligation of paying these fines should be suspended. Based on earlier experience, courts usually do not accept appeals of this kind, although recently they have done so in the case of mobile and cinema companies that were to pay hundreds of millions of forints. Thus, it may take years before a legally binding court decision is made on whether the Competition Council’s decision was justified. Should the final verdict be negative for construction companies, they can be excluded from public procurement process for five years. However, this is not an obligation. In a related development, all contested construction projects are going on undisturbed. (NG, p 1 and 4, VG, p 1 and 9, MH, p 1 and 9, Nszab, p 1 and 15, NSZ, p 1 and 9)

ELECTRONICS - 19.07.2004 ABB substations from Budapest
Asea Brown Boveri (ABB) moved substation production from Denmark to its unit located in Budapest. The first samplers will be finished by the end of the month in the new production hall located in Váci street. The hall was modernised, the value of the reconstruction added up to 10 million forints. According to the company’s plans there will be 1000-2000 substations produced annually in the manufacturing plant employing 50-100 workers. The company expects a sales revenue of 100 million dollars this year. (VG p10)

TELECOMMUNICATION - 19.07.2004 Pannon GSM to enter tariffs competition
Pannon GSM will introduce a subscription package with uniform minute prices and monthly fee discount – learned Világgazdaság (World’s Economy journal). The company will disclose details on Monday. According to the paper’s information the mobile service provider will launch six new subscription packages, their cheapest minute price will be 18 forints. At the beginning of the summer T-Mobile introduced a similar service, then Vodafone did so as well. (VG p11)

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Standby tender in autumn
September will see the tendering process for the unified technology radio communication system (EDR), aimed at helping the communication of standby institutions. Ministry of Communication and Informatics Kálmán Kovács said that the winner would be responsible for the establishment of the network, capable of serving 35,000-50,000 devices. Costs of the investment will have to be covered by the future service provider. Daily N³pszabadsšg has learnt that Tetra and Tetrapol are the most likely to be selected. (Nszab, 17 July, p13, MH, 17-18 July, p12, MN, 17 July, p11, NG, 19 July, p5, VG, 19 July, p9)

TELECOMMUNICATION - 20.07.2004 Additional mobile phone competition to be launched
The tender aiming UMTS mobile telecommunication service providing will be called by the end of August, agreements with the companies can be signed by the end of the year and the new service can be launched in 2005. Telecommunication portfolio will sell probably four licences, there will be expectably four applicants three big and one minor service providers in the running to seize the licences. These will be T-Mobile, Pannon GSM, Vodafone and Atlas Telecom the company of OTP Bank’s top manager Csányi Sándor. Due to experts’ opinion it is possible that Tele2, Orange, and the mobile service provider company of France Telecom will also apply to the tender. The winner have to invest approximately 20-25 billion forints to establish the new system. (MH, p13)

New tariff packages from Pannon GSM
Mobile service provider Pannon GSM announced its new tariff packages yesterday. Subscribers that use them will be charged minute fees between HUF 18 and 36. A representative of Pannon is of the opinion that they have come up with more packages and better offers than their competitors. Prices defined in advance apply even after the available time of the subscription time expires, he added, saying that at other mobile service providers further minutes are more expensive. (NG, p 4)

TELECOMMUNICATION - 21.07.2004 eTel increased its turnover
compared to the base period eTel Magyarország Kft. increased its sales revenue arising from voice telecommunication service providing by 20 percent in the first half of the year. in line with this the number of Internet eDSL subscribers increased by 40 percent. The expansion in turnover stabilised the company’s positive operating income achieved last year and created sources for additional developments. (NG p5)

INFORMATION TECHNOLOGY - 22.07.2004 Sun increased its Hungarian sales revenue by four percent
In the Hungarian IT market, Sun Microsystems Kft. improved its sales revenue by 4 percent (calculated in dollars) in its financial year ended July 30, 2004. The turnover in an order of magnitude of 10 million dollars was significantly improved by the income arising from software and service selling business lines. Calculated in dollars, these incomes grew by 14 percent, but the service and training business line planning and implementing infrastructural solutions - resulted a growth of 11 percent, which is also above the average. The sales revenue arising from selling computer systems and data storage devices stayed at last year’s level. (NSZ, p5, MH, p12)

INFORMATION TECHNOLOGY - 23.07.2004 Accusation due to cocoa-safe computers
Netért Association made accusations against an unknown person due to cocoa-safe computers ordered by the Ministry of Informatics. According to the organisation embezzlement took place during the procurement. The case will be discussed by the Parliament’s informatics committee also on Tuesday. First Magyar Nemzet, then Népszabadság attacked the purchasing. According to the latter the computers could have been bought for HUF 400 thousand per kindergarden, but according to the information of Magyar Hírlap the purchasing price of HUF 1077000 million is realistic, because it includes HUF 215400 VAT, the producer named Little Tikes offers the computer itself for 2658.6 dollars (HUF 542000) and from the remaining HUF 319500 HUF 150 thousand is the cost of larger than the original performance of the delivered configuration, the Hungarian keyboard, the larger display, domestic licences and the software and manual translated into Hungarian, while the remaining HUF 170 thousand covers the handover, installation and assembly of computers, the training of nurses, transport and the profit of the supplier firm. (MH p1, 10)

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Software centre from India
Satyam Computer Services Ltd. plans to establish a software centre in Budapest this year. One of the leading Indian companies will found a branch office, but it did not state the magnitude of the investment. In the first quarter Satyam achieved a turnover of 35 million dollars. (NG p5)

FOOD INDUSTRY - 19.07.2004 Lidl to start operations in Hungary
Next weeks may see the opening of 10-15 Lidl outlets in Hungary. General Manager of retail chain Spar Péter Feiner is of the opinion that the Hungarian food market is so saturated that the German chain, entering the scene with an aggressive price policy, may have an effect not only in positions of discount shops, but also hypermarkets. Spar also plans to start extraordinary campaigns to keep its clients. According to the National Association of Retailers Kisosz, Lidl could be dangerous for larger outlets, since smaller shops are not that much hit by the appearance of yet another large chain. (NSZ, 17 July, p 5)

FOOD INDUSTRY - 21.07.2004 Domestic beer market losing out - import expanding
According to data from the Association of Hungarian beer producers (Magyar Sörgyártók Szövetsége), in all moths of this year turnover was lower than in the same moths of last year and at the same time imports increased their share from 5 percent to 10 percent. The meltdown is mainly attributable to colder weather. Beer sales at catering premises, accounting for 30 percent of all beer sales, went down and can push turnover 20-30 percent lower. Deputy General Manager Attila László from brewery Brau Union Hungária Sörgyárak Rt. stated the last month?s Football European Championships had a positive effect on sales figures, but there are no exact data available from this period. What hits Hungarian manufactures even harder than unfavourable weather is the fact that cheap German beer is gaining ground in Hungary. Communication Director of Borsodi Sörgyár Imre Fehér is of the opinion that imports will have a negative effect mainly on sales figures of cheap and middle category beer, accounting for 70 percent of the market. He added that premium beers will also see a decrease, albeit to a smaller extent. For beers that can not be sold in Hungary, there is no export market, since neighbouring countries have large traditions in this sector. The Association of Hungarian Beer Producers would like that the planned excise tax hike from 7 percent to 16 percent per every Balling grade does not take place. Borsodi Sörgyár states that the planned product fee should be levied on one-way imports alike, thus helping to restore conditions of the period before import dumping started. (VG, p 8)

FOOD INDUSTRY - 23.07.2004 CBA to carry on expansion
Retail chain CBA is having negotiations with one of the largest Italian chains SISA. Back in May, the Hungarian company signed a co-operation agreement with Serbian merchants. SISA is operating a network of 1,500 shops and has recently extended its activities to Greece, Cyprus and Malta. CBA, for its part, started the test distribution of German preserved dairy products and Austrian fruit yoghurts. The Hungarian chain imports milk and dairy products from Slovakia and has started talks on purchase from Poland. On the other hand, CBA is supplying Romania and Slovakia with its own products. (VG, p 9)

AGRICULTURE - 19.07.2004 Onion from Egypt
In addition to garlic from China, apple from Tyrol, now onion from Egypt arrived to the Hungarian market. According to Hagyma Terméktanács (Council of onion products) these products got to the market without any control, however the importer did contradict the inculpation. The entrepreneur delegated by Golden Piramis Kft. said: the product arrives by train then the store chains and wholesalers sell it. (MN July 17, p13)

TRADE, FAIRS, CAR - 19.07.2004 Skoda intends to increase its market share
The brand Skoda intends to achieve a market share of 8.5-8.8 percent in Hungary this year, which plan could be fulfilled by selling 17 500 vehicles. This plan is already more unambitious as the company’s first target of 20 thousand cars, but it would still mean a growth of 12 percentage points compared to last year’s 16 662 sold cars. Brand dealers belonging to the exclusive Hungarian importer Porsche Hungarian sold 8012 Skoda vehicles, this figure would be enough for a market share of 7.7 percent. The new Octavia and will arrive to the Hungarian market by this autumn and the new Octavia station wagon will be introduced next spring. The manufacturer will release a new version of the type Superb in 18 months as well. (NSZ, p5)

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TRADE, FAIRS, CAR - 20.07.2004 Slight growth in the new-car market
There were 104,439 new cars sold in Hungary in the first half of the year, which is 2.7 percent more than in the base period. This year’s expansion is far not that significant as the 22 percent measured last year, however the second quarter’s data are favourable since Magyar Gépjármûimportőrök Egyesülete (Association of Hungarian Vehicle Importers) registered a set back of 3.7 percent at annual level in the first quarter. According to experts the unsteady turnover van be explained by the problems caused by the registration tax. Based on half-year data the ranking of the brands did not change. Suzuki is still leading with 18820 sold cars, followed by Opel selling 10 440 vehicles, and Renault’s sales figure of 10 311 was enough for the third place. Skoda is the fourth with 8281, fifth is Volkswagen with 8005 sold cars. Peugeot who marketed 7507 automobiles achieved the sixth place followed by Daewoo’s 7339 cars, Ford comes next with 6912 vehicles. Buyers purchased 6166 Toyota cars in the period under review, as a result of this the Japanese brand achieved the ninth place in the ranking. Citroën and Fiat shared the tenth place both of them sold 4543 new cars. (NG p4)

TRADE, FAIRS - 21.07.2004 First Saturn outlet to open in Mamut
German Media Markt Saturn AG., belonging to Metro AG, is to open its first Hungarian Saturn outlet already this year. The new shop, selling electronic products, CDs and DVDs will be accommodated in shopping centre Mammut II in an area of 3,000 square meters. Andor Maurer, General Manager of Media Markt Satrun Holding Kft. states that the difference between Saturn and Media Markt shops lies in the fact that the former one mainly focuses on electronic products and on the area of making pictures. Its main colours are blue ad orange, whilst Media Markt has red and black. Another difference is that while Media Markt outlets can be found usually on the outskirts of towns and focus on weekend shoppers, Saturn operates shops in the centre and counts on clients on a daily basis. A decision on opening further shops will be based on the success of the first one. Irrespective of that, Media Markt, numbering 11 outlets in Hungary will open a new shop in Budapest this year. (VG, p 6)

TRADE, FAIRS - 22.07.2004 Retail sales increased by nearly seven percent
According to the ajusted index number, there was an expansion of 6.8 percent at annual level in retail trade in May, as aresult of this the first five month’s growth added up to 6.8 percent – announced Központi Statisztikai Hivatal –KSH (Central Statistics Office). Based on the uncleaned indicator the annual growth was 5.8 percent in May and 6.4 percent in the first five months. The total turnover in May adde up to 422 billion forints, which is 10 billion forints – based on adjusted figures 0.3 percent – less than the figures measured in April. (NG p4)

TRADE, FAIRS, CAR - 23.07.2004 No more Dacias manufactured
Yesterday saw the last Dacia manufactured in the Pitesti factory. The classic 1,300 cubic centimetre model posted sales figures of 2 million in 35 years. The plant will shift to the production of Romanian Renault Logan. This brand is expected to debut in September and demand is already quite high. (Nszab, p 15)

TRAFFIC, TRANSPORT - 19.07.2004 Freighters to get discounts on motorways
Toll fees of trucks may go down by up to 20-30 percent on the back of European Union guidelines next year. These directives specify the introduction of a one-day sticker and lower tariffs. In another development, a new fee category should be introduced for trucks above 12 tonnes. The one-day motorway sticker for trucks may not exceed HUF 2,000. Experts are of the opinion that these changes will lead to National Motorway Management ÁAK (Állami Autópálya-kezelő Rt.) forced to modify other tariffs alike. (Nszab, 17 Jul, p 15)

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TRAFFIC, TRANSPORT - 20.07.2004 Wizz Air offering tickets for EUR 1
Budget airline Wizz Air started selling its discounted tickets yesterday. Cheaper tickets can be bought till 31 August and used between 1 October and 31 January, 2005. There are 100,000 tickets on sale for the price of EUR 1. General Manager József Váradi stated that it was Wizz Air’s price structure and expected capital situation that gave the green light for the campaign to start. At the same time, earlier than its competitors, Wizz Air has published its winter timetable, which sees new destinations. Starting from the middle of September, there will be a daily flight to Milan and four flights a week to Copenhagen. Another modification is that from the end of October, there will be 21 flights instead of the current 11 to London, whilst to Brussels planes will fly on a daily basis, increasing the number of 4 flights a week at present. (NG, p 5)

TRAFFIC, TRANSPORT - 23.07.2004 Malév plane ticket for Cetelem loan
Hungarian Airlines Malév and Magyar Cetelem Bank have made a co-operation agreement. Under the contract, the bank is granting a loan to the tune of between HUF 20,000 and 170,000 for passengers of the Hungarian carrier to buy plane tickets without interest, credit judgement fee and administration costs till 30 September. After this period, Cetelem is giving the loans with favourable conditions and other campaigns are also expected. Malév does not plan to enter into such agreements with other banks. In a related development, Malév increased its revenue from ticket sales by 15.4 percent to HUF 39.04 billion. Cetelem, for its part, had outlay figures of HUF 51-52 in the first half of the year, 8-10 percent more than a year earlier. (MTI, VG, p 14)

SERVICES - 21.07.2004 Gambling on the Internet
Gambling supervisory authority Szerencsejáték Felügyelet is to start an investigation to find out whether English betting firm Sportbingbet, debuting successfully on the Hungarian scene, operates its Hungarian language page in line with legal regulations. Gambling in Hungary can be carried out currently with the licence from the supervisory authority and without that, the activity can be qualified as unlawful. Sportbingbet, however, is of the opinion that if someone bets on its homepage, then the contract is made in England, where the company is headquartered, thus the Hungarian authority is not competent. Szerencsejáték Felügyelet argues against Hungarian advertisements of Sportbingbet, too, but the English company states that in line with the Rome paragraph, the transfer of goods and services between Union member states can not be restricted and the same applies to their advertisement. They add that Hungarian regulations are simply not harmonised with the Union ones. The investigation is likely to be finalised by autumn. (MH, p 11)

INVESTMENT, DEVELOPMENT, REAL ESTATE - 20.07.2004 Skanska sold Science Park
Swedish Skanska group sold Science Park office building group located at the Buda side of Petőfi bridge to SachsenFonds GmbH belonging to the fund manager company LandesBank Girocentrale. The value of the deal was 618 million Swedish crowns (16.8 billion forints). Due to this business Skanska realised a profit of 261 million Swedish crowns (7.1 billion forints). The utilisation of Science Park, the ground space adds up to 30 thousand square metres the adds up to 90 percent, companies like KraftFoods, HBO and Swietelsky can be found among the tenants. In the mean time the Swedish company launched its new project - the construction of Light Corner office building located in Budapest-, the cost of which adds up to 200 million Swedish crowns. The building will be expectably finished by the end of next year, its ground space will be 14 thousand square metres. (NG p5)

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INVESTMENT, DEVELOPMENT - 21.07.2004 Czech production to be moved to Ózd?
Saia Burgess acquired the starting-engine producing division of Bühler Motors Gruppe. The worth of the transaction is 34 million euros. As a result of this deal Bühler’s manufacturing plant located in the Czech Republic also got to the Swiss company. According to plans, three of the machine lines producing spare parts to air-condition equipments for vehicles, will be moved to Hungary. Saia Burgess is one of the biggest spare part producers in the world. It is not clear yet, whether the company would deliver the above mentioned machines to its plant in Hatvan (number of employees: 160), or its unit in Ózd (number of employees: 600), however it is probable that the destination of the production lines will be Ózd, whereas this unit deals with air condition engine production. (VG p6)

Tiner intends to build in Hungary
Tiner group, active mainly in real estate development, in the framework of its Eastern European expansion, intends to invest in projects in Hungary, Poland and the Czech Republic. The Portuguese company intends to build warehouse centres, commercial parks and housing estate parks of high quality in an aggregated value of 75 million euros, mainly in the neighbourhood of Budapest. Tiner group that has 12 member companies pursues activities like airborne trade, agricultural production and real estate development, however the most significant part of the group’s income arises from building warehouses, shopping centres commercial parks and factories. The company group constructed more than 500 thousand logistics area up to the time being for companies like e.g. Auchan and Sonae group. (NG p5, VG p6)

Wienerberger builds brick factory in Tiszavasvári
In the framework of an investment of approximately 5 billion forints Wienerberger builds a brick factory in Tiszavasvári. According to the company’s plans the production capacity of the manufacturing plant that will employ more than 40 people will add up to 140 million small size bricks. The factory will start production in the autumn of 2005. (MH, p9, NSZ, p10)

INVESTMENT, DEVELOPMENT - 22.07.2004 Hunguard Glass seated in Orosháza to increase production
Hungary’s only plate-glass manufacturer company the American owned Hunguard Glass Kft. located in Orosháza increases its daily production by ten percent. The company started an investment in a value of 55.8 million euros in September last year, which will be completed expectedly by the end of the year. Due to this project the company’s annual sales revenue will grow by ten percent. Hunguard Glass financed this investment from own recourses, by applying to Hungarian tenders they won barely more than one million euros to support to project. (NSZ, p11)

Magna Steyr intends to build automotive factory in the region
In the freamework of an investment of 400 million euros Magna Steyr intends to build an autootive factory that would be able to produce 150 thousand vehicles annually – informed the German Wirtschaftsblatt. The Austrian company would seat its manufacturing plant in Hungary or in Sloivakia. According to press information Magna Steyr producing altogether 200 thousand cars annually by order of BMW, Saab and DaimlerChrysler, will make a decision concerning the location of the investment by next year’s the first half. Experts say that Tatabánya is the probable candidate to serve as location for the manufacturing plant that will offer 3 thousand new jobs. (NG p1, p2, VG p1, p11)

Strabag to build the sports hall in Szombathely
Strabag Rt. has won the pre-qualification public procurement process for the construction of the new sports hall in Szombathely. The investment project has a price tag of HUF 3.2 billion. The sports hall should be operational by 30 June, 2005 at the latest. Originally, the self- government wanted to earmark only HUF 2.9 million for the construction, but all bids contained larger amount. In the end, the selfgovernment had agreed to raise the sum. The price difference will be covered by selling real estates. (NG, p 10)

INVESTMENT, DEVELOPMENT - 23.07.2004 Ibiden in Dunavarsány
The Dunavarsány plant of Ibiden is expected to start operations next May. The Japanese firm is to manufacture ceramic smoke filters for exhaust in diesel cars in Hungary, supplying its European partners Volkswagen, DaimlerChrysler and BMW with them. The plant will employ a workforce of 700 on an area of 20,000 square meters and has a price tag of EUR 100 million to complete. (NG, p 5)

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SECURITIES’ MARKETS - 19.07.2004 Richter and OTP papers are reliable
The papers of OTP, Richter and Ceská Pojistovna of Czech Republic are the most reliable in CentralEastern-Europe – stated Contrast Management-Consulting seated in Vienna. Based on the study OTP produced a profit of 20 percent for investors come from the euro zone in the last three years, while the logistics company Intereuropa located in Slovenia produced a profit of 27 percent, Polish Debica tyre factory 52 percent and the Czech Ceská Pojistovná 77percent. (Nszab. July 17, p13)

WORLD ECONOMY - 19.07.2004 OTP in the upper section
OTP Bank (National Savings Bank) achieved the 918th place on Business Week’s ranking list that classifies the most valuable companies in the world. The value of the Hungarian bank is 5.85 billion dollars. There are altogether three Central-European companies in the Global 1000 list. The aggregated capitalisation of the thousand biggest companies increased by 26 percent to 21.1 thousand billion dollars. There are American companies to find in the top section of the list: General Electric is the first followed by Microsoft, then come ExxonMobil, Pfizer, Wal-Mart and Citigroup in the ranking. (NG p1, p3)

PUBLIC HEALTH - 20.07.2004 Chinese therapy centre in Budapest
The training ands service centre of traditional Chines therapy will be established in Budapest within two years - Mihály Kökény told daily Népszabadság. The Health Minister, currently in Peking, told the daily that the centre will be a unique one in Europe and will be accommodated in one of he health care institutions of the country. The most probable is that it will be in the hospital in Szabolcs street, which would gladly give place to the centre. Tasks of the new centre would include training of doctors, together with rendering health care services. All this would be in harmony with the intention of Chinese health care that traditional therapy should be used together with Western practices. (Nszab, p 1)

ENVIRONMENT PROTECTION - 22.07.2004 Pevdi’s plant in Gyömrő closed
Health care institution Pest Megyei Állami Népegészségügyi és Tisztiorvosi Szolgálat (ÁNTSZ) has decided to close the Gyömrő plant of chemical company Pevdi Vegyipari Kft. An investigation started on Monday on the back of hazardous material flowing out of a plastic tank. As a result of the leakage, 250 people had to be evacuated from the neighbourhood. Experts from the institution found malpractice on the scene. The report summarises them on three pages. As an example, safety regulations in relation to storing 26 different chemical material were dismissed and workers had no appropriate protecting clothes. In the end, ÁNTSZ decided on the closure of the plant in line with the act on chemical safety. (NSZ, p 16, MH, p 4 and 5)

MEDIA - 20.07.2004 New channel from Tv2
Owner of commercial television channel Tv2 SBS Broadcasting, boasting viewers to the tune of 100 million, is to start a Hungarian language channel specialised in soap operas. The new channel would broadcast between 7 p.m. an midnight and expects mainly female viewers. It would be available instead of a currently available channel. Information has it that this one is Fox Kids. Besides the new channel of Tv2, two other new channels will start broadcasting from September: one of them is Sport 2, belonging to Sport 1 Tv, whilst the other is the cooking channel of Filmmúzeum, named TV Paprika. Cable companies have problems with making all new channels available for viewers. Because of the analogue technology, place can be found only through narrowing their supply. A solution to avert situations like this would be shifting to the digital technology. Cable television company UPC has already signalled that it was about to start setting it up. (VG, p 7, NG, p 5)

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MEDIA - 21.07.2004 RTL Klub taking first place in the morning
Between June and the middle of July in the period between 7 and 9 in the morning, commercial channel RTL Klub posted viewer ratings at 34.2 percent as far as those aged between 18 and 49 (the most important in commercial point of view) are concerned. Competitor Tv2 had a corresponding figure of 19.6 percent - RTL Klub announced, citing figures from AGB Hungary. These figures translate into a 1.3 percent expansion for RTL Klub and 0.6 percent for Tv2 year-on-year. When it comes to the total population, Tv2 had 16.4 percent last year and 16 percent in 2004 in the same period, whilst RTL could better its figures from 21.1 percent last year to 22.3 percent. In a related development, RTL Klub has announced that it withdraws its petition forwarded to 6 courts, aiming at contesting resolutions of media institution ORFF. Under the ruling, RTL violated regulations. The commercial channel has decided to execute earlier resolutions of ORFF, thus it will not broadcast for 3 hours and 15 minutes today. (NG, p 5)

MEDIA - 22.07.2004 Hungarian record market to be transformed?
The Brussels-headquartered European Committee has approved the merger of music divisions of BMG and Sony. As a result of the decision, subsidiaries of the two companies will join their forces in Hungary, too. The company that comes to existence after the merger will have good chances to catch up to the leader of the HUF 11 billion Hungarian record market Universal Music Kft. BMG Ariola is fifth and Sony Music Kft. is seventh on the Hungarian market at present. (VG, p 12)

Online advertisement getting more popular
Companies of the advertisement business, namely Origo, Index, Ringier Online, Sanoma Online, Házipatika and Portfólió had aggregated advertisement revenue of HUF 670 million in the second quarter of the year. The increase, translating into a 76 percent one on annual terms, is mainly attributable to the name change of mobile service provider Westel and the fact that more and more companies consider online media as a prosperous business. Origó has produced a monthly advertising revenue exceeding HUF 100 million this June for the first time in its history. The above-mentioned companies, responsible for the advertisement index, are counting on a 45-50 percent expansion, up on their earlier projection of a 35-40 percent growth in the sector. Advertisement-related revenue can be increased on the back of impending Summer Olympic Games. During last month?s Football European Championships in Portugal, advertising activity was sensibly larger and it gives high hopes for market players. (NG, p 5, VG, p 7)

OTHER - 19.07.2004 More than 200 Hungarian sportsmen and sportswomen taking part in Athens Olympics
The Annual General Meeting of Hungarian Olympic Committee MOB has approved the list of the Hungarian team taking part in the Summer Olympic Games in Athens. The list includes 212 names, but can be extended further, since those sportsmen and sportswomen that meet qualification requirements till the deadline of Wednesday can also take part. 178 trainers and officials will also travel. Those winning an Olympic gold in an individual competition will be given HUF 10 million net with silver medallists getting HUF 8 million and those winning a bronze medal HUF 6 million. Winners of team competitions can expect HUF 5 million in reward. (MH, p 1, 2 and 3, NSZ, p 14)

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