Issue 05 | November 2009
Dear Mr. Foley,

This is the electronic newsletter of the British Chamber of Commerce in Hungary, where you can find the latest Chamber news. For more information about us, our ongoing projects and activities as well as advertising and membership options, you can always visit our website at or contact us at +36 1 302-5200 / +36 1 302-5201 and
Best regards,
The BCCH team

Upcoming event

Global Europe Seminar on Trade and Development

The second seminar of the Global Europe Series will be held on 10 December 2009 at the CEU Auditorium. Its central theme will be the EU perspective on the future of World Trade Organisation negotiations, and the EU's central donor role in global development co-operation will be explored with a focus on implementation of the Millennium Development Goals and EU trading relations with emerging players. The event will be opened by HMA Greg Dorey and BCCH Chairman Gergely Mikola, and chaired by Professor Howard Robinson, Provost/Academic Pro-Rector, CEU. Speakers will be Claire Durkin, Director and Head of Europe, International Trade and Development, Department for Business, Innovation and Skills, UK; IstvĂĄn Varga, Minister for National Development and Economy, Hungary; and Thilo Bodenstein, Associate Professor, Department of Public Policy, CEU.
Upcoming event
The BCCH Christmas Cocktail Party

The BCCH will close its 2009 autumn-winter season with its traditional Christmas Cocktail Party on Friday, 18 December 2009, organised for members in co-operation with the British Embassy, the Hungarian Business Leaders Forum (HBLF), and the Hungarian Association of British Alumni (HABA), taking place at its usual venue, the Old Banking Hall of the British Embassy. All of the four organising partners will invite their selected contacts to this prestigious event, which will be opened by HMA Greg Dorey, along with BCCH Chairman Gergely Mikola, HBLF President and Ambassador of Hungary to the UK BorbĂĄla CzakĂł, and HABA Chairman Dr. GĂĄbor PĂśrzse. Analysis
Hungary central bank cuts base rate, widens interest rate corridor

Hungary's Monetary Council has lowered its benchmark policy rate by 50 basis points to 6.50% on Monday. The central bank (NBH) has lowered its base rate by a cumulative 300 bps since July. In its last three decisions in a row, the MPC reduced its key policy rate by 50 bps each. Although the rate cut may seem as an in-line decision, the MPC delivered a major surprise by increasing the width of the interest rate corridor determined by the overnight credit and deposit facilities to +/- 100 bps, and also raised the interest rate of the two week fixed-rate credit tenders to 50 bps above the base rate.

Embassy News
The latest news from the British Embassy in Budapest

The British Embassy continues to be busy in late 2009 and early 2010. While supporting the Great British Christmas Market at Budapest's Great Market Hall on 10-12 December, and taking part in the Christmas 2009 and Hanukkah 5770 celebrations of the Music Against Racism movement, they are also hosting a seminar by the Buffin Leadership International Team on "How to engage your people to achieve a more profitable company", and organising a Central European Food Exhibition in Vienna entitled "Taste of Britain" in co-operation with UKTI Sections in neighbouring markets.

Spotlight - First Title
How title insurance could speed recovery

Title insurance can help a transaction move more quickly and safely, often at less cost than using conventional due diligence. That, says John Maidens, CEO for First Title Insurance plc, means that capital goes to work quicker, and yields arrive earlier; two very important considerations in a hard economic climate. But what, exactly, is title insurance, and why should businesses be interested in it? "Title insurance protects owners from unexpected third party challenges against any defects in title, which may affect an owner's ability to use or develop a property," explains Maidens.

BCCH partnerships
The Global Management Challenge (GMC) is back

The BCCH is proud to support the Global Management Challenge, which is the biggest business skills competition in the world, linking business and academia in 31 countries around the globe. The online business simulation provides students with an excellent tool to put their theoretical knowledge to the test in a realistic and demanding environment. GMC in Hungary is organised by Recruitment International, a Foundation member of the BCCH, and engages 36 universities and colleges, their career offices, and many enthusiastic mentors and lecturers.

New Members
New members of the BCCH in 2009

Click here to see who have joined the Chamber since the last newsletter issue. If you are a member and wish to indicate that on your website or anywhere else, please contact us for a BCCH logo. If you are not a member but wish to learn more about what these and another 180 companies know, namely, the benefits of becoming a member of the BCCH, please visit the Membership section of the Chamber's website or contact the office for more details on +36 1 302-5200, +36 1 302-5201, or via email to

(c) 2009 - British Chamber of Commerce in Hungary | 1137 Budapest, Szent IstvĂĄn krt. 24. IV/3.
Tel.: +36 1 302-5200 or 302-5201
Fax: +36 1 302-3069
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