Spotlight

Healthy employees make good business sense

With more than 10 years’ experience providing premium outpatient medical services, FirstMed has launched its new Occupational Health service for the benefit of businesses and their most important assets: their employees.

In order for businesses to increase their productivity and efficiency and to ensure that they are meeting government targets for health and well-being at work, it is vital that organisations have access to skilled, qualified and experienced Occupational Health professionals.

All employees in Europe have, by Law, Occupational Health coverage. Under the Hungarian Occupational Health Act, employers are required to arrange, at their own expense, Occupational Health checks for their employees in order to prevent work-related health risks. The employees' health status and their working ability are evaluated and monitored during medical examinations performed before employment and periodically thereafter.

The primary goal of Occupational Healthcare is to sustain and promote the health and working ability of employees. The Occupational Health service provider should propose prevention and control measures for the elimination of unnecessary work-related exposure and risks during normal operating conditions. Before carrying out an Occupational Health check at a particular workplace, the Occupational Health provider will first acquire general information about the industry in which the company operates. The examinations will focus on different criteria depending on job demands, workplace circumstances and individual employees' health characteristics.

FirstMed’s Occupational Health service ensures that a thorough and professional approach is taken to safeguarding the health and working ability of the employees. FirstMed’s custom-made approach assists companies to choose affordable and convenient services that meet the organisation’s specific needs.

In addition to Occupational Healthcare, FirstMed offers many other medical services such as pre-assignment (pre-employment) health examinations, periodic health examinations/manager screening, return to work health examinations, general health examinations, fit-for-travel checks etc.

Due to increased demand, FirstMed has recently completed a major phase of expansion thus increasing the clinic’s capacity and broadening its service offer.  The new more modern clinic environment is ideally suited to providing a high standard of Occupational Health and other medical services for management, employees and their families.

All at FirstMed strive at all times to offer excellence and value in the medical services provided.  At FirstMed, Your Health Comes First!

For further information please contact FirstMed Sales Executive Gabriella Richman via email or call +36 1 224-9095.

An interview with General Manager Tamás Molontay

On 6 February 2010, Calyon changed its name to Crédit Agricole Corporate and Investment Bank. What does this change of name express?

First and foremost, it shows the close attachment of the bank to the Crédit Agricole group. Another important point of consideration was that the new name shows better the unity and strength of the bank, which creates a good basis for us to continue the work we have been doing in the field of corporate and investment banking. Crédit Agricole Corporate and Investment Bank is among the banks providing the most sizeable loans in Hungary. In our traditionally strong fields, such as the financing of the oil and gas sector, energy, telecommunication and infrastructure developments, and also commodity hedging, we are among the largest players. Retail banking however, is not among our business lines. Our new name expresses all this more clearly than the previous one. Let me mention here that Sean Connery is the face of the campaign launched to support the introduction of the new name, relating closely to the international corporate campaign of Crédit Agricole that began last autumn.


Speaking of strengths: What do you consider as the bank’s most distinguishing strength compared to its competitors?

Crédit Agricole Corporate and Investment Bank is clearly a corporate bank. The global crisis has proven to us how important it is to focus on our clients, and this is exactly what we do, with a very strong background. We are among the world’s leading banks in loan syndication, project financing and bond issuance, but our organisation retained its flexibility, which means that we can quickly find, plan and implement the solutions that are the most suitable to ensure the optimal operation of our clients. This flexibility is also fostered by our close cooperation with our colleagues in London and Paris, benefitting from their knowledge and expertise – the flow of opinions and information is traditionally fast and global in our bank. Besides all that, we also benefit from being a branch, and consequently assume the risk rating of the Crédit Agricole group.


Will the change of name bring a shift in the focus of the bank’s activities?

No, it will not. We will continue to focus on our traditional areas of expertise. These business areas include, first and foremost, the financing of large scale investments on a project basis or in the form of export financing (for example, in the energy sector), with our services extending to related consultancy. Cash management and derivative transactions are also among our focus areas. As regards the latter, we are very active in interest rate, foreign currency, oil, fuel and gas price hedging, and probably, we are one of the best in emissions trading and hedge transactions. Our cash management solutions are cutting edge, but we will invest a great amount of energy this year in developing these solutions further.


What is your prognosis of the crisis?

Let me refer here to our analysts in London: according to their forecast, 2010 will still be a year of recession in Hungary. In other words, although only to a small extent, but the economy will continue to shrink. In this environment we will have to pay even more attention to our clients’ needs, because now, a good solution, a good financing structure can turn into gold in the hands of an organisation that finds the right model to conduct business. To that end, we are developing a number of new products, which is always very exciting.


The bank that from now is called Crédit Agricole Corporate and Investment Bank has been present in Hungary for a long time. Is this an advantage over those who came later?

Our headquarters were bought and renewed by Crédit Lyonnais Bank; the Muráthy–Teleki Palace is considered as one of the group’s most beautiful headquarters in the world. It is not by accident that the bank chose a historic building for headquarters: Crédit Lyonnais contributed to the development of the infrastructure of the Hungarian capital already in 1874, when it participated in the 6% "Hungarian Loan.” The bank returned to Hungary immediately after the fall of the Communist system, it opened a representative office already in January 1990, and was the first bank in Hungary established not by demerging from the Hungarian National Bank but by a 95%, then 100% owned subsidiary of a foreign bank, with approval from the State Bank Supervision. We are proud of our history in Hungary but it means no competitive advantage. You cannot inherit advantage – you have to deserve it with hard work day by day.

BZT Media Group, publisher of The Budapest Times and Budapester Zeitung and their websites joined the BCCH in 2009. In interview, publisher Jan Mainka talks about how his organisation has grown over the years and been able to weather the crisis.

You have been in business for a decade with the Zeitung and publishing the Times for six years now. Why do you keep at it when so many competitors have pulled back or left the scene entirely?

I do it because it matters. It would be much easier to sit behind a desk somewhere and draw nine-to-five wages in a faceless job. But I am not that kind of person. I need to contribute and I have a genuine interest in the expatriate community even though I myself have been here more than two decades. I am German, but I can do something to help build this country. You would be amazed at how many expats have the same type of attitude. Do we all want profits? Of course! But we want to give something more back other than taxes. In my case I publish newspapers that cater to the expat community and at the same time represent their interests to the government and powers that be. It is more than meaningful. It is essential.


You really feel that you provide an essential service, like schools, transport, etc.?

The Budapest Times and Budapester Zeitung represent an important part of Hungary's English- and German-speaking infrastructure. For businesspeople who do not speak Hungarian, they are a useful aid to understanding Hungary. As a podium for presenting the various activities of the English-speaking community, the Times plays a vital role in integrating and bringing together the community that should not be underestimated.


But is there a sense of community among English speakers or is English just the language that we share and do business in?

There is some truth in what you are saying. One of the first budget items to be hit when business turns sour is marketing so the last year has been very dark for our industry. It is only with the greatest efforts and not least the support of German Chamber of Commerce in Hungary (DUIHK) members such as Audi Hungaria, Bosch, BASF, ELMŰ, Magyar Telekom and Takarékbank that we have managed until now to withstand the devastating effects of the crisis, enabling The Budapest Times and Budapester Zeitung to continue.


But on the English-speaking side of things there is less interest in support?

I am not sure if you could cover it with a blanket statement like that. We have had, let's say, 'British' advertisers that have been with the Times since Day One and stuck with the Times through the crisis. Others pulled out last year, but have now told us they are coming back in 2010. Still others seem to be completely disinterested. Why can we get unsolicited ads from a major French hypermarket while all we get from its British competitor are press releases? Cora appreciated the market opportunities we offer. We cannot say that their competitor does not, but is sending out press releases in the hope of them being published for free appreciating such opportunities? I don't think so. However, with the BBJ cutting back two years ago to publishing only fortnightly and The Budapest Sun closing its doors a year ago we have decided to see if there indeed is an English-language community of some sort or not. We have had dealings with a few chambers, where English is supposed to be the language of business and after weighing the options we figured that if an English-language business community existed, it most likely exists here. The fact of the matter is that it is the smaller German-speaking community that funds not only the German-language newspaper, but also a major portion of the English-language one. That situation has to change.


To read the rest of the article, please download it by clicking here.

How title insurance could speed recovery
An interview with John Maidens, CEO for First Title Insurance plc

by Robin Marshall

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. The cover provided thus “enables land to be developed, mortgaged and used, notwithstanding a range of title defects…. In short, title insurance mitigates risk.”

The First Title group of companies has operating throughout the UK and Europe for more than 20 years. According to its website, “consistent company growth has been achieved via product innovation, diversification of services and through strategic acquisitions”.

First Title is an UK-based, FSA-regulated insurance company, authorised and regulated to issue policies in the UK, Ireland, and throughout the EU, and will also consider risks in Russia, Serbia and Croatia. It is a wholly owned subsidiary of The First American Corporation.

Maidens insists the products First Title sells have not changed because the economic times have become more difficult, but he does suggest that the ways in which they are used, and the reasons for using them, have.

“We are finding that buyers and banks are beginning to look to title insurance to supplement the protection that they would ordinarily secure from a seller through property-related reps and warranties. Indeed, we have already worked with Administrators, such as BDO, to replace property reps and warranties in order to preserve the value of the assets. I would envisage that this type of application of our product will increase as ‘distressed assets’ begin to move in the market.

“Further to this we can assist borrowers and lenders when refinancing corporate debt where property is the mainstay of the security. Rather than reviewing the quality of the security to give the lender certainty that the charge is fully enforceable, we can insure and guarantee the assets, giving the borrower leverage over the interest rate negotiation.”

None of which means the company, represented in Hungary by former BCCH chairman Andrew Jackson, has a magic recession-busting wand to wave, although Maidens says he does see some signs of improvement.

“I believe that there are reasons for cautious optimism, with more attractive valuations, combined with a return of risk appetite; there has been a very gradual return of confidence to the sector, particularly prime property. Our enquiry levels are very healthy at the moment and we are confident of the market picking up during 2010.

“In CEE, transactions are still a bit slow, although we are seeing more activity in the last quarter. Lending is expected to remain tight through the first half of 2010, which is likely to limit transactions. We are bracing ourselves for another challenging year, but have some bright spots; Poland seems to have the most positive signs for recovery.

“In Hungary we have a residential retail product that will be launched soon. This is the first of several countries for this product.”

Maidens, 49, joined First Title in August 2007 as its Financial Director, having worked in senior finance roles within the insurance industry in the UK, Europe and the United States. He was appointed CEO of First Title Insurance plc in September of this year.

BCCH welcomes FTC among its members

Ferencváros (FTC), a sister club of BCCH Foundation member Sheffield United FC has recently joined the Chamber as a Full member, and is looking forward to make use of the various benefits of BCCH membership. The club is based in Budapest, and is a real social institution that opens the door to a wide range of B2B contacts in Central Europe, and especially in Hungary.

Ferencváros

Ferencváros is based in Budapest, the wonderful jewel of Danube, and one of the business, financial and cultural hubs of Central and Eastern Europe. The football club Ferencváros, ‘Fradi’ or ‘the Green Eagles’, is a real social institution that opens the door to a wide range of B2B contacts within Central-Europe, and especially in Hungary.

28 time Hungarian champion and 1965 Fairs Cup winner Ferencváros, with the exception of the last three years have always been present in the top tier of Hungarian football since the league’s inception in 1901, and is poised to return to the First Division 2009 and re-enter European competition.

Ferencváros (FTC) is a sister club of Sheffield United FC, the famous English football club which transcends the normal limits of a football club; it is a PLC with interests in property, football and leisure on an international scale, and FTC also wishes to develop stronger links with other countries.

The network

Strategy

Ferencváros is to reclaim its status as one of the best performing Central European clubs; to capitalise on the Ferencváros name, one of Hungary’s most famous brands internationally; and to use the prominent and unique marketing, PR and promotional activities in this industry in connection with international opportunities.

For the supporters
• A successful and entertaining team
• A safe stadium with a friendly family atmosphere
• Significant matchday and other services in the new stadium
• Corporate social responsibility to preserve and protect the community’s values

For the business partners
• Strategic partnership with a sports company which ensures the region’s biggest advertising power connections and possibilities stretching around the world
• A common approach to consumers and creation of common interests and values through the FTC brand.
• Assistance in creating B2B connections in Budapest as the region’s commercial and cultural centre
• Property expansion: establishment of a conference, office and commercial centre

Offering outstanding work conditions for reasonable prices
and being flexible and open for green office solutions
are the main challenges of the Budapest office market today

Jürgen Blum has been active member of the Hungarian real estate and office market for over 20 years. As managing director of Terrapark office park in Budaörs, and co-owner of Terrafinanz real estate development company, he was involved in the development and sales of over 1 million sqm private and office spaces across Europe. But as a lover of horse sports and an active sportsman, he also participated at the Olimpic Games in Atlanta in 1996 as a member of the German National Military horse-rider team.

What is Terrapark?
Terrapark was established in 1990 as one of the first high-end office parks of Hungary based on a Western European standard. The office park located in Budaörs provides high quality offices and a silent, cosy environment for better atmosphere and more ambition to work. Terrapark now consists of 4 blocks with 60,000 m2 office space, and the brand new "C" block has just been opened. Terrapark, with its active business community gives home to companies like BAT, Invitel, Roche, Égaz-Dégaz, and Total.

What kind of trends do you see in the office market today?
We live in the market of tenants, who are in position to make deals and get more incentives than ever before. I’m confident that it will take 2-3 years until supply and demand comes to balance again. But Budapest is still a very attractive city for foreign investors, because of its special atmosphere, location and highly qualified young generation. And we can’t forget about the leading trends of the 21st century: energy efficiency and green building. I clearly see a notable demand for green projects and sustainable offices.

What do you expect from your BCCH membership and why did you join the Chamber?
I really believe that only co-operation and partnership can help the markets to recover from the crisis. This is why we are trying to extend our formal and informal business relationships. To support our efforts in this field, I think the BCCH can be a perfect partner.

Flexibility and maximising online networking
are buzzwords in today’s recruitment

After selling her market leader interim legal recruitment company in the Netherlands, Ilona Jankovich, the co-owner and managing director of ProfiPower came to Hungary in 2003 to follow her roots and leave Amsterdam for Budapest. Her enthusiasms and entrepreneur spirit made her conquer the then saturated recruitment market and expand from a small start up firm to one of the key players of this sector.

What is the main profile of ProfiPower?

ProfiPower specialises in the recruitment of multilingual graduate professionals. Our experienced recruitment consultants focus on specific areas like finance & accounting, IT & Telecom, sales & marketing, manufacturing & engineering, law or real estate.  We believe that a good recruitment consultant needs to be educated or gain extensive market experience in a certain field in order to be a real and competent partner. Our assignments range from fresh graduate recruitment through finding rare skills to executive search.


What is your key to success?

We are business-focused, which to us means that we concentrate on building lasting partnerships with our clients. Keeping this in mind, we need to understand our clients’ long term goals and what role we play in its realisation. Once this has been established, we are then in a position to deliver our services in an agile, decisive and efficient manner. The international background of our consultants is many times considered advantageous when acting upon the requirements of international companies.


What is behind your slogan “ProfiPower the Talent Network”?

Our clients and our candidates are interested in our network. Networking has taken a completely new dimension these days. Online networking has reached a new era, which we want to be part of. This is why we are launching a website offering career advice and networking possibilities for jobseekers. Also, with regards to the ‘networking in person’, we offer innovative solutions – we regularly organize professional events at our offices, which provides our business partners with a great forum to network and meet interesting speakers.


What trends have you been noticing in the labour market?

In the past years, the recruitment market was rather candidate-driven. Qualified candidates could easily change jobs and get hired even if they didn’t fully match the employers’ expectation. Today, however, companies try hiring only A players as they want to have the best candidate on board for the limited number of job openings. But there is another trend as well – in these turbulent times really good mid and top level professionals are reluctant to give up a secure job for a new opportunity. This is why, although the market is full of candidates, not only those apply whose qualifications and professional experience best match the profile. Our added value is to find those candidates who are A players in their current job and would be a real added value for the future employer.


How can you adjust your services to the changing needs of the recruitment market?

Every day is a new beginning. There will be opportunities in the current economic circumstances as well and you need to seize these. 
Today several companies have to size the business right, which is a big challenge for the management and HR department. Careful planning is extremely important in cases of the re-alignment or reduction of personnel. Topgrading can be an excellent tool in this process. Companies should do a quarterly talent review to measure their topgrading success and focus on talent actions to take, scorecard to know what to hire for, and use topgrading screening interviews to narrow the prospects. This process can only be successful if the managers of all departments topgrade their teams. Our other service, outplacement is a very good solution when companies cannot avoid taking layoff measures. Outplacement is often regarded as an intangible solution which doesn’t really have added value. ProfiPower is ready to change this preconception with its expertise and to offer tailor-made solutions.


What do you expect from your BCCH membership and why did you join the chamber?

Business, as we all know, is based on personal contacts. We, at ProfiPower believe in sharing contacts and networks to which the British Chamber provides a great platform with its regular business events.