Magyar English News (RSS 2.0)

Tobacco Firms: New Law Could Hurt Economy

December 17. 2014.

Budapest Business Journal / Christian Keszthelyi

The law on a single centralized tobacco distribution company, which was approved by the Parliament on Monday, carries substantial economic risks, tobacco companies said in a joint statement yesterday. More...

Hungary Leaves Benchmark Rate On Hold As Russian Events Shake Up Markets

December 16. 2014.

As expected, the benchmark rate of the National Bank of Hungary was left on hold at 2.1% on Tuesday. Should rate-setters have had any inclination to renew the easing cycle, it can be assumed that any such ideas were swiftly abandoned amidst the financial market storm caused by the Russian currency crisis. More...    Further reading: How much trouble is there in Russia? - OTP exclusive to

Growth Requires Stepping Beyond Traditional Dogmas, Prime Minister Says

December 16. 2014.

Hungary has proven that, to stimulate economic growth, several traditional economic dogmas should be transcended, Prime Minister Viktor Orbán told Serbian Tanjug news agency ahead of a China-Central Europe summit in Belgrade. More...

Orban Touts Hungary’s Economy With Eye on Bank-Tax Cuts

December 15. 2014.

Bloomberg / By Zoltan Simon

Prime Minister Viktor Orban says he’s proven the naysayers wrong with what he proudly calls the “Hungarian model” of economics. More...

Hungary EcoMin Plans Large Uniform Tax Rate For Businesses

December 12. 2014.

It is a key objective of the Hungarian government’s tax policy to introduce a flat-rate tax on businesses by 2018, Economy Minister Mihály Varga said in Debrecen on Friday. He added that this single rate can be expected to be around 10%. More...

Serbia, Hungary Seal Rail Deal at Belgrade Summit

December 17. 2014.

Balkan Insight / Ivana Nikolic

The Serbian and Hungarian Prime Ministers signed agreements in Belgrade on constructing a high-speed railway link, which China is to financeand help build. More...     Further reading on the subject from Budapest-Belgrade fast train to become backdoor route for Chinese goods

Orban Targets Spar to Tesco as It Reins in Hungary Retail

December 16. 2014.

Bloomberg / By Edith Balazs

For Balazs Petro, Hungary’s decision to do away with Sunday shopping will mean putting off having a second child. That’s the best-case scenario for the 32-year-old employee of a Spar Group Ltd. supermarket in downtown Budapest after lawmakers today approved Prime Minister Viktor Orban’s plan to keep non-family-owned retail outlets larger than 200 square meters (2,150 square feet) shut on Sundays. The vote raises the specter of layoffs and reduced retail investment in one of eastern Europe’s richest cities and across the country. More...

Hungary Approves 2015 Budget

December 15. 2014.

Hungary's Parliament passed the 2015 budget and Budget Act on Monday, with 131 aye's and 62 nay's. The vote, along with several major changes to the law approved by legislation in the past few months, will have a profound effect on the life of the average citizen and businesses in Hungary. While the planned changes will leave many people worse off than this year, others are likely to welcome the new laws. More...

Hungary’s Orban Offers to Ease Bank Burden in Return for Lending

December 12. 2014.


Hungarian Prime Minister Viktor Orban plans to ease strain on banks in return for increased lending as he seeks to preserve growth after imposing a series of loss-causing measures on lenders. More...

New EuroChamber created to facilitate business in Myanmar

December 12. 2014.

Eurochambres Press

Today the European Union has officially launched the European Chamber of Commerce in Myanmar: EuroChamber Myanmar. The new European Chamber will act as the voice of European business in Myanmar, to improve the business climate and promote trade and investment relations with the EU.
The EuroChamber will be set up by a consortium led by the French Myanmar Chamber of Commerce and Industry (FMCCI) along with EUROCHAMBRES, as well as Chambers from Belgium, France, Italy and Hungary. Read the full Press Release.