A collection of 381 posts
To curb inflation, the Central Bank of Hungary (MNB) on Tuesday raised its base rate by 30 basis points to 0.9% from 0.6% – slightly exceeding forecasts. Via this move, Hungary may be the first EU member state to initiate a cycle of rate hikes aiming to combat growing
On Tuesday, Hungary’s parliament passed a so-called pedophile law, which critics say is actually directed at the LGBT community and also restricts freedom of expression. Introduced by the ruling Fidesz party which has a two-thirds majority in parliament, the legislation includes a public register of convicted sex offenders and
Global warming will not only wreak havoc on the global economy but could also result in dire economic consequences for Hungary and other countries in Central & Eastern Europe. G7 economies, for example, could lose USD 5 trillion a year, or 8.5% of their GDP by 2050, if global
Shortly following the monumental changes to their governmental systems and economies, countries in Central & Eastern Europe did see their wages grow steadily – but over 30 years later it is apparent that average employee pay in the region can still be even half of that seen in the West of
As in most countries in Central & Eastern Europe (CEE), the competitiveness of the Hungarian economy heavily depends on car production. In recent years, however, the sector has had to face challenges like the potentially growing market of electric cars, as well as the COVID-19 pandemic. New European climate and
Several European “green” initiatives have provoked resentment in Hungarian government circles. The outrage is mainly due to the European Parliament having failed to endorse a European Council proposal on a reform of the Common Agricultural Policy (CAP) for the period 2023-2027. The debate is over the greening of direct payments
The net sales of Hungary’s MVM Group amounted to HUF 1,835 billion last year, which is EUR 71,8 million higher than in 2019 and an increase of 91% compared to 2016, János Sum, Deputy Chief Financial Officer of MVM Zrt said told the press. Other numbers are
Central Europe’s largest solar plant has been inaugurated in Kaposvár, southwest of the Hungarian capital Budapest. The 100-megawatt solar power plant was built by China National Machinery Import & Export (CMC), a Chinese company investing HUF 36 billion. The Kaposvár solar power plant increases Hungary’s photovoltaic capacity by
Pushed through by state secretary Norbert Izer and communicated by the Ministry of Finance as a success story, Hungary has reduced the tax rate on cryptocurrencies from 30.5% to 15%. The announced tax reform has, to some extent, been triggered by rising prices, although – independent of the government’s
“Turbine,” a biotech company simulating cell behavior with artificial intelligence, is combining two disciplines for which the country is renowned: biology and IT. Hungary’s first ever Nobel-prize winner was Albert Szent-Györgyi, a biochemist who invented vitamin C. Hungarian mathematician János Neumann is regarded as the father of computers. Can
More than 60% of Hungarian start-ups are using some sort of “deep tech,” according to the Hungarian Start-up Report conducted by Microsoft among 232 local start-ups. The top verticals were AI, Big Data, Fintech, Analytics/BI, IoT, and Medtech. The study strengthens a preconceived notion that Hungary has better resources
The Hungarian government is working on its National Clean Development Strategy, which would set frameworks for achieving the 2050 climate targets, sais Attila Steiner, State Secretary for the Development of the Circular Economy, Energy and Climate Policy of Hungary’s Ministry of Innovation and Technology (ITM). He underlined that Hungary
Russian news agency Ria Novosti has reported that Hungary will start repaying a loan to Russia of EUR 9 billion for the Paks nuclear power facility investment in 2031, five years later than the original 2026 deadline. The delay might mean that new reactor units may not be nearing completion
Budapest Airport, the Chinese Henan Airport Group, and the Chinese-Hungarian business and logistics development company, CECZ/Utlink, have signed a cooperation agreement aimed at establishing an “aerial Silk Road” between Hungary and China. The deal is expected to bring important economic opportunities and foster a significant expansion of air freight
After an agreed takeover deal for Hungarian insurance company Aegon, a blocking of the transaction between Dutch Aegon and VIG in Austria has led to diplomatic tensions with Austria, the Netherlands, and the EU. Both Austria and the Netherlands have issued complaints about Hungary restricting the free flow of capital