The OECD has set itself the goal of taking further steps to bring about a fair and equitable transformation of the global tax system within the framework of its new program, often referred to as BEPS 2.0, by developing two new tax concepts, referred to as pillars. "The first pillar of the program would allow […]
The production of the CLA 250 e Coupé and CLA 250 e Shooting Brake hybrid models begins at the Mercedes plant in Kecskemét, southeast of Budapest. Christian Wolff, Managing Director of Mercedes-Benz Manufacturing Hungary Ltd. emphasized that "the Kecskemét plant will gradually switch to the use of green energy", so, from 2022, the factory will […]
The National Bank of Hungary (MNB) has warned that HUF 2,000 and 5,000 banknotes issued before 2016 may not be replaced with the new banknotes free of charge at every bank and postal office after July 31, 2020. A statement by MNB says that after July 31, 2020, post offices and credit institutions may continue […]
The number of car ownership changes confirms what the market-leading hasznaltauto.hu ('used cars') searches have shown since mid-May: buyers have returned to the used car market. In June, the market strengthened: 11.5% more used car ownership changes were registered than in June last year, and 66% more than in April. The three most sought-after models […]
The European Commission (EC) has approved the application for the inclusion of 'Csopak' / 'Csopaki' wines in Hungary in the Register of Protected Designations of Origin (PDOs), the EC said in a statement. It has also been geographically determined from which areas wines are protected, according to which the production area of 'Csopak' / 'Csopaki' […]
The M25 motorway connecting Eger with the M3 motorway was handed over to motorists this Monday. The 19-kilometer section, built in two phases, cost about HUF 50 billion. Driver can use the M25 road free of charge until January 1, 2021 after which it becomes part of the national toll road network. The road and […]
Hungarian-owned 77 Elektronika Ltd. a company exporting self-developed medical diagnostic devices to more than 100 countries, increased its foreign market turnover by HUF 24.5 billion last year, the company told the Hungarian news agency MTI. According to public company data, the firm's net sales revenue was HUF 31.2 billion in 2019 after HUF 30.7 billion […]
The National Bank of Hungary (MNB) extended its Green Preferential Capital Requirement Program that does not only recognize discounts for interest rates but also for fees in the future, which provides incentives to introduce additional mortgage loans for energy efficiency purposes. The program is extended by one year, until the end of 2024. An MNB […]
Economists and policy makers are still struggling to assess the scope of the global economic fallout that the coronavirus epidemic is leaving in its wake. Some analysts argue that central and eastern Europe, and consequently Hungary, could emerge from the economic malaise stronger than before. The jury is still out as to the shape and […]
Defending champion and six-time world champion Lewis Hamilton, a British driver of the Mercedes team, won the 35th Formula One Hungarian Grand Prix – held without spectators – this Sunday at the Hungaroring, where he triumphed for the 8th time in his career. This is the 35-year-old driver’s second win this year and his 86th […]
In the WittyLeaks series, Diplomac&Trade regularly publishes the personal accounts of ambassadors and other diplomatic mission leaders accredited to Budapest. This time, the Malaysian Ambassador shares his thoughts of living through periods of epidemic. The rapid and sudden global spread of the novel coronavirus, the cause of the COVID-19 disease, has been disruptive and played […]
The number of identified coronavirus infections in Hungary increased by eighteen to 4,333, there are no new deaths, according to the government website koronavirus.gov.hu. The number of deaths from the infection remained unchanged at 596, and 3,223 people had already recovered. The number of active infections is 514. 82 coronavirus patients are treated in hospital, […]
Lewis Hamilton won his 90th time trial, improving the Hungaroring's lap record by more than a second, he can start the 35th Hungarian Grand Prix from pole position this Sunday. At the Hungaroring, one of the slowest tracks on the Formula One race calendar, most experts expected Red Bull to advance, but instead, Mercedes' dominance […]
Activists have placed a fish-shaped installation of Greenpeace Hungary on the Great Beach of Siófok to encourage the recycling of plastic waste. The 'Big Fish' is an empty statue made of metal mesh into which anyone can throw empty plastic bottles and glasses, thus breaking up the fish with recyclable plastic waste. Through the action, […]
The precast reinforced concrete firm PreBeton Co. Ltd. has carried out capacity expansion of with a non-refundable grant of HUF 2.6 billion from the Hungarian Ministry of Finance. PreBeton Co. Ltd. whose new plant in Erdőtelek, east of Budapest has just been inaugurated, is engaged in the production, assembly and machining of precast reinforced concrete […]
