The National Bank of Hungary (Magyar Nemzeti Bank - MNB) has built a EUR 10 billion safety net through agreements with major central banks. According to MNB, the economic policy pursued over the past decade has helped to achieve and maintain macroeconomic balance in Hungary and reduced the country’s external and internal vulnerability, thereby significantly […]
The European Court of Justice (ECJ) invalidated the Privacy Shield adequacy decision: another milestone in the legislative development on international data protection law. The July 16, 2020 ruling of the European Court of Justice invalidated the Privacy Shield Agreement earlier established between the EU and the USA, an utmost important decision in the field of […]
AutoWallis takes another significant step towards international expansion by becoming the importer of the Opel brand in Croatia, Slovenia as well as in Bosnia and Herzegovina. For the group, this can greatly increase the revenue and the number of new vehicles sold, the company has announced on the website of the Budapest Stock Exchange. According […]
The 2008 global financial crisis left the world reeling from the near-collapse of the global financial system and recovery has proved slower and more protracted than most expected. Despite the seeming restoration of normalcy in the global economic processes over the past decade, the crisis triggered by the coronavirus epidemic has brought to light the […]
Stagnating price indices, fewer transactions and record-high demand in the past few months – these were some of the features of the Hungarian property market in Q2 2020. This period was highly influenced by the socio-economic changes brought about by the COVID-19 pandemic. Of all the property market indices the one published by the national […]
3.5 million Suzuki models were manufactured in about 30 years at the Esztergom (NW of Budapest) plant of the Hungarian subsidiary of the Japanese company – and sold to people in 123 countries. The international automotive company has come a long way in Hungary from its 1991’s beginnings to the jubilee reached recently, having been […]
Two surveys, published in PwC’s 11th Global Consumer Insights Survey, examine the shopping habits and behavior of urban consumers before and after the COVID-19 pandemic, and how the global breakthrough has led to the faster spread of digital life. “At present, it is not clear at either global or local level how long the uncertainty […]
Budapest Airport welcomes a new airline: Luxair starts its direct service between Budapest and Luxembourg at the beginning of August. The schedule of the seasonal flight is adjusted to the needs of recreational travelers and is ideal for short city breaks as well as longer trips. A new airline is to commence services from Liszt […]
Vodafone Hungary has recently completed network development in three Central Hungarian regions under the Superfast Internet Program, making high-speed broadband Internet access available at more than 18 000 end-points. Thanks to the development, the company can offer Internet access with speeds of hundreds of megabits to consumer and business customers, schools and public administration institutions […]
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 […]
