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EU Court Ruling May Affect Future Merger Deals

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The EU General Court’s new approach to merger control may give the green light to an increasing number of merger and acquisition (M&A) deals.

On May 28, 2020, the EU General Court annulled the Commission’s prohibition of a merger proposed by two telecom companies, Telefónica UK and its competitor among network operators, Hutchison 3G UK. The ruling is expected to have significant impact on M&A deals in the EU. The implications of the ruling, however, extend beyond the telecom sector, as it is expected to amend the EU’s established case-law based on the application of the competition test, which may lead to an increase in the number of authorized transactions among the Member States.

In the past couple of years, merger control in Hungary impacted main players of the local telecom sector barring most attempts at acquisition: recent cases include the proposed merger of DIGI and Invitel, where competition authority proceedings were initiated in 2018 and are still ongoing in 2020. The earlier proposed merger of two other telecom service providers, Telekom Nyrt and ViDaNet was actually cancelled due to possible impeding effects on the local market competition.

However, with the review of a key element in European merger control, the SIEC test, the method used in merger control, is also to be reconsidered in Hungary and all EU Member States. The scope of prohibited deals may be restricted, driving the Commission to give free way to transactions that would have regularly been given the red light. However, the lengthy control process and the rigorous requirements for evidence are expected to increase the procedural costs associated with the planned mergers.

Signpost
The ruling serves as a signpost indicating how the SIEC test – screening significant impediments to effective competition — shall be correctly applied to mergers proposed in an oligopolistic market. In the earlier control routine, the Commission was entitled to prohibit mergers in an oligopolistic market if the deal was deemed to significantly impede competition in a way that was held an equivalent of market dominance, even if actual dominance was neither established nor strengthened. In the ruling the General Court clarified which effects qualified as „significant impediments to effective market competition” equivalent in their impact to the establishment of a dominant market position.

The revision of the EU regulatory practice was carried out in connection with a merger control proceeding examining the planned acquisition by two UK mobile network operators. The Commission prohibited the EUR 10 billion deal between Hutchison 3G UK and its competitor Telefónica UK as the merger was seen to have significant impeding effects on market competition between UK mobile network operators. In the course of merger control the Commission examined how three theories of harm applied to the case, and whether these adverse effects impacted the market:

1) the merger would have decreased the number of four significant competitors (in the oligopolistic market) to a mere number of three — which would likely result in price increase and a decrease in service quality

2) the merger would have not only limited competition between network operators but also would have disrupted network sharing agreements, whose parties (Vodafone UK, EE UK) had less incentive to development

3) the merger would have exposed virtual network providers to the reduced number of operators pressing them into an unfavourable position in negotiations (eg. Virgin Media or Tesco Mobile).

The Commission eventually rejected all proposals to resolve or alleviate the above problems as insufficient. The Commission is known to have regularly prohibited prospective mergers in oligopolistic markets where the deal would have eliminated one competitor out of four. According to the earlier practice, in order to maintain effective market competition in oligopolistic markets, at least four significant competitors were necessary — if one out of four competitors were to be eliminated in the proposed deal, the veto of the Commission seemed inevitable — until now.

Screening out possible dominance
The regulation on merger control (EC 139/2004) was originally intended to introduce a stricter standard to screen possible impediments to market competition. According to the preceding EU legislation the Commission was not entitled to prohibit mergers where the newly formed corporation would not acquire (or strengthen) a dominant market position, even if the deal would pose significant impediment to effective market competition. The earlier EU legislation — focusing only on screening out the establishment of dominant position — was inefficient and filled with gaps, because even if it succeeded in screening out any coordinated effects related to dominance (eg. price increase, quality decrease, impediment to new competitors’ entry to the market) it did not offer any protection (specifically in oligopolistic markets) against other adverse effects unrelated to dominance: so-called unilateral effects (eg. the reduction of competitive constraints on other competitors, and the elimination of significant competitive constraint between the merging parties). To fill the gaps the merger control regulation of 2004 introduced a new standard to screen out deals that would have adverse impact on competition. This new standard was the SIEC test, which allowed the Commission to prohibit deals proposed in an oligopolistic market where merging companies would not actually acquire or strengthen a dominant position, but would still exert an equivalent impeding effect on competition in the market that were to face the newly formed power structures.
However, a detailed interpretation on how to apply the SIEC test was not provided until June 2020: the EU General Court shared its interpretation the first time on which effects qualify as „significant unilateral effects” impeding market competition. Significant unilateral effects are, accordingly, a combination of the following two elements 1) the elimination of significant competitive constraints between the merging parties and 2) the reduction of competitive constraints exerted toward all other market competitors. The General court declared that, in itself, the reduction of competitive constraints toward other market competitors will not qualify as a unilateral effect set in the SIEC test. In this case all mergers could simply be prohibited as they all exert some reduction of competitive constraints toward other competitors. With respect to the UK companies the General Court concluded that even if they were close competitors in several segments of the telecom market, they never exerted competition constraints on each other that would qualify any more significant than the effects they exerted toward any other of their competitors. As a result, in their case only the reduction of competitive constraints toward other competitors could be taken into consideration, and, in itself, this effect does not exhaust the criteria defined in the SIEC test, there is no need to prohibit the transaction. In the course of investigation the General Court also refuted that the merger would significantly affect network sharing agreements and virtual service providers as Hutchison held only 0-5% share in the relevant markets.

In addition to clarifying the application of the test, the General Court has set a stricter standard of proof, i.e.: the factors examined in the SIEC test will have to be substantiated by adequate amount of data and extensive examination, as well as a direct impact on the market. Therefore, in the near future, the costs of the investigation procedure are also expected to increase and the duration of the procedure will be extended. If the European Commission would disagree with the judgment of the General Court, which has so far indicated that it considers the analysis of the judgment to be urgent, it may appeal against the judgment to the European Court of Justice within two months.

Viktória Villányi is Junior Associate at bpv JÁDI NÉMETH Attorneys at Law

Viktória Villányi

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    #D.C. #DAB+ #DAF #Dag Hartelius #Daikin #daily death toll #Daily mean temperature #Daily record of infections #Dalai Lama #dana #Dance #Dániel Gyurta #Dániel Palotai #Danish Ambassador Erik Vilstrup Lorenzen #DANOVA project #danovaproject #Danube #Danube Bend #Danube Bend Arts Festival #Danube cruise #Danube Ingrid #Danube InGrid project #danube-dravanationalpark #danuberefinery #Danubius Hotels #Darfur region #darkskypark #Das WeltAuto #Data engineering #datahouse #David Cornstein #David Pressman #Day of Polish-Hungarian Friendship #Daylight #DAylight Savings Time #dayofhungarianculture #dayofmourning #deaf&hardofhearing #Death #deathanniversary #Deaths #debrecen #Debrecen Carnival of Flower #Debt #decarbonization #decision-making #Deckscreen #decline #decrease #Defense #defense industry #deficit #defusing a bomb #deloitte #Deloitte Digital Hungary #Deloitte Hungary #Deloitte Technology Fast 500 EMEA list #Delta Group #Delta Systems #deltasystems #Democracy #Democratic Union of Teachers (PDSZ) #Democrats Abroad-Hungary #Demography #demonstration #Denijs Dille #Denmark #denso #Denso Manufacturing Hungary #dental tourism #depreciation #Deputy CEO of the Hungarian Tourism Agency (MTÜ) #Derks Wilhelmus Jose­phus #Dertour #Design #Design Without Borders #Dessert of Budapest #destinationhungary #Deutsche Telekom #Deutsche Telekom IT and Telecommunications Hungary #Deutscher Wirtschaftsclub – DWC #Development program #Development project #developments #Diabetes #diagnosticcenter #diagnosticequipment #diagnostics #Diána Igaly #Diehl Aviation #diesel #Diesel engine #Digital Accelerator Bar program #Digital banking #digital channels #digital classroom #Digital development #Digital Economy and Society Index (DESI) #Digital education #Digital Innovation Program #Digital Quality of Life (DQL) Index #Digital S-Bahn Hamburg #Digital well-being #Digital work schedule #digitaldevelopment #digitalinfrastructure #digitalization #digitalizationconsultingprogram #digitaltechnology #digitaltransformation #digitization #Diligent Corporation #Dimitris Yannakakis #dinosaurs #Diósgyőr Castle #Diplomacy #Diplomacy and Trade Business Club ('The Club') #diplomacy&trade #diplomat #Diplomatic credentials #Diplomatic reception #Diplomatic residence #Diplomatic Spouses of Budapest #diplomaticcharityfair #diplomaticspouses #Direct One #Disability Caucus #Disadvantaged people #Disaster #Disaster Management #Disaster management legislation #discountstores #DiscoverEU #disease #disinfectant #disinfectionrobot #dismissedteachers #distributioncenter #District #District heating #districtheating #diver training #diversity #diversityreport #divesting #Divestment #Dividend payments #dividendpayment #DMG MORI #dmgmoriheitecdigital #doctors #dofertobaccofermenting #dogfriendly #Dogs #dogtreatment #DokiApp #doktor24 #domefacilityservices #Domestic issues #Domestic output prices #domestic sales #Domestic tourism #domesticelectricitysystem #domesticoutputprices #Dominik Szoboszlai #donation #donations #Donau Brennstoffkontor (DBK) GmbH #Dongwha Electrolyte #doraegressy #Dow Jones #dpinnovations #Dr. Andrea Jádi Németh #Dr. Dávid Kőhegyi #Dr. Endre Ascsillán #Dr. Erzsébet Dobos #Dr. György Kárpáti #Dr. István Béres #Dr. János Szlávik #Dr. Katalin Karikó #Dr. László Szabó #Dr. Richárd Schwab #Dr. Roberto Massucco #Dr. Rolf Schnitzler #Dr. Rose Private Hospital #Dr. Tamás Szakmány #Dr. Zsolt Németh #Dr. Zsuzsa Deli-Gray #Dr. Zsuzsanna Diószegi #dravariver #drbelamerkely #Dream Body & More #Drechsler Palace #Dreher Beer Museum #Dreher Breweries #dreherbreweries #Dreschler Palace #Dresses #Drew Weissman #drinkingwaternetwork #Drone #drought #Drovelis® #Drugs #drugstore #DT April 2009 #DT April 2010 #DT April 2011 #DT Business & Culture Club #DT December 2009 #DT February 2009 #DT February 2012 #DT January 2011 #DT January-February 2013 #DT July-August 2011 #DT June 2009 #DT June 2011 #DT March 2011 #DT May 2010 #DT May 2011 #DT November 2010 #DT October 2008 #DT October-November 2011 #DT September 2009 #Dua Lipa #Dual education #duihk #Duna Elektronika #Duna House #Duna House Barometer #Duna House Group #dunaferr #dunaharaszti #dunahouse #dunapack #dunavecse #Duncan Graham #duncangraham #durable food #Dutch ambassador #Dutch Ambassador Désirée Bonis #Dutch Focus #DVM Group #dvmgroup #Dyntell Hungary Ltd.
    #e-charger #e-commerce #e-fleet #e-mobility #E.ON #E.ON Hungária #E.ON Hungária Group #earningsexpectations #Earth Day #earthday #earthfestival #earthhour #earthquake #earthresources #East Central Europe #Easter #Easter customs #eastermonday #eastgateprobusinesspark #ebitda #ebrd #eco-farm #Eco-Innovation Award #ECOFIN #Ecological footprint #Ecology #Economic Development and Innovation Operational Program (GINOP) #Economic forecast #economic growth #Economic performance #economic reform #Economic relations #Economic sentiment index #economicchallenges #economicexpectations #economicperformance #economicsentimentindex #Economist #Economy #EcoPro BM #ecoprobm #ecser #Edenred Hungary #edinamakai #edisonkids #Edit Herczog #Edit Ránky #education #EEA and Norway Grants #EESZT application #Effie Awards #efott #Eger #Egg #eggproductionplant #egis #Egis Pharmaceuticals #Egyházasrádóc #Egypt #egyptandhungary #Egyptian pharaoh #eisberg #EIT Health #EIT InnoEnergy #eithealth #Elderly home #Elderly people #election observation mission #Election program #Elections #Elections in Hungary #Electric batteries #Electric battery parts #Electric charger #electric engines #Electric vehicle battery #Electric vehicles #Electrical Insulation and Plastic Factory (VSZM) Ltd. #electricbatteries #electricbuses #electricgrid #electricity #Electricity consumption #electricity generation #Electricity grid #electricity industry #electricityconsumption #electricitysupply #electrictruck #electricvehiclebattery #electricvehiclechargingmarket #electricvehicles #Electro-mobility #Electrolux #Electrolux Hungary #electroluxhungary #electromobility #Electronic industry #Electronic payment #Electronic Payment Service Providers’ Association (EFISZ) #Electronic Payment Strategy (EPS) #electroniccommunications #electronicpayments #Electronics industry #electrosmog #Elektromotive Hungária Ltd. #Eleni Tsakopoulos-Kounalakis #eletjelfire&rescueteam #ELKH Energy Research Center #ELMŰ-ÉMÁSZ #elte #eMAG #embargo #Embassy #Embassy of Spain in Budapest #EMEA region #EMEIA region #Emergency #Emergency regulations #emergencyservices #emericpressburger #Emerson #emigration #Emmanuel Macron #Emmy Awards #empiricalsurvey #employees #Employees’ rights #employment #employmentindex #encyclopedia #encyclopedia entry #Enda Kenny #endometriosis #Endre Szemerédi #energigas #energikum #energy #Energy consumption #energy crisis #Energy efficiency #Energy Efficient Mortgages Initiative (EEMI) #Energy Efficient Mortgages Pilot Scheme #energy emergency #Energy industry #energy management #energy policy #Energy production #energy saving #energy security #Energy storage #Energy supply #energy-saving #energyconsumption #energycrisis #energydemand #energydrink #energyefficiency #energyindustry #energyministry #energyprices #energysaving #energysavingmeasures #energysector #energyservices #energyservicesandtrading #energystorage #enerhash #Enexio Hungary #Engineering #engineering service center #englishlanguage #englishsubtitles #Enikõ Gyõri #Enikő Mihalik #eniskekvagyok #Enrique Pastor de Gana #entrepreneurship #entrepreneurshipdevelopmentprogram #Environment #environment protection #Environment social and governance (ESG) #Environmental awareness #Environmental investments #environmental protection #environmental research #Environmental strategy #environmentalfriendly #environmentalinvestments #environmentalprotection #environmentfriendlytechnology #eonhungaria #eonhungariagroup #Eörs Szathmáry #Eötvös Loránd Research Network (ELKH) #Eötvös Loránd University (ELTE) #epidemic #epidemic prevention #Epidemiological preparedness #epidemiological restrictions #epredia #equality #Equestrian event #Equifest #equilor #Equilor Investment Plc. #Erasmus+ grant #ergometer #Ericsson #Ericsson Hungary #erikbogsch #Ernõ Rubik #Ernst & Young #ernst&young #Erste Bank #Erste Bank Hungary #Erste Group #erstebank #erstebankhungary #Ervin Zádor #Erwin Schrödinger Prize #Erzsébetváros #esbisztro #esg #essca #ESSCA Budapest Campus #ESSCA School of Management #essence #Esterházy Mansion #Esther Horvath #Estonia #Estonian Ambassador Kristi Karelsohn #Eszter Cseke and Andras S. Takacs #esztergom #Ethanol #ethnic minorities #ethnichungarians #etyek #etyekbeermanufactory #EU #EU accession #EU affairs #EU budget #EU Cohesion Fund #EU cooperation #EU Court of Justice #EU Diversity Month #EU funding #EU funds #EU Gas Storage Regulation #EU General Court #EU Green Deal #EU loan #EU membership #EU Presidency #EU quality schemes for agricultural products and foodstuffs #EU Scientific Council #EU support #EU supported projects #EU-China Comprehensive Agreement on Investment (CAI) #EU-supported project #eubudget #EuCham - European Camber #Eucham European Chamber #eucountries #eudirective #eufunding #eufunds #eumeasures #euproject #eurelectric #euro #Euro (EUR) #euro-unior #euro6 #EUROAPI #Eurobarometer #euroliquidity #Euronet #Euronics #europanap #europapont #Europe Day #European Automobile Manufacturers Association (ACEA) #European Bank for Reconstruction and Development (EBRD) #European Banking Federation (EBF) #European Capital of Culture #European Central Bank (ECB) #European Championships #European Climate Bank #European Commission #European Commission President Ursula von der Leyen #European Court of Justice #European Court of Justice (ECJ) #European Day of Parks #European Football Championship #European Green Deal #European Innovation Scoreboard #European Institute of Innovation and Technology (EIT) #European integration #European Investment Advisory Hub (EIAH) #European Investment Bank (EIB) #European Investment Bank Group #European Medicine Agency (EMA) #European Molecular Biology Organization (EMBO) #European Money Quiz #European Parliament #European Peace Facility #European Regional Science Association (ERSA) #European Research Council (ERC) #European Social Fund #European Super Cup #European Swimming Championships #European Union #European University Alliance for Global Health (EUGLOH) #European Year of Volunteering #europeancapitalofculture #europeancommission #europeancouncil #europeandiversitymonth #europeaneconomicarea #europeanfilmtreasure #europeangreendeal #europeaninvestmentbank #europeaninvestmentfund #europeanmuseumacademy #europeanrocketrychallenge #europeanspaceagency #europedirect #euroshell #eurostat #EuroVelo 14 network #Eurowings #eurozone #eusupport #EV batteries #evacuation #Eve Bader #Event industry #evepower #Exchange rate #excisestamps #executivechef #executivesuites #exhibition #Exhibition site #exhibitioncenter #exhibitionspace #expats #Experiment #explanationforeverything #Export promotion #Export sales #exportpromotionagency #exports #exports-imports #Exposition #External Action Service of the European Union #External trade #externalfunding #externaltrade #externaltradedeficit #externaltradeingoods #externaltradeinservices #extraordinary general assembly #ExxonMobil #EY #EY Global Delivery Services (EY GDS) #Eydescreen #eyland Hose & Silicone Services (LHSS)
    #fabafem #face mask #facility management #facilitymanagement #factory closure #Factory expansion #Fair grounds #Fair Trade #fairsite #FAIRway Danube project #Falco #falconry #Family budget #familybackground #familybusiness #familyday #familyownedbusiness #familyprograms #famous Hungarians #Farmer Expo #farmers' market #fatalities #Fatality #FC Seville #FCI World Individual Rescue Dog Championships #fda #Federal Bureau of Investigation (FBI) #Federal Councillor Ignazio Cassis #Federal Reserve #Federation of Hungarian Jewish Communities (Mazsihisz) #Federation of Jewish Communities in Hungary (Mazsihisz) #feedproduction #fehova #FELIX Kitchen&Bar #Felling trees #felsozsolca #femaleentrepreneur #Femtonics Ltd. #Fencing #Fenerbahce #Ferenc (Franz) Liszt #Ferenc Gyurcsány #Ferenc Krausz #Ferenc Liszt International Airport #Ferenc Liszt International Piano Competition #Ferenc Mádl #Ferenc Martyn #Ferenc Miszlivetz #Ferenc Puskás #Ferenc Szõnyi #ferenckolcsey #ferenclisztacademyofmusic #ferenclisztairport #ferenclisztinternationalairport #ferenczymuseumcenter #Ferihegy International Airport #Ferrari #ferry #Fertőd #Ferzol Ltd. #festekbazis #festival #Festival of Folk Arts #festivalgoers #Festive Book Week #Festive season #Festivities #FGSZ Földgázszállító (‘Natural Gas Transporter’) Plc. #FIABCI (the International Real Estate Federation) #fiber network #Fiber optic network #fiberboardproduction #FIDE Online World Cadets & Youth Rapid Chess Championships #Fidelis BAU #FIFA #Fifth wave #Fighting fires #Filling station #film #Film studio #filmfestival #Films #FINA #Finance #Finance Minister Mihály Varga #Finance Ministry #Financial institutions #Financial markets #Financial results #Financial services #Financial Stability Council #Financial year #financialguarantee #financialplanning #financialresults #financialserviceproviders #financialyear #financingneeds #Fine dining #finearthungary #finearts #Finland #finofood #fintech #FinTech enterprises #Fire brigade #firefighers #fires #fireservice #firewood #fireworks #fireworks display #First Hungarian Painting and Art Evaluation Office #firstfarms #Fiscal Council #Fish of the Year #Fish stocking #Fishermen’s Bastion #fitness equipment #Fiumei Road graveyard #FiumeiGuide #fizzhu #flagathalfmast #flaghoisting #Flanders Investment & Trade (FIT) #Flavor and fragrance #flexibility #Flextronics #Flisom #FlixBus #floodhub #flooding #floodprotection #floodvictims #floodwarning #Florent Héridel #florinplc #Flower carnival #flowers #flu #fluorescencetechnology #Flying Gizi #FMCG #Foie gras #Foktő #foldable modular container #Folk music #Folklore #Fonyód #Food and Agriculture Organization (FAO) #Food industry #Food prices #food supplement #Food waste #foodbank #fooddevelopment #fooddonation #foodindustry #foodpackaging #foodparcels #foodpriceinflation #foodprices #foodquality #foodsector #Foodstuff #foodsupplements #football (soccer) #Footprint Homes #forasustainablefuture #Forbes #forbestravelguide #Ford #Ford Focus #Ford Motor Company #fordmodelt #Forecast #Foreign citizens #Foreign customers #foreign exchange loan #Foreign investments #foreign investors #Foreign loan #Foreign policy #Foreign relations #Foreign trade #foreign workers #foreignlanguage #foreigntourists #foreigntradedeficit #foreignvisitors #forestrailway #forint #Former Hungarian ambassador to the U.S. #Formula 1 #Formula One #formulaone #FOSS #Fót #FŐTÁV #Főtaxi #Foundation for Sustainable Entrepreneurship #four-day working week #fourdayworkingweek #fourseasons #fourseasonshotelgreshampalace #Foxconn #Foxconn Group #FOXrail Railways #fragrance museum #France #Francesco Maria Mari #Franchise #Frank Klein #fraud #Freedom House #French Academy of Sciences (Académie des Sciences) #French ambassador #French Foreign Legion #French Insitute Budapest #French Institute #French Open #French Presidency of the Council of the EU #frequency band #Fressnapf #Fressnapf-Hungária Ltd. #Frida Kahlo #Friedrich Ebert Stiftung (FES) #FrieslandCampina #frost #Fruits #fruitsector #fruitveb #fuel #Fuel prices #Fuel tax #fuelconsumption #fuelprices #fuelproduction #fuelshortage #FUGA Budapest Architecture Center #Fundamental Law #fundraising #fundraisingcampaign #funeral #Furmint #Furniture industry #fustmentes #füstmentes.hu #Futureal Group #Futureal Investment Partners #futureaobilityassociation #futurefm #futuremobilityalliance
    #G20 #G20 Riyadh Summit #Gábor Ganczer #Gábor Gion #Gábor Hárspataki #Gábor Iklódy #Gábor Orbán #gaborborondi #gaborcsapo #gabordecsi #gaborrakonczay #gaborreisz #Gabriel A. Brennauer #Gabriel García Márquez #gabriellaheiszler #Gajus Scheltema #GalCap Europe #Galerija Klovićevi Dvori (Zagreb) #Gallicoop #Gambling monopoly #ganz #ganz-mavag #Garage #garantiqa #garbagecollectiondams #garden party #gardener #garlic #garlicproduction #gas #Gas consumption #Gas pipeline #gas station #Gas storage #gasconsumption #gasextraction #gasfield #Gasoline #gasreserves #gasstation #gasstorage #gastro presentation #gastronomy #Gauri Shankar Gupta #gdp #GDP growth #gdpdeficit #gdpgrowth #GDPR #gebruderweiss #Gedeon Richter #Gedeon Richter Plc. #gedeonrichter #Geert  Swaanenburg #Gelato Festival World Masters #geneplanet #general assembly meeting #General Motors #generalassembly #generalcontracting #generalgovernmentsector #generalgovernmentsectorexpenditures #generali #generon #geneticscreening #georgbaselitz #George Floyd #George Herbert Walker Bush #George Soros #George Weisz #Georgia #Geothermal energy #geothermalenergy #Gépész Holding #Gerbeaud #Gergely Gulyás #Gergely Mikola #Gergely Siklósi #gergelykaracsony #Gergõ Kis #Gerhard Richter #German Ambassador #German Mobility Award #German reunification #German-Hungarian Chamber of Industry and Commerce (DUIHK) #germanculture #germanic #germanlanguage #Germany #Géza Hetényi Hospital #ghent #gianduja #Gibárt #Gift #giftpackaging #Gigabit bandwidth #Gingerbread #ginop #ginopplus #Giro d'Italia #givaudan #Giveaways #gki #GKI Economic Research Co. #GKI Economic Research Institute #GKI economic sentiment index #GKI Economics Research Co. #gkid #gknautomotivehungary #glass fabric #glass manufacturing #glassproduction #glasswoolproduction #Glencore Agriculture Group #Global Chess Festival #global minimum tax #global service center #global summit #globalchessfestival #god #Gödöllő #Gödöllõ #godollo #Goethe Institut #gold coin #Gold Hugo #Gold medal #goldcoin #Gömböc #GOOD DEED Bank #GoodID COVID-19 Green #GoodID Scanner #goods #google #Goose festival #Gordan Grliæ-Radman #gordangrlicradman #Gordon Bajnai #GoTo #Gourmand International Awards #gourmetfestival #Government #government decree #government interference #Government of Japan #Government subsidy #governmentdecree #graduateprogram #Graduation ceremony #Graeme Jonathan Knott #GRAID software #Grain #graintransport #Gramophone Awards #Grand Hotel Lienz #Grand Slam tournament #Grandhotel Lienz #grandtokaj #granulates #grape-vine #grapeharvest #Graphisoft Park #graphisoftpark #Greece #Green energy #Green financing #Green Frog Award #Green license plate #Green loan #Green Monetary Policy Toolkit Strategy #Green Mortgage Bond #Green Preferential Capital Requirement Program #green project #green thinking #Green transition #Greenairport program #greenbond #greenbonds #greenbusprogram #greendestinations #greenenergy #Greenfield investment #greenfieldinvestment #greenfill #greenfinance #greenfinanceframework #greenfinancingframework #greenloans #greenmetricworlduniversityrankings #Greenpeace #Greenpeace Hungary #greentech solutions #greentechnologia #greentourism #greentransition #greenuniversityprogram #Greg Dorey #greshampalace #grocery store #grocerystores #grossturnover #Ground handling #Groundbreaking ceremony #Groupama #Growing sales #growth #growthreport #Grundfos #gsk #Guest nights #Guest of Honor #guestnights #guide book #guidedogs #Guido Westerwelle #Guinness World Record Certificate #Gulf Cooperation Council (GCC) #Gum-Tech Ltd. #Gundel restaurant #Gwan-Pyo Nam #gwi #gyermelyiplc #gym #gymnastics #gyongyos #Gyöngyös #Győr #Gyõr #gyor #Győr-Sopron-Ebenfurt Railways #György (George) Soros #György Bálint #György Keleti #György Kovács #György Matolcsy #gyorgyrathvilla #gyula #gyulaandrassy
    #H-UNCOVER #h2offices #H5N1 #Hableány (‘Mermaid’) river cruise ship #Hackathon #hackityourway #Haiti #Hajdúnánás #hajduplc #Hajdúszoboszló #Half-year report #halfmarathon #halfyearreport #halloffame #halloween #haluxvill #Hamad International Airport #hamptonbyhilton #handball #Handicraft #hankook #hankooktirehungary #Hanon Systems #Happiness #harley-davidson #harvard #harvardmedicalschool #harvardvarsityclub #Harvest Days #hasznaltauto #Használtautó.hu #hatvan #Hazard #Házi Színház [‘House Stage’] #hblf #HCL Technologies #headcount #headquarters #Health #health funds #health research #Health risk #healthcampaign #healthcare #Healthcare industry #Healthcare workers #healthcareprovider #healthfunds #Heat #Heat alert #Heat record #heat warning #heatpump #heatrecord #Heatwave #Heavy industry #Hedvig Karakas #Heim Pál National Pediatric Institute #heimpálpediatricinstitute #Heineken #HEINEKEN Hungária #HEINEKEN Hungária #HEINEKEN Hungária Breweries #heinekenhungaria #HEITEC #helicopter parts #HELL ENERGY #Hell Energy Hungary Plc. #hellenergy #helloparks #Henkel #Herbert Fisch #herceghalom #herendporcelain #Herman Van Rompuy #Heroes Square #hgroup #Hidden Power #hidtechnika #Hieronymus Bosch #highattendance #higher education #highlycitedresearchers #highway #Hiking #Hillary Clinton #Hilti Szerszám Kft. 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(MAVIR) #Hungarian industry #Hungarian Institute of Agricultural Economics (AKI) #Hungarian Interchurch Aid #Hungarian inventors #Hungarian Investment and Trade Agency (HITA) #Hungarian Investment Promotion Agency (HIPA) #Hungarian Jazz Association #Hungarian Jazz Federation #Hungarian Labor Code #Hungarian language #Hungarian League Against Cancer #Hungarian Maltese Charity Service #Hungarian Marketing Association #Hungarian Marketing Association (MMSZ) #Hungarian Medical Chamber #Hungarian Meteorological Service (OMSZ) #Hungarian military #Hungarian Ministry of Finance #Hungarian Ministry of Foreign Affairs and Trade (KKM) #Hungarian Ministry of Technology and Industry #Hungarian Museum of Science #Hungarian Museum of Science Technology and Transport #Hungarian National Asset Management Inc. 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