Bill submitted to broaden tax benefits for farmers

Hungary’s National Economy Minister Mihály Varga submitted a bill to Hungarian Parliament yesterday that would extend eligibility for agriculture sector job preservation tax benefits to Hungarian farmers between the ages 25 and 55, Hungarian news agency MTI said.

NAV scrutinizes tobacco shops

During 5,500 audits of tobacco shops last year, Hungary’s National Tax and Customs Authority (NAV) found a total of 700 irregularities and levied HUF 127 mln in fines for violations, Hungarian online daily Napi Gazdaság said today.

Tesco home delivery reaches Székesfehérvár

The Hungarian units of U.K.-based retail giant Tesco are launching Tesco Online, an online shopping and home delivery service, in Székesfehérvár as of today, the company said in a press release.

Hungary plans nuclear fuel management program

Hungary is required to submit a plan of action to Brussels this year which outlines the guiding principles for the future management of its spent nuclear fuel, Attila Aszódi (pictured), the government commissioner in charge of the upgrade of the countryʼs Paks nuclear power plant said on state-owned news television channel M1 today.

KSH: Average wages climb 3.4% in February

Both average gross and net wages in Hungary grew by a year-on-year 4.3% in February to a respective HUF 234,367 and HUF 153,511, the Central Statistics Office (KSH) said today. KSH noted, however, that excluding the impact of the fostered workers, who earned just HUF 78,544 in February, gross wages were up 2.6% at HUF 245,357.


Altera launches liquidation procedure against BTel

Hungaryʼs Altera today launched a liquidation procedure against Business Telecom (BTel) after the troubled company failed to settle invoices, Hungarian news agency MTI reported.


ÁKK sells HUF 50 bln of three-month bills at auction, as planned

The Government Debt Management Agency (ÁKK) sold HUF 50 bln of discount three-month T-bills at auction today, in line with the original offer, Hungarian news agency MTI reported.


Report: Global commercial real estate transactions boost Hungary’s in Q1

Preliminary global direct commercial real estate investment transaction volumes reached $148 bln in the first quarter of the year, up by a year-on-year 4%; a tendency that also boosted Hungary’s performance on the market, JLL said today in a report.


MNB revokes Hungária broker license

The National Bank of Hungary (MNB) said yesterday that it had revoked the operating license of broker Hungária and initiated its liquidation, thus enabling the compensation of its clients, according to Hungarian news agency MTI. 


Hungary clears bluetongue vaccinations for possible outbreak areas

Hungary’s food safety authority Nébih announced yesterday that it would permit vaccinations for buetongure, a viral disease of ruminants, in areas around the possible outbreaks as well as defense zones, Hungarian news agency MTI said today.


Alföldi Tej, FrieslandCampina agree on plant sale

Hungarian dairy producer Alföldi Tej and  Netherlands-based dairy- company FrieslandCampina yesterday signed an agreement for Alföldi Tej’s acquisition of FrieslandCampina’s dairy plant in Debrecen, in eastern Hungary, the companies announced in a press release.


ANY shareholders agree to HUF 73-per-share dividend

Shareholders of security printing company ANY approved a proposal to pay a HUF 73-per-share dividend on 2014 earnings at an annual general meeting yesterday, Hungarian news agency MTI reported. 


ECB notes Hungaryʼs conduct in consultations

In its 2014 annual report, the European Central Bank (ECB) yesterday noted the Hungarian governmentʼs conduct during consultations, and aired its concern over possible monetary financing by the National Bank of Hungary (MNB), according to Hungarian news agency MTI. 


Lázár: EC approved Paks fuel supply contract

The European Commission has approved Hungaryʼs contract with Russia regarding the delivery of fuel during the upgraded Hungary’s sole nuclear power plant Paks, cabinet chief János Lázár said yesterday, according to state news agency MTI


Government against Gyurcsány’s firm monitoring development policy

Nándor Csepreghy, deputy state secretary at the Prime Ministerʼs Office, said on Sunday that he had asked the European Commission to reconsider an assignment given to Altus, the company of opposition party leader Ferenc Gyurcsány, to monitor the operation of Hungaryʼs development policy programs, according to Hungarian news agency MTI


MNB expected to reduce base rate to below 1.5%

Hungaryʼs central bank is set to continue its recently re-launched easing cycle with a 15 bp cut this week and its policy rate may bottom out well below 1.5% later this year, London-based emerging markets economists said ahead of the Monetary Policy Councilʼs rates decision, due today, state news agency MTI reported. 


Police raid home of Kun-Mediator managing director

Police raided the home of the managing director of Kun-Mediator in Karcag, eastern Hungary, late Sunday and seized 800 contracts, news portal Origo reported, according to MTI. A spokesperson for the local police force would neither confirm nor deny the report.


Former U.S. ambassador shares details about Hungary’s crony capitalism

Speaking to a retirement club in Connecticut, former U.S. ambassador to Hungary April H. Foley told her audience that Gazprom uses mediator companies to bribe politicians, reported yesterday. 


Hospital debt reaches new highs, supplier payments suspended

The accumulated debt of Hungarian hospitals reached HUF 83 bln in March, reported yesterday. According to data published by the State Treasury, the total debt of hospitals increased by a remarkable HUF 7 bln. 


Forint firms further

The forint was trading at 299.08 to the euro late Monday on the interbank forex market, up from 301.04 late Friday and 300.95 late Sunday. At 300.99 to the euro early Monday, the forint moved between 297.82, a five-day high, and 301.80, after a more than two-week low at 302.64 Friday intraday, following a new 15-month high at 295.28 last Tuesday intraday.


BUX up in correction of correction

The Budapest Stock Exchangeʼs main BUX index finished up 1.48% at 21,642.72 Monday after diving 2.62% Friday. It is up 30.11% from year-end, after losing 10.40% last year. It ended last week down 4.06% from its latest nearly four-year closing high at 22,230.10 last Monday, but still up 0.83% on the week.


Minimizing The Maximum: Why Prison Sentences Should Be Capped At 20 Years

U.S. President Barack Obama recently issued sentence commutations for 22 people serving lengthy prison terms for drug offenses in the United States. Among them was Donel Marcus Clark, who received a 35-year prison term for a first-time conviction of selling large quantities of crack cocaine and marijuana in 1993 at the age of 29.


Hungary launches spa classification system

Hungary launched a national classification system for its spas today, giving the historical Rudas Fürdő five stars, Hungarian news agency MTI reported.


Russian food watchdog begins inspections of Hungarian companies

Experts of Russiaʼs plant and animal health authority Rosselkhoznadzor today launched inspections Hungarian companies must undergo to regain entry to the Russian market, a representative of the agency said according to Hungarian news agency MTI.


Thousands protest corruption around Hungary

Thousands marched against government corruption yesterday, in Budapest and more than 100 places around the country, in a day of demonstrations organized by opposition party Együtt, which translates as “Together”, according to reports.

expert opinion

To be or not to be (an executive)?

To be or not to be (an executive)?

by Kinga Hetényi

Managing partner at Schoenherr Hetényi Attorneys at Law.

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