It seems that Audi Hungaria is “downsizing” and based on employee data thousands of positions will be eliminated. According to press reports Audi is not renewing the contracts of 1,200 fixed-term employees at the Győr plant. The Trade Union said: “So far, it has been about not renewing the contracts of employees…. When someone signs a fixed-term contract, it is […]
On Tuesday, Hungary’s parliament voted against a motion brought forward by independent MP Zsuzsanna Szelényi calling on the government to begin the formal process of replacing the forint with the euro as the country’s currency. The goal of Ms. Szelényi’s motion was to express that parliament is committed to adopting the euro and confirming that “the time had come to […]
Hungarians are seeing a major increase in their wages, with the average gross monthly salary now standing at 297,000 forints, or US$1,154. This represents a 14.4% increase compared to 2016 figures released by the Central Statistical Office (KSH). Inflation in Hungary is at just 2.3%. The bulk of the increase is connected to the 15% to 25% rise in the […]
The Orbán government surprised the business world on Thursday, including the National Alliance of Employees and Employers, when it declared without any prior consultation that the country’s capital gains tax would be slashed from 19% to just 9% in 2017. Hungary’s dramatically reduced corporate tax rate of 9% makes it even more appealing than the already low corporate taxes paid […]
The Hungarian National Trading House, affiliated with Hungary’s Ministry of Foreign Affairs and Trade, has been amassing significant financial losses and is mired in corruption allegations, yet it is now expanding to Canada. The MNKH Hungarian National Trading House Cls. published public procurement and bidding documentation online for parties interested in the “creation, operation and management of a Trading House […]
The shortage of skilled labour in Hungary is gaining pace, as Hungarians in the northwest of the country not only opt to work in neighbouring Austria for higher wages, but more recently in Slovakia as well. Not too long ago, it would have been pure folly to imagine that Slovakia would become a desirable destination for Hungarian skilled labour. According […]
The Hungarian government’s financial policies have failed miserably. After coming to power in 2010 Mr. Viktor Orbán’s primary policy objective was to reduce the public debt. His government emphasized the importance of the “debt freedom-fight” and the struggle to liberate Hungary from Western financial domination to “regain the country’s national sovereignty.” Orbán’s government inherited an almost catastrophic debt situation. Public […]
HFP’s readers may recall Szilárd Kalmár from earlier articles; he is the former President of the fledgling Left Party, a left-wing activist and by day a social worker in Budapest, reaching out to some of the most marginalized populations (especially Roma in the 8th District, as well as refugees and immigrants). A group of mainly young Hungarian left-wing activists, not […]
Sándor Csányi, the 63 year old CEO of Hungary’s OTP Bank, is among the wealthiest people in the world, according to Forbes. Mr. Csányi’s net worth includes assets held in Singapore and this is what pushed the Hungarian businessman above the one billion dollar threshold to be profiled by Forbes as one of the world’s wealthiest people. Mr. Csányi’s net […]
Hungarian government propagandists have a new strategy – they plant fake, “feel-good” stories about the economy in the media. Recently articles appeared that Hungary’s debt upgrade is “imminent” and would be well-deserved. Keeping the country’s debt in “junk” is unfair. Portfolio.hu published an elaborate story about the government’s efforts to attract Tesla Motors, quoting Péter Szijjártó, Minister of Foreign Affairs, […]
