CEE Chamber

Warning to Primark fans: Beware of scams targeting online shoppers in Hungary. Have you been to Hungary's first Primark in Budapest? #Primark #shopping #retail #fashion https://lnkd.in/d2dPPvnb

Hungary’s industrial sector output falls due to struggling battery manufacturing sector. Here are the latest data from the Hungarian economy and nobody can be happy after reading them. When will the economic upsurge come? #hungarianeconomy #construction #development #hungarianindustry https://lnkd.in/dkZkrt3v

Fishmongers Commit to Stable Prices for the Festive Season. Fishermen have pledged to maintain last year’s fish prices, ensuring affordability during the festive season when demand peaks. Christmas accounts for 40% of Hungary’s fish consumption, highlighting the importance of this period for the industry, despite challenges such as extreme weather and rising costs. Annual per capita fish consumption in Hungary has risen from 5.7 to 6.7 kilograms, though it remains among the lowest in Europe. Márton Nobilis, Secretary of State for Food Economy and Agricultural Training, credited campaigns like the Get It! initiative (2013–2020) for this growth and announced a new EU-funded promotion worth HUF 700M (EUR 1.71M) to further boost consumption. He urged traders to moderate margins to make Hungarian fish accessible to all. Domestic fish consumption supports environmental conservation and strengthens Hungary’s economy. “Fishermen play a key role in preserving our wetlands,” emphasized Péter Ondré, managing director of the Agricultural Marketing Center. Hungarian fish meet strict safety standards and support short supply chains, yet the sector faces challenges. Extreme summer heat has led to high fish mortality, while damages caused by protected species like cormorants are poorly compensated compared to countries like Germany, hampering exports. Metro Trading Ltd. plays a significant role in distributing Hungarian fish, selling 1,600 tonnes annually. “A third of the fish sold is Hungarian,” noted Beáta Kápolna, the company’s purchasing director. Key species include carp, trout, perch, and African catfish. Metro supports broader consumption through tastings and campaigns, with most restaurants offering Hungarian fish year-round. Despite hurdles, Hungary’s fishing industry is committed to growth, preserving traditions, and ensuring fish remains a staple on festive tables. Related article150 Teams Compete in the World's Longest Carp Fishing Tournament at Lake BalatonThe event takes place at several locations on Lake Balaton.Continue reading Via Világgazdaság; Featured Image:Pixabay The post Fishmongers Commit to Stable Prices for the Festive Season appeared first on Hungary Today. https://lnkd.in/deR4HWN8

French insurance group fined by National Bank of Hungary. The National Bank of Hungary (NBH) on Friday said it fined insurer Groupama Biztosító little over HUF 51m for compliance violations. #opusglobal #nbh #nemzetibank #groupama https://lnkd.in/d8KSbQNS

Mercedes in Kecskemét Prepares for Future Models with One-Month Pause. The Mercedes factory in Kecskemét (central Hungary) will pause production from December 18 to January 20 for its annual winter break, Mercedes-Benz Manufacturing Hungary announced on Thursday. The winter production halt aligns with similar breaks across Mercedes-Benz’s global passenger car and powertrain plants. These breaks, typically lasting several weeks, allow time for maintenance and upgrades. This year, significant modifications are underway at the Kecskemét plant to prepare for the production of new models based on the MMA (Mercedes Modular Architecture) and MB.EA (Mercedes-Benz Electric Architecture) platforms. The factory is managing workforce absences during the break using available labor law tools, such as leave or flexible working arrangements. Mercedes-Benz emphasized that the production network is continuously optimized to respond to demand fluctuations and maintain operational efficiency. Despite market challenges and intense competition, particularly in China, the Mercedes-Benz Group reported stable sales in the third quarter of 2023. Photo: Facebook/Mercedes-Benz Gyár Kecskemét The Kecskemét factory also delivered strong financial performance in 2023, with sales exceeding EUR 5 billion, up from EUR 4 billion in 2022. Pre-tax profits rose from EUR 96 million to EUR 103 million, and the plant employed 4,477 people last year. FactMercedes-Benz Manufacturing Hungary is a car factory in Kecskemét, where Mercedes cars have been manufactured since March 29, 2012. It is the 7th largest company in Hungary and the 49th and 56th largest company in Central and Eastern Europe in 2021 and 2022, respectively, according to the Coface CEE Top 500 ranking. Related articleTwo Millionth Mercedes Rolls off the Production Line in KecskemétProduction of Mercedes-Benz compact models started in Kecskemét in 2012.Continue reading Via MTI; Featured image via Facebook/Mercedes-Benz Gyár Kecskemét The post Mercedes in Kecskemét Prepares for Future Models with One-Month Pause appeared first on Hungary Today. https://lnkd.in/ddyu8-ir

FDA Accepts Richter’s Marketing Authorization for Denosumab Biosimilars. The U.S. Food and Drug Administration (FDA) has accepted the application submitted by Gedeon Richter and Hikma for the approval of denosumab biosimilars (affordable versions of osteoporosis drugs, mimicking its safety and efficacy), Richter announced on the Budapest Stock Exchange’s website on Thursday. The announcement highlighted that Hikma, a UK-based global company, entered into an exclusive sales and licensing agreement with Richter in December 2021. Under the terms of the agreement, Richter is responsible for developing the biosimilars and supplying the finished products for the U.S. market. Hikma, in turn, is responsible for handling the FDA registration process and holds exclusive rights to market the products in the U.S. once approved. Erik Bogsch, head of Richter’s biotechnology division, described the FDA filing as an important milestone that strengthens the collaboration with Hikma. Hikma’s significant presence in the U.S. market enables us to expand the reach of Richter’s biosimilar programs and bring these treatments to more patients worldwide,” Mr. Bogsch said. As Hungary Today wrote earlier, this collaboration aligns with Richter’s broader strategy to strengthen its foothold in the U.S. pharmaceutical market, particularly through biosimilar development. The partnership with Hikma reflects Richter’s commitment to innovation and its pursuit of global partnerships to address key healthcare challenges effectively. Related articleResearch with Gedeon Richter Unveils Key Brain Effects of Antipsychotic DrugsThe research was conducted by the Institute of Experimental Medicine and led by Prof. E. Sylvester Vizi.Continue reading Via MTI; Featured Image: Hungary Today The post FDA Accepts Richter’s Marketing Authorization for Denosumab Biosimilars appeared first on Hungary Today. https://lnkd.in/dsqgxgkd

Finance Minister Varga: Artificial Intelligence to Bring a New Era in Taxation. At the Tax Administration European Union Summit in Budapest, Finance Minister Mihály Varga highlighted Hungary’s achievements in creating one of the world’s most competitive tax systems, serving as a foundation for future economic growth. Minister Varga emphasized that artificial intelligence will play a key role in revolutionizing taxation, opening a new era in the field. Since 2010, Hungary has implemented substantial tax reforms, drastically reducing taxes on labor and corporate taxes, making Hungary one of the most competitive tax jurisdictions globally. According to the Finance Minister, “the national government has built economic policy, including tax policy, on cooperation with economic operators and on valuing work.” Tax revenues and real incomes have seen significant growth, and Hungary now ranks 7th out of 38 OECD countries in tax competitiveness. As a result of these reforms, Hungary has reduced its tax burden from 40% to below 35% of GDP, one of the best results in the EU. Mihály Varga also stressed the importance of the new EU tax treaty, simplifying taxation for European companies, strengthens data reporting between member states, and introduces digital platforms in public taxation. He noted that this treaty would improve control and efficiency across the EU. Digitalization has been another cornerstone of Hungary’s tax administration. The National Tax and Customs Administration (NAV) has led initiatives like the Electronic Public Road Transportation Control System (EKÁER), online invoicing, and automated tax returns for millions of taxpayers. Mr. Varga pointed out that these measures have put Hungary at the forefront of tax digitalization. Additionally, the Hungarian EU presidency has focused on artificial intelligence to enhance tax solutions and cooperation across Europe. In conclusion, Hungary’s tax reforms, digitalization efforts, and focus on artificial intelligence have positioned the country as a leader in EU tax policy, with Minister Varga stating, “this forum is a good opportunity to sum up results and plans and exchange experiences.” Related articleEU Moves Forward on Digital Taxation amid Hungarian Push for CompetitivenessThe aim of the legislation is to make it easier and faster for businesses to move around European markets.Continue reading Via MTI; Featured Image: Facebook / Varga Mihály The post Finance Minister Varga: Artificial Intelligence to Bring a New Era in Taxation appeared first on Hungary Today. https://lnkd.in/dv7gXPti

A Time of Giving. The post A Time of Giving appeared first on Warsaw Insider. https://lnkd.in/ddtS4aXr

Photographer of the Month: December 2024. The post Photographer of the Month: December 2024 appeared first on Warsaw Insider. https://lnkd.in/dPE3F8mA

Pakistani unit of MOL celebrates 25th anniversary. Since entering the market, MOL Pakistan has produced more than 400 million barrels of oil equivalent. #MOL #Pakistan #oil https://lnkd.in/dRK_J-PZ