Hungary Trends – Business and financial news from the previous week

Budapest (MTI) – See below MTI’s main business and financial news from the previous week:

GOVT FLESHES OUT PLAN FOR PAY RISE-LINKED PAYROLL TAX REDUCTIONS

A reduction in payroll taxes linked to pay rises could take place over 2-3 years, according to the government’s plans, Economy Minister Mihaly Varga said. A basic reduction in payroll tax would be followed by further cuts that track pay increases after a period of two years, according to the plans. The final plan could take shape as soon as next week and the basic reduction introduced in January.

DECLINE OF CONSTRUCTION SECTOR OUTPUT SLOWS FURTHER IN AUGUST

Output of Hungary’s construction industry fell by an annual 9.0 percent in August, decelerating from declines of 17.6 percent in July and 16.2 percent in June, the Central Statistical Office (KSH) said. Output of the buildings segment rose 7.0 percent. Output of the civil engineering segment dropped 23.9 percent from a high base.

MEMORANDUM ON SETTING UP BRITISH-HUNGARIAN BUSINESS COUNCIL SIGNED IN LONDON

A memorandum on the establishment of the British-Hungarian Business Council was signed at the Hungarian embassy in London. The establishment of the council is a guarantee to Hungary that the UK’s exit from the EU will not create an obstacle to further British investments in Hungary, said Minister of Foreign Affairs and Trade Péter Szijjártó.

[button link=”https://dailynewshungary.com/foreign-minister-london-brexit-will-influence-hungarys-growth-path/” color=”purple” newwindow=”yes”] Related article: FOREIGN MINISTER IN LONDON: BREXIT WILL INFLUENCE HUNGARY’S GROWTH PATH[/button]

RICHTER SIGNS TECHNOLOGY TRANSFER AGREEMENT WITH DM BIO

Hungarian drugmaker Gedeon Richter announced it signed a technology transfer and licensing agreement with DM Bio on the development and commercialisation of DM Bio’s biosimilar monoclonal antibody, Trastuzumab. Richter is getting exclusive distribution rights for Europe, the CIS region and Latin American countries and is also obtaining the pilot technology for further development.

HUNGARY, KAZAKHSTAN ESTABLISH STRATEGIC COUNCIL

The Hungarian-Kazakh Strategic Council was established to make proposals and recommendations to support progress, focusing on the development of bilateral economic ties, Economy Minister Mihaly Varga said in Astana. The Council will also weigh the possibility of tapping national and international funding sources.