AutoWallis Group is strengthening its portfolio with another brand after signing an exclusive distribution agreement for Austria with China’s Zhejiang Geely Holding Group. The relationship is not new: in 2024 the automotive company listed on the Budapest Stock Exchange acquired the exclusive distribution rights for the manufacturer’s Farizon-branded electric light commercial vehicles in eight Central and Eastern European countries, including Austria. Under the newly signed agreement, AutoWallis is expected to start distributing Geely’s popular fully electric E2 and EX5 models, as well as the plug-in hybrid Starray EM-i model, in Austria in the second half of 2026. Zhejiang Geely Holding Group became the world’s eighth largest automotive manufacturer in 2025 and currently ranks third in China, with its shares listed on the Stock Exchange of Hong Kong. The manufacturer is present with several brands across different markets, including Geely as well as internationally known brands such as Volvo, Polestar, Lotus,...

Péter Magyar announced that he has asked Budapest city councillor Dávid Vitézy to serve as Minister of Transport and Investment and Vilmos Kátai-Németh to head the Social and Family Affairs Ministry. In a post on Facebook, Magyar said the Social and Family Affairs Ministry — responsible for accessibility and equal opportunities — will be headed by “a blind fellow citizen for the first time in Hungarian history”. He said Vitézy had dedicated over two decades to modernizing Hungary’s transport and urban development. A graduate of the Budapest University of Technology and Economics, Vitézy has taught and advised on transport and urban planning worldwide, and his leadership has visibly transformed Budapest’s transport system. Magyar said Vitézy had “done more than anyone in recent years to expose the damage inflicted on Hungary’s railways and passengers by János Lázár”, the outgoing Construction and Transport Minister. Vitézy’s mandate will include “leading railway company MÁV...

Budapest-based low-fare carrier Wizz Air said it had earlier secured options for a large part of its kerosene needs, shielding it against volatile price changes in a statement issued on Thursday. “Wizz Air has earlier secured options for a large part of its kerosene requirements, to a greater extent than other airlines, and is protected against rapidly changing fuel prices,” Wizz Air told MTI.  Wizz Air added that more than 75% of its fleet consists of Airbus A320neo aircraft “which have the lowest kerosene consumption per passenger kilometer in the industry”. Wizz Air dismissed suggestions in the press by Ryanair CEO Michael O’Leary that Wizz Air was among European airlines that could face financial ordeals later in the year if fuel prices remain high, calling the comments “clearly untrue”. “Wizz Air’s financial position is stable and it has significant liquidity. It finances its aircraft 18 months in advance, allowing for...

Szeged Mayor László Botka has visited BYD’s first European car plant, confirming that several production halls are already finished and that the project will create several thousand new jobs, local media reports. He said the factory has already hired 960 employees, of whom 70% are Hungarian, mostly local residents, with additional recruitment planned from the wider region, including Makó and northern Vojvodina. Botka emphasized that the investment will not include battery manufacturing or chemical‑industry activity, and production lines will be located several kilometers from residential areas. The project also includes several hectares of new green and recreational space and must comply with the strictest Hungarian and EU environmental and health standards. Initial production began with test manufacturing in January, and the first model expected from the line is the Dolphin Surf, with an annual capacity of 150,000 cars, which may later expand to 300,000.  Source link

The ZenGarden office building in Buda, managed by Convergence, has achieved full occupancy following a series of successful leasing transactions in recent months. A combination of new leases and renewals has resulted in the building being fully let. Among the new tenants is the International Committee of Sports for the Deaf (ICSD), which has selected a high-quality, fully fitted, move-in-ready model office. This choice underscores one of ZenGarden’s key strengths: flexible office solutions that can be occupied immediately—an increasingly important consideration in today’s fast-changing business environment. The AI solutions company daalab—previously present in the building as a subtenant—has also committed to ZenGarden, further strengthening its presence through a direct lease agreement. As a result, the company now occupies one of the building’s prime spaces, featuring panoramic views and a private terrace. The relocation of 108 Real Estate also contributed to the building reaching full occupancy, effectively bringing the leasing process...

The personal income tax rate on the minimum wage will be cut to 9%, István Kapitány, the incoming economy and energy minister, said on Facebook on Wednesday. Kapitány said the Tisza Party’s key goals included credible, predictable economic policies to curb inflation and create a fairer tax system. “One of the first steps is cutting the personal income tax on the minimum wage to 9%, leaving over HUF 240,000 [EUR 661] more a year in the pockets of lower earners,” he said. “Everyone earning below the median wage — currently around a gross 625,000 forints a month — will also pay less income tax,” Kapitany said. “For example, someone making gross 420,000 forints will keep an extra 180,000 forints a year, someone on 500,000 forints will keep around 120,000 forints more, and someone on 625,000 forints will keep an extra 60,000 forints.” Source link

Following the change of gov’t, Hungary can hope to see a swift end to the EU’s procedure over alleged breaches of the bloc’s fundamental values, Manfred Weber, leader of the EPP, said on Wednesday. Speaking to German news agency dpa, Weber said he was in favor of preparations to end the Article 7 procedure against Hungary, which could have theoretically led to the suspension of the country’s voting rights in EU decision-making. “The Article 7 procedure against Hungary was clearly linked to [outgoing PM] Viktor Orban’s policies against the rule of law,” Weber said. He added that Péter Magyar, the prime minister-elect, had shown a clear commitment to the rule of law, European values, a pro-European direction and specific reform promises. Weber said that the EP must recognise the incoming prime minister’s pro-European policy and take the first steps towards concluding the procedure it launched in 2018 accordingly. Magyar and...

Despite ongoing economic uncertainty, competition for Hungarian workers may intensify, as companies are becoming cautious about hiring third-country nationals, according to analysis by Gi Group Holding. Recent years of economic slowdown are now reflected in labor market data. The unemployment rate has risen to nearly 5%, a level not seen in almost a decade, while the number of employed people has fallen by approximately 60,000–70,000 over the past year. However, the deterioration has appeared gradually in the statistics, as many companies sought to retain employees despite the uncertain economic environment, the firm said. “Companies have tried to retain their employees in recent periods because they have previously experienced how difficult it is to quickly find new workers during an upturn. Therefore, despite the worsening economic situation, many firms chose to wait and only later respond with headcount reductions,” said Gergely Gáspár, an expert at Gi Group Holding. At the same...

Péter Magyar has asked incoming MP Viktória Lőrincz to act as rural development minister in the new government, and political analyst Bálint Ruff to head the PM’s Office, according to a FB entry posted by Magyar. Magyar praised Lorincz, who won a mandate in Somogy County, in south-western Hungary, as a “rigorous, knowledgeable, humane and hard-working patriot” with extensive municipal and legal experience. He said he agreed with Lorincz that support for rural areas and local communities, as well as efforts to reduce geographical inequalities, must be given a special focus. Magyar said Ruff had already accepted the post and would work with the government “to implement a real regime change”. He said while Ruff was well-known as a public figure, he also had extensive experience in public administration. Ruff has “proven not only his broad-mindedness but also demonstrated his relentless and responsible attitude through his public appearances,” Magyar said,...

U.S. investors are looking for a shift toward predictable policymaking in Hungary following the election victory of Péter Magyar, who unseated Viktor Orbán after 16 years in power, according to a report by Reuters. The change in leadership has raised expectations among international businesses that the often abrupt, unconsulted policy changes of recent years could give way to a more stable regulatory environment. Representatives of the American Chamber of Commerce, one of the largest foreign business groups in the country, signaled that restoring confidence in governance and legal predictability will be critical in the period ahead, according to the report. The chamber’s membership includes major multinational players such as BlackRock, Cargill, Citigroup, IBM, Mastercard, Microsoft, and Novartis, underscoring the weight of its voice in shaping investor sentiment. Magyar secured victory in the April election on a platform that emphasized closer alignment with the European Union and the unlocking of suspended...