President returns unprofitable supermarkets amendment to lawmakers

Food

Hungarian President János Áder declined to sign an amendment that would essentially keep major supermarket chains that are unprofitable for two years in a row staying in business, Hungarian news agency MTI reported today. The president reportedly said the legislation as written goes against EU regulations and returned it to legislators.

The amendment, approved by Parliament on December 9, would prohibit the operation of big businesses that are selling "fast-moving consumer goods" – a legal and industry term that generally refers to food markets – and are not making a profit. Backers of the bill say it prevents foreign chains from constantly undercutting smaller competitors in the price of their goods.

The bill was to go into effect in 2018 until Áder sent it back for revisions.

ADVERTISEMENT

Business, consumer sentiment improve in January Analysis

Business, consumer sentiment improve in January

Márki-Zay tests positive for COVID-19 Elections

Márki-Zay tests positive for COVID-19

New leasing and sales director at Horizon Development Appointments

New leasing and sales director at Horizon Development

Gov't calls for technical screening of László Papp Arena City

Gov't calls for technical screening of László Papp Arena

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.