President returns unprofitable supermarkets amendment to lawmakers
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.
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