US investors crave predictability after Orban's overnight law changes [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
of abrupt law changes and ad hoc measures, following centre-right ?opposition leader Peter Magyar's landslide victory over Prime Minister Viktor Orban. The American Chamber of Commerce ?is one of Hungary's largest groups of foreign investors with more than 300 U.S. and European members including BlackRock, Cargill, Citi, IBM, ?Mastercard, Microsoft and Novartis, among others. Magyar defeated Orban in an April 12 election on a pledge to put Hungary back on a pro-European course and secure the release of billions' worth of frozen European Union funding to kickstart the economy, mired in near-stagnation for years. He plans to take the oath of office on May 9, ?at the inaugural session of parliament. Foreign ?investors want to see a predictable business environment and have confidence in the rule of law after Orban's 16 years in power, AmCham President Akos Janza said, a ?period often marred by clashes with Brussels over reforms critics said eroded democratic checks and balances.
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