Veteran Prime Minister Viktor Orbán's 16 years of rule came to an end with the center-right Opposition Tisza party securing a landslide victory in Hungary's parliamentary election on Sunday.
62-year-old Orban conceded defeat, and congratulated Péter Magyar, leader of the Tisza party.
Anti-European Union, pro-Russian Orban was also a close ally of U.S. President Donald Trump, who endorsed the nationalist leader in the election.
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Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.