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Hungary brings strategic gas, crude reserve legislation in line with EU directiveHungarian foreign direct investment in Cyprus came to €1.722 billion at the end of 2011, the latest data from the National Bank of Hungary show. Excluding FDI by “special-purpose vehicles/entities” – companies established for project financing, securitization or the separation of assets, as well as to avail of tax advantages – the total came to €901 million. In forint terms, Hungarian FDI in Cyprus reached HUF 535.8 billion – or HUF 280.4 billion excluding special- purpose vehicles/entities – at the end of 2011. A plan to introduce levies on bank deposits in Cyprus as part of a bailout plan buffeted global markets on Monday.Hungarian FDI in Cyprus exceeds €1.722 blnGermany fast food chain Wienerwald is in the process of seeking out franchise partners for the expansion of its brand in Hungary and Slovakia, the franchiseportal.hu specialist page reported. Wienerwald specializes in chicken dishes and opened its first Hungarian outlet last December in the WestEnd shopping center in Budapest. Another one or two new openings are on the agenda for this year, franchiseportal said.

Parliament approved on Monday legislation bringing regulations on strategic reserves of gas, crude and crude products in line with a European Union directive. Hungary's strategic reserves will remain centrally controlled. Under the directive, member states must keep reserves level with average imports over a 90-day period or level with domestic consumption over a 61-day period, whichever amount is larger.

Debt consolidation advice

Amendment would raise allocation for muni debt consolidation by HUF 10 bln

An amendment to a bill submitted by National Economy Minister Mihaly Varga would raise the state support for the consolidation of municipal debt from HUF 20 billion to HUF 30 billion in this year's budget. The change will raise the central budget deficit, but will not affect the general government deficit because the support is booked

Hungary retail food sales rise 4% in twelve months

Retail food sales came to HUF 1,370 billion in the twelve months to January, up 4% from the previous twelve-month period, market research company Nielsen said. Retail food sales volume edged down 1% during the period, Nielsen said. Stores with more than 400sqm controlled 65% of the market, level with their share a year earlier.

Debt consolidation and management

Hungary gov’t still reviewing farm bank alternatives

Hungary's government is still reviewing the possibilities for establishing a bank for the country's farm sector, Rural Development Minister Sandor Fazekas said in a letter posted on the website of Parliament. Responding to a question by an opposition MP, Fazekas said the National Economy Ministry, the National Development Ministry and the Rural Development Ministry had already prepared a construct for establishing such a bank. According to the Hungarian Development Bank (MFB), establishing the bank and some 100 branches would require 1-2 years and HUF 20 billion, the minister said. He added that the government plans to expand preferential farm financing programs this year. The government decided to set up a bank to support farm investments almost a year ago.

Hungary poultry sector needs HUF 315 bln to remain competitive

Hungary's poultry farmers need to invest a combined HUF 315 billion in their businesses to remain competitive, according to a strategy drawn up by the Poultry Product Council (BTT), business daily Napi Gazdasag said on Tuesday. The seven-year strategy aims to make Hungary the biggest poultry exporter in Europe and raise the number of people working in the sector by 10,000-12,000. The sector would pay HUF 38 billion- HUF 40 billion in tax, excluding VAT, if the goals are achieved, the paper said.