Read the latest headlines about bilateral relations in the areas of economy, business, diplomacy, culture and tourism between Austria and its partners
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Vienna's Foreign and Bilateral Relations

Bank Austria Bids for Bank of Moscow

The UniCredit subsidiary is reported as holding talks with the Bank of Moscow to acquire a 46.5% stake.

January 14, 2011

Bright Outlook For Magna

The Canadian/Austrian automotive component supplier today announced its financial outlook and expects a significant increase in sales as well as profits.

January 14, 2011

Austria's Trade Deficit with China Shrinks

Thanks to the rising export figures, the trade deficit in the traditionally negative balance with China is declining.

January 13, 2011

Turkish Electricity Market Threatens to Collapse

The increasing energy demand in Turkey is facing a lack of infrastructure. Austrian Verbund will expand its investments.

January 13, 2011

WKÖ endorses policy of the European Commission

The Austrian Economic Chamber welcomes the focus of the EU Commission on structural reforms, consolidation of public finances and competitiveness.

January 13, 2011

Imtech Austria has Expansion Plans

The subsidiary of the Dutch Imtech Corporation, located in Linz, wishes to get into Eastern Europe and achieve stronger growth.

January 12, 2011

Immofinanz: Record Letting Results for German Subsidiary

The Austrian Real Estate Group benefits from the upswing in the German property market.

January 12, 2011

New Controversy over the Hypo Group

According to the investigators, there would be no connection between the Austrian bank and Gribkowsky, the former member of the board of BayernLB

January 10, 2011

Polbank: Imminent Decision

The decision for the sales process of Polbank will be announced in the next few days, according to the parent company EFG Eurobank.

January 10, 2011

Austrian Tobacco Industry Fears Cigarette Smuggling

According to the presently Japanese Austria Tabak, 20% of cigarettes are already smuggled. The tobacco tax is expected to increase this trend even more.

January 10, 2011

S&T announces to withdraw from Germany

The Austrian information technology consulter S&T withdraws from the German market. Hence the German subsidiary „S&T Deutschland GmbH“ will be closed.

January 10, 2011

Demands for Financial Transactions Tax

The Chairman of the Austrian Provincial Governors’ Conference, Josef Pühringer, demands the introduction of a pan-European financial transactions tax.

January 7, 2011

Management Change at IBM Austria

Tatjana Oppitz is the new Director-General at IBM Austria, replacing Leo Steiner.

January 7, 2011

OMV Expands in Tunisia

OMV acquires Tunisian Exploration and Production (E&P) subsidiaries of Pioneer Natural Resources for $ 800m plus working capital.

January 6, 2011

Strong Increase in Austrian Foreign Trade Figures

January to October 2010: imports and exports increased by more than 15%

January 6, 2011

WIFO and IHS Foresee Economic Weakness

The two major Austrian Economic Research Institutes, WIFO and IHS, expect an economic slowdown in 2011.

January 5, 2011

Former Member of the Board of BayernLB Arrested

Gerhard Gribkowsky, whose foundation in Austria was concealed to the German judiciary and is now known, is in custody

January 5, 2011

Bank Tax in Poland?

The Polish government is considering levying taxes on banks already in 2011. From the Austrian perspective, Raiffeisen Bank International would be affected.

January 5, 2011

Hypo Group: Little Enlightment Expected from Grasser and Berlin

The Chairman of the Inquiry Committee on the Hypo Group expects little gain of information by the summons of Karl-Heinz Grasser and Tilo Berlin.

January 4, 2011

Poor Outlook for Creditors of SkyEurope

The Austrian-Slovakian airline, which became insolvent in 2009, will only reach a quota of 16%.

January 4, 2011

Kneissl: Insolvency Seems Inevitable

The traditional Austrian ski producer Kneissl, owned by the Arab investor Al Jaber, did not pay its mature liabilities for months.

January 3, 2011

Secret Foundation of BayernLB in Austria

In the hearings on the purchase of Austria's Hypo Group, a former Member of the Board of BayernLB concealed the existence of a foundation in Austria.

January 3, 2011

New Responsibilities for the Financial Market Authority

As of 2011, the Austrian Financial Market Authority (FMA) has to face new challenges. The focus is on the fight against money laundering.

January 3, 2011

Experts: No Failures in the Austrian Labor Market

The last hurdles for the new EU-members to enter the Austrian labor market will fall in May 2011. However, even the unions has no concerns.

January 3, 2011

VBI Romania is a Source of Worries for ÖVAG

Volksbank International (VBI) is to be sold by the Austrian Volksbanken Group. The Romanian subsidiary keeps the group from doing so.

December 31, 2010

Billion Worth Qatar Holding Explores Investment Opportunities

The Austrian economy expects closer relations and potential export opportunities as the result of the state visit of the Emir of Qatar.

December 30, 2010

Stronach Sells Shares to Magna

The founder and long-time Chairman of the board of the Austria-Canadian Magna Group, Frank Stronach, only holds 5.14% now.

December 30, 2010

Polytec Sells Italian Subsidiary

Today Polytec Holding AG signed an agreement to sell 100% of the shares of Polytec Composites Italia (PCI) to Industrie Metallvakuum Ranger S.p.a. (IMR).

December 29, 2010

Tourists from Russia Increase

The number of Russian guests in Austria continues on the rise. A double-digit growth might even be possible again.

December 28, 2010

Czech Railways Considers to Acquire ÖBB-Railjets

The Austrian Federal Railways doesn´t want to exercise its option to buy further Railjets from Siemens.

December 28, 2010

AUA has to Cancel Flight to the U.S.

Persistent snowstorms in the eastern United States, have forced Austrian Airlines to cancel a flight to New York, as local airports there are closed.

December 27, 2010

Economic Chamber Criticizes Import Control System

According to the WKÖ, Austrian businesses incur additional costs and bureaucracy by the import control system.

December 27, 2010

NXP Sells Sound Solutions Business

The major electronic company NXP moves to the Styrian Gratkorn. The former Philips-subsidiary has sold its division for speakers located in Vienna, Austria.

December 26, 2010

Merger Between Bwin and PartyGaming Finished

The common company, bwin.party digital entertainment, will be the world’s largest publicly listed online gaming provider.

December 24, 2010

Raiffeisen Negotiates over Polbank

The Austrian Raiffeisen Bank International (RBI) negotiates actively for the Polish Polbank.

December 23, 2010

Porr: Turkish stake might increase

The Turkish Renaissance Group currently holds a 10% stake in Austria's third-largest construction group. This share could be increased significantly.

December 23, 2010

Austria's Export Economy is Booming

Given the high growth rates in the past year, the Austrian export economy shows itself also optimistic for 2011.

December 22, 2010

OMV Closes Acquisition of 54.14% in Petrol Ofisi

OMV, an Austrian energy group, completed the acquisition of a 54.14% stake in Petrol Ofisi A.S.

December 22, 2010

Verbund Starts Restructuring in France

The Austrian energy company takes full control of the Poweo production subsidiary Poweo Production S.A.S.

December 22, 2010

Change in Magna´s Management

The Austrian-Canadian component supplier announces a change in its Board of Directors. Belinda Stronach leaves.

December 22, 2010

Austrian Official Debt Level Rises

Due to the EU-wide commitment to a more transparent presentation of liabilities, the official debt ratio of Austria will continue to increase.

December 21, 2010

WIFI trains Russian leaders

The Austrian Institute for Economic Promotion (WIFI) functions as a partner of the Russian government in the framework of the management training program

December 21, 2010

Order for Over € 100m for Voestalpine

The Austrian steel company receives an order for over € 100m by Daimler Trucks.

December 20, 2010

New Project in Poland for Atrium

Atrium strengthens polish portfolio with € 168.5m acquisition of a shopping centre in Warsaw.

December 20, 2010

French SNCF Participates in Westbahn Project

The French National Railways acquire a stake of 25% in the Haselsteiner project.

December 17, 2010

Austrian Economic Chamber focuses Growth Market China

Minister of Economy Mitterlehner presented together with the President of the Economic Camber, Leitl, strategies for the export market China.

December 17, 2010

WKÖ: EU patent to stimulate Austrian innovation

The Austrian Economic Chamber (WKÖ) welcomes the enhanced cooperation for the EU-wide patent and hopes to obtain benefits for the domestic economy.

December 16, 2010

More Employees in Austria, Purchasing Power and Taxes Remain High.

Austria records an employment increase of 1.2%. Purchasing power and taxes are above the international average.

December 15, 2010

SIS to be Sold to Atos Origin

The French Atos Origin Acquired Siemens IT Solutions and Services, both companies expect synergy effects. Drastic job cuts in Vienna are feared.

December 15, 2010

Russia Reaches for Volksbank International

VBI, the holding company for the Eastern interests of the Österreichischen Volksbanken, is for sale. Russian parties are interested.

December 15, 2010
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