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Vienna International Business News | Economic | Investment | Financial

RBI Revises Expected Provisioning Requirement

Vienna based Raiffeisen Bank International AG (RBI) has revised its outlook for the net provisioning requirement for the current financial year to between EUR 1,500 and EUR 1,700 million, primarily due to higher expected risk costs in Ukraine in light of ongoing political tensions in the region.

September 23, 2014

Business Indicator: Growing Geopolitical Uncertainty Levels the Economic Outlook Down

Bank Austria has published its latest "Business Indicator" on the Austrian economy. The analysts of Bank Austria believe, that after a weak first six months, the economic recovery continues to find it difficult to get out of the starting blocks. The growing uncertainty fuelled by the Russia-Ukraine crisis was reflected in another decline for Bank Austria’s Business Indicator in August. The indicator has been trending downwards slightly for half a year, and now sits at its lowest point since last summer of just 0.2 points.

September 18, 2014

Further Decrease of Inflation to 1.7% in August

The annual inflation rate of the consumer price index slowed down to 1.7% in August 2014 (July 1.8%).

September 17, 2014

Ederer Elected as Supervisory Board President of ÖBB Austrian Railways

A few days after her resignation from the ÖIAG Supervisory Board the former Siemens manager Brigitte Ederer was elected unanimously to the top of the ÖBB Supervisory Board.

September 11, 2014

Investment Opportunities: Moscow - Viennese Economic Talks in Vienna

Within the framework of the "Moscow Days in Vienna", an Economic Forum on economic, investment and technological cooperation "Moscow - Vienna 2014 Synergy - New Opportunities for Growth" was held in the Chamber of Commerce of Vienna.

September 11, 2014

Austria's Foreign Trade: Imports +1.0%, Exports +1.2% in H1 2014

According to preliminary results by Statistics Austria, total imports amounted to €64.62 bn and total exports amounted to €63.23 bn in the period January to June 2014.

September 5, 2014

Austria: Wholesale Price Index Down by -1.6% Y/Y

The index of wholesale prices (WPI 2010) amounted to 107.7 (preliminary value) in August 2014 and thus went down by 0.4% against July 2014. Compared to August 2013, the wholesale prices decreased by 1.6%.

September 5, 2014

Austria: Turnover of Service Enterprises Stable

In the first half of 2014, turnover of Austrian service enterprises increased by 1.0% compared to the same period in the year before. Turnover in trade decreased by 0.5% in nominal terms for the time period from January until June 2014. Taking inflation into account, sales in trade fell by 0.2%. Results were calculated by Statistics Austria, Short Term Statistics Trade and Services.

September 5, 2014

Statistics Austria: IPP Down by 0.8%

Industrial producer prices in July 2014 are down -0.8% compared to July 2013.

August 29, 2014

Austrian Finance Minister Michael Spindelegger Quits

Finance Minister Michael Spindelegger resigned today after eight months in office, the reason are differences within the People's Party (ÖVP) on debt reform and tax. He also stepped down as vice chancellor and head of the Austrian People's Party (ÖVP), the center-right junior partner of the grand coalition government.

August 26, 2014

The United Nations Celebrate 35 Years in Vienna

The United Nations moved into the VIC Vienna International Centre 35 years ago. The VIC was officially opened on 23 August 1979 when it was handed over to the United Nations and the International Atomic Energy Agency. Commonly known locally as 'UNO City', it has been rented to the organizations for 99 years at a symbolic rate of 1 Austrian schilling (7 euro cents) annually.

August 11, 2014

Comment: Outlook of Vienna Stock Exchange

Manfred Sibrawa of BAWAG PSK INVEST GmbH comments on the expectation of the performance of the Vienna Stock Exchange until year end. Erste Bank and Raiffeisen Bank International, but also OMV, booked double-digit losses, while the Vienna Stock Exchange welcomed a new member, FACC. "All in all we saw a mixed development year-to-date, but assuming that we see a stabilization of the global situation we can expect the Vienna ATX to speed up and reduce the underperformance towards other established markets."

August 7, 2014

Andritz: Slight Sales Increase in H1 2014 Attributable to Schuler Group

Technology Group Andritz showed slight sales increase in the first half of 2014 in a still challenging overall economic environment. Sales increased by +1.9%. The order intake amounted to +18.0%. EBITA amounted to +37.7% and the EBITA margin was 5.0%.

August 7, 2014

Analysis: Eurovision Song Contest 2015 in Vienna, Austria

The contest will take place in Vienna, Austria, following Conchita Wurst's victory in the 2014 contest in Copenhagen, with the song "Rise Like a Phoenix". On 6 August 2014, it was announced that Vienna had been chosen as the host city for the 2015 contest. It will be hosted in Wiener Stadthalle.

August 6, 2014

Event: 21st Austria & Advantage Austria: Re-Think Central and Eastern Europe - An Austrian Perspective

On September 23, 2014, 21st Austria and Advantage Austria UK will host a panel discussion at the City of London's Gherkin skyscraper. Herbert Stepic, former CEO of RBI Raiffeisen Bank International and Georg Karabaczek, Austrian Trade Commissioner for the UK will focuse on the topic "Re-Think Central and Eastern Europe: An Austrian Perspective on Diversity in Performance, Challenges and Avenues of Growth". Panellists also include Pasquale Diana, Mario Holzner and Eduard Zehetner.

August 1, 2014

Austrian Industrial Producer Prices Down By 0.6%

The industrial producer price index, IPPI 2010, reached 103.0 points in June 2014, representing a price decrease of 0.6% compared to June 2013.

August 1, 2014

Austria: Decreasing Production Trends in Industry and Construction

62.295 enterprises (+1.3% compared to the previous year) in the entire industry and construction sector turned over a total of €80.2 bn (-0.1%) from January until April 2014, coupled with slightly decreasing employment (907 384 persons, -0.2%).

August 1, 2014

Austrian Federal President Heinz Fischer Signs Hypo Special Act into Law

After intensive testing, together with the former President of the Constitutional Court and current adviser to the President, Prof. Dr. Ludwig Adamovich, Federal President Heinz Fischer has decided to carry out the notarization of the adopted bill and thus clear the way for review by the Constitutional Court.

July 31, 2014

Analysis: Russia - Assessment of EU and Tightened US Sanctions

Special analysis covering the most recent escalation in terms of Western economic and financial sanctions against Russia: EU and US sending bold diplomatic signals without inflicting too much near-term economic and financial damage. In comparison to the US sanctions by the EU are capped in duration. Recent escalation adds to uncertainty in doing business with Russia, which is an ultimate goal of sanctions. Near-term impact of current sanctions still limited, which implies a risk that they may remain for longer.

July 31, 2014

Migration & Integration: Austria has 1.6 Million Migrants

On average, some 1.63 million people (19.4% of the population) with foreign background were living in Austria in 2013. 1.2 million of them were born abroad, while 428 000 people were descendants of foreign-born parents born in Austria and thus counted as "second generation".

July 29, 2014

Negative Austrian Enterprise Creation Rate

In 2012, 24 077 new enterprises were created in Austria. At the same time, 24 920 enterprises closed, resulting in an enterprise closing rate of 6.1%.

July 29, 2014

Austrian FDI: Current Developments 1Q 2014

In the first quarter of 2014, Austrian FDI abroad reached a value of 2.8 billion euros, which is less by about 30% than in the same period of 2013. Foreign direct investments in the same period into Austria stood at 1.4 billion euros. This is about 37% less than in the same period of last year.

July 29, 2014

Volksbank Romania Sells EUR 495 Million NPL Real Estate Portfolio

Volksbank Romania has reduced its non-performing loans portfolio (NPLs) through the sale of a NPL real estate portfolio with an aggregate volume of € 495 million. The Bank has sold the large-volume real estate financing commitments to an international investors consortium composed of Deutsche Bank, AnaCap Financial Partners LLP, H.I.G Capital International Advisers and APS Holding SE. With this transaction, Volksbank Romania has reduced its NPL portfolio to a NPL ratio of below 8%, below the average in Romania's banking system.

July 28, 2014

Cost of Living Rankings: CEE Capitals Cheaper, Vienna is 32nd Most Expensive City

The Mercer's 2014 Cost of Living Rankings have been published and cover 211 cities across five continents. While Western European cities have all risen in the rankings mainly due to the strengthening of the Euro against the US dollar, most cities in Central and Eastern Europe (CEE), however have fallen in the ranking as a result of local currencies depreciating against the US dollar. Bratislava (#84), Prague (#92), Kiev (#98), Ljubljana (#116), Zagreb (#120), Budapest (#135), Warsaw (#142), Belgrade (#184).

July 25, 2014

Austria: Slight Increase of Inflation to 1.9% in June 2014

The annual inflation rate of the consumer price index measured by Statistics Austria went up to 1.9% in June 2014 (May 1.8%).

July 17, 2014

FDI in Austria up by EUR 25 Million

In the first half of 2014 the number of international companies setting up business operations in Austria with the assistance of ABA in cooperation with the regional investment promotion agencies climbed from 88 to 114. Total investment volume was up 15.9 % in the first half of 2014 to EUR 179.97 million from EUR 154.33 million in the prior year period.

July 11, 2014

Vienna Stock Exchange Raised EUR 3.1 Billion in Capital in 1HY 2014

In the first half of 2014, Austrian companies raised more than EUR 3.1 billion in fresh capital through the Vienna Stock Exchange. This volume is larger than the aggregate volume of the past two years (transaction volume 2012 and 2013: EUR 2.1 billion) and the highest level achieved since 2007. The volume consists of the capital increases of Raiffeisen Bank International (EUR 2.78 billion), Porr (EUR 120 million), and the successful initial public offering of FACC (around EUR 213 million).

July 2, 2014

Vienna: ATX Remains one of the Most Undervalued Stock Indices

"We strongly believe in the potential of the ATX. By comparison to Western Europe and the US, stocks on the Austrian market have moderate valuations and this makes them more attractive to investors."

July 2, 2014

Country Analysis: The Tax Haven of Liechtenstein

Liechtenstein has the highest gross domestic product per person in the world when adjusted by purchasing power parity. Liechtenstein is the smallest yet the richest (by measure of GDP per capita) German-speaking country and the only country to lie entirely in the Alps. Since the late 1970s it used its low corporate tax rates to draw many companies to the country becoming one of the wealthiest countries in the world.

July 1, 2014

Siegfried Wolf New OIAG Supervisory Board Chairman

OIAG's supervisory board has appointed Siegfried Wolf as the new Chairman of the supervisory board.

June 27, 2014

Austrian Export Award 2014 for Above-Average Export Commitment

As part of a festive gala evening in Vienna's Museumsquartier, the Austrian Export Prize 2014 has been awarded by the Federal Minister for Science, Research and Economics, Reinhold Mitterlehner, and the President of the Economic Chamber Austria (WKO) Christoph Leitl.

June 26, 2014

Albania Receives EU Candidate Status

At the General Affairs Council meeting in Luxembourg, Ministers from the EU Member States have agreed – based on the recommendation by the European Commission to grant EU candidate status to Albania, subject to endorsement by EU heads of states at the forthcoming European Council on Friday in Brussels.

June 26, 2014

Analysis: The South Stream Gas Pipeline

Due to the signing of the South Stream agreement between OMV and Gazprom for the Austrian part of the pipeline during Putin's visit to Vienna, we take a look at the background of the project.

June 25, 2014

Forecast for CESEE Countries (Webinar)

Central, Eastern and Southeastern Europe (CESEE) have been strongly affected by the economic crisis. However now there are signs of an improving economic climate and growth rates will again be above the EU average. The current situation in the Ukraine and potential difficulties between the EU and Russia constitute a downside risk.

June 24, 2014

Latest Update of the RBI Risk Indicator

The RBI Risk Indicator hast been updated today. It fell by around 14.9% overall and still stands below its 150-day moving average. The RBI Risk Indicator is a quantitative indicator that serves primarily as a short-term decision support instrument for high-risk investments.

June 23, 2014

CPI: Austrian Inflation Rate Increased Slightly to 1.8% Y/Y

The annual inflation rate of the consumer price index measured by Statistics Austria went up to 1.8% in May 2014 (April 1.7%).

June 16, 2014

EBRD Provides €20 Mio Loan to Slovakia for Sustainable Energy Projects

The EBRD is deepening its support for sustainable energy investments in the Slovak Republic with a €20m loan to Slovenska Sporitelna, a.s. (SLSP), one of the country’s leading banks. The funds will be on-lent to private companies for renewable energy projects and energy efficiency in industry and buildings.

June 16, 2014

EBRD Committed to Moldova as the Country Moves Towards Greater Regional Integration

“The European Bank for Reconstruction and Development (EBRD) stands ready to support Moldovan companies and foreign investors in Moldova as the country moves towards even greater regional integration,” said András Simor, EBRD Vice President for Policy, during his visit to Chisinau.

June 14, 2014

Hanna Kordik Awarded the Prize for Outstanding Economic Journalism

Hanna Kordik was awarded the prestigious Horst Knapp Prize in a ceremony. The eulogy was delivered by Ewald Nowotny, Governor of Oesterreichische Nationalbank, in his capacity as chairman of an independent jury. The speaker at the award ceremony was the industrialist Hannes Androsch.

June 10, 2014

Analysis: Bilateral Trade and Investments Between Turkey and Austria Decreased Slightly

According to the office of the Commercial Counsellor of the Turkish Embassy in Vienna, Austria is Turkey’s 34th largest goods export market with exports worth US$ 1 billion.

June 9, 2014

Vienna: Former Kazakh Ambassador to Austria has been Arrested

Rakhat Aliyev, ex-son-in-law of Kazakhstan's President Nursultan Nazarbayev, has been arrested in Vienna. Aliyev, who has been convicted in absentia in Kazakhstan on charges ranging from kidnapping and embezzlement to plotting a coup against Nazarbayev, has been detained because of a murder investigation against him, which has been opened in 2011.

June 7, 2014

Austria's Foreign Policy on the Western Balkans

Due to centuries of political, cultural and economic interrelations, Austrian foreign policy has always attached particular importance to the Balkans. The prime goal of Austrian foreign policy is to support the transformation of the Western Balkans into a zone of stability.

June 4, 2014

The Challenge of Turkish Migration to Austria

Two events highlight and discuss the problems and challenges of Turkish migration to Austria.

June 4, 2014

Foreign Ministry: "Freedom of Religion in Austria"

The first meeting of the Interreligious Dialogue Platform at the Austrian Ministry for Europe, Integration and Foreign Affairs took place. Integration Minister launches an initiative for dialogue with recognised churches and religious communities in Austria.

June 3, 2014

TTIP-Myths and Realities According to AmCham Austria

The American Chamber of Commerce in Austria (AmCham Austria) promotes the expansion and strengthening of trade and commerce relations between Austria and the US. Talks on a future EU-US trade deal started in July 2013 and are set to continue throughout 2014. The talks are part of a trade and investment deal, known as the Transatlantic Trade and Investment Partnership, or TTIP.

June 3, 2014

Austria: IPP Down by 1.2%

Industrial producer prices are down by 1.2% in April 2014 compared to April 2013; stable development against previous month.

May 30, 2014

Austria: Marginally Increasing Production Trends in Industry and Construction

The 62.305 enterprises (+1.2% compared to the previous year) in the entire industry and construction sector turned over a total of €37.9 bn (±0.0%).

May 30, 2014

Yakunin: Broad-Gauge System from Vladivostock to Vienna to Be Established

Vladimir Yakunin, head of the Russian Railways (RZD), wants to stick to his strategic plans and establish an uninterrupted rail link between Vienna and Vladivostock.

May 24, 2014

Boyden Partners Met in Vienna to Discuss Emerging Markets Strategies

The annual global Boyden conference took place in Vienna. Despite the current political crisis in Ukraine the headhunting company sees good prospects of Austrian enterprises and managers.

May 23, 2014

Sevelda: “Russia Still Crucial Market”

In the light of the close ties with regard to economic and energy relations with Russia Karl Sevelda, CEO of Raiffeisen Bank International (RBI) warns about the tightening of penalties against Russia.

May 23, 2014