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Croatia in Austria | Croatians in Vienna | Bilateral Relations

Hypo Group: Cash Contributions Come at € 500m

The Austrian state has to inject another € 500m in the financially stricken nationalized bank. Furthermore, guarantees will increase by € 1.0bn.

November 14, 2012

CESEE: Massive Capital Outflow

In the second half of 2011 and in the first half of 2012, foreign banks withdrew about € 55bn from the region.

November 14, 2012

CESEE: Lending Shrinks

Foreign banks reduce lending in Central, Eastern and Southeastern Europe. Hungary and Southeastern Europe are most affected.

November 12, 2012

Hypo Group Starts Selling Business in SEE

The nationalized Austrian banking group has to downsize drastically. Today, Hypo Group started to put the subsidiaries in Southeastern Europe for sale.

November 6, 2012

Croatia Does not Participate in South Stream Pipeline

The Russian gas pipeline South Stream will not run across Croatia. Initially, Croatia was viewed as transit country.

November 5, 2012

South Stream Pipeline: Gazprom Concludes Contract with Hungary

The Russian energy group Gazprom has negotiated the last conditions of the contract with Serbia and Hungary.

November 2, 2012

Purchasing Power: Austria Ranks 6

Regarding the purchasing power per head, Austria is significantly above the European average of € 12,802.

October 31, 2012

Telekom Austria´s Vipnet Invests in Croatia

Telekom Austria´s Croatian subsidiary Vipnet Acquires 10 MHz of 800 MHz Spectrum for approximately € 20m in Croatia.

October 30, 2012

Foreign Banks Withdraw Funds from Croatia

Due to the difficult economic situation in Croatia, foreign banks reduce their exposure in Croatia.

October 24, 2012

Albania to Become Official Candidate

The Western Balkan country was recommended by the EU Commission. Serbia and Kosovo must reach a “sustainable solution”.

October 10, 2012

CEE Countries Must Work Upon Economic Convergence

CEE countries are struggling with weaker external demand and uncertain consumers, whereas in most cases fiscal policy is under control. Labour productivity, costs and competitiveness of CEE region give reason for optimism.

October 5, 2012

Nine Prime Minister Discuss EU Budget in Bratislava

The Prime Ministers of nine countries of Central and Eastern Europe will meet in the Slovak capital on October 5.

October 3, 2012

RBI: Poland Shows Stability

In Poland, Raiffeisen Bank International´s NPL ratio comes at 8%. By contrast, Ukraine and Poland are much more problematic.

October 1, 2012

MOL Announces Massive Investments in Hungary

The Hungarian oil group plans to make investments of € 1.1bn in the next three years.

September 25, 2012

Croatian EU-Accession: Slovenia as Obstacle

Slovenia may put a veto on Croatia´s EU accession. Croatia should withdraw lawsuits against the biggest Slovenian bank NLB, Slovenia says.

September 22, 2012

Croatia: Recession Aggravates

According to the Croatian Statistical Office, GDP was down by 2.2% compared to last year.

September 20, 2012

Croatia Wants to Join the Eurozone

In July 2013, Croatia becomes the 28th member of the EU. After the accession, the Croatia should join the Eurozone too, the government says.

September 19, 2012

New Record in Croatian Tourism Sector

In the first eight months of 2012, about 10 million tourists came to Croatia. This is a new record level.

September 15, 2012

Croatia´s Fight Against the Recession: More Austerity and Increase in Exports

According to Paul Krugman, the development of Croatia´s economy depends on the performance of the export-oriented industry.

September 14, 2012

Kuwait Petroleum Interested in Croatian and Bosnian OMV Stations

OMV sells 91 petrol stations in Croatia and Bosnia. After the Croatian INA has announced to have submitted a binding offer, Kwait Petroleum shows interest.

September 14, 2012

INA Underlines Interest in OMV´s Petrol Stations

The Croatian oil group wants to take over the petrol station business of Austrian OMV in Croatia and Bosnia.

September 12, 2012

„I´m Concerned About the Atmosphere in Southeastern Europe“

In an interview with the Austrian newspaper “Presse”, the Croatian Minister of Foreign Affairs Vesna Pusic explains that Croatia still aims to become a member of the Eurozone. The Maastricht Criteria would not be fulfilled yet, she says.

September 11, 2012

Takeover of OMV´s Petrol Stations: INA Faces Legal Restrictions

The Austrian OMV Group plans to withdraw from Croatia and Bosnia. The Croatian subsidiary of MOL is interest in OMV´s petrol stations, but may face legal restrictions from a competition law point of view.

September 7, 2012

Hypo Group´s Capital Shortfall at € 2.2bn

Today, the Austrian Financial Market Authority (FMA) announced its new estimation regarding the nationalized banking group. Insiders fear that Hypo Group needs even more money.

September 6, 2012

Croatian INA Submits Offer to OMV

Austrian OMV sells its petrol station business in Croatia and Bosnia. The Croatian subsidiary of Hungarian MOL has submitted a binding offer.

September 5, 2012

Hypo Group Reduced Capital at Croatian Subsidiary

The Austrian nationalized bank cut the stock capital of the Croatian subsidiary by € 100m.

September 3, 2012

Croatian Crisis Aggravates

For Croatia, the end of the severe recession is not foreseeable. Croatia´s real economy is hit hard, the financial sector suffers from bad loans.

August 31, 2012

Croatian Labor Market Crisis Deteriorates

Not only the unemployment rate is increasing. Croatia has the third-highest youth unemployment rate in Europe.

August 29, 2012

Croatia Said to Become Part of South Stream Pipeline

Good news for Croatia: Gazprom and Plinacro are said to have agreed on a natural gas pipeline across Croatia. The pipeline may enhance employment and reduce natural gas costs.

August 27, 2012

Economic Crisis: Croatians are Pessimistic

According to the Croatian website politika plus, 84% of the Croatians believe that the current economic crisis will sharpen further.

August 24, 2012

NKBM Suspected of Money Laudnering

The second-largest Slovenian bank does not only face financial problems. NKBM´s management is alleged to have practiced money laundering activities.

August 23, 2012

Croatian Unemployment Rate Reaches 17.5%

In July 2012, the Croatian unemployment rate was up by 0.2 percentage points to 17.5%.

August 23, 2012

Croatia: Non-Performing Loans on the Rise

Almost one out of seven loans is classified as “non-performing.” A further aggravation is rather likely.

August 22, 2012

New Property Tax in Croatia

Slavko Linic, Finance Minister of Croatia, confirmed that Croatia will introduce a property tax in 2013. There would be no need for an IMF loan, Linic argues.

August 21, 2012

South Stream Pipeline May Run Across Croatia

Instead of Hungary, the pipeline project South Stream may pass through Croatia. Gazprom currently negotiates with the Croatian operator Plinacro.

August 20, 2012

Dispute Over Hypo Group

Despite the relatively good results, the nationalized bank needs further capital injections. What is more, the capital shortfall at Hypo Group is highly controversial.

August 16, 2012

Croatian Banks Record Lower Profits

In the first six months of 2012, the net income generated by Croatian banks was down by 19%. The Croatian economy is expected to shrink this year.

August 16, 2012

Demerger at Hypo Group Resolved

In order to become re-sold, the Austrian subsidiary of Hypo Group shifts risky assets to the holding company.

August 14, 2012

Hypo Alpe-Adria-Bank in the Red Again

Today, the nationalized bank announced its half yearly result for 2012. Net Results reached € 10m.

August 13, 2012

Hypo Alpe Adria Divests TLM-TVP in Croatia

The nationalized Austrian bank successfully has sold the aluminum hot-rolling mill TLM-TVP d.o.o. in Croatia to the Vienna-based Euris.

August 13, 2012

OMV to Focus on Gas Business

The Austrian oil and gas company intends to exploit natural gas in proximity to Europe. The Black Sea and the North Sea are the strategically most important areas.

August 8, 2012

Croatia: Crisis Sharpens

The Croatian recession seems to continue. Consumption falls further, unemployment continues to rise.

August 7, 2012

Croatian Bridge Construction Project: Strabag Withdraws

The biggest Austrian construction group withdraws from the € 20m contract.

July 27, 2012

Poland as CESEE´s Locomotive

This year, the CESEE region should record a growth rate of 1.7%. However, the situation is highly different.

July 25, 2012

OMV: No Withdrawal from Germany

The Austrian oil company and petrol station operator will not sell the petrol station business in Germany. By contrast, the downsizing program in the SEE region and in the Czech Republic will be continued.

July 19, 2012

Takeover of Croatian Aluflex Failed

The Austrian Hypo Group Alpe Adria will not sell the Croatian aluminum group to the Swiss MTC (Montana Tech Components).

July 19, 2012

Kapsch CarrierCom Acquires Remaining Shares in Croatian TIS

With the acquisition of the remaining shares in the Croatian subsidiary Kapsch TIS d.o.o., Kapsch CarrierCom is further expanding its involvement in South-Eastern Europe.

July 18, 2012

Croatia Abolishes Mobile Service Tax

Today, the Croatian Parliament decided to abolishes the 6% mobile service tax. For Telekom Austria, this means a substantial relief.

July 10, 2012

Southeastern Europe Faces Recession

According to the Vienna Institute for International Economic Studies (WIIW), Southeastern Europe is the weak point among European emerging countries.

July 7, 2012

Austria Remains One of the Biggest CESEE Investors

Austria is still an important net investor in Central, Eastern and Southeastern Europe. However, the global importance of the region did not increase.

July 6, 2012