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Austria and Croatia - Read the latest headlines about bilateral relations in the areas of economy, business, investment, diplomacy, culture and tourism

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

Uniqa Completes Sale of Mannheimer Group

The Austrian insurance group Uniqa completed the sale of the Frankfurt listed company Mannheimer AG Holding to Continentale Versicherungsverbund. Growth in CESEE countries should be strengthened.

June 29, 2012

Infineon to Invest € 250m in Austria

In 2012, Infineon Austria´s CEO Monika Kircher-Kohl wants to make investments of € 250m. The high tech company is already looking for new staff.

June 28, 2012

Real Estate Crisis in the Balkans Has Deepened

Due to the economic crisis in Southeastern Europe, real estate prices are still falling. Since 2008, prices fell by up to 50%.

June 28, 2012

Euris Interested in Croatian TLM-TVP

The Austrian aluminum trader Euris shows interest in the Croatian aluminum rolling mill. Austrian Hypo Group is the seller, the Swiss Montana Tech Components is still a potential buyer.

June 18, 2012

OMV Negotiates Petrol Station Sale with Russian Zarubezhneft

The Austrian oil and gas group OMV intends to sell its petrol station network in Croatia and Bosnia. The Russian Zarubezhneft seems to be interested.

June 12, 2012

TLM Sale Process Stopped

Austria´s Hypo Group sells the Croatian aluminum company TLM. After the signing with the designated buyer, the Swiss Montana Group, the sale must be re-started.

June 8, 2012

S Immo: Eurocenter in Zagreb Fully Let

The Austrian real estate company S Immo has gained another internationally renowned tenant – Zagrebačka Banka d.d. – for its Eurocenter office building in Zagreb. Thus it is now fully let.

May 30, 2012

Downsizing: Hypo Group Aims to Achieve Proceeds of € 1.5bn

The nationalized Austrian banking group Hypo Group Alpe Adria starts its sales program in SEE countries and wants to achieve proceeds of € 1.5bn

May 21, 2012

Croatian Subsidiary of Alpine Said to be Insolvent

Osijek Koteks, the Croatian subsidiary of the Austrian construction group faces severe problems. According to rumors, Osijek Kotekts is illiquid.

May 8, 2012

Improved Business Atmosphere in CESEE Region

According to a survey by OeKB (Oesterreichische Kontrollbank), expectations of investors are beyond the level of January. Austrian exports to the CESEE region may increase.

May 4, 2012

Austria to Intensify Cooperation with Croatia

The Austrian Minister of Economics met his Croatian counterpart in Vienna. Above all, the EU-accession and investments were discussed.

April 24, 2012

Agrana Aims for Expansion into Balkan Region

The Austrian sugar and starch company Agrana is looking for acquisition targets in the Western Balkans.

April 23, 2012

OMV´s Petrol Stations: Potential Buyers in Sight

The Austrian oil and gas company OMV plans to sell its petrol stations in Croatia and Bosnia. Local investors show interest.

April 17, 2012

Lutz Continues Expansion Program

The world´s second largest furniture house intends to grow in Eastern and Southeastern Europe.

April 7, 2012

EVN Raises Investments in Croatia

The Austrian energy company expects the beginning of a market consolidation in Croatia. Investments are rising.

March 21, 2012

Croatian Banks: Rise in NPL Ends

Croatian banks do not expect any further hike in the level of bad loans, which surpassed 12 percent at the end of 2011, the national banking association HUB said.

March 19, 2012

Uniqa Aims for Growth in CESEE Region

The Austrian insurance group wants to sell stakes by the minority shareholders of subsidiaries in Eastern Europe. The capital increase is scheduled for 2013.

March 5, 2012

Austrian Economy Appreciates Serbian Approach to EU

Serbia officially became candidate for the EU-access. Christoph Leitl, President of the Austrian Chamber of Commerce, emphasized the importance of the “European perspective” for Serbia.

March 2, 2012