Hungary in Austria | Hungarians in Vienna | Bilateral Relations

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

CEE Investments Recommended

According to Erste Group, equities to become more attractive in 2012 compared to 2011. Turkey is seen as highly interesting investment location.

January 4, 2012

Austrian Enterprises Fear Nationalization in Hungary

Nationalization plans induce fierce criticism against the Hungarian Government. The Austrian waste management industry would be hit hard.

January 2, 2012

RBI Rules Out Sale of Eastern European Subsidiaries

CEO Herbert Stepic expects a very difficult year 2012 for the entire banking industry.

December 29, 2011

Capital Increase for Raiffeisen Hungary

In light of massive loss expectations the Hungarian subsidiary will reduce its headcount and close down several branches.

December 23, 2011

Record-Breaking Start of Tourism Winter Season

Austria’s tourism industry registered 3.98 million overnights in November. Arrivals rose by 3.5%.

December 23, 2011

Foreign Currency Loans: Austrian Banks Appreciate Hungarian Decision

Austrian banks reacted positively to the announcement of the Hungarian government to participate in costs for the conversion of foreign currency loans.

December 19, 2011

Bank Austria Reviews Strategy for CEE

In its expansion strategy, the bank focuses on four countries. Plans for Hungary and Romania are stopped, up to 450 jobs will be cut.

December 17, 2011

Changes to the Management Board of Erste Group

The Supervisory Board of the Austrian bank took several personnel decisions that concern the holding company as well as the subsidiaries in Hungary and Romania.

December 15, 2011

Sale of Croatian OMV Petrol Stations Begins

OMV´s current market share in Croatia is 13%. Almost every major oil company in Europe shows interest.

December 9, 2011

Erste Group: Drastic Cut in Hungary

The Austrian bank cuts 450 jobs in Hungary. However, Erste Group emphasizes to stay in Central and Eastern Europe.

December 9, 2011

Austrian Foreign Trade Deficit on the Rise

From January to September 2011: imports rose by 17%, exports increased by 14%. The deficit amounts to € 6.0bn.

December 7, 2011

Porr Considers Capital Increase

In order to realize further growth, the owners of the second-largest Austrian construction company plan to raise the equity base.

December 3, 2011

Porr Issues Profit Warning

The Austrian construction company has to write down € 90m of receivables due to problems in Eastern Europe. For next year, however, management is confident to see stable development.

December 1, 2011

RBI Posts Decline in Nine-Month Profit

The Austrian bank might have to write down the goodwill on its Ukrainian subsidiary. Consolidated profit declined by 4.8% to € 745m in the first three quarters.

November 24, 2011

Drop in Revenue for SW Umwelttechnik

The Austrian technology group was particularly burdened by a decrease in quantities in Hungary. The loss on ordinary activities doubled from € -1.6m to € -3.3m.

November 23, 2011

OMV to Sell Petrol Stations to Slovak Slovnaft

The Austrian oil and gas group OMV has already announced its downsizing strategy in the petrol station business. Slovnaft, a Slovak subsidiary of the Hungarian MOL, shows interest.

November 22, 2011

Austrian Minister of Economics Criticizes Hungary

On the occasion of a bilateral meeting between the Hungarian and the Austrian Minister of Economics Reinhold Mitterlehner repeated his critics regarding Hungarian foreign currency loans.

November 21, 2011

Increasing Capital Requirements for Austrian Banks

The Austrian Raiffeisen Bank International (RBI) needs to raise its equity base by € 2.5bn instead of € 1.9bn, the bank supervision claims.

November 19, 2011

Conference on European Economic Integration

“European Integration in a Global Economic Setting – CESEE, China and Russia“. Conference jointly organized by the Oesterreichische Nationalbank and Suomen Pankki – Finlands Bank.

November 18, 2011

Stable Results for Ottakringer

In spite of increasing costs and sales problems in Hungary, the Austrian major brewery and mineral water producer expects to maintain results of 2010.

November 12, 2011

Changes in the Board of Budapest Stock Exchange

Michael Buhl takes over as CEO in addition to his functions at the Vienna Stock Exchange and the CEE Stock Exchange Group.

November 11, 2011

SW Umwelttechnik Wins Major Contract in Hungary

The Austrian technology group will be managing a syndicate of three companies. The project has a total volume of € 24m.

November 10, 2011

Hungary Rejects Further Bank Charges

Contrary to its initial plans, Hungary will not resolve further aid measures for domestic loan takers. The government is seeking for cooperation with concerned banks.

November 5, 2011

Erste Group´s CEO Wants to Avoid Further State Aid

Andreas Treichl, CEO of the Austrian major bank Erste Group, wants to prevent a further influence of the Austrian state.

October 29, 2011

Orban Attacks Austrian Banks

The Hungarian Prime Minister Viktor Orban wants to release his country from the “debt slavery” and criticizes Austria´s reactions.

October 29, 2011

Erste Group Reports Loss of € 1.49bn for the Third Quarter

The Austrian bank took extraordinary charges leading to a net loss of € 973.0m in the first nine months of 2011 and significantly reduced CDS exposure.

October 28, 2011

Hungarian MOL and Austrian RAG Cooperate for Exploration and Production in Hungary

Hungarian MOL (Magyar Olaj- és Gázipari Nyrt.) and Austrian RAG (Rohöl-Aufsuchungs Aktiengesellschaft) have signed agreements to perform activities in the exploration and development of the Inke license south of lake Balaton in Hungary, released MOL.

October 24, 2011

Rabmer Building Opens a New Subsidiary in Poland

Rabmer Building has established a Polish subsidiary. Already since last year the Polish market has been managed by eleven employees from Bydgoszcz.

October 24, 2011

Vienna Again Among Top 5 in Innovation Cities Global Ranking

Boston came first again in a field of 331 cities in the Innovation Cities Global Index. This year’s among top five cities apart from Boston were San Francisco, Paris, New York and Vienna. Prague was 43th, Budapest 47th.

October 19, 2011

Growth of CEE Region Under Threat from Eurozone Crisis

The EBRD research is predicting a slow-down in emerging Europe’s economic growth next year with the continuing eurozone sovereign debt crisis posing challenges to recovery from the 2008-09 global financial crisis.

October 18, 2011

Spectacular Surge in Profits of CEE Technology Companies

The annual Deloitte Technology Fast 50 Program honors the fastest growing Central European technology companies. It is based on the percentage of revenue growth over five-year period.

October 18, 2011

Raiffeisen's Comment on Current Developments of CEE Eurobonds

Eurobond markets felt the deteriorating market sentiment in recent weeks, reported Raiffeisen Research.

October 18, 2011

CEE Less Vulnerable to Severe Economic Crisis

The reaction of the CEE region to the global slowdown should be less severe than in the post-Lehman crisis, as CEE economies are in a completely different stage of their economic cycle and have reduced their imbalances.

October 17, 2011

Erste Bank Hungary Opens Home Savings Bank

According to Imre Szatno. the deputy head of retail division of Erste Bank in Hungary, quoted by Budapest Business Journal, the Erste Group has launched its own home saving bank.

October 17, 2011

Do Austrian Banks Need More Capital?

Recently, the prominent Austrian industrialist Hannes Androsch expressed his concerns about the equity situation of Austrian banks. Androsch sees many challenges for the domestic bank sector.

October 15, 2011

Sale at Rail Cargo Austria?

The freight traffic division of the Austrian Federal Railways (ÖBB) still suffers from its Hungarian subsidiary RCH. A sale to Hungary seems to be possible.

October 15, 2011

Warsaw Ahead of Vienna and Prague in the Ranking of the Most Attractive European Business Cities

Warsaw moved up three places in the ranking of the most attractive European cities to locate a business, prepared by Cushman & Wakefield.

October 13, 2011

Bank Austria Rethinks Expansion in Hungary

The subsidiary of Italian UniCredit reviews its activities in the country. A withdrawal is not ruled out.

October 12, 2011

Hungarian Consumer Price Index Increased by 3,6% Compared to September 2010

In September 2011 consumer prices increased by 3.6% compared to September 2010, it was the same rate as in the previous month, registered the Hungarian Central Statistic Office.

October 12, 2011

RBI: „There Is No Reason to Write Off“

After Erste Group has published its highly negative forecast for 2011, Raiffeisen Bank International came under pressure. RBI underlines that its risk is not comparable to that of Erste Group.

October 10, 2011

Surprising Write-Offs at Erste Group

Due to write-offs in Hungary and Romania, Austrian Erste Group reports a net loss of about € 920 - 970m in the first three quarters of 2011.

October 10, 2011

RBI: Capital Injection for Hungarian Subsidiary Likely

The Austrian bank’s losses from the conversion of foreign currency loans will amount to approximately € 100m.

October 7, 2011

New Record in Agricultural Foreign Trade

The first half of 2011 brought double-digit growth rates in all product categories. Exports to Hungary increased by 43%, making it the number three buyer country.

October 6, 2011

Upward Trend in CEE Real Estate Market

Erste Group: “CEE Real Estate stocks with upside potential of 15%, profitability lags behind”. The upward trend in CEE is driven by low vacancy, strong occupier demand and low pipeline.

October 3, 2011

Donau Chemie Builds Factory in Hungary

The Viennese chemical group builds a hydrochloric acid factory near the Hungarian capital Budapest for € 6m.

September 27, 2011

BP Plans Rival Project to OMV´s Nabucco

The British Petrol Corporation intends to open up new gas fields in the Caspian region. BP is thus a new competitor for the Austrian OMV.

September 27, 2011

RBI Defies Hungary’s Banking Tax

The Austrian bank is not planning to pull out of Hungary. Losses from the conversion of foreign currency loans cannot be estimated yet.

September 22, 2011

IMF: „NPL in Eastern Europe Decreasing“

After the announcement of the Hungarian government to convert foreign currency loans at the expense of banks, the IMF has good news for Austrian banks.

September 21, 2011

Serbia as Growth Market for Denkstatt

The Vienna-based environment consulting group Denkstatt intends to gain a foothold in Serbia.

September 19, 2011

Turnaround of RCA Is „Very Close“

The restructuring process of the Rail Cargo Hungaria, a subsidiary of the Austrian Federal Railways (ÖBB) is going on. The rail cargo segment reports better results than expected.

September 19, 2011