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Latest Headlines about other Business & Economic Developments

Austria: Spindelegger Demands Flexibility of Working Hours

Working hours have become the main issue of the election campaigns. The dispute was incensed by the claims of Minister of Economy Mitterlehner to allow up to twelve hours of work per day.

August 19, 2013

Russia: Rusal to Slip into the Red

Russian metal giant Rusal has to decrease production by 357,000 tons this year due to a drop in prices in aluminium. The company now hopes for state subsidy.

August 19, 2013

Romania: Good Prospects for Economic Upturn

In Romania, the inflation forecast for 2013 and for 2014 has been lowered to 3.1 percent which is 0.1 percent less compared to previous figures.

August 9, 2013

Croatia: Foreign Currency Loans No Danger for Banks

About 8% of the loan portfolio in Croatia consists of Swiss franc loans. Banks would be able to bear losses.

August 5, 2013

Czech Republic: Unwilling to Join Eurozone?

In 2012, the country missed two out of four criteria for the introduction of the single currency. According to the statistical office it was the worst result in five years. It is not yet clear when the Czech Republic is ready to join the Eurozone.

July 31, 2013

Latvia: Saying Goodbye to the Lat

The introduction of the Euro in the Baltic country has been postponed due to the financial crisis. Latvia originally planned to join the single currency union in 2008 already.

July 26, 2013

Hungary Abandons Radical Resolution On Foreign Exchange Loans

Foreign currency denominated mortgages for home purchases shall be phased out.

July 25, 2013

OMV: Problems in Libya Slow Down Production

The total production of OMV in the second quarter of 2013 has decreased compared to the same period of time in the previous year and the first quarter of the current year.

July 24, 2013

Russian Economy Shows Insufficient Diversification

The Russian economy is primarily based on commodities, economists at the Moscow Higher School of Economics report. In the medium term, Russia has no growth potential, the experts say.

July 18, 2013

Turkey: BIST Formed Partnership with US NASDAQ

Turkey's Borsa Istanbul (BIST), one of the most profitable stock markets in the emerging world, has formed a strategic partnership deal with the US-based NASDAQ OMX Group, the owner and operator of NASDAQ stock market.

July 12, 2013

OMV to Shut Down Production in Libya

Statement on OMV’s production in Libya.

July 11, 2013

Russia to Reduce Oil Export

Russia produces more oil which is increasingly used in the country itself. Refineries outside of Russia do not fear immediate bottlenecks in the supply of oil.

July 11, 2013

Latvia: Joining the Eurozone

Lativa is becoming the 18th country in the Eurozone. The EU Economy and Finance Ministers have given their green light for the admission.

July 9, 2013

Fekter: Eurozone More Stable Than A Year Ago

Austrian Finance Minister Maria Fekter has described the condition of the Eurozone as “better” than compared to a year ago.

July 9, 2013

Latvia Joining The Eurozone As 18th Member

Today the heads of states and governments of the European Union gave their blessing to Latvia’s entry to the Eurozone in 2014.

June 28, 2013

Green Light for Latvia’s Euro Accession

The Eurogroup gave green light for the admission of Lativa to the common European currency.

June 21, 2013

Moody’s: Rate Cuts Credit-Negative for Polish Banks

The recently passed cut in interest rates by Poland’s Monetary Policy Council has a negative effect on credits for Polish banks, rating agency Moody’s announced.

June 11, 2013

Poland: Sale of Foreign Currencies to Stabilize Zloty

After lowest rate in one year, the Polish government had to take actions.

June 10, 2013

Austria: Leitl Welcomes Latvia to Join Eurozone

Head of the Austrian Chamber of Commerce Leitl considers the Euro adoption as an important political signal for the cooperation and the strengthening of the European currency union.

June 5, 2013

Latvia: Euro to Be Introduced 2014

Latvia will be able introduce the Euro on January 1 2014. According to diplomats, this is what the EU Commission will recommend on Wednesday in Brussels.

June 4, 2013

Turkey: Protests Claimed Life of At Least One Person

According to the medical association at least one protestor was killed in Istanbul. Despite of unequaled violence by the police protests against Prime Minister Erdogan will not break down.

June 3, 2013

Czech Republic Not to Introduce Euro Before 2019

According to reports by the Czech media, the new government intends to apply for the Euro only in 2016.

May 31, 2013

Majority of Czechs Want to Keep the Koruna

A clear majority of Czech citizens reject the Euro and want to keep their national currency, the Czech Koruna.

May 14, 2013

Croatia in No Hurry To Introduce Euro

Croatia would keep the national currency and is in no hurry to introduce the Euro.

May 10, 2013

Czech Republic to Improve EU Relations?

Visits from high EU officials should herald the start of a new era in the relation between the Czech Republic and the EU.

May 3, 2013

Asmussen: “New Eurozone Members Will Reap Benefits of Initial Phase”

CEEs and The Crisis: Current Challenges and Benefits

April 30, 2013

9.2 Million EU Citizens Wish To Work More Hours

Labour Force Survey: Proportion of underemployed part-time workers up to 21.4% in the EU27 in 2012

April 19, 2013

Cyprus to Sell Gold Reserves

The country has to sell reserves in the amount of € 400m. In the meantime, the banking sector has been cut down to one half of its former size.

April 10, 2013

Matolcsy’s Program Evokes Mixed Feelings.

During a press conference on Thursday, April 4, new Govenor of Hungarian National Bank (MNB), György Matolcsy presented some of the “creative financial market instruments”.

April 6, 2013

Cyprus: Trying to Avoid Chaos at Banks

Today, Cyprus‘ banks are supposed to be opened after almost two weeks of closing. The citizens are called for calm and there are limits for drawing money. The currency rate was downgraded to Caa2 by Moody’s.

March 28, 2013

Hungary: MNB to Reduce Key Interest Rate

The Hungarian National Bank (MNB) lowered the key interest rate by 25 basis points down to 5.0 %. This is the eighth downgrade in a row.

March 26, 2013

Austria: Highest Rate of Foreign-Currency Debts

No other country in Europe exhibits such a high amount of private foreign currency credit users. In 2014, when the next wave of repayments is due many debtors might be in for a shock.

March 25, 2013

Poland: Inflation Decreasing

Declining inflation was supported by weaker demand and cost pressures in the economy, decrease in energy price growth as well as zloty exchange rate stronger than a year ago.

March 15, 2013

Austria: Less Money in Foreign Currency Credits

The volume of foreign currency loans has decreased further at the end of 2012.

March 7, 2013

Voestalpine to Announce Decision on Expansion Into North America

The Austrian steel group plans a major investment in North America. According to voestalpine´s CEO Wolfgang Eder, the decision will be announced in February.

February 9, 2013

Nabucco Pipeline Is Taking Shape Slowly

The natural gas pipeline commences Front End Engineering and Design services for Nabucco West project.

January 28, 2013

Bayerngas Leaves Nabucco

The German natural gas company does not want to join the pipeline project.

January 28, 2013

Austrian Industry Against Short-Time Work

According to IV (Federation of Austrian Industries), short-time work is too expensive.

January 8, 2013

New Hope for Nabucco

The gas pipeline project is said to get a new major shareholder. In case of the entry of the Shah Deniz II consortium, Nabucco´s utilization would be secured.

December 22, 2012

CA Immo: New Tenants in Hungary

CA Immo was able to acquire new tenants for some 9,300 sqm office space in five Hungarian office properties over the past six months.

December 10, 2012

Austrian Industry Calls for Flexibilization of Short-Time Work

Austrian businesses expect that short-time work may return. Three years ago, the

December 4, 2012

Ukraine: “Stability of Currency Not Endangered”

Ukrainian businessmen are confident in the stability of hryvnia, the Ukrainian National Bank says.

November 28, 2012

Ukrainian National Bank Under Pressure

In order to support its own currency, the foreign exchange reserves of NBU (Ukrainian National Bank) were down substantially.

November 24, 2012

Hungary: Public Debt Level Declines

Due to the favorable currency development, the public debt level fell slightly.

November 20, 2012

South Stream Pipeline: Construction Works to Begin in December

The pipeline projects of Russia´s gas group Gazprom makes substantial progress. Europe´s dependence on Russia is growing further.

November 12, 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

Nowotny: Greek Haircut for ECB “No Issue”

The governor of Austria´s National Bank (OeNB) Ewald Nowotny thinks that ECB would not participate in a haircut.

October 29, 2012

RHI Begins to Downsize in Europe

The Austrian refractories company plans to expand in Russia. In Europe, the first factories will be shut down in two years.

October 18, 2012

Poland´s Komorowski: “Strong Swiss Franc Causes Problems”

On the occasion of a visit in Switzerland, the Polish President Bronislav Komorowski explained that the strong Swiss franc is a problem for both countries.

October 5, 2012

Soros: "Germany Must Lead or Leave"

In a talk on "The Future of the Euro" in Vienna, George Soros presented his vision of how the European financial crisis can be solved.

September 11, 2012