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Vienna International Professional Services Industry News
Read the latest headlines about developments in the international service industry in Vienna and Austria
IMF Considers Recovery as "Moderate and Uneasy"
Growth in Europe seems to be normalizing slowly. Dynamism is missing though, and many vulnerabilities are as yet unresolved.
October 20, 2010
Tax Evaders Targeted by the Ministers of Finance
Budget problems plague the majority of EU countries. In addition to budget discipline, the prosecution of tax evaders is to be addressed.
October 18, 2010
Slight Fall in Corporate Tax
On the other hand, indirect taxes experienced an increasing trend. Despite tax competition, tax increases are expected due to budget needs.
October 18, 2010
Hypo-Group: Bavarian Lawsuit Against Carinthia
The balance sheet of the Hypo Group -nationalized in 2009- was artificially inflated, according to the accusation from Bavaria.
October 18, 2010
Supervision of Banks: Austria and Russia Intensify Cooperation
A Memorandum of Understanding just signed facilitates cooperation in banking supervision between the two countries.
October 18, 2010
CEOs of Stock Exchange Alert: Vienna´s Taxation Plans Cast Investors out
The heads of Vienna´s stock exchange, Schaller and Bohl, fear that the introduction of capital and transactional taxes downgrades Austria´s capital market.
October 14, 2010
OeNB Governor Nowotny Contradicts the Deutsche Bundesbank
"The ECB should not give up purchasing bonds". Although the bond purchase program of the ECB was not needed in recent weeks, Nowotny wants to go on having it "in reserve”. The German Bundesbank warns of a too late withdrawal.
October 13, 2010
Post and Bawag Join Branches
BAWAG PSK and the Post have agreed to work together more closely. BAWAG branches and larger post offices will offer in future both postal and banking services.
October 13, 2010
Global Financial Market System: Norbert Walter Urges for Regulation of Financial Markets
Economist Norbert Walter discussed world financial markets with Lower Austria Deputy Governor Sobotka and Hypo Lower Austria Chairman of the Board Harold at the HYPO Invest Club.
October 12, 2010
RZB Group Tatra banka among Lead Managers for Slovak Republic EUR 2 Billion Benchmark Bond
Tatra Banka (RZB Group), HSBC, SG CIB and UniCredit Bank Slovakia placed a Slovak Republic issue with a maturity of fifteen years.
October 11, 2010
Raiffeisen Bank International: Official Start of Business
The merger was concluded successfully and effectively with the company's entry into the commercial register. RZB remains unchanged as the central institution of the Raiffeisen Bank Group in Austria and corporate headquarters for the whole RZB Group.
October 11, 2010
Vienna Stock Exchange - Agreement with Macedonian Stock Exchange on Joint Dissemination of Data
In the future, the price data of the stock exchange of Macedonia will be disseminated in real time via the datafeed Alliance Data Highway (ADH) of the Vienna Stock Exchange.
October 8, 2010
Macquarie to take over Innovest from Siemens
The Macquarie Group acquires Siemens' Innovest KAG. Innovest's activities are an important platform for Macquarie Funds Group in Central Europe and fit into the strategy of Macquarie to build a global asset management company.
October 7, 2010
Hypo Alpe-Adria: 25% of the Slovenian Merkur DIY Chain Put Up for Sale
Hypo Alpe-Adria-Bank International has put up for sale a 25% share of Merkur, the insolvent Slovenian DIY and home improvement products chain, in the daily newspaper "Delo”
October 5, 2010
Taxand opens CEE headquarter in Vienna
Taxand, a global organization of tax advisory firms, welcomed Taxand Austria to its fold. Each firm in each country is a separate and independent legal entity responsible for delivering client services.
October 1, 2010
Brokerjet intends to expand into Poland
The Austrian online broker Brokerjet, a subsidiary of ecetra Central European e-finance AG (ecetra means Erste Bank Central European Trading), a wholly-owned subsidiary of Erste Bank Group, is already active in the Czech Republic and Slovenia.
October 1, 2010
UniCredit SpA has appointed Federico Ghizzoni as its new chief executive
Italy's biggest bank UniCredit SpA named central and eastern European head Federico Ghizzoni its chief executive as expected on Thursday and underscored its commitment to an international role.
October 1, 2010
Immofinanz: Positive Signs Again
At exactly 12:53 pm on Thursday, an order for 926 shares allowed the Immofinanz stock to fight its way back to the zero-line. Investors hope that the worst is over by now.
September 30, 2010
Vienna now has its own Expat Center
In Vienna, the first Expat Center in Austria was opened. The project was handled by the Vienna Business Agency (former WWFF).
September 30, 2010
Supreme Court: Investors Misled by Meinl European Land Promotional Brochure
The Supreme Court ruled in favor of an investor who was led astray by a MEL-shares promotional brochure. The Meinl Bank describes the ruling as "contradictory," and as "not a good sign for the Austrian capital market."
September 30, 2010
Raiffeisen Invests in New Branches in the Czech Republic
Raiffeisenbank a.s., the fifth largest bank in the Czech Republic, expands its network of branches in the neighboring country.
September 29, 2010
Insolvent AvW Invest AG Cannot Submit Financial Statements
The Carinthian financial company AvW, belonging to Wolfgang Auer-Welsbach who is in custody, cannot provide the necessary documents to prepare its financial statements.
September 29, 2010
BayernLB has to Wait 7 Years for 3.9 Billion from Carinthia
After the debacle of the Hypo Group Alpe Adria (HGAA), the Bayerische Landesbank will have to wait up to 7 years for the repayment of the 3.9 billion euro. The repayment plan provides for this period.
September 28, 2010
Insolvencies: Declining Trend for Both Companies and Individuals
KSV expects 10% less insolvencies for 2010, but warns about the consequences of fiscal budget adjustment.
September 28, 2010
Vienna Stock Exchange - Launch of Three Net Dividend Indices
The Vienna Stock Exchange launched three new indices today: ATX Net Total Return (ATX NTR), CECE Net Total Return (CECE NTR) and RDX Net Total Return (RDX NTR).
September 28, 2010
Austrian Real Estate: Increased supply of 339%
Office space supply is on rise, but demand is lagging behind. Prime rents and yields went down y/y.
September 27, 2010
CEE Real Estate: Outlook is brightening
CEE real estate stocks are currently in a phase of brisk corporate action. Financially sound companies with attractive assets are interesting takeover targets, while other companies are being taken over.
September 27, 2010
Meinl Bank Pays 6 Million Euro: Airport Intl. and Power Intl. Reach a Partial Agreement
Meinl Bank and International Power pull back all the claims against each other, except those in the arbitration court.
September 27, 2010
Immofinanz: Net Income Decreases by 57%
Immofinanz AG showed half as much profit in the first quarter after its merger, as a lasting non-recurring effect from the first quarter. Earnings per share diluted after the merger with Immoeast.
September 27, 2010
Bank Austria: Primeo-investor Wins in First Instance
An investor asked Bank Austria to sell her Primeo participation two months before the Madoff fraud was busted, but Bank Austria has not paid up yet.
September 27, 2010
Austrian Financial Services Discover Immigrants as Customers
Around 1.47 million people living in Austria have a migration background. Therefore, immigrants are an important target group for business. Domestic banks have also been getting into the so-called ethnic banking recently.
September 24, 2010
UniCredit: Andrea Orcel is Possible Successor to Profumo
Andrea Orcel, chief executive of the Global Banking and Markets division of Bank of America Merrill Lynch is rumored to be the favorite in the race to succeed the retiring UniCredit CEO Alessandro Profumo.
September 24, 2010
Elsner Provides Help in Finding Missing Bawag Funds
Former BAWAG CEO wants to clarify the fate of 1.7 billion euro of failed investments allegedly made by the speculator Wolfgang Flöttl to the detriment of BAWAG.
September 24, 2010
Vienna Insurance Group - Pre-tax profit forecast of 10 percent expected for 2010 and 2011
During the meeting of the supervisory board of the Vienna Insurance Group AG, the managing board advised that the target increase in pre-tax profit of at least 10 percent for the current business year is to be attained as planned.
September 24, 2010
C-Quadrat stake held by AvW to be sold by auction
The liquidator of AvW Gruppe AG has decided, that the 32.59% stake in C-Quadrat Investment AG (1.422.365 shares) will be sold by auction on October 13, 2010.
September 24, 2010
Austria Continues Being the Largest Investor in Romania
"Romania is an important market in Eastern Europe for the Austrian economy. Its great importance for us is proved by the fact that Austria is by far the largest investor in Romania"
September 23, 2010
Uniqa: Boss Klien Will Leave Mid-2011
The Supervisory Board of Uniqa has decided that CEO Konstantin Klien (59) will retire prematurely in mid 2011.
September 22, 2010
Foreign Direct Investments (FDI) Declined by 80%
Participation in companies and real estate are attractive, but Austrian firms are reluctant to make acquisitions in Eastern Europe.
September 22, 2010
Madoff Fund Report: Enormous Fees Without Any Value Added
After 9.5 years, 50,000 euro would have been eaten up by the "Primeo Select Fund" because of the high fees, is the opinion of an investors’ lawyer about the monies invested by Bank Austria with Bernie Madoff.
September 22, 2010
Profumo Resigns: Bank Austria’s Parent Group UniCredit Under Pressure
The surprise departure of UniCredit CEO Alessandro Profumo is the talk of the town in the financial industry, also in Austria.
September 22, 2010
CEE Banking Sector Report: Still More Credit Losses in the East
The number of bad loans is expected to increase considerably in some Eastern European countries, a Raiffeisen-analysis shows.
September 21, 2010
Martin Schlaff: Acquisition of Several Latvian Oil Transport Companies Planned
After four years of delay Schlaff is reported to be planning the takeover of several Latvian transport companies.
September 20, 2010
Austria's Management and Supervisory Boards’ Salaries on the Test Bench
The partly state-run OMV had the most expensive board of all Austrian corporations in 2009. In total, the oil company spent 10.2 million euro on its bosses, 23.4% more than the previous year.
September 20, 2010
ÖIAG: ÖVP vs. SPÖ
Schieder and Rudas demand dissolution of the state holding ÖIAG, Finance Minister Pröll, on the other hand, wants to “strengthen” it.
September 17, 2010
CESEE Bank Conference: Joint Supervisory Academy in Vienna
Finance Minister Josef Pröll wants to create common standards for the CEE region with an Eastern Bank Supervisory Academy in Vienna.
September 17, 2010
Hypo Alpe Adria: Greek Entrepreneur Xeniadis Signals his Interest in Buying
The Greek businessman Vasileios Xeniadis is prepared to offer 1.35 billion euro for Hypo Alpe Adria.
September 16, 2010
OeNB: First-time Increase of Banks’ Total Assets Since End of 2008
By the end of June 2010 the unconsolidated total assets of the reporting banks in Austria amounted to 1037.98 billion euro.
September 16, 2010
FMA publishes Q2 report on insurance industry
After getting off to a strong start in 2010, Austria's insurance industry has enjoyed a solid second quarter. Premium revenues grew in all balance sheet groups.
September 15, 2010
Volksbank Vorarlberg: High Losses in Switzerland
Commitment to financial advisor JML did not go as desired: losses up to 3.9 million euro
September 15, 2010
Investkredit and ÖVAG: As Of Now, They Have a Common Board
In addition to CEO Gerald Wenzel, Wolfgang Perdich, Martin Fuchsbauer and Michael Mendel are also members of the common board. The merger of both financial institutions is to take place in early 2011.
September 15, 2010
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