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CEE

Western Balkans Summit was Held in Paris

Following the 2014 Western Balkans Summit in Berlin and the Vienna Western Balkans Summit of August 2015, the third Western Balkans Summit was held in Paris in the context of the ‘Berlin Process’. More than 500,000 of the people with migration background who live in Austria are from the region. Austrian companies have hundreds of branches or subsidiaries in the Western Balkans, which clearly illustrates the very close economic relations.

July 8, 2016

Western Balkans Countries Discussed Investment, Jobs and Integration in Vienna

The World Bank and the Vienna Institute for International Economic Studies (wiiw) held a high-level policy dialogue on ‘Investment, Jobs and Integration’ last week. Ministers and senior officials from the Western Balkans region as well as policy experts from international organisations and the business community gathered to discuss the challenges the region is currently facing, in particular the high unemployment rate, low international competitiveness, and lack of modern infrastructure.

July 8, 2016

CESEE Outlook: Modest Recovery - EU is Obstacle to Growth – BREXIT Poses Uncertainties

According to the latest prognosis of the Vienna Institute for International Economic Studies, the countries of Central, East and Southeast Europe (CESEE) will have a trend growth rate of up to 3% in the period of 2016-2018. This is 1-1½ percentage points higher than average growth in the eurozone. Consumption will be the main growth driver. The Austrian economy is still benefiting from its economic ties with the region. Direct effects of BREXIT on the region will be limited – indirect effects for the European economy as a whole may be considerable.

June 29, 2016

Long-Distance Coach Operator Flixbus to Compete with ÖBB Austrian Railways

Austrian state-run rail company ÖBB Austrian Railways is facing increasing competition of German mobility provider Flixbus which has just launched its third connection for Austria's regional capital cities, between Graz and Salzburg. In January 2016 FlixBus announced its entry to the markets of Central and Eastern Europe with the new branch FlixBus CEE. This includes six countries (Czech Republic, Slovakia, Hungary, Poland, Slovenia and Croatia) with new lines in the making. () am

April 27, 2016

Austrian Airlines to Offer Flights to Hong Kong Starting September 5, 2016

AUA Austrian Airlines has signed an agreement with Hong Kong authorities to ad Hong Kong International Airport to its portfolio of long-haul destinations. AUA will fly up to 5 times a week to Hong Kong as of September 5, 2016. The direct link to Vienna will also be the gateway to Eastern Europe for the Hongkongese as well as the South-Chinese business community.

March 9, 2016

Central and Eastern Europe's Financial Elite Gathered at the CEE Forum in Vienna

The 21st Euromoney Central and Eastern European Forum ended in Vienna today, where 1000 delegates from the region joined local and international investors to help plan, debate and analyze the economic agenda for the region for the year ahead. The vast majority of the delegates have a negative outlook for the year 2016. Only one of the participants expects that this year CEE will grow more than 3.5%.

January 20, 2016

Central and Eastern European Forum in Vienna next Week

The Central and Eastern European Forum - organized by Euromoney - is taking place in Vienna next week. 1,000 top level policymakers, issuers, and commentators from the region will join local and international investors to help plan, debate and analyze the economic agenda for the region for the year ahead.

January 13, 2016

Report: Drug Money and Opiate Trafficking on the Balkan Route

A report recently launched by the United Nations Office on Drugs and Crime (UNODC) shows that the total value of illicit heroin and opium trafficked from Afghanistan to Western Europe through the Balkans amounts to some $28 billion every year. Sixty-five per cent of this total ($18 billion) is generated in Western and Central Europe.

December 14, 2015

S&T AG to focus smart energy operations on Central and Eastern Europe markets

S&T AG and the high-tech group that it heads plan to focus their smart grid operations on their main and longstanding home markets in Central and Eastern Europe. To that end, S&T plans to acquire 100% of the equity in the Europe-based Networked Energy Services GmbH ("NES"), which is a subsidiary of Networked Energy Services Corp. ("NES Corp."). In a reciprocal development, S&T's 56% stake in the California-based NES Corp. would be transferred. Negotiations have been already started.

December 1, 2015

Hungarian Central Bank Buys Austria's 68.8% Stake in Budapest Stock Exchange

Austrian shareholders CEESEG and OeKB sell their 68.8% stake in Budapest Stock Exchange to Hungarian Central Bank for €42m ($45m), the Hungarian central bank confirmed officially.

November 24, 2015

Journalism Award “Writing for CEE 2015” Goes to Martin Leidenfrost

The EUR 5,000 Writing for CEE journalist prize has been awarded for the twelfth time. Journalists from all round Europe – including Northern Europe, Central and Eastern Europe, South Eastern Europe and the CIS countries – have been invited to submit their works. The Austrian Journalist Martin Leidenfrost wins the “Writing for CEE 2015” award for his column "Expedition Europe". At the award ceremony writer and honorary guest Karl-Markus Gauß touched on the discovery of Europe and SEEMO Secretary General Oliver Vujovic said, that Europe faces new boundaries and divisions.

November 18, 2015 · Updated: November 20, 2015; 19:00

Bank Austria Posts Net Profit of EUR 660 Million for the First Nine Months

UniCredit Bank Austria announced that net profit in the three months to end-September dropped to 172 million euros from 291 million in the previous three months. As reported, the bank plans to terminate up to 14,000 jobs and restructure or exit its retail business in Austria and leasing operations in Italy as it seeks to strengthen its equity.

November 11, 2015

UniCredit - Bank Austria: CEE Operations Move from Vienna to Milan - Retail Business to be Sold or Restructured

Until the end of 2016, all CEE interests with currently 48,000 employees have to be transferred to Milan. Until now this division has been the most important earner for Bank Austria. The 13 banking subsidiaries of Bank Austria in Eastern and Southeastern Europe employ nearly 48,000 people - and thus the majority of the approximately 57,000 employees of Bank Austria. The retail banking business of in Austria with 1.6 million customers has to be sold or restructured, Unicredit announced in the afternoon.

November 11, 2015

CEE in the Autumn of 2015 is the New Safe Haven

The key conclusion of UniCredit’s CEE Quarterly 4Q 2015 is that the CEE region, despite its heterogeneity, looks better positioned than most other large emerging markets to cope with potential challenges. In particular they found that market volatility spiked in 3Q15, with the uncertainty surrounding the anticipated Fed rate hike augmented by growing worries about a “hard landing” in China.

September 25, 2015

Erste Group Presents Net Profit of EUR 487.2 Million in H1 15

Erste Group closed the first half of 2015 with positive results, reflected in strong improvements in profitability, asset quality, lending and capital. The group reported a net profit of EUR 487.2 million in H1 2015, compared to a negative result of EUR -929.7 million in the similar period last year; all countries except Hungary made a positive contribution to this development. Total assets increased to EUR 197.5 billion, compared to EUR 196.3 billion at the end of 2014. This balance sheet growth reflects a 2.2% advance in net lending to customers compared to the end of 2014, to EUR 123.5 billion, supported by the 1.7% growth in loans to households, 2.0% to SMEs and 5.9% to large corporates.

August 7, 2015

Euromoney Names UniCredit-Bank Best Bank in CEE

Euromoney has presented UniCredit with nine awards for excellence, including Best Bank in Central Eastern Europe, Best Debt House in Central Eastern Europe and Best Transaction Services House in Central Eastern Europe.

July 14, 2015

Austrian Railways Eyes Acquisitions Across Central and Eastern Europe

Oesterreichische Bundesbahnen (OeBB), the Austrian state railway operator, is eyeing rail cargo operator buys across Central and Eastern Europe, a source close to the company and a person claiming knowledge of the situation said. OeBB, with EUR 3bn in revenue, believes a number of opportunities will soon come up in countries “east of Austria”, including countries of the former Yugoslavia, the source said.

July 6, 2015

Vienna and Triest - Through History Connected

A recent visit by Triest's Mayor Roberto Cosolini highlights that Vienna and Trieste were connected in the Austro-Hungarian monarchy for more than 500 years. Especially in the 18th and 19th century the port of Trieste flourished and because of its location became one of the most developed economic areas of the Habsburg Empire. It was the most important port of one of the Great Powers of Europe. As a prosperous seaport in the Mediterranean region, Trieste became the fourth largest city of the Austro-Hungarian Empire (after Vienna, Budapest, and Prague).

June 25, 2015

Analysis: Austrian Economy Falls Behind Eurozone Average

The latest "Attractiveness Survey" from consultancy Ernst & Young Global Limited shows, that espite strong fundamentals, Austria’s economy lost some ground on the Eurozone average in 2014, with growth of just 0.4% compared with 0.9% for the Eurozone as a whole. This comparative weakness will also continue in 2015, with Austria’s GDP growth estimated at 1.1%, against 1.5% in the Eurozone. This is despite a boost from lower energy prices, quantitative easing from the European Central Bank (ECB) and a weaker euro.

June 1, 2015

EBRD Sees Mixed Outlook for CESEE Countries in 2015-16

The outlook for economies in central and south eastern Europe is improving on the back of eurozone monetary easing but prospects further to the east of the transition region have worsened, as the impact of Russia’s recession intensifies.

May 14, 2015

Summary Programme for the St. Petersburg International Economic Forum Released to Participants

The 19th St. Petersburg International Economic Forum will take place on June 18-20, 2015, bringing together heads of states and governments, political leaders, CEOs and senior executives of major Russian and international companies, leading experts, and representatives of Russian federal and regional authorities. The theme of this year's Forum will be 'Time to Act: Shared Paths to Stability and Growth'.

April 22, 2015