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Signa Buys Karstadt for €1
Austria's Signa Holding takes over struggling German department store chain Karstadt. Signa acquires a 100 per cent stake in Karstadt Warenhaus GmbH from Berggruen Holdings. Berggruen Holdings is going to withdraw from Karstadt Warenhaus GmbH, Karstadt Premium and Karstadt Sports as well as from from each property. The deal ends weeks of speculation over the company's future after the CEO left in July. Rene Benko will pay just €1 for the department store chain. Karstadt operates more than 80 stores across Germany and employs more than 17.000 people.
August 15, 2014
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Cost of Living Rankings: CEE Capitals Cheaper, Vienna is 32nd Most Expensive City
The Mercer's 2014 Cost of Living Rankings have been published and cover 211 cities across five continents. While Western European cities have all risen in the rankings mainly due to the strengthening of the Euro against the US dollar, most cities in Central and Eastern Europe (CEE), however have fallen in the ranking as a result of local currencies depreciating against the US dollar. Bratislava (#84), Prague (#92), Kiev (#98), Ljubljana (#116), Zagreb (#120), Budapest (#135), Warsaw (#142), Belgrade (#184).
July 25, 2014
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Tengelmann to Launch Online Gardening DIY Chain in Austria
The German online gardening DIY chain GartenXXL, a subsidiary of the Tengelmann group, is setting up in Austria. The range of offered products includes over 20,000 products from brands such as Gardena, Fiskars, Bosch or Kettler. The products shall be offered via gartenxxl.at. After successful launching in Austria, GartenXXL intends to expand to other countries in CEE/CESEE.
July 22, 2014
FDI in Austria up by EUR 25 Million
In the first half of 2014 the number of international companies setting up business operations in Austria with the assistance of ABA in cooperation with the regional investment promotion agencies climbed from 88 to 114. Total investment volume was up 15.9 % in the first half of 2014 to EUR 179.97 million from EUR 154.33 million in the prior year period.
July 11, 2014
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German Investment: New EUR 140 Mln Data Center for the City of Vienna
A 140 million Euro investment from Frankfurt based e-shelter strengthens Vienna as an international ICT center.
July 3, 2014
BSH Vienna is Partially Taken Over by German BSH Group
With the goal of strengthening its international market presence, the TROX Group acquired parts of BSH Group.
May 31, 2014
Emirates: The Air Rights Quarrel Between Austria and UAE Continues
The Arab airline demands considerably more landings in Vienna.
May 23, 2014 · Updated: May 24, 2014; 16:15
Yakunin: Broad-Gauge System from Vladivostock to Vienna to Be Established
Vladimir Yakunin, head of the Russian Railways (RZD), wants to stick to his strategic plans and establish an uninterrupted rail link between Vienna and Vladivostock.
May 24, 2014
Conwert Slips into the Reds
Austrian residential real estate enterprise is facing a hard time in Germany.
May 14, 2014
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Czech Republic: CEZ Losing With RWE Contract?
A gas contract with German RWE is causing the Czech energy group losses in the billions.
May 12, 2014
Croatian Brodosplit Landed Important Contract
The Croatian ship manufacturing company Brodosplit has signed a contract with Germany’s Kranunion.
May 12, 2014
German Retailer Metro Faces Massive Losses in CEE
Sales in CEE declined 14.8 percent last year for German retail and wholesale enterprise Metro Group.
May 9, 2014
Michelin to Downsize in Hungary
French tyre producer Michelin announced to shut down ist tyre plant in Budapest and relocate to Romania.
May 9, 2014
Sanction Imposed on Expobank
Russian-Latvian Expobank was added to the Canada’s black list.
May 9, 2014
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Austria: Calls for More Competence in Real Estate Management Become Louder
Stock Exchange Guru Alexander Proschofsky and real estate expert Peter Hohlbein are fighting for a seat at Conwert’s administrative board. Proschofsky has been criticizing the strategy of the listed Austrian real estate company.
May 5, 2014
Situation for Austrian Banks in Russia is “Sensitive”
According to the latest statistics, Austrian banks are considerably more engaged in Russia than assumed so far. Debts to domestic financial institutes amount to € 50bn.
April 29, 2014
Hypo Group: Already a “Catastrophe“ in 2006
In the court proceedings against the former member of the supervisory board of regional lender BayernLB former head of Hypo Group’s board Wolfgang Kulterer called the situation Hypo was in a “catastrophe”.
April 28, 2014
Banks Still Losing in Trust
The trust in banks is continuing to decline. The scepticism towards the financial branch has increased among 39 percent of Austrians while trust in banks only increased among five percent.
April 28, 2014
Real Estate: Buwog Shares Taking Off
The highly anticipated primary listing of residential real estate affiliate of listed Immofinanz, Buwog, will be completed on Monday.
April 28, 2014
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Do Taxes Justify a Relocation of Business?
Tax sensitive business operations should be relocated to other areas if necessary, according to the head of Erste Bank Austria.
April 24, 2014
Buwog Soon to be Listed at Three Stock Exchanges
Immofinanz‘ residential real estate affiliate Buwog will celebrate its IPO at the stock exchanges in Frankfurt and Vienna on Monday, April 28 and in Warsaw on Tuesday, April 29.
April 24, 2014
Austria: Branch Network of Raiffeisen Shrinking
Because of the high number of mergers, the number of branch shops of Raiffeisen Group is dropping. However, the Austrian lender still has a market share of 43 percent.
April 18, 2014
Austria: RLB OÖ Still Threatening to Leave
According to managing director of Raiffeisenlandesbank Oberösterreich (RLB OÖ) Heinrich Schaller, the tax burden is too high in Austria. The bank is still threatening to leave for Germany if the bank levy will not be changed.
April 17, 2014
Conwert to Leave Germany?
A consortium of investors is highly interested in the German subsidiary of the Austrian real estate group. The consortium is led by conwert´s former board director Johannes Meran.
April 16, 2014
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Industrial Location Austria Losing Attractiveness
Among other things, labor costs and energy prices are too high, according to the Austrian Federation of Industries.
April 16, 2014
Austria: RLB OÖ Rows Bank on Threat to Leave
Last year regional lender RLB OÖ (Raiffeisen Landesbank Oberösterreich), part of Raiffeisen group, saw a decline of six percent in its balance sheet totals while the operating results increased by almost three percent.
April 16, 2014
Massive Dispute at Conwert
The Austrian real estate group faces troubles: representatives of small shareholders want to join the administrative council. Major shareholder Hans Peter Haselsteiner wants to dispatch his own representatives.
April 15, 2014
Serbia’s Goal to Join EU until 2020 “Realistic”
According to former German Chancellor Gerhard Schröder, Serbia’s aim to become a member of the European Union until 2020 is realistic.
April 11, 2014
Moldova: Urgent Call for EU-Membership
Getting out of the zone of uncertainty and instability, this is the aim of the Moldovan Prime Minister Iurie Leanca.
April 10, 2014
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Austria: Hypo Group’s Investigation Committee Ready for Action
The group of foreign experts at the investigation commission for Hypo Group Alpe Adria is supposed to guarantee the required objectivity. The first results are expected to be published at the end of the year.
April 10, 2014
Erste Group to be Relocated to the Czech Republic?
CEO of Erste Group, Andreas Treichl, has informed Czech President Milos Zeman about the bank’s intention to move to Prague in the coming years.
April 9, 2014
Poland: Growth Forecast Raised Again
The International Monetary Fund has raised the forcast of GDP growth in Poland.
April 9, 2014
Hypo Group too Expensive for BayernLB
According to an official expert, regional German lender BayernLB’s fatal decision to take over Hypo Group Alpe Adria was based on questionable company evaluations.
April 7, 2014
Poland: No Danger of Deflation
According to Marek Belka, governor of the National Bank of Poland (NBP), there is not threat of deflation.
April 7, 2014
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Hypo Group: „We Are not the Only One Who Must Pay“
Austrian Minister of Finance Michael Spindelegger underlines that the Austrian taxpayers are not the only ones who must bear the losses of the nationalized lender Hypo Group Alpe Adria.
April 5, 2014
Wealthy Investing in Real Estates in Vienna
Vienna is considered a “safe haven” for real estate investments. In particular, luxury homes, such as the Palais Principe for instance, are more than attractive for wealthy investors.
April 4, 2014
Hungary: OTP Approaches Acquisition of MKB
MKB, the Hungarian loss-making affiliate of German regional lender BayernLB, is approaching its acquisition by the biggest lender OTP.
April 3, 2014
Oberbank: Slow Expansion Strategy to be Continued
The Austrian regional bank starts to enter the stage in two German states. The net income has reached a new record level.
April 2, 2014
Austria: Spindelegger Expects Significant Increase of Deficit
According to the Finance Minister, the consequences of the Hypo-disaster are “dramatic”. However, he does not see a danger of deflation.
April 1, 2014
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Hypo Group: Settlement Rejected by BayernLB
The majority stockholder of BayernLB, the former parent company of Hypo Group Alpe Adria, is not willing to negotiate about a settlement with the Austrian problem bank.
April 1, 2014
BayernLB: “Odd“ Sponsoring Contracts in Carinthia
Former managers of the German regional bank are under suspicion of having bribed then-governor of the Austrian province of Carinthia.
March 31, 2014
Serbia: Program for New Government in Progress
The future government will have to implement extensive reforms. Vucic, whose party saw a landslide victory in the parliamentary elections, is working on the government’s program.
March 26, 2014
Poland: Good Starting Point for Economic Growth
Economic growth for 2014 is expected to accelerate to 3.1 percent to 3.2 percent in the first quarter while for the full year it is anticipated to come at 3.5 percent, according to Polish Economy Minister Janusz Piechocinski.
March 26, 2014
BayernLB Threatens Hypo Group with Damage Claims
BayernLB, former parent company of Hypo Group Alpe Adria International, is threatening to claim damages from its former affiliate.
March 26, 2014
Poland: Promising Years Ahead
Poland observes the crisis in Ukraine with great concern, but does not forget to upgrade national resources.
March 25, 2014
Austria: Opposition Criticizes Nationalization
On Thursday Finance Minister Michael Spindelegger expects a binding statement by ailing bank Hypo Group Alpe Adria about how much state aid will be required. The opposition heavily criticizes the nationalization by the Austrian state in 2009.
March 20, 2014
Austria: Reform Steps Very Modest
Austria, along with Germany and Switzerland, hardly put any economic reforms into realization. This is the conclusion of the annual “reform barometer” for the three countries.
March 20, 2014
CA Immo: Considerable Drop in Net Income
Financial results 2013: CA Immo achieves record operating result. Balance sheet strengthened, Net Asset Value up 6%.
March 19, 2014
BayernLB: “We Were Brazenly Betrayed by Austria"
CEO of BayernLB Gerd Häusler claims the German bank and former parent company of nationalized Hypo Group Alpe Adria accuses Austria of having taken the law into its own hands.
March 18, 2014
Hypo Group Redeems Loan
Even though the Austrian nationalized Hypo Group urgently needs state aids to get by bondholders will be compensated for their investments.
March 17, 2014
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