Hungary

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

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

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

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

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

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

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

No Common Trend for CEE-Countries

Regarding economic growth, prospects for CEE countries have worsened slightly. However, the region remains heterogeneous.

September 13, 2011

Austria Considers Lawsuit Against Hungary

The Austrian Minister of Foreign Affairs, Michael Spindelegger (ÖVP) threatens Hungary to file a lawsuit at the European Court of Justice. Hungary plans to stress banks massively.

September 12, 2011

Hungary Bourse President Resigns

Hungary's Budapest Stock Exchange President Mihaly Patai submitted his resignation Monday, state news agency MTI reported. This step is mainly due to disputes with the majority owner, the Austrian Vienna Stock Exchange.

September 6, 2011

ÖBB: “Cargo Business on the Right Track“

The Austrian Federal Railways’ CEO is satisfied with the development of the group’s cargo unit. RCA achieved a positive operating result in the first half of the year.

August 26, 2011

Significant Drop in Revenue for SW Umwelttechnik

The Austrian technology company recorded mixed results in a challenging market environment. Revenue dropped 7%, EBIT improved but remained negative at € -1.7m.

August 24, 2011

Green Light for Strabag’s Cooperation with Lafarge

The Austrian construction company has wrapped up the acquisition of a 30% stake in the joint venture with the French building material supplier.

August 5, 2011

OTP Bank Shows Interest in Volksbank International

The Austrian Volksbanken AG found a second potential buyer for its Eastern European subsidiary. The Hungarian OTP bank wants to expand into the markets where VBI has a presence.

July 7, 2011

S Immo Increases the Occupancy Rate of its Hungarian Portfolio

The Austrian real estate company’s Hungarian subsidiary leased out nearly 4,000 m² in the heart of Budapest. The vacancy rate was reduced to below 9%.

July 7, 2011

Hungary Considering Buyback of ÖBB’s Rail Cargo Hungaria

The Hungarian state is interested in acquiring a stake in the Austrian Federal Railways’ cargo subsidiary which it privatized in 2008.

June 14, 2011

Purchasing Power Parities 2011 from the Austrian Perspective

US travelling is cheap due to the strong euro. Austrians have high purchasing power advantages of around 50% in the Czech Republic, Slovakia and Hungary.

May 27, 2011

ÖBB: No Sale of Loss-Making Rail Cargo Hungaria

The Austrian Federal Railways want to become market leader in rail cargo in Central and Southeastern Europe. € 30m will be invested in Hungary.

May 27, 2011

SW Umwelttechnik Still in the Red

The Austrian technology company reported a slight increase in revenue. EBIT improved from € -2.9m to € -2.5m.

May 25, 2011

Austrian FDI: 2010 Was a Year of Stabilization

Active foreign direct investment increased, while inward flows stagnated in 2010. Turkey was the top destination for Austrian investors.

May 18, 2011

Sales Increase for Ottakringer Group

The beverage was able to increase its sales by 32% in the first quarter, compared with the same period of the previous year.

May 13, 2011

Radovan Jelasity appointed CEO of Erste Bank Hungary

Radovan Jelasity (43) will join Erste Bank Hungary as of 1 June 2011. Subsequent to the approval of the respective Hungarian authorities, he will be appointed Chief Executive Officer (CEO).

May 10, 2011

Erste Group: Slight Increase in Profits Expected

UniCredit and RCB expect a slight rise in profits for Erste Group, despite bank taxes in Austria and Hungary.

April 27, 2011

No Rush Expected on the Labor Market after the End of the Transitional Periods

After 30 April 2011, an additional access to the Austrian labor market of about 11,500-16,500 people annually from Hungary, the Czech Republic and Slovakia is expected.

April 12, 2011

Foreign Capital Inflows Make a Comeback to CEE

Foreign direct investments picked up by 9% in CEE; Czech Republic scored best in attracting FDIs, says Erste Group.

March 30, 2011

Concerns about "Eurovegas"

The Austrian-American project for the construction of Europe's largest casino meets increasing opposition.

March 16, 2011

ÖBB: Cargo Division as Loss-Maker

The continuing crisis of the Austrian Federal Railways (ÖBB) is due in large extent to the losses in freight traffic of Rail Cargo Austria (RCA).

March 8, 2011

Hardly any Effects Expected by Labor Market Opening

As of May 1, 2011, the citizens of the countries which joined the EU in 2004 will be able to work in Austria without any restrictions. The effects should be kept within certain limits.

March 4, 2011

Sales Declining at Spar Hungary

The food trade chain records declining sales in Hungary - for the first time in its history.

March 4, 2011

Spar: Moderate Growth in Market Share

The Austrian food trade group recorded a sales increase of 4.4% in the previous year. Growth in the CEE region turns out weaker.

February 18, 2011

Strong Growth for bauMax

The do-it-yourself group increased its sales in Austria and Eastern Europe in 2010.

February 18, 2011
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