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Labor Market

Czech Republic: Gloomy Prospects for Economy

The Czech economy is shrinking. According to experts, new Prime Minister Jiri Rusnok will not be able to change much. Enterprises have started to cut back on investments.

July 12, 2013

Austrian Economy Dependent on Neighbor Countries

Austria’s economy is getting through the crisis better than the Eurozone. However, the country owes this partly to neighboring countries.

July 11, 2013

Spindelegger: Fitness Program for Austria

Austrian economy supposed to be boosted by reforms of “Unternehmen Österreich 2025, and a rejection of new taxes.

July 10, 2013

Poland: Measures to Increase Employment

The polish government approved a package of measues becoming effective by 2014 to improve the situation on the labor market.

July 10, 2013

Serbia: Fight against Unemployment Key Aim of Government

Serbia's Government aims to cut down unemployment to below 20 percent and tries to attract new investors.

July 9, 2013

Poland: NBP Downgrades Forecasts for GDP and CPI

The National Bank of Poland (NBP) downgrades GDP and CPI forecasts over next two years.

July 9, 2013

Alpine: Enormous Credit Default Rate

The rate for Alpine creditors declines day by day while the rate of the Trade Unions is immense. Almost all employees of Alpine were looking for help and advice.

July 8, 2013

Austria: Moderate Economic Upturn

After one year of a phase of stagnation, the Austrian economy shows recovery, according to the results of economic indicator by the OeNB (Austrian National Bank).

July 5, 2013

Bulgarian Interior Ministry Going Bankrupt over Mass Protests

According to Interior Minister Tsvetlin Iovchev the security of the public order at the protests has cost the taxpayers BGN 3m.

July 5, 2013

Bank Austria to Close 67 Subsidiaries

UniCredit Affiliate Bank Austria plans to close 67 subsidiaries – a quarter of its 270 stores for private costumers until 2015.

July 3, 2013

Alpine Holding: Insolvency Proceedings Now Official

The insolvency proceedings for Alpine Holding have now officially started at the Commercial Court in Vienna. Liabilities come at € 700m.

July 2, 2013

Crisis in Slovenia Might Take Longer Than Expected

According to the latest economic report by auditing firm Ernst&Young;, the financial crisis in Slovenia will take longer than expected beforehand. However, the country should still be able to avoid international bailout.

July 1, 2013

Alpine: 2,600 Jobs Secured

Social Minister Rudolf Hundstorfer assumes that a lot of Alpine employees will continue to be employed. Former CEO Schiefer announced that Alpine was “clinically dead” when he took over management in April 2013.

July 1, 2013

Austrian Coalition to Take Stock of Legislative Period

In a joint interview with several leading Austrian newspapers, Austrian Chancellor Werner Faymann and Deputy Chancellor and Foreign Minister Michael Spindelegger take stock of the legislative period so far.

June 28, 2013

Austria: So Far Three Construction Companies Involved in Take-Over of Alpine

1,800 employees of bankrupt Alpine can feel relieved. In all probability three Austrian construction companies (Habau, Swietelsky and Hinteregger) will be involved in the regional rescue solution.

June 28, 2013

Austria: WIFO and IHS to Adjust Growth Perspectives Downwards

Experts at the Austrian Institute for Economic Research (WIFO) and the Institute for Higher Studies (HIS) have significantly cut their prognoses for the growth of domestic economy in 2013. However, both institutes are still optimistic for 2014.

June 28, 2013

Leitl: „Austrian Enterprises Need Further Growth Impulses“

The Austrian Chamber of Commerce (WKO) commits to budget consolidation but growth is the basis for a balanced state budget.

June 27, 2013

Magna Not to Leave Austria for Eastern Europe

“There will be no impacts on Austria or Styria“, a spokeswoman announced. Instead, a plant in Belgium will “probably” be closed.

June 26, 2013

Alpine: Work to be Resumed At Construction Sites

Time pressure grows. Work at the closed down construction sites of bankrupt Alpine it to be resumed soon.

June 26, 2013

Zumtobel to Close Plant in Austria

Tridonic, which is part of listed light manufacturer Zumtobel Group, will close its plant in Fürstenfeld in the province of Styria. 100 employees will lose their jobs.

June 25, 2013

Alpine: Biggest Bankruptcy in Austrian History

Bankrupt-gone construction company Alpine operates at 1,400 construction sites and is supposed to complete orders in the amount of € 800m. The shutting down of the enterprise has been decided.

June 25, 2013

Erste Group to Pay Back € 1.8bn in State Aid

The Austrian banking institute plans on not only paying back its debts at the state but also to significantly increase equity capital.

June 24, 2013

Last Try to Save Polish Airline LOT

Poland’s National Treasury starts a final attempt at saving Polish Airlines LOT.

June 21, 2013

Alpine-Insolvency: 80 Companies Affected

After an analysis by credit protection association Kreditschutzverband 1870 (KSV1870), the majority of around 1,400 suppliers and subcontractors is not affected by the construction company’s bankruptcy.

June 21, 2013

Austria: Reduction in Working Hours at ÖBB

So far, the trade association of railways at the Austrian Chamber of Commerce (WKO) has rejected the reduction of working hours at the Austrian Railways (ÖBB).

June 20, 2013

Eder Appeals for Reindustrialization in Europe

In an interview with Austrian daily „Kurier“, Wolfgang Eder, CEO of Austrian steel producer voestalpine talks about the future of the European steel industry and the differences to the US energy policy.

June 20, 2013

Alpine: Thousands of Jobs At Risk

Alpine’s Insolvency could cost thousands of people’s jobs. According to Social Minister Rudolf Hundstorfer, the Social Ministry would utilize all means to prevent a worst-case scenario. Alpine's affiliate in Germany is filing for bankruptcy as well.

June 20, 2013

Alpine Facing Bankruptcy

The restructuring of Austria’s second biggest construction company Alpine has failed. The enterprise therefore has to face bankruptcy.

June 19, 2013

Croatia: Agrokor Becomes Biggest Retailer in SEE

After the take-over of Slovenian chain of retail stores Mercator, Croatian corporation Agrokor employs 60,000 persons in the region of former Yugoslavia.

June 18, 2013

Austria: „Death Blow for Economy“

The Austrian Economic Association (Wirtschaftsbund) announced that the realization of all demands in the Austrian Trade Unions’ (ÖGB) leading proposal would come at € 21.9bn. The Austrian economy would be burdened with € 14bn.

June 17, 2013

Slovenia: Mercator to be Finally Sold

It is the ninth sale attempt for Slovenian trade chain Mercator today, but it could be finally sealed. Croatian corporation Agrokor is the interested party. A dozen owners will decide about the retail chain’s fate.

June 14, 2013

Bulgaria: Sofia One Of Best European Destination for Manufacturing

The Bulgarian capital Sofia was labeled as one of the best destinations for opening a manufacturing plant in Europe.

June 13, 2013

Greece: Public Broadcast Station Shut Down

Greece has pulled the plug for the public broadcast station ERT yesterday.

June 12, 2013

Austria: Wienerberger Alarmed About Shrinking Residential Building

Building material group Wienerberger is alarmed about the declining figure in residential building even though the market is significantly undersupplied with affordable housing space.

June 12, 2013

Serracchiani: „Will Do Everything I Can“

In an interview with Austrian newspaper “Kleine Zeitung“ Debora Serracchiani, new regional president of the province Friuli in Italy announced to do everything so that Hypo Group Italy will survive.

June 11, 2013

Fekter: The North Feeds The South

Finance Minister Fekter compares the situation in Europe with the economic circumstances in Italy.

June 11, 2013

RBI Supervisory Board to Elect Stepic’s Successor

On Friday, the supervisory board will vote on former CEO Herbert Stepic’s successor for listed Raiffeisen Bank International (RBI).

June 7, 2013

Slovenia: Commission’s Target to Be Achieved in September

Deputy Prime Minister and Interior Minister Gregor Virant announced that Slovenia will achieve the EU Commission’s aim for approving more budget cuts by the end of September to avoid international bailout.

June 6, 2013

Slovenia: Bailout As An Option

Prime Minister Bratusek announced her consent to introduce fiscal rule in 2015.

June 4, 2013

Hypo Group: Italian Affilate Not to be Closed

The nationalized Carinthian bank has no plans of shutting down its Italien affiliate.

June 4, 2013

Bulgaria: Wave of Unemployment Expected This Fall

Bulgaria could be hit by a wave of unemployment in the fall of 2013.

June 3, 2013

Romania: Erste Forecasts Economic Growth at 1.8 Percent

Erste keeps Romania's economic growth forecast for 2013 unchanged at 1.8 %.

June 3, 2013

Austria: Unemployment Rose By 9.5 Percent

In total, 330,309 persons were looking for a job in May. Austria still has the lowest unemployment rate within the European Union.

June 3, 2013

Leitl: „There Is No More Time To Waste“

Switzerland and Sweden pull away from the rest of the European countries in regard to international competitiveness, according to the latest IMD report, while Austria has been falling behind.

May 31, 2013

World Competitive Ranking: Austria Loses 7 Ranks

The World Competitive Ranking of Lausanne IMD Private School of Economics has become one of the most significant location comparisons on an international basis in the last 25 years.

May 29, 2013

Romania: No Investors for Post Company

Debts and a collective agreement which makes restructuring impossible until 2018 are among the main reasons the company is not attractive to potential investors.

May 29, 2013

Commission to Publish Reform Recommendations

24 countries, among them Austria, will receive recommendations for reforms by the EU Commission.

May 28, 2013

Turkey: Next Step Towards EU

According to Reuters, Turkey can now hope for its long-awaited next step towards an EU entry in June. France has lifted its opposition to the country’s EU Accession talks. Experts point out the great economic potential the country offers.

May 28, 2013

Croatia: PM Anxious About Country’s Image

Prime Minister Zoran Milanovic announced that Croatia had to fight hard for its reputation within the European Union.

May 27, 2013

Siemens to Cut 1,000 Jobs in Austria?

No official figures were disclosed. However, there are “programs”, which have to be negotiated with employees, according to a spokesman.

May 24, 2013