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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
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
Fekter: “Draft Legislation on Zukunftsvorsorge Pension Savings Scheme Will Create Certainty”
Main focus on improving the attractiveness of state-subsidised pension savings scheme and enhancing transparency for customers
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
Slovenia: Huge Cuts in Complementary Budget
Foreign Ministry might be closed down since a 20 percent cut is proposed.
May 24, 2013
Leitl: „EU Has To Deliver Clear Confession to Business Location Europe”
According to Leitl, the EU Summit has to deliver a “clear confession to business and industrial location” Europe.
May 22, 2013
Polish Government Passes Job Protection Law
On Tuesday, the Polish government adopted the Labor Minister's document on measures directed to protect employees and businesses during economic downturn, the government press office said.
May 22, 2013
Slovenia Taking Drastic Measures
NLB plans to cut workforce by 20 percent. The Slovenian government signed an agreement with unions to cut wage costs and is discussing to raise VAT. The country is hoping for € 1bn for the selling of state-owned enterprises.
May 22, 2013
Serbia Considering Loan Agreement With IMF
Serbia is considering discussing a possible IMF loan after EU entry talks are agreed on. German Finance Minister Guido Westerwelle announced his support in Serbia’s path to an EU membership.
May 21, 2013
Croatia: PM Warns Of Croatia Airlines’ Downfall
Prime Minister Milanovic stresses the need to make changes to guarantee a future for the airline company.
May 17, 2013
Turmoil At Croatian Airlines
Employees of the carrier have been on strike for the third day in a row. Numerous flights, including air travels to Austria, had to be cancelled.
May 16, 2013
Serbian – Austrian Cooperation in Social Security Sector
Austrian pension and disability insurance system knowhow particularly useful for Serbia.
May 15, 2013
Austria: Labor Restrictions for Croatian Citizens
The Austrian Foreign Ministry announced to use the maximum transitional period of seven years before Croatian citizens can enter the Austrian labor market.
May 15, 2013
No Changes in Bulgarian Political Landscape
At the early elections in Bulgaria, Prime Minister Borissov’s Gerb party turns out winner in the early elections.
May 13, 2013
CEESE: Economic Growth Stagnant
Orban claims Hungary is the country with the highest growth rate in CEE/CESEE next year.
May 10, 2013
Slovenia: NLB to Fire Workstaff
Slovenia's biggest bank, NLB, is to make up to 700 of its workstaff redundant.
May 10, 2013
Croatia in No Hurry To Introduce Euro
Croatia would keep the national currency and is in no hurry to introduce the Euro.
May 10, 2013
Maria Fekter: Hot-Tempered Lady At the Fireplace
Raiffeisen Centralbank (RZB) organized a „fireplace chat“ with Finance Minister Maria Fekter which took place on May 7 in Vienna.
May 8, 2013
Commission: European Economy to Stabilize in First Half of 2013
The economy is projected to return to growth in the second half of 2013. However, annual GDP is forecast to contract by 0.1% in the EU and 0.4% in the eurozone.
May 7, 2013
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