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Romania

Erste Group: Massive Write-Downs in Romania

The Austrian banking group reduces goodwill by € 300 million.

January 15, 2013

Fitch: Austrian Banking Industry Depends on CESEE

According to the U.S. rating agency, the situation of Austrian banks strongly depends on the development in central, east and southeast Europe.

January 14, 2013

Romania: Ponta Promises Return to Growth

Prime Minister Victor Ponta underlines the necessity of austerity measures. This year, Romania´s public debt level will increase further, though.

January 12, 2013

Poverty: Romanian and Bulgarian Citizens Most Endangered

Regarding the poverty rate, Bulgaria, Romania, Spain, Greece and Lithuania are significantly above the EU average.

January 9, 2013

CESEE Equity Market: Upside Trend after Slow Start

Country allocation: An overweight on Russia is a strong bet for the coming quarter and mostly based on liquidity searching for an option after Turkey performing so strongly, Erste Group says.

January 7, 2013

Petrom: Major Gas Deal Signed

OMV Petrom exploring shallow water sector of Neptun block in the Black Sea.

December 22, 2012

Erste Group Withdraws from Ukraine

Austrian Erste Group enters into an agreement to sell Erste Bank Ukraine.

December 20, 2012

Highest Percentage of Low-Wage Earners in Baltic Countries

One out of six employees in the EU27 was a low-wage earner in 2010. Large differences between men and women, levels of education and types of contract.

December 20, 2012

CESEE: Poverty Grows Considerably

In Europe, one in four citizens is affected by poverty, the Russian newspaper “Rossijskaja Gaseta” states.

December 18, 2012

Romanian Post to be Privatized

In total, 51% of the company will be sold. The Romanian state will keep a 24% stake in Post.

December 18, 2012

Erste Group: Massive Cuts in Romania

Due to the weak performance of BCR, the Austrian bank plans to lay off 1,600 employees in Romania. BCR´s NPL quota remains on a high level.

December 18, 2012

Ponta to Remain as Prime Minister

Despite heavy dispute with Ponta, Romania´s President Traian Basescu announced to swear him as Prime Minister. Basescu has no other choice.

December 17, 2012

Labor Costs: Highest Increases in Estonia and Romania

Euro area hourly labour costs rose by 2.0%. In the EU27, labour costs were up by 1.9%.

December 17, 2012

CEE Countries May Join Banking Union

ECB will become the main supervisor for the Eurozone´s banking industry. Non-Eurozone member countries are entitled to opt-in.

December 13, 2012

GDP per Capita: Romania and Bulgaria Tail-Lights in EU

GDP per capita varied by one to six across the Member States in 2011. Austria ranks third behind Luxembourg and the Netherlands.

December 13, 2012

Romania: Basescu Under Pressure

After the decisive victory of Prime Minister Ponta, Romania´s President Traian Basescu has no other alternative than to appoint Ponta again.

December 10, 2012

Poverty: People in Romania and Bulgaria Most Affected.

In 2011, 24% of the population were at risk of poverty or social exclusion, which is corresponding to around 120 million persons. The Czech Republic ranks first.

December 3, 2012

CESEE: Social Protection Still Underdeveloped

EU27 spent 29.4% of GDP on social protection in 2010. The lowest ratios were observed in Romania, Latvia, Estonia and Bulgaria.

November 27, 2012

Romanian Central Bank on Hold

Romania´s Central bank remained on hold at its most recent monetary policy meeting on 2 November, keeping the monetary policy rate unchanged at 5.25%.

November 27, 2012

Romania: Fiscal Situation Improves

“Public budget deficit amounted to only 1.2% of GDP at the end of September, which was better than we had expected.” Raiffeisen Research states.

November 27, 2012

Romania: Foreign Trade Declines

"When expressed in EUR equivalent, both exports and imports of goods fell marginally in Q3 (-1.1% qoq and -0.3% qoq respectively, according to our in-house seasonally adjusted data)." Raiffeisen Research says.

November 26, 2012

Romania: Economic Upswing Expected

According with the flash estimates, real GDP declined by 0.5% qoq and by 0.6% yoy in Q3. “In our view, contraction was mainly the result of a plunge in agricultural output.” Austrian Raiffeisen Research says.

November 26, 2012

CESEE: Russia Has Best Growth Prospects

Next year, Russia is expected to record a GDP growth rate of 3.8%, Vienna Institute of International Economic Studies (wiiw) says.

November 26, 2012

CESEE: Eurozone crisis and Austerity Push Half of the Region into Recession

Export weakness and suppressed domestic demand will push nearly half of the CESEE region into recession this year, including the Czech Republic, Hungary, Slovenia, and nearly all Western Balkan countries.

November 26, 2012

AUA to Strengthen CEE Network

After Air Berlin decided to reduce the number of flights from Vienna to Eastern European destinations, Austrian Airlines intends to fill the gap.

November 20, 2012

Romania Hopes for New IMF Loan

The economic situation remains gloomy. Foreign direct investments are weakening. The economic outlook is rather decent.

November 13, 2012

Romania: EBRD Presses for More Reforms

According to the European Bank for Reconstruction and Development, Romania must become more attractive for investors.

November 10, 2012

Romanian Postmaster Fully Owned by Austrian Post

Austrian Post has acquired the remaining 74% shareholding in the Romanian company Postmaster s.r.l. which is the leading alternative postal services provider in Romania.

November 8, 2012

Erste Group Supports Romanian BCR

The Austrian bank Erste Group injects € 111m in Romanian BCR.

November 7, 2012

Romania: Joining Eurozone Will Take up to 30 Years

Economists think that Romania´s economy is far from being ready for the euro. The convergence process may take decades.

November 7, 2012

Romania: Joining Eurozone is „Not for Sure”

Romania´s Prime Minister Victor Ponta expressed his concerns about introducing the euro in Romania.

November 5, 2012

Moody´s Downgrades Austrian VBAG

The U.S. rating agency underlines that the Austrian state will help the financially stricken bank further.

November 3, 2012

South Stream Pipeline: Gazprom Concludes Contract with Hungary

The Russian energy group Gazprom has negotiated the last conditions of the contract with Serbia and Hungary.

November 2, 2012

Purchasing Power: Austria Ranks 6

Regarding the purchasing power per head, Austria is significantly above the European average of € 12,802.

October 31, 2012

Romanian Economy to Shrink Further

With a large negative contribution expected to come from agriculture, real GDP should decline again in Q3 in quarterly terms (as well in annual terms). The contraction is likely to be larger than initially expected, Raiffeisen Zentralbank forecasts.

October 30, 2012

CA Immo Secures Major Project in Romania

Lease agreements have been extended for over 14,000 sqm in two Bucharest office buildings. International anchor tenants are ensuring an almost 100 % occupancy rate in the CA Immo Romanian portfolio.

October 30, 2012

Erste Group´s Earnings Expected to Increase

The Austrian banking group will present its figures for the third quarter tomorrow. Net income is forecasted to improve.

October 29, 2012

VIG Considers Expanding Further

Vienna Insurance Group has cash reserves of € 1.5bn. Now, the insurance group wants to take over some small or medium-sized companies.

October 24, 2012

Rewe Austria to Expand in Russia

Rewe Austria intends to open ten new stores in Russia per year. Besides Russia, the Ukraine and Romania are main target markets.

October 22, 2012

Spindelegger in Romania: “Strategic interest in stable domestic conditions”

The Austrian Vice-Chancellor and Minister of Foreign Affairs meets Traian Basescu, President of Romania

October 17, 2012

Immofinanz Shows Progress in Romania

The wholly owned Immofinanz Group subsidiary Adama announces the start of construction on the second phase of two of its existing projects.

October 16, 2012

Vienna Stock Exchange Wants Further Privatizations

CEE Summit of the Vienna Stock Exchange: “Privatizations as a Driver of the Economy and the Capital Market”.

October 11, 2012

Erste Group to Sell Ukrainian Subsidiary

This year, the Austrian bank plans to sell its Ukrainian business segment. Erste Group entered the Ukraine in 2006.

October 8, 2012

Romania: Lowest Importance of Service Sector in EU

Almost 70% of employed persons in the EU27 worked in the service sector in 2011. The scope ranges from 43% in Romania to 85% in Luxembourg.

October 5, 2012

Austria: Fixed Costs Come at 55% of Household Income

In Eastern Europe, the share of fixed costs is even higher. Romanian households spend 76% of their income on fixed costs.

October 4, 2012

RBI: Poland Shows Stability

In Poland, Raiffeisen Bank International´s NPL ratio comes at 8%. By contrast, Ukraine and Poland are much more problematic.

October 1, 2012

EU Calls Bulgaria to Intensify Fight Against Corruption

The European Union recommends Bulgaria and Romania to increase their effort regarding the fight against organized crime and corruption.

September 25, 2012

Public Debt: New EU Members Are More Flexible

Compared to old EU member states, the new member states have more fiscal leeway to overcome the crisis.

September 24, 2012

VBAG to Cut More than 1,000 Jobs

Today, the Austrian problem bank announced to sharpen its austerity program radically. Until 2017, VBAG must be downsized to the half of its current size.

September 21, 2012

Strong Increase in Hourly Labor Costs in Hungary and Romania

Second quarter 2012 compared with second quarter 2011: Euro area hourly labour costs rose by 1.6% and by 1.8% in EU27.

September 17, 2012