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Romania

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

EU: Highest Shadow Economy in Bulgaria

A World Bank report shows that the Bulgarian economy is still dominated by illegal work. Among EU-countries, Bulgaria clearly ranks first. Austria has the lowest shadow economy.

September 14, 2012

Verbund Commissions 100 MW Wind Farm in Romania

The Austrian energy group´s 100 MW wind farm of Casimcea I, close to the Romanian Black Sea Coast, joins the grid.

September 11, 2012

Romanian Romgaz to be Privatized

The privatization of Romgaz at Bukarest Stock Exchange may become Romania´s biggest IPO. According to the Romanian news agency hotnews, other big privatizations in Romania may be postponed.

September 10, 2012

Romania Leaves Recession Behind

In the second quarter, Romania´s GDP was up by 0.5% The construction industry was the driving force.

September 8, 2012

Romania Still Shows Weak Growth Rates

“We expect economic recovery to remain sluggish. Weak external demand suggests exports and industry would not offer support to GDP growth. “ RCB (Raiffeisen Centrobank) says.

August 31, 2012

Goldman Sachs Lowers Expectations for Austrian Banks

The U.S. investment bank anticipates decreasing earnings.

August 27, 2012

Central and East Europe Summit in Vienna

Vienna Stock Exchange Group invites CEE companies and politicians in October 2012.

August 20, 2012

OMV Starts Gas Drillings in Ukraine

Together with the U.S. oils group ExxonMobil, the Dutch-British Shell Group, and the Ukrainian Nadra Ukrayny, OMV´s subsidiary Petrom starts natural gas drillings in the Ukrainian Black Sea region.

August 17, 2012

OMV to Focus on Gas Business

The Austrian oil and gas company intends to exploit natural gas in proximity to Europe. The Black Sea and the North Sea are the strategically most important areas.

August 8, 2012

MTC Invests € 25m in Romania

The Montana Tech Components AG industrial group will invest € 25m to expand the production facilities of their Romanian subsidiary, UACE (Universal Alloy Corporation Europe SRL).

August 7, 2012

Erste Group: Concerns Despite Profits

Yesterday, the Austrian banking group published its results for the first half year. The business in Romania, Hungary and Ukraine causes worries.

August 1, 2012

Proceedings Against Bulgarian Subsidiary of OMV Stopped

The Bulgarian Competition Authority KZK stopped investigations against OMV Bulgaria, Rompetrol, Lukoil and Naftex Petrol. The companies were suspected of price fixing.

August 1, 2012

Erste Group Burdened by Losses in Eastern Europe

Despite losses in Romania, Hungary and Ukraine, Erste Group posts a net profit of € 453.6m in first half of 2012.

July 31, 2012

New Hope for Nabucco West

The Aseri Minister of Energy Natik Aliyev thinks that Nabucco West would be better than the rival project TAP.

July 27, 2012

OMV: Libyan Output at Pre-War Level

The Austrian oil company could increase its oil production in the second quarter. OMV has to register extraordinary expenses of € 170m.

July 20, 2012

Bulgaria Aims to Join Eurozone

Bulgaria´s Finance Minister Simeon Djankov underlines the importance of the banking supervision and the Fiscal Pact, but wants to keep the fiscal competence.

July 16, 2012

Changes in Petrom’s Executive Board

Petrom, the largest oil and gas producer in Southeastern Europe, announces a change in its Executive Board. Starting September 1, 2012.

July 13, 2012

Performance of Austrian Banks Remarkably Down

Austria seems to be significantly „overbanked“: Austrian banks only achieve a 0.1% yield on the capital employed.

July 9, 2012

Austria Remains One of the Biggest CESEE Investors

Austria is still an important net investor in Central, Eastern and Southeastern Europe. However, the global importance of the region did not increase.

July 6, 2012

CEE Defies Turbulences in the Eurozone

GDP in CEE expected to grow 2.6 per cent in 2012 – eurozone expected to shrink by 0.3 per cent. Growth forecast for Austria’s GDP at 0.7 per cent in 2012

July 5, 2012

CESEE: Poland and Turkey are Hot Spots

Erste Economic Sentiment Indicator CEE: stock market expectations weaker, but still ahead of Eurozone. Turkey and Poland remain the preferred investment regions.

July 4, 2012

Volksbanken Sector to Become Merged

After months of negotiations, the merger between VBAG and the 52 Volksbanken is resolved. The merger was the prerequisite for getting bank aids.

June 30, 2012

Petrom Sells LPG

In order to optimize the R&M portfolio, the Romanian subsidiary of Austrian OMV sells its bottling plant to Crimbo Gas International. The price was not disclosed.

June 29, 2012

Real Estate Crisis in the Balkans Has Deepened

Due to the economic crisis in Southeastern Europe, real estate prices are still falling. Since 2008, prices fell by up to 50%.

June 28, 2012

OMV´s Petrom: Investments Totaled € 7.7bn Since 2004

Petrom, the Romanian subsidiary of Austrian OMV finalized the upgrade of the crude vacuum distillation unit in Petrobrazi refinery. Investments of approximately € 100m will be made.

June 27, 2012

Nabucco „Not Essential“ for EU

For the EU Commissioner Günther Oettinger, it is not important which pipeline ships natural gas to Europe.

June 22, 2012

Erste Pursues Downsizing Strategy in Romania

Last month, the Austrian Erste Group closes about 25 bank branches of BCR in Romania.

June 21, 2012

Third Major Contract in Romania for Alpine

The Romanian railway line between Vintu des Jos and Simeria to be rehabilitated for € 295m by the Austrian construction company.

June 21, 2012

Intensive Talks between OMV and Romanian Government

The Romanian Prime Minister Victor Ponta initiated talks with the Austrian oil and gas group OMV. Romania wants to control fuel prices in future.

June 19, 2012

Mitterlehner: „Romania is an Important Trading Partner“

Austria´s Minister of Economic Reinhold Mitterlehner sees many business opportunities for Austrian enterprises in Romania. Above all, the energy sector is highly promising, Mitterlehner says.

June 18, 2012

Erste Raises Stake in BCR

Erste Group’s ownership in BCR increases to 93.27%, following the successful buyout offer for minority shareholders.

June 5, 2012

„India and China are not the Problems“

Voestalpine´s CEO Wolfgang Eder thinks that competitors from Turkey, Russia and Ukraine may become problematic for the European steel industry.

June 5, 2012

Substantial Losses at Volksbanken

The main shareholders of Austrian VBAG had to write down € 333m last year.

May 26, 2012

Alpine Lands Another Railway Project in Romania

Alpine, the Austrian construction company, landed another major contract for a railroad project in Romania. The project volume is € 218m.

May 25, 2012

BCR: Treichl Expects Soon Recovery

Andreas Treichl, CEO of Erste Group, anticipates a soon recovery of the Romanian subsidiary Banka Comerciala Romana.

May 19, 2012

OMV Faces Extraordinary Tax in Romania

OMV´s Romanian subsidiary Petrom is threatened by an extraordinary tax for oil companies. The tax should be introduced in 2013.

May 19, 2012

Strong Increase in Austrian FDI

Only in 2007, Austrian investors made more investments abroad. Last year, FDI totaled € 22bn.

May 14, 2012

Petrom Posts Strong Rise in Earnings

The Romanian subsidiary of Austrian OMV could raise its EBIT by 38% compared to the first quarter of 2011.

May 9, 2012

Romania: OMV Threatened by Extraordinary Tax

Romania´s new Minister of Economics Daniel Chitoiu forces OMV´s subsidiary Petrom to pay higher taxes.

May 8, 2012

Nabucco: Azerbaijan´s Nassirov Optimistic

Elshad Nassivor, Vice CEO of the Azerbaijani oil and gas group Socar is optimistic to create a connection with Austria´s gas hub in Baumgarten.

May 5, 2012

Drastic Losses at Porr

The third-largest Austrian construction company had to write off projects in Hungary and Romania. Net losses totaled € 72m.

April 30, 2012

OMV: „Nabucco is More Alive than Ever”

Despite the exit of Hungarian MOL, the Austrian oil company underlines the importance of Nabucco. CEO Roiss holds on Nabucco.

April 28, 2012

OMV Raises Production

Due to the economic recovery in Libya, the Austrian oil and gas group OMV increased Oil production.

April 24, 2012

Roiss Claims European „Fracking“ Strategy

OMV´s CEO Gerhard Roiss calls for a common strategy to exploit shale gas. The European industrial sector should become more competitive.

April 18, 2012

Austrian Railways Aims for Expansion in SEE

ÖBB (Austrian Railways) wants to establish a new freight subsidiary operating in Southeastern Europe. In Austria, ÖBB performs better than expected.

April 16, 2012

Romania´s Authorites Check Alpine and Strabag

The two Austrian construction companies are suspected to have participated in three price arrangements. The order volume is € 190m.

April 14, 2012

Verbund Focuses Investments on Austria

The Austrian energy company plans investments of € 2.4bn in the next five years. About 66% of these investments will be made in Austria.

April 12, 2012

Strabag to Expand in Danube Region

In order to develop the Danube region of Hungary, Serbia, Romania, Bulgaria and Ukraine, the Austrian construction group expands its hydraulic engineering business.

April 12, 2012

„Bank Aids Are Lost“

The economist Franz Hahn (WIFO, Austrian Institute of Economic Research) argues that the nationalized banks are not interesting for potential buyers.

April 10, 2012
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