Romania

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

Petrom Accused for Breach of Antritrust Rules

The Romanian subsidiary of the Austrian OMV, Petrom, is confronted with alleged breach of antitrust regulations.

November 16, 2011

Vienna Insurance Group Reports Moderate Rise in Profits

Profit (before taxes) went up by about 10 percent to € 414.1m. Group premiums rose by 4.0 percent to € 6.8bn.

November 15, 2011

€ 400m for Solar Power

Tauernwind, which has built a solar power park in the Austrian Alps, intends to expand substantially.

November 12, 2011

Swietelsky and Strabag Win Orders in Romania

The Austrian construction companies were commissioned by the national railways to renovate the infrastructure on two lines.

November 11, 2011

Immofinanz Completes Acquisition of Romanian Adama

The Austrian real estate group has taken full control over the southeastern European housing firm, in which it has held a stake since 2007.

November 9, 2011

Austrian Wage Increases below European Average

Real incomes are expected to go up by 0.8% next year. The average rate for Europe will be 1.3%.

November 4, 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

Immofinanz Opens New Shopping Center in Romania

Total cost of the Austrian real estate company’s project amounted to € 100m, including a co-investment by French retail chain Auchan.

October 27, 2011

EU Calls for Opening of Labor Markets to Romanians and Bulgarians

The European Parliament wants a solution by the end of 2011 and does not see any negative effects on social welfare systems.

October 27, 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

Construction Companies Fight for Romanian Order

Three Austrian construction companies – Strabag, Porr and Alpine – compete for a major order from the Romania railways. The order volume is € 258m.

October 24, 2011

Negative Results for S&T

The Austrian IT service provider S&T had to report losses in the third quarter of 2011. Sales were below expectations.

October 22, 2011

Austrian Post Buys Stake in Romanian PostMaster

The deal includes an option for Austrian Post to become sole shareholder of the leading alternative postal service provider in Romania.

October 20, 2011

Spectacular Surge in Profits of CEE Technology Companies

The annual Deloitte Technology Fast 50 Program honors the fastest growing Central European technology companies. It is based on the percentage of revenue growth over five-year period.

October 18, 2011

Erste Group Increases Stake in BCR

The Austrian Erste Group further expands in the difficult Romanian market. Erste Group will hold 94% in BCR then.

October 15, 2011

VBAG Expects Massive Loss

The Austrian bank has to write off € 700m on the book value of its participations in Investkredit and Volksbank Romania. The state’s participation capital will not be repaid this year.

October 14, 2011

Greiner Packaging Expands its Network in Romania

The Austrian packaging producer took over the major share of S.C. Amplast Co S.A. from a group of private owners.

October 13, 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

OMV’s Petrom Opens Wind Park in Romania

The subsidiary of the Austrian energy group invested a total of € 90m. The park has an installed capacity of 45 MW.

October 7, 2011

VBAG: No Repayment of State Aid in 2011

The Austrian bank’s low equity capital base does not allow repayment of the first € 300m tranche of state capital.

September 28, 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

Serbia as Growth Market for Denkstatt

The Vienna-based environment consulting group Denkstatt intends to gain a foothold in Serbia.

September 19, 2011

OMV Publishes New Strategy

Gerhard Roiss became CEO of the Austrian OMV six months ago. This week, Roiss will present the company´s strategy at the capital market´s day in Istanbul, Turkey.

September 19, 2011

Erste Group: BCR Needs Capital Boost

The Austrian bank’s Romanian subsidiary may need additional capital due to high risk costs and the overall economic situation.

September 16, 2011

Erste Group Increases Stake in Romanian BCR

The Austrian bank enters into agreement with four regional investment funds to acquire a further 24.12% in its Romanian subsidiary.

September 14, 2011

Hammerer Aluminium: € 8.5m Investment for Austrian Industrial Location

The aluminum company Hammerer Aluminium Industries (HAI) enlarges the headquarters location in Ranshofen, Austria.

September 13, 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

OMV’s Petrom Receives Approval for License Extension

The subsidiary of the Austrian oil and gas company was allowed to continue exploration works in Romania. The licenses were due to expire on September 12.

September 8, 2011

Sale of Volksbank International Finalized

The Eastern European subsidiary will be sold for a price ranging from € 585m to € 645m depending on business performance in 2011.

September 8, 2011

Green Party: Accusations against OMV

The member of the Austrian Parliament, Peter Pilz (Greens) considers bribe payments from the oil and gas company OMV to Mensdorff-Pouilly.

September 6, 2011

VBAG: Reduced Consolidated Net Income in First Half of Year

The Austrian bank recorded net income of € 1m. The result was negatively impacted by write-downs of Greek bonds.

August 25, 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

Borealis Doubles Profit and Expects Challenging Market Conditions

The Austrian chemical company delivered strong second quarter results despite a softening market environment.

August 11, 2011

Erste Group Strives for Full Control over Romanian BCR

The Austrian bank does not want its Romanian subsidiary to be listed at the stock exchange although it was a condition for the privatization.

August 4, 2011

VIG: Trouble at Romanian Subsidiary

The Austrian insurance group has reportedly lost millions due to illegal actions at one of its Romanian subsidiaries. Company representatives denied any misconduct.

July 27, 2011

OMV’s Petrom Makes Significant Gas Discovery

The Austrian energy group’s subsidiary made a gas discovery in Romania. Further appraisal drilling is planned to assess what may be the most important onshore gas discovery in the country in the last six years.

July 7, 2011

Sale of VBI to Be Signed in July

The Austrian Volksbanken Group and Sberbank have come close to an agreement on the sale of the Eastern European bank. The transaction price will be € 700m.

July 5, 2011

Volksbanken Group to Sell Stake in RZB

Österreichische Volksbanken-AG Group (VBAG) will sell its shares in Raiffeisen Zentralbank for almost € 500m. The redemption of state capital and the sale of VBI have been delayed.

June 28, 2011

Uniqa Sold Stake in Romanian Company

The Austrian insurance group sold its 27% holding in Astra for € 25m to the Nova Group.

June 27, 2011

Verbund: New Wind Farm in Romania

The Austrian electricity company will invest “several hundred million euros” in 77 new wind wheels which will go into service in 2012.

June 17, 2011

Immofinanz Acquires Romanian Property Developer

The Austrian real estate company buys the remaining stake for € 42.43m in order to become sole shareholder of Bucharest-based Adama.

June 16, 2011

New Motorway Order for Strabag in Romania

The Austrian construction company is going to build a motorway section between the cities of Orăştie and Sibiu. Order volume amounts to € 166m.

June 7, 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

Alpine to Build Motorway in Romania

The Austrian construction company is going to build a motorway section for € 91m within a period of 22 months.

May 24, 2011

Romania Offers Export Opportunities for Austria's Environment Industry

18 top Austrian companies active in the areas of environmental technology and renewable energies are present in Bucharest.

May 12, 2011

Wolf Theiss Identifies Opportunities in CEE Electricity Markets

Significant legislative changes particularly in Bulgaria and Romania, two of the most dynamic markets for RES-Electricity in the CEE/SEE region, have resulted in a dramatic increase in investor and other stakeholder interest in such projects.

May 3, 2011

SW Umwelttechnik Reports Satisfying Rise in Sales

Sales of the Austrian technology company were up by 12%. The company completed its first major export projects in Bulgaria and Moldova.

April 28, 2011
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