Business, finance, investment and politics in the emerging market of the Czech Republic from an Austrian, Central, Eastern European perspective
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Austria and the Czech Republic Gross-Border Relations

AUA Cancels 300 Eastern European Flights from Schedule

Austrian Airlines (AUA) is cancelling 300 of a total of 23000 regular flights to and from destinations in eastern Europe in July and August. This is the airline’s response to shortages of pilots. The airline has decided to reduce the frequency of flights to such cities as Prague, Kosice, Sibui and Sofia and Bucharest.

July 1, 2016

CESEE Outlook: Modest Recovery - EU is Obstacle to Growth – BREXIT Poses Uncertainties

According to the latest prognosis of the Vienna Institute for International Economic Studies, the countries of Central, East and Southeast Europe (CESEE) will have a trend growth rate of up to 3% in the period of 2016-2018. This is 1-1½ percentage points higher than average growth in the eurozone. Consumption will be the main growth driver. The Austrian economy is still benefiting from its economic ties with the region. Direct effects of BREXIT on the region will be limited – indirect effects for the European economy as a whole may be considerable.

June 29, 2016

Kapsch Secures Extension of E-Toll Contract in Czech Republic by up to 3 Yrs

Austrian e-toll company Kapsch TrafficCom will get an extension of the contract for the operation of the Czech etoll system for trucks by 2 to 3 years, the Czech Transport Minister Daniel Tok said in the parliament.

June 23, 2016

Zumtobel has Launched Regional Project Centre in Belgrade

Lamp maker Zumtobel has launched a new regional project centre in Belgrade. Director Milan Lazarevic said that the centre would be in charge of projects in Hungary, the Czech Republic, Slovakia, Croatia, Romania, Bulgaria and Belgium.

June 22, 2016

Closing of Visa Takeover Brings EUR 97 Million Pre-Tax Profit to RBI

The expected pretax profit from the cash payment of the transaction will be EUR 97 million. It should be booked under net income from financial investments in the second quarter of 2016. Visa Inc. had announced the takeover of Visa Europe Ltd. in November of 2015. The cash payment of this one-off effect will be split between Slovakia, Romania, Czech Republic, Poland, the RBI head office, Croatia, Bulgaria, Hungary and Zuno.

June 21, 2016

20 Years Comprehensive Nuclear-Test-Ban Treaty (CTBT): Ministerial Meeting at VIC

Marking the 20th anniversary of the signing of the Comprehensive Nuclear-Test-Ban Treaty (CTBT), a Ministerial Meeting was held at Vienna International Center. Hosting some 40 international organizations, Austria is a hub for the promotion of peace, safety and security, sustainable development and the fight against crime, drug abuse and terrorism.

June 20, 2016

Austria Above EU Average in Terms of Vacancies

Austria ranked eighth in the EU in terms of the vacancies ratio in Q1 2016, an EU-wide comparison shows. With a ratio of 1.9 percent, Austria slipped from rank seven to eight y/y. Nonetheless, the Alpine republic managed to exceed the EU average rate of 1.7 percent.

June 20, 2016

Erste Group Unit Ceska Sporitelna Plans New Head Office in Prague

Ceska sporitelna, the Czech unit of listed bank Erste Group, wants to build a new head office in Prague, according to the Czech daily Hospodarske noviny.

June 9, 2016

Julius Meinl Acquires Grand Hotel Europa in Prague

The famous hotel in Prague "Grand Hotel Europa” has been taken over by Julius Meinl. The Czech businessman Vaclav Skala has sold the currently closed hotel to a company of the Meinl group, as the Czech economic newspaper "Hospodarske noviny” reported. The purchase price hasn't been revealed.

May 11, 2016

Strabag - Order Volume Down by EUR 1 Billion

Strabag’s profit in 2015 was based on a strong construction output in Slovakia, Poland, Czech Republic and Hungary. CFO Christian Harder summed the past year up as having been very good in eastern Europe, with only Russia being somewhat troublesome. The prospects are clouded slightly by a reduced backlog (down 9 percent or EUR 1.3 billion (USD 1.5 billion) to EUR 13 billion).

April 29, 2016