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Austria and Hungary Business and Diplomatic Relations

FDI: Overseas Companies Fund Every Fifth Job in Austria

The ties between Austrian firms and foreign countries are tightening. 10,160 companies in Austria were in the hands of foreign concerns in 2013, i.e. 41 percent. In terms of employees, foreign companies employ 48 percent of the Austrian workforce. This is due above all to the strong involvement of German firms in the retail market in Austria.

September 29, 2015

CEE in the Autumn of 2015 is the New Safe Haven

The key conclusion of UniCredit’s CEE Quarterly 4Q 2015 is that the CEE region, despite its heterogeneity, looks better positioned than most other large emerging markets to cope with potential challenges. In particular they found that market volatility spiked in 3Q15, with the uncertainty surrounding the anticipated Fed rate hike augmented by growing worries about a “hard landing” in China.

September 25, 2015

VSE in Talks on Sale of Budapest Stock Exchange

The Vienna bourse operator could sell its majority stake in Budapest Stock Exchange to Hungarian central bank which is interested in such a transaction, the daily WirtschaftsBlatt writes. Hungary's central bank apparently confirmed talks on the issues, according to the paper.

September 11, 2015

Erste Group Took Over Private Customer Business of Citibank Hungary

Listed bank Erste Group has taken over the private customer business of the Hungarian arm of US American Citibank. The contract was signed, the two banks disclosed in the early afternoon. The deal covers the retail business, including consumer credits and card business, as well as accounts of small companies (CitiBusiness).

September 3, 2015

Brussels Oks 222 Mln Euro Programme Aimed to Boost Cooperation Along Danube

The European Commission said, that it adopted the 2014-2020 Danube Transnational Cooperation Program, worth 222 million Euro ($247 million) in total, aimed at strengthening cooperation in the Danube region. Over 202 million euro will come from the European Regional Development Fund and 19.8 million euro from the Instrument for Pre-Accession, the Commission said in a statement.

August 24, 2015

German Rohrdorfer Buys Cemex Locations in Austria and Hungary

Mexican cement group Cemex has sold off its locations in Austria (24 sand and gravel pits, 34 readymix concrete factories and one plant for the production of additives) and Hungary to Bavarian group Rohrdorfer. The contract was signed on Wednesday.

August 12, 2015

Hungary to Enter Erste Bank Local Unit by Year-End

Hungary and the EBRD will become shareholders of listed bank Erste Group's Hungarian unit by the year-end, but not later Hungarian paper Napi Gazdasag and news agency MTI report. This is later than the "autumn, until December” deadline mentioned by Erste Group CEO Andreas Treichl last week.

August 12, 2015

Erste Group Presents Net Profit of EUR 487.2 Million in H1 15

Erste Group closed the first half of 2015 with positive results, reflected in strong improvements in profitability, asset quality, lending and capital. The group reported a net profit of EUR 487.2 million in H1 2015, compared to a negative result of EUR -929.7 million in the similar period last year; all countries except Hungary made a positive contribution to this development. Total assets increased to EUR 197.5 billion, compared to EUR 196.3 billion at the end of 2014. This balance sheet growth reflects a 2.2% advance in net lending to customers compared to the end of 2014, to EUR 123.5 billion, supported by the 1.7% growth in loans to households, 2.0% to SMEs and 5.9% to large corporates.

August 7, 2015

Erste Group Hungarian Subsidiary's Sale Delayed

Listed bank Erste Group will not complete the sale of 15 percent stakes in its Hungarian unit to Hungarian state and the EBRD before autumn. The bank "is confident that an agreement will be reached in H2,” the bank's spokesman told APA.

July 20, 2015

CA Immo Buys Stake in CEE Portfolio off EBRD for EUR 60 Mln

Listed real estate group CA Immo will take over the outstanding 35-percent stake in the CEE portfolio from partner EBRD for EUR 60 million (USD 66.2 million) gross, a reduction versus net asset value of the portfolio, the company said.

July 10, 2015