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Austria and Hungary Business and Diplomatic Relations

Erste Group Set to Sign Hungarian Deal by Mid-June

Listed bank Erste Group wants to sign the deal on the planned acquisition of a stake in its Hungarian unit by the state of Hungary by June 14, CEO Andreas Treichl told a teleconference on Wednesday as reported by Reuters news agency.

May 4, 2016

EU Okays Extension of Border Control Reinstatement

The European Commission has allowed Austria, Germany, Denmark, Sweden and Norway to continue border controls within the Schengen zone for another six months. However, the recommendation issued on Wednesday stipulates explicitly that the border controls at the Brenner tunnel are not part of that deal.

May 4, 2016

Erste Group Surprises with EUR 274.7 Mln Net Profit in Q1

Blue-chip bank Erste Group posted EUR 274.8 million (USD 315.4 million) in Q1 net profit, up by 22 percent y/y and above market expectations for a slight annual decline, the company said in a report.

May 4, 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

Long-Distance Coach Operator Flixbus to Compete with ÖBB Austrian Railways

Austrian state-run rail company ÖBB Austrian Railways is facing increasing competition of German mobility provider Flixbus which has just launched its third connection for Austria's regional capital cities, between Graz and Salzburg. In January 2016 FlixBus announced its entry to the markets of Central and Eastern Europe with the new branch FlixBus CEE. This includes six countries (Czech Republic, Slovakia, Hungary, Poland, Slovenia and Croatia) with new lines in the making. () am

April 27, 2016

Orban’s Government to Rethink Acquisition of Stake in Erste Bank Hungary

The Hungarian government is to reconsider plans of acquiring a stake in the Hungarian arm of Erste Bank. The Economy Minister Mihaly Varga told Hungarian daily Vilaggazdasag that it may turn out to be more useful, to lower state debts, rather than to buy a 15-percent stake in Erste Bank Hungary.

April 27, 2016

D.A.S. Legal Costs Insurer to Steer CEE Expansion from Vienna

European leader in legal costs insurance D.A.S. plans to expand in the CEE and will manage this expansion from Vienna, the company said in a statement. The Vienna office is already parent of the Slovak and Czech arms of the concern. Further mergers with CEE units are planned in the coming years. The changes will involve altering the organisational structure of the group.

April 25, 2016

Voestalpine Steel Wins another Pipe Deal for Nord Stream II Project

Listed steel and technology group Voestalpine secured another order for the Russia-Europe gas pipeline project Nord Stream II, the company said on its website.

April 19, 2016

Bank of China Vienna Not CEE Headquarter

The Bank of China inaugurated its branch office in Vienna. Contrary to previous announcements the Vienna office will not be the headquarter for the CEE region, but only a branch of the bank branch in Budapest.

March 7, 2016

The Western Balkans Conference Which Led to Row Over Worsening Refugee Crisis

Convened on the initiative of Austrian Foreign Minister Sebastian Kurz and Austrian Minister of the Interior Johanna Mikl-Leitner, the Western Balkans conference “Managing Migration Together” was held at the Federal Ministry of the Interior in Vienna. 18 foreign and interior ministers from the Western Balkans attended the conference. The participants included the foreign and interior ministers of Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Macedonia, Montenegro, Serbia and Slovenia.

February 26, 2016