Industries

The latest industry and company news and analysis from FriedlNews
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Vienna's Nightclub "Club Couture” is Insolvent

Vienna-based nightclub "Club Couture”, the successor of "Nachtschicht” in the 22nd distict is insolvent. This was reported by the credit protection association 1870 (KSV) on Thursday. The reason for the bankruptcy is the many year long dispute between the operator and the city over entertainment tax.

Yesterday

BayernLB CEO: No Faith in Austria as Business Location

The head of BayernLB Johannes-Jörg Riegler is angry about Austria. He told Süddeutschen Zeitung daily that he trusted Austrian judiciary, but he had lost faith in Austria as a financial business location guaranteeing investment security.

Yesterday

Linz Textil has Trouble with Chinese Viscose Spinning Mill

Listed Linz Textil issued a profit warning. Due to an extraordinary writedown need with regard to the Chinese subsidiary the group slumped into the red in 2014. The after-tax loss will probably reach EUR 1.3 million (USD 1.435 million) to EUR 1.5 million. The extraordinary need for writedown at the viscose subsidiary in China amounts to about EUR 2.4 million and affects the area of material assets.

Yesterday

Lidl Wants to Invest Almost EUR 100 Million in Austria this Year

Retail chain operator Lidl will again invest in its chain in Austria this year. The company will spend almost EUR 100 million (USD 110.4 million) on the purpose Lidl announced on Thursday. By 2016 almost all 203 branches are supposed to be modernized.

Yesterday

Andritz Improved Results, Doubles Dividend

Styrian listed installation builder Andritz posted a profit hike in 2014. Revenue climbed by 2.6 percent to EUR 5,859.3 million (USD 6,521.7 million), wheras operating profit (EBIT) surged from EUR 89.8 million in 2013 to EUR 295.7 million in 2014.

Yesterday

Stock Exchange Index ATX five: Immofinanz Replaces RBI, Composition Unchanged

At a decision making index committee meeting the Vienna Stock Exchange reached a decision on changes to the leading Austrian index, ATX, as well as on further Austrian indices. In the ATX five Raiffeisen Bank International AG will be replaced by Immofinanz AG due to its higher market capitalization.

Yesterday

IS Jihadists Conquer Two Oil Fields in Libya

Militant islamists have taken over two oil field in Libya. According to a spokesperson of the security service for the oil industry in Libya the extremist groups took over the fields AlBahi and AlMabruk. OMV oil fields however were not affected.

Yesterday

Moody’s Cuts Rating for Heta Liabilities by Several Levels

The lack of payment for due liabilities of Heta, the successor bank of Carinthian ailing bank Hypo Alpe Adria, has induced rating agency Moody’s to lower the rating for Heta’s liabilities.

Yesterday

Fitch Confirms Rating for Billion-Euro-Bond

Rating agency Fitch issued a statement concerning the debt repayment stop for state-owned Hypo Alpe Adria bank successor Heta, after Standard & Poor’s did so on Tuesday saying that a discussion concerning the potential haircut for Heta bonds would not affect the rating of Austria directly. Fitch confirmed on Wednesday its rating for Heta bonds with a state guarantee.

March 4, 2015

ITB: Austria Wants to Attract More Asian Tourists

The surge in the number of tourists from the CEE region is no longer as big as it used to be and Russian tourists have also stayed out last year. That is why the tourism industry is looking more and more towards the Far East.

March 4, 2015