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Austria and Romania Business and Diplomatic Relations

Ergo Insurer Buys Tiny Insurance Group in Romania

Ergo Austria International and Ergo Versicherung bought a small Romanian accident and damage insurer Credit Europe Asigurari, Ergo said. The price was not disclosed.

July 20, 2016

Western Balkans Summit was Held in Paris

Following the 2014 Western Balkans Summit in Berlin and the Vienna Western Balkans Summit of August 2015, the third Western Balkans Summit was held in Paris in the context of the ‘Berlin Process’. More than 500,000 of the people with migration background who live in Austria are from the region. Austrian companies have hundreds of branches or subsidiaries in the Western Balkans, which clearly illustrates the very close economic relations.

July 8, 2016

Western Balkans Countries Discussed Investment, Jobs and Integration in Vienna

The World Bank and the Vienna Institute for International Economic Studies (wiiw) held a high-level policy dialogue on ‘Investment, Jobs and Integration’ last week. Ministers and senior officials from the Western Balkans region as well as policy experts from international organisations and the business community gathered to discuss the challenges the region is currently facing, in particular the high unemployment rate, low international competitiveness, and lack of modern infrastructure.

July 8, 2016

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

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

Erste Group Bank's Hungarian Unit Buys 2.3 Pct in Budapest Bourse

Listed bank Erste Group's Hungarian unit is buying a 2.3 percent stake in the Budapest Stock Exchange off Dutch concern ING, Erste Bank Hungary said in a statement.

May 31, 2016

OMV Head Seele: We Focus on Cash and Costs

2016 has seen strong declines of oil and gas prices, OMV head Rainer Seele commented during the presentation of the oil and gas group’s Q1 results. The average Brent oil price was at USD 34 per barrel, which was by 37 percent less than a year ago.

May 12, 2016