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Austria and Russia Business and Diplomatic Relations

Immofinanz Expects ca. EUR 400 Mln Impairment on Russian Properties in Q3

Listed real estate group Immofinanz will have to book some EUR 400 million (USD 446.4 million) extraordinary impairment for five Moscow-based retail properties in Q3 of FY 2015/16 (ending as of end-January), the company said. The decision is based on the first valuation indicators of the auditors.

February 5, 2016

OeKB: Austrian Exporters Face Biggest Payment Bottlenecks in Russia, Venezuela

Austrian exporters are facing the highest risk of payment bottlenecks in the case of Russian and Venezuelan partners, show the statistics published by specialpurpose bank OeKB comparing Q4 and Q3 2015. Other countries where Austrian firms encounter payment delays are Kazakhstan and Spain.

February 3, 2016

Doppelmayr to Build Cable Liner Shuttle at Moscow’s Airport

The Vorarlberg-based producer of cable lifts Doppelmayr has landed another order for its Cable-Liner system. By 2018 DCC Doppelmayr Cable Car, a member of the Doppelmayr group, will build a cable car line at the Sheremetyevo International Airport in Moscow, the company announced. The value of the order is a few dozen million Euros.

January 22, 2016

Agricultural Exports Grow in 2015 Despite Russian Embargo

Austrian agricultural and food exports increased in 2015, despite the Russian embargo and depreciation of the Russian currency, by about 2.5 percent to EUR 9.99 billion. Austrian exports to Russia plunged 43 percent to EUR 107.1 million. Exports to the USA soared 42 percent to EUR 642.6 million thanks to high demand for Red Bull and cheese.

January 14, 2016

Wishing you Peace, Joy and Happiness in the New Year

Dear Reader, As the year comes to an end, I wanted to write and thank you for your support. It's the loyalty of readers like you that enables us to provide our service. This year saw us once again reporting on topics related to cross-border activities in business and diplomacy. Our mission remains to inform and to connect Austria's international professionals and expatriates to enable them to be more productive and successful. Whatever 2016 brings, my editorial team and I will continue to bring you the latest in Austrian-international news and insight. I wish you a peaceful and prosperous holiday season and - till next year. Warm regards, Dr. Peter J. Friedl, Editor, FriedlNews

December 23, 2015

FriedlNews wishes Merry Christmas and a Happy New Year from Vienna!

Warmest wishes for the season, and sincere thanks for your loyalty throughout the years! Our service will be closed untill January 11th, 2016. The FriedlNews Team

December 23, 2015

Austrian-Russian Friendship Society to Appoint Richard Schenz as New President

Dr. Richard Schenz has recently been appointed as new President of the Austrian-Russian Friendship Society (ORFG - Österreichisch-Russische Freundschaftsgesellschaft). He succeeds CEO Ludwig Scharinger who left office for health reasons. KR Sen.hc Richard Schenz is a Vice President of the Austrian Chamber of Commerce (WKO). He was formerly CEO of OMV and Capital Markets Advisor to the Austrian Minister of Finance.

December 22, 2015

OMV Holds On to Planned Investments in Russia

The Austrian oil and gas group OMV will hold on to planned investments in Russia, despite low prices of commodities. "We plan to go ahead with our investments, even at this moment when oil price is below USD 40” CEO of OMV, Rainer Seele said in Berlin. He assumes that prices will remain low for some time in the future.

December 18, 2015

Immofinanz Balance Sheet Affected by Lower Rent Income

Immofinanz, the property developer, reported an operating profit of EUR 68.3 million (USD 74.6 million) for H1 2015/16, down from last year’s EUR 155 million, mostly on account of lower rental income, in particular a temporary rent decrease in Moscow; as well as due to scheduled real estate sales to the tune of EUR 160 million.

December 17, 2015

Sberbank Europe Sold Slovakian Subsidiary

3.5 years after Russia’s Sberbank bought eight SEE subsidiaries from struggling Volksbanken AG (ÖVAG), the Russian bank is going to sell the Slovakian bank Sberbank Slovensko, to Czech-Slovakian financial group Penta.

December 17, 2015