Chief Correspondent, Vienna, Vienna
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Jul 6, 2014

Hypo creditor plan casts shadow over Austrian borrowers

VIENNA, July 7 (Reuters) – Austria’s plan to wipe out some
Hypo Alpe Adria creditors, despite guarantees from the
nationalised bank’s home province of Carinthia, could drive up
borrowing costs for other state-backed firms, including
utilities and health agencies.

Vienna insists its move, set to be approved by the lower
house of parliament on Tuesday, is a one-off step tailor made to
ensure that investors in Hypo – not just taxpayers – help to
shoulder the financial burden of winding down a bank that has
sucked in 5.5 billion euros ($7.5 billion) in public aid so far.

Jul 4, 2014

Investors punish Erste for new emerging Europe hit

VIENNA, July 4 (Reuters) – Investors wiped more than 1
billion euros ($1.4 billion) off Erste Group Bank’s
stock market value on Friday after emerging Europe’s
third-biggest lender warned that fresh hits from Romania and
Hungary would drive it to a record 2014 loss.

The news was a fresh reminder of the perils of operating in
central and eastern Europe, a region that generated fat profit
margins for banks for years after the Iron Curtain fell but now
causes more headaches as the region’s economy struggles.

Jul 3, 2014

Hungary, Romania to push Erste to record 2014 loss

VIENNA, July 3 (Reuters) – Fresh hits from Hungary and
Romania will push Austria’s Erste Group Bank to a
record 2014 net loss of up to 1.6 billion euros ($2.2 billion),
emerging Europe’s third-biggest lender said on Thursday.

It said it expected risk costs to rise from a planned 1.7
billion euros to about 2.4 billion this year, while its group
operating result would slightly miss guidance this year “due to
weaker operating results in Romania and Hungary”.

Jun 24, 2014

Austria signs Russian pipeline deal, hosts rare Putin visit

VIENNA, June 24 (Reuters) – Austria gave its final approval
to a controversial Russian gas pipeline project on Tuesday,
defying EU officials and welcoming Russian President Vladimir
Putin to the neutral country that has been a long-standing
energy customer for Moscow.

The chief executives of Russia’s Gazprom and
Austria’s OMV sealed the deal to build a branch of the
South Stream gas pipeline to Austria, a staunch defender of the
project in the face of opposition from the European Commission.

Jun 22, 2014

Bottas celebrates first F1 podium finish

SPIELBERG Austria (Reuters) – Valtteri Bottas gave Finland another presence on the Formula One podium on Sunday when the Williams driver celebrated his first top three finish at the Austrian Grand Prix.

“Really, really happy. Difficult to put into words really. Just really thankful to the team for giving me this car,” the third placed 24-year-old declared.

Jun 22, 2014

Bottas celebrates first F1 podium finish

SPIELBERG Austria (Reuters) – Valtteri Bottas gave Finland another presence on the Formula One podium on Sunday when the Williams driver celebrated his first top three finish at the Austrian Grand Prix.

“Really, really happy. Difficult to put into words really. Just really thankful to the team for giving me this car,” the third placed 24-year-old declared.

Jun 22, 2014

Motor racing-Bottas celebrates first F1 podium finish

SPIELBERG, Austria, June 22 (Reuters) – Valtteri Bottas gave Finland another presence on the Formula One podium on Sunday when the Williams driver celebrated his first top three finish at the Austrian Grand Prix.

“Really, really happy. Difficult to put into words really. Just really thankful to the team for giving me this car,” the third placed 24-year-old declared.

Jun 22, 2014

Rosberg wins in Austria to stretch F1 lead

SPIELBERG Austria (Reuters) – Nico Rosberg won the Austrian Formula One Grand Prix in a Mercedes one-two finish on Sunday to stretch his championship lead over team mate Lewis Hamilton to 29 points after eight races.

Williams drivers Valtteri Bottas and Felipe Massa, who had started on the front row, finished third and fourth respectively on a sunny afternoon at the Red Bull Ring in the southern Styrian hills.

Jun 22, 2014

Motor racing-Rosberg wins in Austria to stretch F1 lead

SPIELBERG, Austria, June 22 (Reuters) – Nico Rosberg won the Austrian Formula One Grand Prix in a Mercedes one-two finish on Sunday to stretch his championship lead over team mate Lewis Hamilton to 29 points after eight races.

Williams drivers Valtteri Bottas and Felipe Massa, who had started on the front row, finished third and fourth respectively.

Jun 21, 2014

Massa pole has a little bit of Neymar magic

SPIELBERG Austria (Reuters) – Felipe Massa hoped to give Brazil another victory to celebrate after a little bit of Neymar magic rubbed off on him as he put his Williams on pole position for the Austrian Grand Prix on Saturday.

The popular Brazilian’s first pole since 2008, when he was with Ferrari and a year before he suffered near fatal head injuries in Hungary, was a Formula One feel-good story for Austria’s first race in 11 years.

    • About Michael

      "Mike has worked for Reuters for two decades and reported from more than a dozen countries on business and general news. His beats have included covering the European automotive industry, business news from Switzerland, German defense and security policy, and Hungary's transition to a market democracy after the collapse of communism in eastern Europe"
      Joined Reuters:
      1987
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