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☆ Erste Group Bank: Scaling back is key to competitiveness in Europe
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailErste Group Bank: Scaling back is key to competitiveness in EuropeErste Group Bank CFO Stefan Dörfler says there is a need for consolidation in Europe.

Persons: Stefan Dörfler Organizations: Email Erste Group, Europe Erste Group Bank Locations: Europe

People walk past the new headquarters of the European Bank for Reconstruction and Development (EBRD) in Canary Wharf, London, Britain, September 14, 2023. REUTERS/Alishia Abodunde/File photo Acquire Licensing RightsSummaryCompanies Move follows Hungary govt exit from Erste unitGovt raising financing for airport transactionExit 'good news' for sector's stability -EBRDBUDAPEST, Nov 15 (Reuters) - The European Bank for Reconstruction and Development is selling its 15% stake in Erste Group Bank's (ERST.VI) Hungarian unit back to the Austrian group after the Hungarian government's recent exit from the bank, a top EBRD official told Reuters. Austrian lender Erste said on Friday it was repurchasing a 15% stake in its Hungarian subsidiary, currently held by Hungarian state-owned Corvinus International Investments. Francis Malige, EBRD managing director of financial institutions, said the investment had been designed to help the Hungarian bank recapitalise while supporting a positive relationship with the authorities. "We received a call notice from Erste last Friday and are proceeding with the sale of our stake to the group, based on terms agreed during our 2016 investment."

Persons: Alishia, Viktor Orban, Marton Nagy, Francis Malige, Malige, Orban, Gergely Szakacs, Louise Heavens Organizations: European Bank for Reconstruction, REUTERS, Erste Group, Reuters, Economic, Budapest Airport, Austrian, Erste, International Investments, Erste Bank, Thomson Locations: Canary Wharf, London, Britain, Hungary, Erste, BUDAPEST, Austrian, Hungarian, Erste Bank Hungary

☆ UniCredit, RBI among banks on hook for $2.4 bln in Signa loans -source
▼ + stars: | 2023-11-09 | by ( Alexandra Schwarz-Goerlich | ) www.reuters.com time to read: +3 min

RBI, which the person said had sharply reduced its exposure to the Signa group in recent years, declined to comment on Thursday. The European Central Bank (ECB), which supervises the banks, declined to comment. Raiffeisen Landesbank Niederoesterreich-Wien, Raiffeisen Landesbank Oberoesterreich and Erste Group are also among the banks with exposures to Signa, the person said. The other two Austrian banks declined to comment. A spokesperson for Austria's central bank said it had no concerns about the country's financial stability, when asked about Signa's financial position.

Persons: UniCredit, Signa, Rene Benko, Fitch, Landesbank, Banks, Arndt Geiwitz, Francesco Canepa, Tom Sims, Elisa Martinuzzi, Alexander Smith Organizations: Signa Group, Chrysler, Raiffeisen Bank, Bank, European Central Bank, ECB, Reuters, Erste Group, Erste, Austria's National Bank, Market Authority, Thomson Locations: VIENNA, Banks, Austria, Bank Austria, Wien

☆ 2024 will see 'reduced inflation,' Erste Group CFO says
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email2024 will see 'reduced inflation,' Erste Group CFO saysStefan Dörfler, CFO of Erste Group, discusses third-quarter earnings and the market outlook for central and eastern Europe.

Persons: Stefan Dörfler Organizations: Erste Group Locations: Europe

☆ Safe-haven dollar steady near one-week high on Middle East conflict
▼ + stars: | 2023-10-16 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 16 (Reuters) - The dollar held near a one-week high on Monday with fragile sentiment against a backdrop of conflict in the Middle East supporting demand for the safe-haven currency. "The conflict between Israel and Hamas continues and is providing volatility to the financial markets with the traditional safe-haven flows. There was some respite for the euro and sterling, which were off one-week lows touched on Friday against the dollar. YEN WATCHINGThe yen was flat at 149.54 per dollar, close to the sensitive 150-level. The yen is still perceived as a safe asset along with the Swiss franc and U.S. dollar, Kanda added.

Persons: Dado Ruvic, Jerome Powell, Jens Peter Sørensen, Benjamin Netanyahu, Poland's zloty, Lukazs Janczak, Christopher Luxon, Masato Kanda, Kanda, James Malcolm, Joice Alves, Rae Wee, Vidya Ranganathan, Kirsten Donovan, Emelia Organizations: REUTERS, Federal, Hamas, Danske Bank, country's, Sterling, Erste Group, National Party, ACT, New Zealand, Swiss, ., UBS, Thomson Locations: Gaza, Israel, Israeli, Poland, New, London

☆ CI Games shares drop on critical reviews of 'Lords of the Fallen'
▼ + stars: | 2023-10-13 | by ( Adrianna Ebert | ) www.reuters.com time to read: +2 min

SummaryCompanies CI Games shares extend losses to hit six month lowLosses follow some critical reviews of 'Lords of the Fallen'Critical reviews may affect sales - analystGDANSK, Oct 13 (Reuters) - Shares in Polish video game producer CI Games (CIG.WA) dropped as much as 18% to a six month low on Friday, adding to heavy losses the day before, following some critical reviews of its newest game "Lords of the Fallen". At 0844 GMT, CI Games shares were down 13.6% at 3.89 zlotys. The game release for PC and PlayStation 5 is set for Friday. CI Games' most popular game series is "Sniper Ghost Warrior", which has sold over 13 million copies. The first version of "Lords of the Fallen", released in 2014, sold over three million copies.

Persons: Piotr Bogusz, Bogusz, Adrianna Ebert, Sharon Singleton, Mark Potter Organizations: Games, IGN, Erste Group, Steam, CI Games, Thomson Locations: GDANSK

☆ Austria's Uniqa and Raiffeisen to sell stake in Raiffeisen Life to Russian insurer
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of the Austrian insurer Uniqa is seen in front of its headquarters in Vienna, Austria, March 10, 2016. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsAug 24 (Reuters) - Austria's Uniqa (UNIQ.VI) and Raiffeisen Bank (RBIV.VI) are to sell their stakes in Raiffeisen Life to Russian insurer Renaissance Life, becoming the latest move by Western companies to pare back business in Russia. Uniqa held 75% of Raiffeisen Life and RBI held the remaining 25%. "This means we are withdrawing from Russia," Uniqa's Management Board Member for Customers & Markets International Wolfgang Kindl said in the statement. In the first six months of 2023, Uniqa's technical result in Russia shrank to 5.8 million euros ($6.30 million) from an adjusted 8.5 million euros in the first half of 2022.

Persons: Leonhard Foeger, Uniqa, Wolfgang Kindl, pare, Tristan Veyet, Alexandra Schwarz, Andrey Sychev, David Evans Organizations: Uniqa, REUTERS, Raiffeisen Bank, Customers, Markets, Kremlin, Erste Group, Thomson Locations: Vienna, Austria, Western, pare, Russia, Ukraine, Gdansk

☆ Deposits are 'something we are watching very closely': Erste Group
▼ + stars: | 2023-04-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeposits are 'something we are watching very closely': Erste GroupStefan Dörfler, chief financial officer of the Austrian lender Erste Group, discusses its first-quarter earnings.

☆ Ten Square Games to lay off 25% of staff, suspend two major projects
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

GDANSK, April 17 (Reuters) - Poland's Ten Square Games (TENP.WA) plans to cut its workforce by 25%, or about 120 people, by the end of April and suspend two major projects, it said on Monday, blaming a challenging economy and an unstable mobile games market. At 1025 GMT Ten Square Games shares were down 4.8%, hitting the bottom of Poland's wig40 index. "We have decided to end work on two projects - Undead Clash and Fishing Masters - and to significantly reduce employment in areas outside the company's main products," CEO Maciej Zuzalek said in a statement. "This will allow us to focus Ten Square Games' resources and energy on the development of the main titles - Fishing Clash and Hunting Clash - in the coming months, and prepare for the further scaling of Wings of Heroes." The games write-downs will be included in the company's second-quarter results.

☆ Mobile games developer Huuuge stock leaps on buyback plans
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

Feb 16 (Reuters) - Mobile games developer Huuuge Inc (HUGP.WA) plans to launch an up to $150 million share buyback this quarter following a review of strategic options, it said late on Wednesday, sending the stock sharply higher at the market opening. U.S.-registered Huuuge, which debuted in Warsaw in 2021, launched the review of strategic options in August and shortly afterwards suspended an earlier buyback. It said could still postpone or cancel the new buyback depending on market conditions and the company's circumstances. Huuuge has yet to disclose price details of the buyback. Last week, the maker of Huuuge Casino and Billionaire Casino games reported preliminary core profit up 28% to $82 million following lower marketing spend.

Inflation expectations are de-anchoring from central bank targets, UniCredit CEE Chief Economist Dan Bucsa said. The situation is less clear in Poland though credit holidays to ease the burden of higher central bank interest rates are remaining heading into 2023. In western Europe, economists and financial markets largely expect price growth in the euro area to fall back to the European Central Bank's 2% target by 2024. "The upcoming general election is likely to stimulate fiscal expansion and, notably, the planned significant increase to the minimum wage from January may indeed spark a more substantial wage growth across the board." According to a Czech central bank survey, companies expect year-on-year inflation to be at 10.3% in one year and at 7.5% in three years, well above the central bank's 2% target.

☆ Analysis: Central Europe's policymakers try to call time on rate hikes
▼ + stars: | 2022-09-27 | by ( Jason Hovet | ) www.reuters.com time to read: +5 min

Czech Crown coins are seen in front of a displayed logo of Czech central bank (CNB) in this picture illustration taken April 1, 2017. Whether it can do so will depend much on wage pressures subsiding and how much a weakening market mood will hurt its currencies. "In Hungary, I think there is still road ahead (for rate hikes)," Juraj Kotian, an economist with Erste Group Bank, said. read moreAnalysts, though, see further rate hikes even after Tuesday. In August, the inflation rate slowed to 17.2% - the first sign of a price peak in central Europe.

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