Austrian News

Austrian News: Read the latest headlines about developments in Austrian domestic politics with reference to the international interest

Austria Must Underline its Headquarter Function

Austria as hub for CEE markets is still popular. Nevertheless, there is a lack in a sustainable and flexible strategy. The geographical proximity to CEE countries is insufficient.

April 2, 2012

Euro-Group: Fekter Presses Ahead

Jean-Claude Juncker, head of the euro-group is angry at the Austrian Minister of Finance, Maria Fekter, who presented the summits´ results before Juncker´s press conference.

March 31, 2012

Economic Upswing for Austria?

The economic research institutes IHS and WIFO anticipate that the Austrian economy accelerates by summer 2012. Both warn of “too much euphoria”, however.

March 29, 2012

Swiss Tax Treaty: Austria Under Pressure

The Austrian Minister of Finance is optimistic to conclude the Swiss tax deal by 2013. Proceeds of € 1.0bn are expected.

March 28, 2012

Romania Plans Further Privatizations

Above all, a sale of the minority stake in the oil company Petrom could bring up to $ 600m. The Austrian OMV, which is the majority owner of Petrom, could be interested.

March 27, 2012

Austria Insists on Financial Transaction Tax

Despite Germany’s finance minister sees little chance of a European Union agreement on the levy, Austria is sticking to plans for a financial-transaction tax in Europe to help consolidate its budget.

March 27, 2012

Vienna Stock Exchange Calls for New Listings

Birgit Kuras, the new member of VSE´s management board aims to enhance the stock exchange´s importance and pushes for further privatizations.

March 27, 2012

EU Financial Framework Negotiations Enter the Hot Phase

State Secretary Wolfgang Waldner underlines Austria´s position as net contributor at the General Affairs Council in Brussels.

March 27, 2012

Asfinag to Cut Costs by € 2.8bn

The Austrian highway funding company wants to reduce construction costs by € 2.8bn over the next five years.

March 26, 2012

Keuschnigg: „Greece Must Leave Eurozone“

The Austrian Economist and designated director of HIS, Christian Keuschnigg advised Greece to leave the euro zone.

March 26, 2012

Koren to Become VBAG´s New CEO?

Finance Minister Maria Fekter aims to nominate the former Vice-CEO of Bawag as board director of VBAG.

March 24, 2012

Municipalities: Indebtedness Per Capita on the Rise

According to the Austrian audit court, indebtedness of municipalities was up significantly over the last years.

March 24, 2012

Bulgaria: Massive Penalty at OMV Subsidiary Threatens

Bulgaria´s Minister of Transport claims the maximum penalty for OMV´s subsidiary, which would reach up to € 1.0bn.

March 24, 2012

Rothensteiner Against Bank Insolvencies

Raiffeisen Zentralbank´s CEO Walter Rothensteiner is against the discussion about bank insolvencies.

March 24, 2012

RBI: Günther Gall Appointed Vice-Chairman of EPC

The Austrian national Günther Gall of Raiffeisen Bank International AG (RBI) was elected vice president of the European Payments Council (EPC).

March 23, 2012

Voestalpine to Invest € 500m at Main Site

The Austrian steel company builds a new strand casting house. Voestalpine warns of excessive greenhouse gas regulations.

March 22, 2012

Nowotny: “Portugal in Much Better Shape Than Greece”

The Governor of the Austrian Central Bank (OeNB) and ECB Council Member Ewald Nowotny is optimistic on Portugal´s medium-term prospects. The country faces much less liquidity constraints than Greece.

March 21, 2012

Meeting between Saudi Monarchy and Austrian Embassy

The Austrian ambassador presented Investment opportunities to Saudia Arabia´s Prince Alwaleed.

March 20, 2012

Romanian President Again Critisized OMV´s Petrom

Romanian president Traian Basescu in television again emphasized that he cut ties with largest Romanian company OMV Petrom on ‘incorrect’, high profit-making policy.

March 20, 2012

Telekom Austria: Pecik Denies Sales Talks

The Austrian investor Ronny Pecik is said to have had sales talks with China Mobile. Pecik reaffirms to remain at Telekom Austria as “long-term investor”.

March 19, 2012

Austria Underlines South Tyrol´s Autonomy

Austrian State Secretary Wolfgang Waldner on working visit in South Tyrol. Austria suggests an “Alpine Strategy”.

March 19, 2012

“The Czech Republic Has Traditionally Been an Important Partner for Austria”

Austrian State Secretary Waldner meets Czech EU State Secretary Belling.

March 19, 2012

Tax Agreement with Switzerland May Be Postponed

The plans of the Austrian government to conclude a tax agreement with Switzerland soon is unlikely. For the budget, this could cause a loss of revenues.

March 17, 2012

Austrian Government Holds on Financial Transaction Tax

In spite of discordance at the EU-level, the Austrian government is convinced to impose taxes on financial transactions by 2014.

March 17, 2012

Bulgaria Suspects OMV, Lukoil, Rompetrol of Price Fixing

Bulgaria’s antitrust regulator said four fuel retailers including the Bulgarian units of OMV AG of Austria, OAO Lukoil , Russian oil producer, Rompetrol Rafinare SA and Petrol AD are suspected of being involved in price fixing.

March 17, 2012

Corruption: Costs of € 27bn for Austrian Economy

Experts say that corruption increases in Austria. In 2012, adverse effects of € 27bn are expected.

March 16, 2012

Doubt About Austerity Package

Austria´s Finance Minister Fekter had to defend the government´s austerity package again. Experts are in doubt about the successful implementation.

March 15, 2012

Press Freedom under Threat in Austria

IPI Alarmed at Justice Ministry Attempt to Undermine Confidentiality of Sources.

March 14, 2012

No Credit Crunch in CEE

Western European banks maintain the liquidity of their subsidiaries in Central and Eastern Europe. The equity provision is better than expected.

March 14, 2012

Austria Is Concerned About UK´s Human Rights Reform

UK´s Prime Minister David Cameron intends to reform the European Court of Human Rights. Austria said it had “serious concerns” about his ideas.

March 14, 2012

Austrian Supervisory Authority Published Guideline For Banks

The Austrian Financial Market Authority (FMA) has published a supervisory guideline to strengthen the sustainability of the business models of large internationally active Austrian banks.

March 14, 2012

Basescu Criticizes OMV Sharply

The Romanian President Traian Basescu is deeply disappointed of the Austrian oil and gas company OMV. The Romanian subsidiary “made too much profits”, Basescu says.

March 13, 2012

Austria Wants More Leeway for Hungarian Budget

The Austrian Minister of Finance Maria Fekter criticizes the EU. Hungary is not treated equally, Fekter says.

March 13, 2012

KA Finanz: Disaster Was Avoidable

The „bad bank“ of the nationalized bank Kommunalkredit considered selling Greek sovereign bonds in spring 2009. Last week, KA Finanz wrote off € 423m.

March 12, 2012

Nowotny: Capital Shortfall at Hypo Group „Substantially Less Than € 10bn”

The governor of the Austrian Central Bank (OeNB) repulses reports stating that the nationalized bank Hypo Group needs capital injections of € 10bn.

March 10, 2012

Hypo Group: Costs Could Increase up to € 10bn

The nationalized Hypo Group Alpe Adria may need massive capital injections by the Austrian state. The bank must downsize radically.

March 10, 2012

Wirtschaftsbund: Leitl Re-Elected

Christoph Leitl, President of the Austrian Chamber of Commerce, has been re-elected as chairman of Wirtschaftsbund. 92.7% of the delegates voted for Leitl.

March 10, 2012

„The Public Sector Does not Get Enough“

Klaus Pöttinger, President of Upper Austria´s IV takes Switzerland as model. Taxes would be too high, efficiency of the public sector is too low, he says.

March 9, 2012

Leitl: „Austerity Package Is Not Enough“

For Christoph Leitl, the President of the Austrian Chamber of Commerce (WKÖ), the recently resolved austerity package does not contain the essential reforms.

March 9, 2012

Cernko Criticizes VBAG Bail-Out

Willibald Cernko, CEO of Bank Austria considers that the Austrian state reacted too late. A partly nationalization could have taken place already one year before.

March 9, 2012

Foreign Direct Investment in Austria Increasing

In 2011, a moderate decline in new enterprise settlements was registered. Investments grew by 34%.

March 8, 2012

EBA Does Not Accept Participation Capital as Equity

Austrian banks face new difficulties. The European Banking Authorities does not approve participation capital by the Austrian state as Tier-1 Equity Capital.

March 8, 2012

Bank Insolvency Act to be Finished by Summer 2012

According to the government´s plans, the Austrian financial market authority (FMA) should obtain more competences.

March 7, 2012

Bank Taxes: Nowotny Supports Government

OeNB´s governor Ewald Nowotny defends the coalition plans to raise bank taxes by 25%.

March 7, 2012

Tax Treaty: Conflict with EU

The EU rejects Austrian tax treaty plans with Switzerland. Austria insists on the bilateral agreement.

March 7, 2012

Public Debt Agency: “Unnecessary to Change Bonds Issuance Plans”

Austria sees no need to change its debt issuance program and is sticking to its plan to stay below the European Union’s deficit ceiling this year even as it injects cash into Oesterreichische Volksbanken AG (VBPS) and KA Finanz.

March 6, 2012

Banks May Face Strikes

The trade union of bank employees calls for a 4.9% salary increase. Employers reject this claim.

March 6, 2012

Taxation of Pension Funds: One-Time Effect of € 900m

In order to restructure the financially stricken VBAG, the Austrian government anticipates taxes on pension funds. As a result, € 75m will lack in future.

March 6, 2012

Fekter: "Eurogroup Chief Must Be Head of Government"

Austria’s Finance Minister Maria Fekter said the next leader of the group of euro-area finance ministers has to be a head of his or her government in order to have the necessary authority.

March 6, 2012

EU ‘Surprised’ Austria Didn’t Warn on VBAG, Almunia Says

The European Commission was “surprised” Austria didn’t warn it about plans to bail out Oesterreichische Volksbanken AG (VBPS), according to Joaquin Almunia, the region’s commissioner responsible for approving state aid.

March 5, 2012