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Vienna International Business News | Economic | Investment | Financial

Strabag: Major Contract in Romania for 220 Million Euro

A consortium led by Austria's Strabag has won a contract to build a Romanian motorway for 220.6 million euro.

November 11, 2010

Frauenthal Announces Results for Third Quarter of 2010

The process of consolidation at the Frauenthal Group continued according to schedule in the third quarter: revenues increased by 17.8%.

November 11, 2010

Vienna International Airport: Strong Increase in Passengers

Vienna International Airport: Plus 11.4% in passengers during October 2010. Forecast for 2010: +9.0 % in passengers.

November 11, 2010

Palfinger: Upward Trend in the First Three Quarters 2010

Market recovery and savings measures allowed for above-average increase in earnings. Revenue grew by 19.9 percent to € 464.9m

November 11, 2010

Erste Group: CEE Companies More Efficient than Western Counterparts

CEE companies are more efficient, more profitable and less indebted as Western companies. The German corporate sector is the only sector to compete with CEE companies.

November 10, 2010

Leitl: Austrians Go into Retirement Too Early

Those who go into early retirement in Austria are rewarded. The government should create more incentives to retire later on in life.

November 10, 2010

Sharp decline in Creation of New Foundations

In particular, legal uncertainty and abolished tax advantages cause the creation of fewer foundations in Austria.

November 10, 2010

UniCredit CEO Ghizzoni: Counting on eastern growth

The eastern business should be expanded, says Ghizzoni, CEO of the parent company of Bank Austria.

November 10, 2010

Construction Costs: Continuous Upward Trend

Just as previously, construction prices continue rising in Austria. There is no end in sight for the upwards trend.

November 10, 2010

Bank Austria: Results for the First Nine Months of 2010

Bank Austria experienced a significant drop in profits as well as operating results. However, the third quarter of 2010 showed an outstanding performance.

November 10, 2010

Results of Telekom Austria Group for the First Nine Months

Group revenues declined by 3.9% to € 3,480.1m, operating income increased dramatically.

November 10, 2010

Strong Growth of Austria's Export Figures

Growth in exports was 15.3% in the first eight months of 2010, mainly to emerging markets.

November 10, 2010

OMV Announces Results of January – September 2010

Austria´s biggest company posts a strong operating performance compared to previous year.

November 10, 2010

Intercell AG: Losses Doubled, Positive Outlook

Today, Vienna-based Intercell AG announced its financial results for the third quarter of 2010 and presented changes to the Management Board.

November 9, 2010

OeKB: Further Expansion in CEE Region

According to the OeKB (Oesterreichische Kontrollbank), the business climate index in Central and Eastern Europe (CEE) showed an improvement in recent months.

November 9, 2010

Fast Growth in Temporary Employment

The demand for temporary workers has increased strongly on the Austrian labor market strong, reaching almost the level before the economic crisis.

November 9, 2010

JoWood: Losses Over 20 Million Euro

The stock exchange listed Viennese computer game manufacturer Jowood Entertainment AG continues showing massive losses for the half year. A capital reduction is imminent.

November 9, 2010

Equity Ratio of SME has Increased to Around 25%

According to the Austrian Institute for SME Research, the equity ratio for SME grows. Large companies, however, are faced with declining equity ratios.

November 9, 2010

Vienna Insurance Group: Robust Rise in Earnings and Profits

Vienna Insurance Group experienced a rise in profits by 10,9 percent. Premiums increased by 7,1 percent to € 6.5 bn.

November 9, 2010

Austerity Package: Resistance from the Federal Provinces

While cries for savings are getting louder in the provinces, declarations of both consensus and objections come from the provincial capital cities

November 8, 2010

Metal Workers: Up to 3% Wage Increase

Workers in the metal industry receive a strong wage increase. The minimum wage rises by 2.5%.

November 8, 2010

Raiffeisen CEO Stepic: CEE Continues Being Europe’s Growth Driver

The boss of Raiffeisen Bank International Bank (RBI), Herbert Stepic, sees the CEE region continuing as long-term growth driver for Europe.

November 8, 2010

Umweltdachverband: Electricity Industry Power Plant List is Utopian!

Energy projects are unrealistic, alternatives have been ignored and the environment is neglected completely, according to the accusations.

November 8, 2010

Bank Boss Confirms: Bank Tax will be Passed on to Customers

Massive criticism of the federal government is also coming now from the boss of Raiffeisen Zentralbank (RZB). Bank customers will have to bear both the bank tax and the securities tax.

November 8, 2010

Andritz: Favorable Development in the First Three Quarters

Technology Group ANDRITZ showed a favorable business development in the first three quarters of 2010. Sales, earnings and profitability rose substantially.

November 8, 2010

Bank Tax: Constitutional Concerns

Banks are to contribute a fixed tax amount based on the values given for 2010 for three years. Constitutional jurists consider this modus operandi as "highly questionable".

November 8, 2010

Union: Call After 40 weeks of Work per Year

The Union of Salaried Employees (GPA) presents a new working model.

November 5, 2010

Vienna: Negotiations Between the SPÖ and the Greens Almost Concluded

The last major points are budget issues. Both sides are however optimistic of reaching an agreement.

November 5, 2010

Manufacturing and Export Trade are Growth Driving Forces

Austria's export sector and the manufacturing industry will benefit in particular from the strong economy situation in Germany. The labor market continues being animated, particularly manufacturing industry-related areas.

November 5, 2010

Energy Industry: Tough Start for Expansion

The domestic energy industry has numerous plans to expand capacity. However, political will is containing them.

November 5, 2010

Trichet Succession: The Austrian Nowotny Has Chances As Outsider

The European Central Bank (ECB) will appoint a new president in November 2011. The favorites are the German Axel Weber and the Italian Mario Draghi. But Nowotny has outsider chances.

November 5, 2010

Industry: Recovery Dynamics are Leveling Off

IV’s (Federation of Austrian Industries) economic barometer shows minor increases; there is a gradual return to normal capacity. Only a small momentum is to be expected in employment and earnings growth.

November 4, 2010

AUA: Massive Criticism of Government

Owing to the flight ticket tax one feels lied to by the politicians. Contrary to promises, there is no support for restructuring. Not even Vienna Airport is immune from criticism.

November 4, 2010

Unexpected Rise in Research Expenditure

Against the general trend, Austria's economy is increasingly investing in research and know-how.

November 4, 2010

Working Time Flexibility Prevented Mass Unemployment

During the crisis, many German and Austrian companies flexibilized the working hours of their employees. These measures helped to ease the labor market situation.

November 4, 2010

AUA: Deficits Must Go

Austrian Airlines, bought in 2009 by German Lufthansa, are now working with profit at operational level. But restructuring of long haul routes is proving to be particularly difficult.

November 3, 2010

Real Estate Sales: Tax Evasion is Probably Tilted

So far, the property transfer tax has been avoided by a relatively simple construct. The Finance Senate wants to close this legal gap now.

November 3, 2010

Protectionism in Favor of Casinos Austria and Novomatic?

The licenses for lotteries and casinos after 2011 are already reserved for Novomatic and Casinos Austria, is the allegation.

November 3, 2010

IHS Boss Felderer Pleads for Railway Tunnel

The debate about the controversial Koralm tunnel is being enriched. IHS (Institute for Advanced Studies) boss Felderer argues strongly for the infrastructure measure.

November 3, 2010

Change of Leadership at Bewag?

According to reports, there are plans for a premature replacement of the board at the power company from Burgenland.

November 3, 2010

Arbeiterkammer: Labor Force in Austria Remains Highly Profitable

The representatives of the interests of workers and employees raise criticism on the extents of wage and salary increases with a self-created study. The argument of the companies about the need to build up reserves is incorrect.

November 2, 2010

Strabag CEO Haselsteiner: Koralmtunnel Has To Be Built

Haselsteiner reacts sharply to criticism of the construction of the Koralm tunnel. He sees the infrastructure measure as economically sensible.

November 2, 2010

Hypo Proceedings: New Revelations

Both sensitive data and risk and control instruments were handled negligently.

November 2, 2010

Energy Prices Rise Steeply

An increase of 6.7% was recorded for energy prices in the yearly comparison. The relevance of alternative energy sources will increase significantly in future, as energy price increases are expected to continue in the long term.

November 2, 2010

Identification Required for Savings Account Withdrawals

Since November 1, the implementation of the EU directive on anti-money laundering is in force. Customers therefore need not only a password, but also identification for a savings account withdrawal.

November 2, 2010

Too Few New Companies?

Austria comes out of the international comparison poorly in terms of start-up companies. The major problem is the lack of venture capital, according to the studies.

November 2, 2010

Unemployment: Sharp Decline in October

Compared with the previous year, unemployment was reduced by 8%. The decline is attributed primarily to an increase in the demand for temporary workers.

November 2, 2010

Volksbank: Greater Efficiency by Downsizing

The Austrian Volksbank AG (ÖVAG) has not been able to reach a cooperation with other domestic banks. The deal with the BAWAG failed. Now, the Volksbank is looking for alternatives.

October 30, 2010

Erste Group Posts Net Profit of EUR 737 Million

Net profit rose by 2.3% to EUR 736.8 million in the first nine months of 2010. The cost/income ratio improved to 48.7%, from 50.9% in the first three quarters of 2009.

October 29, 2010

ÖBB: Alleged Corruption

An internal document about a meeting of the ÖBB Supervisory Board in 2008 has now appeared. Bribes are openly talked about.

October 29, 2010