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Vienna International Business News | Economic | Investment | Financial

Hypo Group: Serious Allegations Against Kulterer

The former airline “Styrian Spirit" is said to have been financed without collateral, according to expert opinion. Kulterer defends himself and points to guarantee commitments by Jörg Haider.

October 29, 2010

AUA Flights to Russia Secured

While the problem of AUA landing rights in Russia has been solved for Lufthansa until March, Austria is being accused of breach of contract by the European Commission.

October 29, 2010

Bank Tax: Only 185 Million Remain for the Federation

In negotiations with the provinces, the federal government surprisingly yields to pressures: proceeds from the bank tax will be divided.

October 29, 2010

Risk of Default of Federal Investments for 330 Million Euro

The State bought high-risk securities in 2007 and 2008. These show a high risk of default since the financial crisis. The State wants to get rid of these securities by next year.

October 29, 2010

Industry: Good Prospects for 2011

The general optimism in the industry leads to the expansion of production and more personnel recruiting.

October 28, 2010

Tax on Securities’ Profits: Financial Industry in a Rage

The tax is targeted at the middle class, but it means especially an administrative burden and creates competitive disadvantages, according to the industry.

October 28, 2010

EU Funds to Finance Brenner Tunnel until 2015

The European Commission has extended its partial financing commitment for the Brenner tunnel. However, appropriate measures must be taken soon. Deliberations are still underway at present.

October 28, 2010

Bank Tax: 0.055% Instead of 0.04%

The new "stability tax" has been increased slightly. A tax on derivative transactions will also be applied. The tax will however not be temporary.

October 28, 2010

STRABAG Builds the Koralm Tunnel

The controversial project will be built by the construction group Strabag. The total investment amounts to around 600 million euro.

October 28, 2010

AUA: Still Losses, But There Is an Upward Trend

Losses and costs fall, passenger numbers rise. Restructuring measures show results, but the target has not been reached yet, according to the board.

October 28, 2010

Verbund: Warning Concerning Profit

Despite worsening results, the Verbund Group holds fast to the capital increase. Core shareholders go along.

October 28, 2010

Lending Policy of Banks is Stabilized

Results for Austria of the October 2010 credit business survey in the euro area

October 28, 2010

Hungarian Railway Workers Strike Against Rail Cargo

Due to employee layoffs at Rail Cargo Hungaria, the employees threaten to go on strike. Rail Cargo suffers losses both in Austria and in Hungary

October 27, 2010

AUA Flight Rights in Russia: EU Proceedings Against Austria

Due to the so far preferential treatment of Austrian Airlines in Russia, Austria is now accused by the European Commission of breach of contract.

October 27, 2010

OMV: Republic of Austria Will Hold On to Its Stake

An informal consultation is said to have been held between the governing parties to keep the government stake in OMV, should there be a capital increase.

October 27, 2010

Is the End of Private Foundations Near?

Legal uncertainties and higher taxes result in little incentive for the creation of new foundations.

October 27, 2010

Bank Tax: Demands for Time Limit Becoming Louder

Financial politicians and banking representatives already argue before approval of the draft law, if the bank tax to be introduced in 2011 is going to have a time limit.

October 27, 2010

Flexible Working Hours: Top Position of Austria in Europe

Both employers and workers benefit from what the crisis achieved, according to the EU Commission. However, additional flexibility does not bring in itself greater equality.

October 27, 2010

Hypo Group: Dramatic Losses Expected for 2010

The bank has to downsize, and will therefore have to part with many assets, according to the chairman of the board. For 2012, prrofits are expected again.

October 27, 2010

HYPO Group: Further Liabilities Necessary?

The Carinthian HYPO Group would suffer massive losses should it sell its real estate in the Balkans. Due to the write-offs, new liabilities of the Republic might be required.

October 25, 2010

New Budget: Details and Reactions

The entire tax package will bring additional revenues for around 1.2 billion euro. There are further saving measures for 1.6 billion euro. Reactions from the economic actors are ambivalent.

October 25, 2010

New Budget, New Taxes

The budget includes a new austerity package, which consists essentially of taxes on mineral oil, tobacco and banks.

October 25, 2010

Bank Austria CEO Cernko: No More Bank Tax Soon

Due to Basel III, location reasons and to safeguard jobs, the bank tax will only be effective temporarily, according to Cernko

October 22, 2010

Vienna: SPÖ negotiates with the Greens

There is no fixed coalition commitment as yet. However, all signs point to a red-green coalition in the federal capital.

October 22, 2010

Telekom Austria: Good Results Expected for 2010

The CEO of Telekom Austria, Hannes Ametsreiter sees the current financial year as "stable and good".

October 22, 2010

KTM is Back Again

With a surprisingly positive quarterly result, the motorcycle manufacturer KTM shows its old strength. All expectations have been exceeded.

October 22, 2010

Switzerland: Pecik and Stumpf Ransom Themselves

While the two investors paid a fine for the case Sulzer, the case Oerlikon is still not finished.

October 21, 2010

Justice: Powerless Against Accounting Frauds?

A poorly equipped Justice is facing an increasingly complex subject, aggravated by insufficient legal regulation.

October 21, 2010

Increase in Mineral Oil Tax likely

Economy Minister Mitterlehner speaks of a possible moderate increase.

October 21, 2010

Voestalpine: Good Prospects

Voestalpine has got back fast on the road to success. Cost reduction and growth outside Europe are the recipes.

October 21, 2010

Criticism of Austria's Allocation of Subsidies

Both the volume and the organization of the allocation of subsidies are susceptible of improvement, experts say.

October 21, 2010

Verbund Group: Capital Increase has Been Determined

The capital increase for the biggest domestic electricity generator will allow large investments in energy infrastructure and thereby accelerate new power generation projects.

October 20, 2010

IMF Considers Recovery as "Moderate and Uneasy"

Growth in Europe seems to be normalizing slowly. Dynamism is missing though, and many vulnerabilities are as yet unresolved.

October 20, 2010

New Westbahn Claims Unjustified Subsidies for the ÖBB

The reason is an amendment to the Public Procurement Act, which allegedly gives preference to the ÖBB.

October 20, 2010

Vienna Stock Exchange - Today's Winners and Losers

Daily News from the Stock Exchange

October 19, 2010

Austrian Federal Railways in Debt Crisis

Several infrastructure projects will increase the debt burden of the Federal Railways dramatically. This could bring considerable effects for the financial situation of the whole Federation.

October 19, 2010

Tax Evaders Targeted by the Ministers of Finance

Budget problems plague the majority of EU countries. In addition to budget discipline, the prosecution of tax evaders is to be addressed.

October 18, 2010

Industry Representatives are Satisfied with New Skilled Workers Regulation

Industry sees the new based immigration model based on criteria as a viable compromise.

October 18, 2010

Slight Fall in Corporate Tax

On the other hand, indirect taxes experienced an increasing trend. Despite tax competition, tax increases are expected due to budget needs.

October 18, 2010

Hypo-Group: Bavarian Lawsuit Against Carinthia

The balance sheet of the Hypo Group -nationalized in 2009- was artificially inflated, according to the accusation from Bavaria.

October 18, 2010

Supervision of Banks: Austria and Russia Intensify Cooperation

A Memorandum of Understanding just signed facilitates cooperation in banking supervision between the two countries.

October 18, 2010

Deal of the Social Partners on Immigration and Social Dumping

Introduction of the "Red-White-Red Card" to combat abuse in the labor market

October 17, 2010

WIFO-Boss Aiginger Calls Government for Economization

Aiginger claims for reforms in the tax system

October 17, 2010

Production Quota of OPEC Remains Stable

There was consensus in the Vienna-based OPEC. Members show their satisfaction with the current situation.

October 15, 2010

Property Tax is Not Unconstitutional

Property tax is constitutionally unobjectionable; concerns about unit values for calculation of income tax for foundations are however maintained for now.

October 15, 2010

Higher Tolls for Trucks Likely

Higher toll rates in the EU countries are likely due to noise, air and traffic disturbances.

October 15, 2010

Mineral Oil Tax: A Cash Cow for the Finance Minister

State revenues for the mineral oil tax have risen steadily since 2000. At that time, motorists paid 2.726 billion euro; this year it will be 3.9 billion euro.

October 15, 2010

Stability Pact with Federal States Has Never Been Met

Deficits of the federal states were too high already since 2001, as well as the deficits of the federation. The surplus of the municipalities couldn´t offset them.

October 14, 2010

CEOs of Stock Exchange Alert: Vienna´s Taxation Plans Cast Investors out

The heads of Vienna´s stock exchange, Schaller and Bohl, fear that the introduction of capital and transactional taxes downgrades Austria´s capital market.

October 14, 2010

General Government Expenditure by Function (COFOG) 2009: Increases in Social Expenditure

In 2009, public finances in Austria were affected by the economic and financial crisis, leading to an increase in expenditure of 3.9%. Statistics Austria's most recent data show a 6% increase of social expenditure in the year 2009.

October 13, 2010