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Vienna International Business News | Economic | Investment | Financial

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

OeNB Governor Nowotny Contradicts the Deutsche Bundesbank

"The ECB should not give up purchasing bonds". Although the bond purchase program of the ECB was not needed in recent weeks, Nowotny wants to go on having it "in reserve”. The German Bundesbank warns of a too late withdrawal.

October 13, 2010

Global Financial Market System: Norbert Walter Urges for Regulation of Financial Markets

Economist Norbert Walter discussed world financial markets with Lower Austria Deputy Governor Sobotka and Hypo Lower Austria Chairman of the Board Harold at the HYPO Invest Club.

October 12, 2010

Wilhelm Molterer: Management Consultant Since Early October

Former ÖVP Vice Chancellor and Finance Minister Wilhelm Molterer (55) started working as a management consultant. Since early October, his EuroAdvisory GmbH based at Mahler Road 11, is operative in the Vienna city center .

October 12, 2010

Vienna's Municipal Election: SPÖ Loses Absolute Majority, FPÖ is Triumphant

The SPÖ achieves 44.3% at the election. The FPÖ can double its share of votes and comes in second, with 27%. The ÖVP and the Greens show losses.

October 11, 2010

Wholesale price index plus 7.1%

The index of wholesale prices, WPI 2005, amounted to 112.8 (preliminary value) in September 2010 and has increased by 1.1% against August 2009.

October 8, 2010

Austrian Statistics - Exports and imports increased more than 12%

According to preliminary results, total imports amounted to 62.84 bn euro and total exports amounted to 61.13 bn euro in the period January to July 2010.

October 8, 2010

Austria is Getting More Popular Among Arab People

Arab tourists find Austria increasingly pleasant. So far this year, the number of arrivals between January and August grew by 21% to 91,600 as compared to the same period of the previous year.

October 8, 2010

Asfinag: Toll Revenues for 1.63 Bllion Euro in 2010

The motorway vignette will bring the state-owned motorway company Asfinag 350 million euro this year, truck tolls one billion. Total revenues will be around 100 million above those of 2009, but debts increase by around 600 million.

October 8, 2010

Skylink: Board Changes at the Airport After Vienna Election

At Vienna Airport, the chairman of the supervisory board, Cristoph Herbst, is being talked about as successor to Ernest Gabmann(ÖVP). The Audit Court’s report on Skylink points to serious deficiencies.

October 7, 2010

Mandatory Community Service is Possible Legally

A mandatory community service to substitute military service in the event of the abolition of conscription, would be legally possible. Constitutional experts consider a compulsory community service not excluded by the Constitution.

October 7, 2010

Credit Monitor: Further Decline in Foreign Currency Loans

Such is the development of domestic loans to non-banks in July 2010

October 6, 2010

Qualified Workforce: Austria’s Target is to Attract Skilled Immigrants

ÖAAB General Secretary Lukas Mandl: "Germany has long been an immigration country. Austria also has to become one. Austria’s target should be to attract skilled immigrants, after identifying the needs."

October 6, 2010

European Cities Monitor 2010 - Vienna is the biggest mover

According to Cushman & Wakefield research, this year Vienna is the biggest mover, rising up the ranking by six places to 22nd place.

October 5, 2010

FDI - Austrian enterprises still expanding abroad; foreign enterprises in Austria stagnate

In 2008, Austrian enterprises still expanded their shares in foreign enterprises. 4 899 Austrian affiliates abroad meant a 14% rise in comparison to 2007.

October 5, 2010

Household Energy: Prices Rose by 5.4%

Households have to pay on average 5.4% more for energy in Austria than one year ago. Diesel is 10.4% more expensive in the yearly comparison.

October 4, 2010

SPÖ's Absolute Supremacy Wobbles in Vienna, According to Surveys

The SPÖ is threatened with the loss of the absolute majority in the Vienna-election on next Sunday, the FPÖ is likely to surpass 20%. Greens and ÖVP might register losses and the BZÖ might miss its entry into the municipal council.

October 4, 2010

Skylink: Position on the Report of the Audit Court

The contents of the Rechnungshof (Audit Court, RH) report is said to be prejudicial; the Airport Board will submit its opinion today.

October 4, 2010

Austria: Economic Recovery Continues

OeNB economic indicator: After the exceptionally strong economic recovery for the first half year, the Oesterreichische Nationalbank (OeNB) expects sustained high economic dynamics in Austria for the second half year.

October 1, 2010

Post Boss Pölzl 3 Months prior to the Liberalization

Post Boss Pölzl allegedly looks ahead with confidence to free competition, even for traditional letters.

October 1, 2010

New Connection Between Mandarin Group and Karl-Heinz Grasser

Grasser invested money for his mother in law. According to reports, the connection between the Caribbean offshore company Mandarin and the ex-finance minister has been proven.

October 1, 2010

Vienna now has its own Expat Center

In Vienna, the first Expat Center in Austria was opened. The project was handled by the Vienna Business Agency (former WWFF).

September 30, 2010

Austria exceeds the Maastricht GDP reference value by 0.5%

Public Finances 2009: Public deficit increases to 3.5% due to the economic and financial crisis.

September 30, 2010

Unemployment - Total number of persons unemployed down by 12.5%

In the third quarter of 2010, the total number of persons unemployed according to international definitions was 194,100, a decrease of 27,700 persons (-12.5%) compared to the third quarter of 2009.

September 30, 2010

Austria - Construction orders down by 4.6% in June

Volume of orders in construction of buildings and civil engineering decreasing by 4.6% at the end of June 2010.

September 29, 2010

Austria - Construction output down by 9.1%

Output of construction of buildings and civil engineering decreasing from January to June 2010: -9.1%

September 29, 2010

Austria - Turnover in industry and construction in June 2010 up 14.3%

60,657 enterprises in the entire industry and construction sector turned over a total of EUR 19.7 bn.

September 29, 2010

EU: Austria's Actual Net Contribution has Risen to 342 Million Euro

The net contribution to the EU rose again last year. Poland, with 6.5 billion euro is for the first time the biggest net recipient. Germany remains the biggest net payer with 8.1 billion euro.

September 28, 2010

BayernLB has to Wait 7 Years for 3.9 Billion from Carinthia

After the debacle of the Hypo Group Alpe Adria (HGAA), the Bayerische Landesbank will have to wait up to 7 years for the repayment of the 3.9 billion euro. The repayment plan provides for this period.

September 28, 2010

“GmbH light” Coming in Early 2011

The minimum capital will amount to 10,000 euro. Currently, the Amtsblatt (Official Journal) is still reluctant to reduce its fees for mandatory publications.

September 28, 2010