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Vienna International Business News | Economic | Investment | Financial

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

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