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Vienna International Community - Top Diplomats - Latest Headlines

Demands against the Hypo Group Amount up to € 300m

The investigation team appointed for the Hypo Group has determined property damages for over 300m. This amount is the basis for eventual claims.

December 14, 2010

New Board Member at OMV

Supervisory Board of OMV: Manfred Leitner appointed to the OMV Executive Board with effect from April 1, 2011.

December 14, 2010

AUA: Signs of Strike

The staff is voting for strike measures. Protests are planned for after the Christmas holidays.

December 14, 2010

Contradictions about Sanader's Connection to Carinthia

The connection between the former Croatian Prime Minister Sanader and the Carinthian Hypo Group is multifaceted, but also full of contradictions.

December 14, 2010

Government Support for the Hypo Group

The Hypo Group is still far away the end of restructuring. Losses between € 700m and € 900m are expected for this year. The state gives a guarantee for 500m.

December 13, 2010

Austria Benefits from Low Loan Interest Rates

Because of low interest rates and spreads, Austria is able to get convenient financing on the loan market. Euro-bonds would mean significant costs for Austria.

December 13, 2010

Changes in Trend for the Austrian Labor Market

Imminent job cuts because of the uncertain business development.

December 13, 2010

Vienna Stock Exchange: Tax on Securities Gains Damages Austrian Economy

Massive disadvantages for Austrian companies because of financing made more difficult are feared by the members of the of the Vienna Stock Exchange board, Michael Buhl and Heinrich Schaller.

December 13, 2010

Madoff Proceedings: Billion Lawsuit against Bank Austria

The former chairman of Bank Medici, Sonja Kohn, is said to have managed the Madoff system for years. A lawsuit has been filed from the US.

December 13, 2010

Economic Chamber: Positive Outlook for 2011

The Business Barometer presents both opportunities and risks for the Austrian economy. Shortage of skills and low investment continue being weak points.

December 13, 2010

The Croatia-Connection of the Hypo Group

The recent arrest of former Croatian Prime Minister Ivo Sanader casts shadows on the Carinthian Hypo Group.

December 10, 2010

OMV: Nabucco Underway as Planned

Austrian OMV considers that the gas pipeline project of European energy companies is developing according to plans.

December 10, 2010

Difficult Times for Austrian Investors in Zagreb

The plan of an Austrian group of investors to build the largest shopping center in Europe in the Croatian capital threatens to fail.

December 10, 2010

Is Austria a Risk Country?

Due to its engagement in Eastern Europe, Austria is partially considered as a potential risk country. Lack of understanding for this assessment is shown by Austria.

December 10, 2010

Nowotny: No Euro-bonds Yet

Although he supports the euro-bonds in principle, the time has not come yet for the Governor of the Austrian National Bank.

December 10, 2010

OMV: Operating Result of Over € 2.0bn Expected

The CEO of the Austrian oil group, Wolfgang Ruttenstorfer says: "2010 was a good year for OMV”.

December 10, 2010

Corruption in Austria: 9% Pay Bribes

Austria follows the international trend of growing corruption. 25% are ready to pay bribes worldwide.

December 10, 2010

Mitterlehner: New Red-White-Red Card has Advantages for Economy and Location

The "red-white-red-card" is to meet the needs of the Austrian economy for skilled foreign workers.

December 10, 2010

Austrian Economic Chamber Supports Development of the Danube as a Transportation Route

Austrian Economic Chamber President Christoph Leitl supports the EU's Danube region strategy to expand infrastructure between the Danube countries.

December 10, 2010

Conwert Appoints Volker Riebel as New CEO

Chairman of the Administrative Board, Johannes Meran: “With Mr. Riebel, we won an internationally recognised real estate professional as CEO.”

December 9, 2010

Strabag: Haselsteiner Confirmed as CEO

Hans Peter Haselsteiner has been reappointed, Siegfried Wanker acts as new technical board member in Special Divisions & Concessions segment.

December 9, 2010

High Expectations about the New AUA Chairman

The Frenchman Thierry Antinori, is to complete successfully for Lufthansa the restructuring of the Austrian subsidiary.

December 8, 2010

Bavaria: "Hypo-Sale was Correct"

The issue Hypo Alpe Adria preoccupies not only the Austrian justice: Bavaria's Prime Minister Horst Seehofer defended the sale to Austria.

December 8, 2010

Austrian Resistance Against Euro Bonds

Massive criticism comes from Germany, the Netherlands and Austria against the proposal to implement euro bonds to stabilize the currency in the EU.

December 8, 2010

Kovats Has to Increase Quota

The remaining divisions of the insolvent A-Tec Group are being valued. Kovats will not be able to avoid an increase of the quota for the creditors.

December 8, 2010

Kovats Remains CEO of A-Tec for the Time Being

Despite the resignation offer to the creditors Mirko Kovats, majority owner and founder of bankrupt A-Tec, stays on as CEO.

December 6, 2010

Nowotny Pleads for Euro-Bonds

The governor of the Austrian National Bank, Ewald Nowotny, is for the introduction of euro-bonds. Germany’s resistance is pre-programmed.

December 6, 2010

Economic Chamber in Tokyo: Biotechnology as an Opportunity

The President of the Vienna Economic Chamber, Brigitte Jank, sees above all great opportunities for Austria in Japanese biotechnology and pharmaceutical industries.

December 6, 2010

Voestalpine: Doubling of Sales in Five Years

By 2015, the Chairman of the Board of the Austrian steel group, Wolfgang Eder, intends to achieve sales over € 15b billion through expansions.

December 6, 2010

Trade Between Russia and Austria is Booming

The volume of trade between Austria and Russia has increased by 30%. Innovation and modernization are core issues for both countries.

December 6, 2010

Leitl Vehemently Defends Euro Protection Shield

The President of the WKÖ (Austrian Federal Economic Chamber), Christoph Leitl, gives a clear answer to the euro critics: without the euro, Austria would have become a problematic case in 2009.

December 6, 2010

Failure of Austria's Software Industry

The President of the VÖSI, Peter Kotauczek, draws a sobering summary of the efforts of domestic software manufacturers.

December 6, 2010

Wikileaks: Criticism of Austrian Politicians by the U.S.

The critical view on Austria's leading politicians on part of the U.S. is written down in the recent revelations of the Wikileaks platform.

December 5, 2010

Vienna Airport Board Sees no Fault of Their Own

The controversial directors of Flughafen Wien (Vienna International Airport) defend themselves against public criticism of the construction project "Skylink".

December 5, 2010

Discussion over Insider Trading Among Austrian Leadership

Domestic insider trading regulations could be improved, imply top personalities of the Austrian economy. Radical proposals are also being made.

December 3, 2010

Michaelis Leaves Austria's State Holding Company

The contract of Peter Michaelis, Chairman of The State Holding Company OIAG, expires in June 2011. There is disagreement over the succession in the government.

December 3, 2010

Triple-A Rating: Treichl vs. Nowotny

The Chairman of the Erste Group is not convinced anymore by Austria's financial policy; the Governor of the National Bank however, still stands on "AAA".

December 3, 2010

Strike threat at AUA

Salary negotiations at Austrian Airlines falter. The staff wants at least a salary increase equivalent to inflation.

December 2, 2010

Bawag is Profitable Again

The Austrian bank Bawag PSK, now owned by the U.S. fund Cerberus, is to have profits again this year: € 100m are expected.

December 2, 2010

OMV CEO: Insider-process on January27

While the trial date for the CEO of OMV has already been set, many leading personalities express their trust in an open letter.

December 2, 2010

Mitterlehner: To Expand Further Good Trade Relations with Switzerland…

The Minister of Economy, after meeting with his Swiss counterpart, said: "Switzerland is the third most important export partner; new opportunities with eco-innovations should be profited from".

December 2, 2010

Austria's Industry Welcomes Electricity Reform

Whereas Industrialists and the Economic Chamber (WKO) are asking for enactment today, the Umweltdachverband (UWD, Environmental Federation) is against it.

December 1, 2010

aws is Commited to the Promotion of Technology

The Austrian development bank aws (austria wirtschaftservice) provides staffing and strategic action steps in order to implement innovative and technological trends.

December 1, 2010

It Is Official: Deripaska Is Back at Strabag

Basic Element group exercises the call option for 17 percent stake in Strabag.

December 1, 2010

AUA is to Get New Leadership

Austrian Airlines, a Lufthansa subsidiary, is to get the Frenchman Thierry Antinori as its new CEO. The board is to be expanded with this appointment.

November 30, 2010

Industrialists: Destruction of Business Location Averted

The Industriellenvereinigung (IV, Industrialists Association) is relieved about issues concerning location policy, and at the same time calls for structural reforms.

November 30, 2010

Massive Lay Offs at Hypo Group

The still ailing Carinthian bank restructures the leasing division. 500 jobs are being cut.

November 30, 2010

OeNB Governor Nowotny Approves of Ireland Protection Measures

The governor of the Austrian National Bank says the decisions on Ireland and the European stability mechanism are positive.

November 29, 2010

Leitl: Finland and Austria Have Much to Learn From Each Other

Finnish ex-Prime Minister Lipponen exposes economic success secrets of his country.

November 29, 2010

Renewable Energy: Great Potential, but Halted by Politicians

The Umweltdachverband (UWD, Environmental Federation) criticizes sharply the energy policy of the Austrian Government. Investments are made mainly in obsolete technologies

November 29, 2010