Austrian Economic Policy News and Analysis
Read the latest headlines about policies and laws influencing the business and investment environment of Vienna and Austria
Latvia Joining The Eurozone As 18th Member
Today the heads of states and governments of the European Union gave their blessing to Latvia’s entry to the Eurozone in 2014.
June 28, 2013
Austrian Public Debt to Rise Further
Quarterly government debt first quarter 2013: € 231.6bn or 74.2 % of GDP.
June 28, 2013
Slovenia Likely To Require Bailout
According to Capital Economics Ltd. Slovenia will in all likelyhood ask for a bailout to bolster its ailing banking sector in case the debt crisis in Europe should worsen.
June 28, 2013
Leitl: „Austrian Enterprises Need Further Growth Impulses“
The Austrian Chamber of Commerce (WKO) commits to budget consolidation but growth is the basis for a balanced state budget.
June 27, 2013
Hungary: New Tax for Banks
According to a legislative proposal by Economy Minister Varga, banks would have to face a further burden of around € 250m.
June 27, 2013
Nabucco: Flop for OMV and EU
Petrom will resume exploration drilling in offshore Black Sea block.
June 27, 2013
RBI Will Take Its Time With the Repayment of Participation Capital
It is not yet clear when RBI will pay back state participation capital in the amount of € 1.75bn.
June 27, 2013
Alpine to Be Divided Up
Swietelsky plans to take over 1,500 employees. Strabag announced interest but remains unheard.
June 27, 2013
Austria: Harsh Blow for OMV
The pipeline “Nabucco”, a project with Austrian energy enterprise OMV taking the lead, will not receive gas from the gas field Sha Deniz II. This was announced by the mineral oil company on Wednesday.
June 26, 2013
Austrians to Invest Strongly in FDIs
Austrian investors have increased their direct investments in foreign countries by eleven percent to a total of € 145.5bn while FDIs in Austria remain unchanged at € 118.3bn.
June 26, 2013
Magna Not to Leave Austria for Eastern Europe
“There will be no impacts on Austria or Styria“, a spokeswoman announced. Instead, a plant in Belgium will “probably” be closed.
June 26, 2013
Hypo Group and BayernLB Keep on Fighting
Hypo Group responds to the BayernLB’s lawfile at the Regional Court in Munich. Both banks will not give up their very hard stance.
June 26, 2013
Ukraine Could Become Energy Hub in Europe
According to EU Enlargement Commissioner Füle, Ukraine is an important partner of the EU.
June 26, 2013
Alpine: Work to be Resumed At Construction Sites
Time pressure grows. Work at the closed down construction sites of bankrupt Alpine it to be resumed soon.
June 26, 2013
Hypo Group: Commisson Against Extension of Deadline
Austria will in all probability not be granted an extension of the deadline for the winding down of Hypo Alpe Adria. This was announced by EU Competition Commissioner Joaquin Almunia
June 26, 2013
Mitterlehner: Romania Offers New Chances for Austrian Economy
Austrian Economy Minister Reinhold Mitterlehner met his Romanian counterpart Varujan Vosganian in Vienna.
June 25, 2013
EU Accession Talks With Serbia Around the Turn of the Year
The EU Ministers for Foreign and European Affairs agree that EU Accession negotiations with Serbia should commence around the turn of the year.
June 25, 2013
Austria: Deputy Govenor Duchatczek Steps Back
After 37 years of service Duchatczek resigns from his position as Deputy Govenor of the Austrian National Bank (OeNB).
June 25, 2013
Czech Republic: Rusnok New Head of Government
Czech President Milos Zeman has appointed his confidant Jiri Rusnok head of a government of experts.
June 25, 2013
Raids at Hypo Group in Italy
Because of suspicions of tax fraud Hypo Group’s affiliate in Udine was searched by the Italian police.
June 25, 2013
NBP: Investments to Rise in Poland
According to a report on the financial situation of firms in the first quarter published by the National Bank of Poland (NBP), demands in investments in the forthcoming quarters should rise.
June 25, 2013
Fekter: "1.76 Billion Repayment by Erste Bank is Good News for Taxpayers"
Thanks given to Erste Bank for repayment of EUR 1.76 billion in participation capital
June 25, 2013
Austria: Government Agrees on Stimulus Package
Startled by construction company Alpine’s insolvency, the Austrian government has agreed on the fiercly discussed stimulus package. An amount of € 800m is required additionally.
June 25, 2013
EU Ready for Continuing Accession Talks
The European Union’s Foreign Ministers have agreed for the continuing of Accession negotiations with Turkey.
June 25, 2013
OMV Starts Seismic Acquisition in Bulgaria
OMV and partners start seismic acquisition activities offshore Bulgaria.
June 25, 2013
Alpine: Biggest Bankruptcy in Austrian History
Bankrupt-gone construction company Alpine operates at 1,400 construction sites and is supposed to complete orders in the amount of € 800m. The shutting down of the enterprise has been decided.
June 25, 2013
US: Active Investor in Romania
US companies remained active investors in Romania last year. Particulary the IT sector, automotive industry and oil/gas sector are increasingly strengthening their local position. Foreign direct investments from the US came at more than $ 1bn.
June 24, 2013
Rosneft to Supply China Over 25 Years
Russia’s Rosneft agreed to double oil supplies to China, in a deal worth $ 270bn.
June 24, 2013
Erste Group to Pay Back € 1.8bn in State Aid
The Austrian banking institute plans on not only paying back its debts at the state but also to significantly increase equity capital.
June 24, 2013
Slovenia Expects Economic Recovery As Soon As 2014
On Saturday, the Slovenian Finance Ministry expressed its confidence that the newly adopted action plan would help stabilize public finances and help gain economic recovery despite of Fitch’s downgrade.
June 24, 2013
Turkey: Prospects of EU Accession Talks Brighten
Turkey’s prospects of the continuing of the EU Accession negotiations have brightened. During a meeting in Luxembourg several foreign ministers took a much more moderate tone.
June 24, 2013
Zeman Favors Government of Experts
After Prime Minister Petr Necas‘ resignation, President Milos Zeman prefers the induction of a government of experts.
June 24, 2013
Alpine to Be Shut Down
Bankrupt-gone construction company Alpine is facing a breaking down. After negotiations about establishing a rescue company failed, the enterprise will apply for a shutdown.
June 24, 2013
Mitterlehner: „4,000 New Austrian Exporters Within Two Years“
Internationalization Offensive (IO) “go international” will be prologued until 2015. Economy Minister Mitterlehner and head of the Chamber of Commerce (WKO) Leitl present their main targets for Austrian export.
June 21, 2013
Russia to Improve Relations to China
Russia turns its back on Europe and starts focusing on Asia instead in regard to oil export.
June 21, 2013
Slovenia’s Economic Outlook to Deteriorate Further
The Institute for Macroeconomic Analysis and Development expects GDP in Slovenia to shrink more than projected earlier.
June 21, 2013
EVN Arbitration Proceedings Against Bulgaria to Start
EVN AG commences investment treaty arbitration against the Republic of Bulgaria.
June 21, 2013
Alpine-Insolvency: 80 Companies Affected
After an analysis by credit protection association Kreditschutzverband 1870 (KSV1870), the majority of around 1,400 suppliers and subcontractors is not affected by the construction company’s bankruptcy.
June 21, 2013
Czech Republic: Zeman’s Turn to Announce New PM
After Czech ruling party ODS has nominated Miroslava Nemcova, Chairwoman of the Chamber of Deputies, as candidate for the ministerial office, it is now President Milos Zeman’s turn to appoint the head of government.
June 21, 2013
Austria: Investigations on Loan to Alpine
Apparently ailing bank Hypo Group plays a role in the bankruptcy of Austrian construction company Alpine. The bank is supposed to have granted a bridge loan.
June 21, 2013
Green Light for Latvia’s Euro Accession
The Eurogroup gave green light for the admission of Lativa to the common European currency.
June 21, 2013
Bulgaria: Protest Against Government Continue
The prostest against the Bulgarian government have been going on for days.
June 21, 2013
No Further EU Accession Talks with Turkey
The European Union is obviously going to blow the planned accession negotiation with Turkey next Wednesday because of the recent escalations of violence in the capital Ankara.
June 20, 2013
Austria: Reduction in Working Hours at ÖBB
So far, the trade association of railways at the Austrian Chamber of Commerce (WKO) has rejected the reduction of working hours at the Austrian Railways (ÖBB).
June 20, 2013
AUA „Makes Good Progress“
Chairman of Lufthansa Christoph Franz is confident that the Austrian affiliate Austrian Airways (AUA) will be able to make the turnaround in time.
June 20, 2013
Eder Appeals for Reindustrialization in Europe
In an interview with Austrian daily „Kurier“, Wolfgang Eder, CEO of Austrian steel producer voestalpine talks about the future of the European steel industry and the differences to the US energy policy.
June 20, 2013
Hypo: Deal with Russian Oligarch with “Proper Mortgage”
The investigations into money laundering at the Federal Criminal Office concerning the business with Russian oligarch Vladimir Antonov were brought to an end without any results. There were no arms among the securities.
June 20, 2013
Alpine: Thousands of Jobs At Risk
Alpine’s Insolvency could cost thousands of people’s jobs. According to Social Minister Rudolf Hundstorfer, the Social Ministry would utilize all means to prevent a worst-case scenario. Alpine's affiliate in Germany is filing for bankruptcy as well.
June 20, 2013
Czech Republic: Nemcova Nominated As Prime Minister
Petr Necas’ handed in his resignation on Monday after a bribery scandal.
June 19, 2013
Austria: Raids by EU Commission at ÖBB
The Austrian Railways is alleged of having agreed to fixed prices with other companies. House searches were carried out.
June 19, 2013
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