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Austrian Government Presents € 27bn Austerity Package

The largest austerity package in Austria´s history mainly consists of cuts in expenditures. The government emphasized the socially balanced measures and the necessity due to reasons of competitiveness.

February 11, 2012

AUA to be Re-Sold?

Rumors on Austrian Airlines do not end. A sale by Lufhansa is discussed, even the insolvency is not excluded.

February 9, 2012

Oettinger Expects Succesful Contracts Over Gas Deliveries

The EU-Commissioner for Energy, Günther Oettinger, anticipates that Azerbaijan will close contracts over natural gas deliveries within the coming months.

February 8, 2012

CEO of PlusCity Increases Engagement in Croatian Westgate

Ernst Kirchmayr, CEO of the Upper-Austrian shopping center has raised his stake in the Zagreb-based shopping center “Westgate”.

February 8, 2012

Keuschnigg to Succeed Felderer

Christian Keuschnigg will succeed Bernhard Felderer as director of the Austrian Institute of Advanced Studies (IHS) in June.

February 8, 2012

CA Immo Brings an Action Against Grasser

The former Minister of Finance, Karl-Heinz Grasser, faces a lawsuit by the Austrian real estate company. CA Immo claims € 200m.

February 7, 2012

Leitl Pushes Investments in Colombia

For Christoph Leitl, the President of the Austrian Chamber of Commerce, Colombia is the entry to South America for European companies.

February 7, 2012

Zielpunkt Gets New Owner

MBO at the Austrian supermarket chain: CEO Jan Satek takes over the company and wants to focus on local supply.

February 7, 2012

OMV: New Executive Board Member for Gas and Power Segment

Hans-Peter Floren to succeed Executive Board Member Werner Auli . Supervisory Board Chairman Markus Beyrer is “delighted with the highly qualified appointment”.

February 6, 2012

Emirates: Antinori Wants AUA´s Staff to Switch

The head of marketing at Emirates, Thierry Antinori, wants dissatisfied employees at AUA to change to Emirates.

February 6, 2012

Intercell Plans to Achieve Turnaround in 2014

The Vienna-listed pharmaceutical company Intercell expects to return to the profit zone in 2014.

February 6, 2012

Government: Dispute Over Pensions

The Austrian government parties SPÖ and ÖVP disagree over contributions by retirees. The austerity package is far from being resolved.

February 6, 2012

Mitterlehner: „Shortages in Russian Gas Supply Not Dangerous“

For The Austrian Minister of Economics, Reinhold Mitterlehner, the sudden cut in Russian natural gas supply is “no dangerous scenario”.

February 6, 2012

Pecik Aims for Reaching Blocking Minority

The Austrian investor Ronny Pecik intends to re-organize the supervisory board. Nevertheless, operating functions are not targeted.

February 4, 2012

Sorger „Focusing on Business Location“

The President of the Federation of Austrian Industries, Veit Sorger, reaffirmed the strengthen Austria´s economic competitiveness.

February 4, 2012

Support for AUA´s Management

Christoph Leitl, President of Austrian Chamber of Commerce (WKÖ), shows support for the management of Austrian Airlines.

January 31, 2012

Austerity: ÖVP Becomes Impatient

Negotiations between the coalition partners SPÖ and ÖVP are going on. ÖVP´s chairman Spindelegger locates an “incredibly big need of consolidation”.

January 31, 2012

FPÖ Wants Cuts in Spendings

The biggest Austrian opposition party suggests reducing public expenditures in order to reduce the budget deficit. Chairman Strache calls for a “subsidy brake”.

January 30, 2012

Felderer Attacks Austrian Government

The head of the Austrian Institute of Advanced Studies fiercely criticizes Austrian politicians. Felderer claims to put effort in the restructuring of public finance.

January 30, 2012

New Management Board Member at RBI

Raiffeisen Bank International: Klemens Breuer starts in mid-April. Patrick Butler chooses to resign his mandate.

January 30, 2012

Hypo Group´s Result „Close to Zero“

CEO Gottwald Kranebitter announced that Hypo Group Alpe Adria could reduce its losses significantly in 2011.

January 30, 2012

Al Jaber Owns Kneissl Again

The insolvent ski manufacturer Kneissl will be owned by the Arab investor Al Jaber again. Creditors approved to a 20% quota.

January 28, 2012

VKB Records Rise in Results

The regional bank VKB´s operating result improved by 9.0%.

January 28, 2012

Romanian President Appreciates Erste Group´s Decision

Traian Basescu, President of Romania, is pleased with Erste Group´s announcement to continue its business in Romania.

January 28, 2012

Stepic: „Reaching AAA Again Is Possible“

RBI´s CEO Herbert Stepic thinks that due to the strength of Austria´s real economy, re-gaining the triple A is possible within the next years.

January 28, 2012

Austerity: Leitl and Sorger Call for More Effort

The Presidents of the Federation of Austrian Industries (IV) and the Chamber of Commerce (WKÖ) aim for re-gaining the “AAA” for Austria. The government should cut expenses instead of rising taxes.

January 27, 2012

RBI´s CEO Expects € 60m Losses in Hungary

Herbert Stepic, CEO of Austrian Raiffeisen Bank International, emphasizes to stay in Hungary. The foreign currency debt conversion causes severe losses.

January 26, 2012

Austrian Economy: Slowdown, But No Recession

The Federation of Austrian Industries (IV) says that Austria will not face a recession in 2012. Nevertheless, the economic slowdown is significant.

January 26, 2012

S&P Downgrades Austrian Provinces

The U.S. rating agencies lowers ratings for Upper Austria, Vienna and Tyrol from “AAA” to “AA+”.

January 26, 2012

Treichl: „S&P Errs Sometimes“

Erste Bank is ‘not guilty’ of Austria’s downgrade, CEO Andreas Treichl says.

January 25, 2012

Scharinger: „Rating Agencies Are Instruments of Torture“

The leaving CEO of RLB Upper Austria, Ludwig Scharinger, is convinced that Europe needs must make itself more competitive against the U.S. financial industry.

January 24, 2012

“Europe, quo vadis?”

Today, the 9th Vienna Congress com•sult takes place in Vienna. The central issue “Challenges of Leadership in Europe” is discussed, among others, by Lech Walesa, Hans-Dietrich Genscher and Avigdor Liberman.

January 24, 2012

Austrian Mercedes Production Endangered to Shift to Hungary

Construction of the SUV Mercedes G-class could switch from the Magna factory in Graz to Hungary.

January 24, 2012

Strache Claims Cut in Subsidies

The chairman of the Austrian opposition party FPÖ criticized the government fiercely for its fiscal policy.

January 23, 2012

Leitl: „Croatians are Most Welcome“

The President of the Austrian Chamber of Commerce is looking forward to Croatia´s EU accession in 2013.

January 23, 2012

Central Bank Act: Orban Gives In

Hungary waives the planned merger of the Central Bank and the Financial Market Authority. Yesterday, Austria´s Minister of Foreign Affairs visited Orban in Budapest.

January 21, 2012

Austrian Railways Reduced Losses

The Austrian Railways (ÖBB) is still in the red. Nevertheless, losses were lower than initially expected.

January 19, 2012

Treichl: „Erste Could Bear Hair Cut in Hungary“

Andreas Treichl, Erste Group´s CEO, is optimistic for Hungary. A withdrawal of Erste Group is not considered.

January 18, 2012

Austrian Banks Claim to Continue „Vienna Initiative“

In 2009, international banks agreed on maintaining their lending operations in Eastern Europe. Now, the cooperation should be extended.

January 18, 2012

New Management at Vienna Stock Exchange

Birgit Kuras is the new Member of the Management Board of Wiener Börse AG.

January 18, 2012

Metro Cancels Kaufhof Sale

The Austrian real estate investor René Benko has to abandon the plan to take over the German retail chain Kaufhof.

January 17, 2012

Pecik´s Stake in Telekom Austria Beyond 20%

The Austrian investor currently holds 15.0% of Telekom Austria´s share capital. Furthermore, Pecik owns call options for another 5.1%.

January 17, 2012

Government to Sharpen Austerity Measures

After the downgrade of Austrian sovereign bonds from „AAA“ to „AA+“ by S&P, the Austrian government aims to reach its austerity targets earlier.

January 17, 2012

Porr: Capital Increase Flows Smoothly

According to Porr´s CEO Karl Heinz Strauss, the Austrian construction group raises ist capital within the next 60 days. Operating business is performing well, Strauss says.

January 16, 2012

Austrian Labor Market is Stable

The Minister of Social Affairs, Rudolf Hundstorfer, strikes a balance of the labor market in 2011 and refers to the lowest unemployment rate in the EU.

January 15, 2012

Downgrade: „It´s Time to Take Action“

The downgrade of Austria´s rating from “AAA” to “AA+” caused mixed reactions. The Austrian economy urges for structural actions.

January 15, 2012

New Management for Microsoft Austria

With Georg Obermeier, the Austrian subsidiary of the U.S. software group has a new executive.

January 14, 2012

Treichl Does Not Expect Hungarian National Insolvency

In spite of a large exposure in Hungary, Andreas Treichl, Erste Group´s CEO is optimistic. By 2014, Erste Group Hungary should be profitable again.

January 14, 2012

Downgrade: Government Surprised and Criticized

For the Austrian government, the downgrade by the U.S. rating agency is „not comprehensible”. The domestic industry urgently claims structural reforms.

January 14, 2012

Unions Protest Against AUA´s Plans

Austrian trade unions are strictly against new austerity measures at Austrian Airlines. Management wants to negotiate over new collective agreements.

January 12, 2012