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Austria International Political News | International | EU | Domestic

Insolvencies decline in Austria

Corporate insolvency proceedings fall by 5.9%, affecting more than 85,000 creditors. Creditreform considers there is still potential for lower figures.

January 11, 2011

New Controversy over the Hypo Group

According to the investigators, there would be no connection between the Austrian bank and Gribkowsky, the former member of the board of BayernLB

January 10, 2011

Austrian Tourism Operators Continue to Invest Heavily

Investment in the tourism business is estimated at € 5.0bn for 2011. The previous year’s level will therefore be maintained.

January 10, 2011

Austrian Tobacco Industry Fears Cigarette Smuggling

According to the presently Japanese Austria Tabak, 20% of cigarettes are already smuggled. The tobacco tax is expected to increase this trend even more.

January 10, 2011

Recovery in Austria´s Labor Market Continues

The domestic labor market´s data for 2010 were better than expected. The number of job-seekers declined by 3.7%

January 8, 2011

Austrian SME as a Source of Innovation

Austria's small and medium enterprises are, according to the Small and Medium-Sized Business report, the main driver for innovations.

January 7, 2011

Demands for Financial Transactions Tax

The Chairman of the Austrian Provincial Governors’ Conference, Josef Pühringer, demands the introduction of a pan-European financial transactions tax.

January 7, 2011

FMA Prohibits Speculative Elements in Savings Accounts

The Austrian Financial Market Authority FMA specifies the characteristics of savings certificates. The traditional savings account is to remain non-speculative

January 5, 2011

Downward Trend of Austrian Unemployment

Unemployment trend: Flash estimates for the fourth quarter of 2010 show an unemployment rate of 4.1%.

January 5, 2011

Demographic Development: a Future Challenge for Austria

The expected demographic development will increase expenditure in geriatric care in Austria.

January 5, 2011

Black Economy is still Difficult to Control in Austria

About 14% of the economic product evades the Treasury in the Austrian economy, but experts say the trend is declining again.

January 5, 2011

Hypo Group: Little Enlightment Expected from Grasser and Berlin

The Chairman of the Inquiry Committee on the Hypo Group expects little gain of information by the summons of Karl-Heinz Grasser and Tilo Berlin.

January 4, 2011

R&D: High Activities of Austrian Firms with Foreign Co-Investors

The OECD publishes its Science, Technology and Industry Outlook 2010 for Austria. 23% of R&D expenses are funded from abroad.

January 4, 2011

Social Justice shows High Levels in Austria

The Bertelsmann Foundation released a study on social justice issues in OECD countries. Austria is located among the top third.

January 4, 2011

Special Tax: Hungary Under Fire

Especially the Austrian economy criticizes the Hungarian special tax on large companies. The EU Commission has already started an investigation.

January 4, 2011

Leitl Urges Implementation of Reform Plans

The President of the Austrian Economic Chamber shows himself pleased by the economic data 2010 and urges the continuation of educational and administrative reforms.

January 3, 2011

New Responsibilities for the Financial Market Authority

As of 2011, the Austrian Financial Market Authority (FMA) has to face new challenges. The focus is on the fight against money laundering.

January 3, 2011

Increase of Debts Slows Down at Asfinag

According to the Austrian motorway company Asfinag, austerity is slowly starting to show results.

January 3, 2011

Experts: No Failures in the Austrian Labor Market

The last hurdles for the new EU-members to enter the Austrian labor market will fall in May 2011. However, even the unions has no concerns.

January 3, 2011

13 CEOs Call For Sanctions Against Hungary

Because of the new taxes introduced by the Hungarian government, a group of prominent European CEOs call for EU-sanctions.

January 2, 2011

Austrian Unemployment Further Declines

Unemployment numbers go down specifically in the production sector. Long-term unemployment also declines over average.

January 2, 2011

Austria's Minister of Social Affairs Wants to Extend the Years of Employment

Rudolf Hundstorfer wants to see older workers work longer, and is trying to get the consensus of businesses.

December 31, 2010

VBI Romania is a Source of Worries for ÖVAG

Volksbank International (VBI) is to be sold by the Austrian Volksbanken Group. The Romanian subsidiary keeps the group from doing so.

December 31, 2010

State Secretary for Finance: Euro-bonds as a Medium-term Strategy

The Austrian State Secretary for Finance, Andreas Schieder, does not discard Euro-bonds, against the majority view of German and Austrian politicians.

December 31, 2010

Massive Rise of Debt in the Public Sector

Austria's debt is rising dramatically. Not only the state budget, but also the provinces and municipalities are the major contributors to this situation.

December 31, 2010

Changes in Living Standard of Austrians

A WIFO study compares the required average working time of industrial workers to the purchase of goods and services over the passage of time.

December 31, 2010

Immofinanz Sues Lobbyist

The Austrian real estate group Immofinanz sues its former adviser, Walter Meischberger, because of the "Buwog Affair".

December 30, 2010

Nowotny Calls for Consistent Budget Consolidation

The Governor of the OeNB draws balance at the end of the year and gives his outlook on the challenges for 2011

December 30, 2010

Austria's Labor Market Opens

As of May 1, 2011 the German and Austrian labor markets open for the new EU citizens. Romania and Bulgaria will follow suit in 2013.

December 30, 2010

WIFO Director: "Crisis was not Taken Advantage of to Introduce Reforms"

In an interview with the newspaper "Kurier", the head of the WIFO criticizes the lack of commitment to reforms. His perspectives for Austria are nevertheless optimistic.

December 30, 2010

WIFO: Lack of Competition in Austria

According to WIFO, lack of competition is causing a growth bottleneck in Austria and requires legal action by the government and the EU.

December 29, 2010

State Visit from Qatar in Austria

As part of a three-day state visit by the Head of State of Qatar, talks on economic topics are mainly planned.

December 29, 2010

Leitl Demands Reforms

The President of the Austrian Economic Chamber calls for more Government work in administration, health and education.

December 29, 2010

Bank Austria CEO Cernko: Austrian Banks Fight Securities Tax

The CEO of Bank Austria, Willibald Cernko, was interviewed by the newspaper “Kurier”. He announced that Austrian Banks will call the Constitutional Court.

December 29, 2010

Illegal Employment Grows

One of four Austrian firms employs illegal workers from abroad.

December 29, 2010

Spindelegger: Turkey's Joining the EU Will Not Happen Before 2024

In an interview with the "Wirtschaftsblatt", the Austrian Foreign Minister stresses the relevance of Turkey. Croatia should come into the EU much earlier EU.

December 29, 2010

Chamber of Labor Calls for a More Equitable Distribution

Corporate profits on one hand and reduced working hours, dismissals and wage cuts on the other, are not compatible for the Chamber of Labor.

December 28, 2010

Raiffeisen Foresees a Weak Decade for Europe

RLB Niederösterreich-Wien expects hardly any economic growth, particularly in the euro countries. Austria is however relatively well positioned.

December 28, 2010

Sanader Remains in Extradition Custody

Custody prior to extradition was imposed on the former Croatian Prime Minister Sanader. He complains about the "arbitrariness of the Croatian authorities".

December 28, 2010

Economic Chamber Criticizes Import Control System

According to the WKÖ, Austrian businesses incur additional costs and bureaucracy by the import control system.

December 27, 2010

CO2 Emissions in 2009 Decreased by 4.75m Tons

Energy-related CO2 emissions decreased in 2009 in Austria by 4.75m tons or 7.4% to 59m tons, according to WIFO estimates

December 27, 2010

Higher Bank Tax for Bank Austria

The UniCredit-subsidiary Bank Austria will have to pay a bigger amount of the bank tax in 2011. The contribution in the following year decreases.

December 27, 2010

Income Report: Workers' Wages Fell in Real Terms

In its income report, the Audit Court presents the evolution of the income of the Austrians. Increasing differences can be identified.

December 24, 2010

Investigations Against Sanader Continue

The investigation of Austrian and Croatian authorities against the former Prime Minister of Croatia in the Hypo affair are being intensified. Many questions remain unanswered.

December 23, 2010

Foundations: Greater Legal Certainty for Founders

A new amendment to Austrian private foundations law allows more clarity for private founders.

December 22, 2010

Hypo Group: Sanader Denies Payments of Commissions

The former Croatian Prime Minister Ivo Sanader, questioned in Salzburg, denies having ever received money from the Hypo Group.

December 22, 2010

AAA Rating Confirmed for Austria

The rating agency Standard & Poor’s; leaves Austria’s credit status unchanged.

December 22, 2010

Austria's Export Economy is Booming

Given the high growth rates in the past year, the Austrian export economy shows itself also optimistic for 2011.

December 22, 2010

Leitl: Municipal Financial Problems Act as Growth Brake

The President of the Austrian Federal Economic Chamber (WKÖ), Christoph Leitl, demands greater spending efficiency in the public sector in order to improve municipal finances.

December 22, 2010

Urgent Need for Capital at Austrian Banks

Walter Rothensteiner, Chairman of RZB as well as the Credit Division of the Economic Chamber, considers that domestic banks are under massive capital pressure.

December 21, 2010
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