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Austria International Political News | International | EU | Domestic

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: 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

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

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

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

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

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

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

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

Skylink: Position on the Report of the Audit Court

The contents of the Rechnungshof (Audit Court, RH) report is said to be prejudicial; the Airport Board will submit its opinion today.

October 4, 2010

Post Boss Pölzl 3 Months prior to the Liberalization

Post Boss Pölzl allegedly looks ahead with confidence to free competition, even for traditional letters.

October 1, 2010

New Connection Between Mandarin Group and Karl-Heinz Grasser

Grasser invested money for his mother in law. According to reports, the connection between the Caribbean offshore company Mandarin and the ex-finance minister has been proven.

October 1, 2010

Vienna now has its own Expat Center

In Vienna, the first Expat Center in Austria was opened. The project was handled by the Vienna Business Agency (former WWFF).

September 30, 2010

EU: Austria's Actual Net Contribution has Risen to 342 Million Euro

The net contribution to the EU rose again last year. Poland, with 6.5 billion euro is for the first time the biggest net recipient. Germany remains the biggest net payer with 8.1 billion euro.

September 28, 2010

BayernLB has to Wait 7 Years for 3.9 Billion from Carinthia

After the debacle of the Hypo Group Alpe Adria (HGAA), the Bayerische Landesbank will have to wait up to 7 years for the repayment of the 3.9 billion euro. The repayment plan provides for this period.

September 28, 2010

“GmbH light” Coming in Early 2011

The minimum capital will amount to 10,000 euro. Currently, the Amtsblatt (Official Journal) is still reluctant to reduce its fees for mandatory publications.

September 28, 2010

Elections in Styrya: SPÖ manages to claim first place, just.

The SPÖ was able to claim the first place after a thrilling count against the ÖVP. The FPÖ was able to double results as compared to 2005, and gets into the Landtag again.

September 27, 2010

Elsner Provides Help in Finding Missing Bawag Funds

Former BAWAG CEO wants to clarify the fate of 1.7 billion euro of failed investments allegedly made by the speculator Wolfgang Flöttl to the detriment of BAWAG.

September 24, 2010

Mitterlehner Meets Hendry: Development of Renewable Energies

The Finance Minister met with the British Energy Minister Charles Hendry for talks about the energy policy in the EU, the development of renewable energy sources and increasing the security of energy supply.

September 21, 2010

Siemens Austria: Corruption Prosecution Expands Investigation

According to a media report, the prosecution has questioned two ex-managers of the group on suspicion of infidelity. They allegedly bribed business partners in South Eastern Europe.

September 21, 2010

ÖIAG: ÖVP vs. SPÖ

Schieder and Rudas demand dissolution of the state holding ÖIAG, Finance Minister Pröll, on the other hand, wants to “strengthen” it.

September 17, 2010

CESEE Bank Conference: Joint Supervisory Academy in Vienna

Finance Minister Josef Pröll wants to create common standards for the CEE region with an Eastern Bank Supervisory Academy in Vienna.

September 17, 2010

Austrian Post Refurbishes its Board

ÖIAG boss Peter Michaelis gives green light for the refurbishment of the Post’s board. Meanwhile, rumors are growing that the changes will not only affect the parcels sector.

September 16, 2010