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Strabag CEO Haselsteiner: Koralmtunnel Has To Be Built
Haselsteiner reacts sharply to criticism of the construction of the Koralm tunnel. He sees the infrastructure measure as economically sensible.
November 2, 2010
Hypo Proceedings: New Revelations
Both sensitive data and risk and control instruments were handled negligently.
November 2, 2010
A-Tec: Financing Only Secured Until January
The plan of the creditors' committee was rejected. The Banks are consulting with each other for the financing of the ailing A-Tec group, after which the creditors’ committee will present a new proposal to the credit institutions.
November 2, 2010
Energy Prices Rise Steeply
An increase of 6.7% was recorded for energy prices in the yearly comparison. The relevance of alternative energy sources will increase significantly in future, as energy price increases are expected to continue in the long term.
November 2, 2010
Identification Required for Savings Account Withdrawals
Since November 1, the implementation of the EU directive on anti-money laundering is in force. Customers therefore need not only a password, but also identification for a savings account withdrawal.
November 2, 2010
Too Few New Companies?
Austria comes out of the international comparison poorly in terms of start-up companies. The major problem is the lack of venture capital, according to the studies.
November 2, 2010
Unemployment: Sharp Decline in October
Compared with the previous year, unemployment was reduced by 8%. The decline is attributed primarily to an increase in the demand for temporary workers.
November 2, 2010
Andritz Acquires RITZ Pumpenfabrik, Germany
International technology Group ANDRITZ has signed a contract to acquire the German company RITZ
November 2, 2010
A-Tec: Banks Working on Counter-Proposal
After the fruitless negotiations, the banks plan to draw up a counterproposal. In addition, a British investor is showing interest in joining.
October 30, 2010
New Retail Project in Constanta for Immofinanz
A new center located in Constanta, Romania, offering international tenants business opportunities in 130 retail units, will be opened in 2011.
October 30, 2010
Volksbank: Greater Efficiency by Downsizing
The Austrian Volksbank AG (ÖVAG) has not been able to reach a cooperation with other domestic banks. The deal with the BAWAG failed. Now, the Volksbank is looking for alternatives.
October 30, 2010
Erste Group Posts Net Profit of EUR 737 Million
Net profit rose by 2.3% to EUR 736.8 million in the first nine months of 2010. The cost/income ratio improved to 48.7%, from 50.9% in the first three quarters of 2009.
October 29, 2010
ÖBB: Alleged Corruption
An internal document about a meeting of the ÖBB Supervisory Board in 2008 has now appeared. Bribes are openly talked about.
October 29, 2010
Hypo Group: Serious Allegations Against Kulterer
The former airline “Styrian Spirit" is said to have been financed without collateral, according to expert opinion. Kulterer defends himself and points to guarantee commitments by Jörg Haider.
October 29, 2010
RHI: New Boss Wants to Double Profits by 2015
RHI pursues ambitious growth plans. Higher sales and profits are to be generated mainly through expansion in emerging markets.
October 29, 2010
Kovats in Distress: Rescue Package Must Stand Firm by Monday
The coming days are of utmost relevance for Mirko Kovats’s insolvent A-Tec Group. The rescue package must be ready by Monday.
October 29, 2010
Wienerberger Plans Full Takeover of Semmelrock International
The purchase of the remaining 25% stake in Semmelrock International has been announced today. Wienerberger regards the acquisition as a “logical step”.
October 29, 2010
AUA Flights to Russia Secured
While the problem of AUA landing rights in Russia has been solved for Lufthansa until March, Austria is being accused of breach of contract by the European Commission.
October 29, 2010
Bank Tax: Only 185 Million Remain for the Federation
In negotiations with the provinces, the federal government surprisingly yields to pressures: proceeds from the bank tax will be divided.
October 29, 2010
Risk of Default of Federal Investments for 330 Million Euro
The State bought high-risk securities in 2007 and 2008. These show a high risk of default since the financial crisis. The State wants to get rid of these securities by next year.
October 29, 2010
Vienna Stock Exchange: Today´s Winners and Losers
Daily News-Flash from the Vienna Stock Exchange.
October 28, 2010
Industry: Good Prospects for 2011
The general optimism in the industry leads to the expansion of production and more personnel recruiting.
October 28, 2010
Tax on Securities’ Profits: Financial Industry in a Rage
The tax is targeted at the middle class, but it means especially an administrative burden and creates competitive disadvantages, according to the industry.
October 28, 2010
EU Funds to Finance Brenner Tunnel until 2015
The European Commission has extended its partial financing commitment for the Brenner tunnel. However, appropriate measures must be taken soon. Deliberations are still underway at present.
October 28, 2010
Bank Tax: 0.055% Instead of 0.04%
The new "stability tax" has been increased slightly. A tax on derivative transactions will also be applied. The tax will however not be temporary.
October 28, 2010
STRABAG Builds the Koralm Tunnel
The controversial project will be built by the construction group Strabag. The total investment amounts to around 600 million euro.
October 28, 2010
AUA: Still Losses, But There Is an Upward Trend
Losses and costs fall, passenger numbers rise. Restructuring measures show results, but the target has not been reached yet, according to the board.
October 28, 2010
A-Tec Restructuring: Kovats Hands Over 25.1%
The banks inject new money into the insolvent company; Kovats has no longer the majority. If restructuring fails, the banks have realization authority.
October 28, 2010
Verbund: Warning Concerning Profit
Despite worsening results, the Verbund Group holds fast to the capital increase. Core shareholders go along.
October 28, 2010
Lending Policy of Banks is Stabilized
Results for Austria of the October 2010 credit business survey in the euro area
October 28, 2010
Hungarian Railway Workers Strike Against Rail Cargo
Due to employee layoffs at Rail Cargo Hungaria, the employees threaten to go on strike. Rail Cargo suffers losses both in Austria and in Hungary
October 27, 2010
AUA Flight Rights in Russia: EU Proceedings Against Austria
Due to the so far preferential treatment of Austrian Airlines in Russia, Austria is now accused by the European Commission of breach of contract.
October 27, 2010
OMV: Republic of Austria Will Hold On to Its Stake
An informal consultation is said to have been held between the governing parties to keep the government stake in OMV, should there be a capital increase.
October 27, 2010
Is the End of Private Foundations Near?
Legal uncertainties and higher taxes result in little incentive for the creation of new foundations.
October 27, 2010
Bank Tax: Demands for Time Limit Becoming Louder
Financial politicians and banking representatives already argue before approval of the draft law, if the bank tax to be introduced in 2011 is going to have a time limit.
October 27, 2010
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: Dramatic Losses Expected for 2010
The bank has to downsize, and will therefore have to part with many assets, according to the chairman of the board. For 2012, prrofits are expected again.
October 27, 2010
A-Tec: Will 100 Million be Given Up by the Creditors?
The creditors' committee deliberates today on how the company will continue existing. Mirko Kovats, founder and CEO of the company, wants to make a "substantial contribution" to the issue.
October 27, 2010
AUA: Outrage at Ticket Tax
Austrian Airlines are fearing a massive drop in sales and even see the tax as a threat to their existence.
October 25, 2010
Financing of OMV-Deal in Turkey Still Open
OMV leaves the financial markets still in the dark as to how it will cope with the acquisition.
October 25, 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
Deripaska Again at Strabag
After Deripaska’s decision, and successful talks with Strabag boss Haselsteiner, the Russian oligarch is a partner in the construction group again.
October 25, 2010
Large Power Plant in Turkey: Verbund concludes Joint Venture
With an investment volume of 550 million euro, the Verbund operates together with its Turkish partner Sabanci Holding, a gas-steam power plant.
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
OMV: Complete Takeover of Petrol Ofisi Fixed
The deal is finished. Turkey will be the third main market for the OMV group.
October 22, 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
A-Tec Creditors: Minimum Rate Too Low
While an early agreement with the banks seems imminent, the legal minimum quota offered to the creditors of the insolvent A-Tec group is not enough. Staff’s resentment is also being felt.
October 22, 2010
Corporate Bond of Novomatic: Surprisingly High Demand
Issuing volume has been doubled. The placement process has been closed very early, Novomatic-boss Wohlfahrt is content with the succesful bond issue.
October 22, 2010
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