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Austerity

Tax Treaty with Switzerland Close to be Finished

Austria aims for reach a tax agreement with Switzerland in order to tax illegal funds deposited by Austrian nationals at Swiss banks. An agreement seems to be within reach.

April 11, 2012

Failed Austerity Package: „Austrian Rating Not Affected“

Bernhard Felderer, director of IHS (Institute of Advanced Studies) thinks that the incomplete austerity package has no effect on Austria´s prospects to return to the Triple-A status.

April 7, 2012

AUA Considers Leasing Pilots

The works council tries to put pressure on Austrian Airline´s management, which may lease pilots of other airlines. The works council warns of a “mass exit”.

March 31, 2012

Economic Upswing for Austria?

The economic research institutes IHS and WIFO anticipate that the Austrian economy accelerates by summer 2012. Both warn of “too much euphoria”, however.

March 29, 2012

BNP: Austrian Economy Recovers

GDP in Austria contracted slightly in Q4 2011 as exports fell, but weak growth is likely to have resumed at the beginning of 2012, says BNP Paribas.

March 26, 2012

AUA: Trade Union Terminates Collective Agreement

New controversies arose at Austrian Airlines today. In order to put pressure on AUA´s management, the trade union terminated the collective agreement at the subsidiary Tyrolean.

March 23, 2012

Vienna International Airport to Offer More Incentives

In order to maintain competitiveness, the airport tries to attract more airlines. But also costs will have to be cut.

March 23, 2012

Serbia: Promising Market for Austrian Construction Industry

The Western Balkan state Serbia invests massively in the modernization of its infrastructure. This year, the civil engineering sector will grow by 20%.

March 19, 2012

Modest Economic Spring With Upward Potential

Bank Austria Business Indicator for February confirms that the economic turnaround has already begun. The outlook is positive.

March 19, 2012

Lufthansa Claims Exemption of Air Ticket Tax

In order to restructure the Austrian loss making subsidiary AUA, the German airline pushes the Austrian government to abandon the air ticket tax.

March 17, 2012

Tax Agreement with Switzerland May Be Postponed

The plans of the Austrian government to conclude a tax agreement with Switzerland soon is unlikely. For the budget, this could cause a loss of revenues.

March 17, 2012

Austria Wants More Leeway for Hungarian Budget

The Austrian Minister of Finance Maria Fekter criticizes the EU. Hungary is not treated equally, Fekter says.

March 13, 2012

AUA: Negotiations Failed

Negotiations between Austrian Airline´s management and the aircrew representation ended without any concrete results. Yesterday, the workforce seemed to be willing to reach a compromise.

March 13, 2012

AUA: Compromise May Be Reached

After weeks of negotiations, the works council at Austrian Airlines seems to make concessions to the management. Tomorrow, the deadline expires.

March 12, 2012

Ghizzoni: „Austrian Bank Tax Is Painful“

The Chief Executive Officer of UniCredit, the holding company of Bank Austria emphasizes not to sell the Austrian subsidiary. The bank tax is “unfair”.

March 10, 2012

Leitl: „Austerity Package Is Not Enough“

For Christoph Leitl, the President of the Austrian Chamber of Commerce (WKÖ), the recently resolved austerity package does not contain the essential reforms.

March 9, 2012

AUA: Confrontation of Management and Workforce Sharpens

The management of Austrian airlines must find an agreement with its pilots until March 13. A solution is not in sight.

March 8, 2012

Tax Treaty: Conflict with EU

The EU rejects Austrian tax treaty plans with Switzerland. Austria insists on the bilateral agreement.

March 7, 2012

Again Criticism on Austerity Package: „Lack in Sustainability“

The President of the Viennese Federation of Austrian Industries (IV), Georg Kapsch, misses details of the austerity package. The package is not ambitious enough, Kapsch considers.

March 5, 2012

AUA: Negotiations Go On

Austrian Airlines does not face strikes. Not only AUA´s management is under pressure. Workers fear a new foundation of AUA or a re-sale.

March 5, 2012

Viennese Office Market: Collapse Threatens

Although office rents are relatively low in Austria´s capital, multinational companies tend to establish their headquarters elsewhere. Real estate experts fear a vicious circle.

March 5, 2012

Austerity Package: Sorger Misses Reforms

The President of the Federation of Austrian Industries (IV), Veit Sorger, sees a massive lack in structural reforms. The austerity package is a “missed opportunity”.

March 3, 2012

Fiscal Treaty: Austrian Economy Satisfied, Opposition Criticizes

After the signing of the EU fiscal treaty at the EU Summit today, reactions in Austria are very different. The largest opposition party FPÖ calls for a popular vote.

March 2, 2012

Austerity Package Threatens to Fail

The strict timeline of the Austrian austerity package could cause its preliminary failure. Federal President Fischer says not to have enough time to control the act.

March 2, 2012

Board Member Bierwirth Leaves AUA

Andreas Bierwirth, member auf Austrian Airline´s management board, will exit. It is supposed that the austerity package caused controversies within AUA´s management.

March 2, 2012

AUA Delays Extraordinary Supervisory Board Meeting

AUA´s management has not reached a compromise with its staff yet. As a new collective agreement is still missing, the supervisory board meeting has been postponed by March 13.

March 1, 2012

New Criticism on Austerity Package

For the chief economist at RZB, Peter Brezinschek, the austerity package is not ambitious enough. The President of the Austrian Chamber of Commerce, Christoph Leitl, criticizes the introduction of new taxes.

February 28, 2012

ORF Recorded Slight Profits in 2011

The Austrian public broadcaster ORF achieved profits of € 11.4m in 2011. Further cost cuts are planned.

February 25, 2012

Austrian Industry: „Austerity Package Brings Excessive Rise in Labor Costs“

For the Federation of Austrian Industries (IV), the austerity package causes an enormous rise in labor costs for entrepreneurs.

February 25, 2012

Fekter: „Austerity Package is Structural Reform Package“

In spite of criticism by economists, for the Austrian Minister of Finance, the austerity package is a “big success”.

February 20, 2012

AUA: Atmosphere on the Brink

Austrian Airlines is endangered to face persisting disputes. The conflict between the management and the works council sharpened further.

February 17, 2012

Air France to Enlarge Operations in Austria

The loss-making airline is under enormous growth pressure and reorganizes itself. Austria is seen as growth market.

February 16, 2012

Conflict Between AUA´s Management and Staff Escalates

2,300 employees of Austrian Airlines are endangered to be forced to switch to another collective agreement. AUA hopes to reach an agreement.

February 15, 2012

Leitl Pushes for Reforms

The President of the Austrian Chamber of Commerce appreciates that actions worsening the Austrian business location conditions were prevented.

February 15, 2012

Youth Employment: Danger from Austerity Package

The government aims for increasing the retirement age in order to cut pension costs. Now, the director of the Austrian labor market agency (AMS) warns of a rise in youth unemployment.

February 15, 2012

Vienna Airport to Cut Personnel Costs

The Vienna International Airport aims for reducing personnel costs at the new terminal “Skylink”.

February 15, 2012

Austerity Package Brings Burden of € 900m for Companies

The Austrian austerity package causes costs of € 900m for the Austrian real economy until 2016. Especially non-wage labor costs rise.

February 14, 2012

„Financial Transaction Tax Could Cause Recession“

According to the CEO of Vienna Stock Exchange, Michael Buhl, a financial transaction tax would cost productivity at enterprises.

February 14, 2012

Moody's Put Austria on Warning

The Austrian “AAA” rating has been confirmed by the U.S. rating agency. However, credit-watch is put on “negative”.

February 14, 2012

Doubt and Criticism on Austerity Package

For the director of IHS, the austerity measures do not contain real reforms. The implementation could become difficult. Administration reforms and health system reforms are too low, observers say.

February 13, 2012

Illegal Income from Switzerland Should Support Government´s Plans

The Austrian government hopes that proceeds from illegal income in Switzerland reach € 1.0bn in 2013. However, an agreement with Switzerland has not been concluded so far.

February 13, 2012

AUA: Resistance of Workforce Could Be Given Up

After serious warnings of the management of Austrian Airlines, the works councils are ready to talk about new collective agreements.

February 11, 2012

ÖBB Cuts Early Retirements and Projects

The Austrian Railways (ÖBB) has to reduce costs by € 1.6bn until 2016. The major part is based on cost cuts in infrastructure projects.

February 11, 2012

Austerity Package Has Lack in Structural Reforms

The industrialists regard the Austrian austerity package even-tempered. WIFO misses structural reforms.

February 11, 2012

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

Lufthansa to Bundle Operations

In order to achieve the austerity targets, Lufthansa centralizes operations. Austrian Airlines is highly affected.

February 10, 2012

Austrian Government Resolves Austerity Package

Speculation terms on real estate will be abolished, the tax privilege on 13th and 14th salary too. Inheritance taxes or enrollment fees will not be re-introduced.

February 9, 2012

Problems on European Level as Burden for Austria

Over the last months, the European economy lost its impetus, which is a major burden for the Austrian economy.

February 9, 2012

Growing Nerviness at AUA´s Workforce

The workforce at Austrian Airlines feels uncertainty. Even a bankruptcy is feared.

February 8, 2012

Austerity Package Takes Form

Although negotiations over the austerity package are not finished, first details are already known.

February 7, 2012
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