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EU European Union

Go-Ahead for Joint Venture Between Agrana and RWA.

EU Commission approves joint venture between the two Austrian food companies Agrana Juice Holding GmbH and Ybbstaler Fruit Austria GmbH (RWA).

April 4, 2012

Euro-Group: Fekter Presses Ahead

Jean-Claude Juncker, head of the euro-group is angry at the Austrian Minister of Finance, Maria Fekter, who presented the summits´ results before Juncker´s press conference.

March 31, 2012

Austria Insists on Financial Transaction Tax

Despite Germany’s finance minister sees little chance of a European Union agreement on the levy, Austria is sticking to plans for a financial-transaction tax in Europe to help consolidate its budget.

March 27, 2012

EU Financial Framework Negotiations Enter the Hot Phase

State Secretary Wolfgang Waldner underlines Austria´s position as net contributor at the General Affairs Council in Brussels.

March 27, 2012

Keuschnigg: „Greece Must Leave Eurozone“

The Austrian Economist and designated director of HIS, Christian Keuschnigg advised Greece to leave the euro zone.

March 26, 2012

RBI: Günther Gall Appointed Vice-Chairman of EPC

The Austrian national Günther Gall of Raiffeisen Bank International AG (RBI) was elected vice president of the European Payments Council (EPC).

March 23, 2012

Orange Takeover Threatens to Fail

The takeover of Austria´s third-largest telecommunication service supplier Orange by the Hong Kong-based Hutchison Group may be postponed. Orange´s creditors are increasingly nervous.

March 22, 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

Austria Underlines South Tyrol´s Autonomy

Austrian State Secretary Wolfgang Waldner on working visit in South Tyrol. Austria suggests an “Alpine Strategy”.

March 19, 2012

Bank Austria Plays Down Hungary Risks

The head of UniCredit unit Bank Austria's central and eastern Europe business played down potential risks from Hungary in a magazine interview published on Friday.

March 19, 2012

“The Czech Republic Has Traditionally Been an Important Partner for Austria”

Austrian State Secretary Waldner meets Czech EU State Secretary Belling.

March 19, 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

Unemployment of Older Aged Workers Increases Disproportionately

The Austrian labor market registers a rise both in employment and unemployment of persons aged beyond 50. Especially unemployment of male persons aged beyond 50 rises dramatically.

March 17, 2012

Austrian Government Holds on Financial Transaction Tax

In spite of discordance at the EU-level, the Austrian government is convinced to impose taxes on financial transactions by 2014.

March 17, 2012

Doubt About Austerity Package

Austria´s Finance Minister Fekter had to defend the government´s austerity package again. Experts are in doubt about the successful implementation.

March 15, 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

GDP per Capita: Vienna Ranks 11th

In 2009, Austrian regions remained above average in terms of regional GDP per capita in the EU.

March 13, 2012

Despite Loss of AAA: Austria Pays Less Interest

The Austrian Republic had to pay € 300m less than initially expected in 2011. In spite of the downgrade by S&P, the trend seems to continue.

March 10, 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

Orange Takeover: Hutchison is Optimistic

The Hong Kong-based telecommunication company Hutchison 3 is sure that the takeover of Orange will be approved by the competition authorities. The competitor T-Mobile is not convinced at all.

March 9, 2012

Cernko Criticizes VBAG Bail-Out

Willibald Cernko, CEO of Bank Austria considers that the Austrian state reacted too late. A partly nationalization could have taken place already one year before.

March 9, 2012

Tax Treaty: Conflict with EU

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

March 7, 2012

Fekter: "Eurogroup Chief Must Be Head of Government"

Austria’s Finance Minister Maria Fekter said the next leader of the group of euro-area finance ministers has to be a head of his or her government in order to have the necessary authority.

March 6, 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

EU ‘Surprised’ Austria Didn’t Warn on VBAG, Almunia Says

The European Commission was “surprised” Austria didn’t warn it about plans to bail out Oesterreichische Volksbanken AG (VBPS), according to Joaquin Almunia, the region’s commissioner responsible for approving state aid.

March 5, 2012

Nabucco: Costs Could Grow Further

The pipeline consortium Nabucco checks whether the project becomes more expensive than expected. Costs of € 15bn are forecasted.

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

Austrian Economy Appreciates Serbian Approach to EU

Serbia officially became candidate for the EU-access. Christoph Leitl, President of the Austrian Chamber of Commerce, emphasized the importance of the “European perspective” for Serbia.

March 2, 2012

Nowotny: „Austrian Banking Activities in CEE Better than their Reputation”

According to the governor of the Austrian Central Bank (OeNB), Ewald Nowotny, Austrian banks engaged in Central and Eastern Europe are more stable than they are supposed to be.

March 1, 2012

Rise in Austrian Unemployment Rate

At the end of February, 380,000 persons were unemployed. This is a rise of 5.2%. At the EU level, Austria´s unemployment rate is still the lowest.

March 1, 2012

Merger of Nabucco-TANAP Discussed

Members of the gas pipeline projects Nabucco and TANAP talk about a merger in Vienna. The Turkish Minister of Energy participates therein.

February 28, 2012

Austria: Low Attractiveness as Research Location

According to a study among European scientists, Austria loses its reputation. The most attractive destination is the U.S.

February 27, 2012

Pessimism in Austrian Banking Industry

26% of interviewed managers in the Austrian banking industry regard the development of the operating business as “very bad”.

February 27, 2012

Significant Increase in Austrian Steel Exports to U.S.

U.S. Steel Imports are rising substantially, prices are on the fall. Austrian suppliers could raise their share.

February 27, 2012

Austrian Current Account Deficit Rising

Against 2010, the Austrian current account deficit almost doubled. Both imports and exports reached record levels.

February 27, 2012

Hutchinson-Orange Merger: T-Mobile Becomes Impatient

T-Mobile Austria, a subsidiary of Deutsche Telekom puts pressure on the Austrian Competition Authority. The merger must include a number of requirements.

February 25, 2012

Austria Discussing Top Banks’ Capital Rules With EU Commission

Austria’s regulators are discussing rules for its top banks that will curb excessive lending in Central and Eastern Europe with the European Commission.

February 25, 2012

EIB: Fewer Funds for Austrian Companies

After a record in 2011, the European Investment Bank (EIB) will reduce lending to Austrian companies this year.

February 24, 2012

Economic Growth Forecast: 0.7% in 2012

The EU-Commission sees an economic growth of 0.7% for Austria in 2012. Austria is in the middle-field among the EU member states.

February 23, 2012

Orange-Deal: Additional Contribution Threatens

France Télécom and Mid European Partners, the sellers of the Austrian mobile phone operator Orange, may need to pay an additional contribution.

February 22, 2012

Nabucco Still Competes For Gas in Azerbaijan

The gas pipeline project, in which the Austrian oil company OMV is engaged, now enters the critical phase.

February 21, 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

„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

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

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

Kommunalkredit: More Costly than Hypo Group

The Austrian state had to made expenses of € 4.65bn for the nationalized Kommunalkredit. In total, the bank package´s volume reaches € 11bn.

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

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

Still Capital Requirement at Kommunalkredit

The „bad bank“ of the nationalized Austrian bank, KA Finanz, receives € 190m by the Austrian state. Moreover, another € 600m are needed in the first half of 2012.

February 7, 2012

Innovation Index: Austria Falls Behind

Austria again loses in competitiveness: among the EU member countries, Austria occupies the eighth rank.

February 7, 2012