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EU European Union

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

Euro-Crisis: Austrian Managers are Optimistic

In spite of the current euro-crisis, most Austrian managers believe that the currency will remain. Moreover, a deepening of the cooperation between EU-member states is expected.

February 6, 2012

Austrian Government Debt Quota Declining Slightly

Euro area government debt down to 87.4% of GDP in the third quarter 2011 compared with second quarter 2011.

February 6, 2012

Austria Still With Lowest Unemployment Rate in EU

Euro area unemployment rate stands at 10.4%. Austria has second-lowest youth unemployment rate.

January 31, 2012

FPÖ Wants Cuts in Spendings

The biggest Austrian opposition party suggests reducing public expenditures in order to reduce the budget deficit. Chairman Strache calls for a “subsidy brake”.

January 30, 2012

Austrian Trust in Euro Decreases

Austrians became more skeptical to the common currency. Analysts see a “crisis of confidence”.

January 27, 2012

Strache Claims Cut in Subsidies

The chairman of the Austrian opposition party FPÖ criticized the government fiercely for its fiscal policy.

January 23, 2012

Leitl: „Croatians are Most Welcome“

The President of the Austrian Chamber of Commerce is looking forward to Croatia´s EU accession in 2013.

January 23, 2012

Central Bank Act: Orban Gives In

Hungary waives the planned merger of the Central Bank and the Financial Market Authority. Yesterday, Austria´s Minister of Foreign Affairs visited Orban in Budapest.

January 21, 2012

RWE Considers Alternative to Nabucco

German RWE shows interest in rival project TANAP and considers getting out of Nabucco.

January 20, 2012

Austrian Lending Restrictions Under Observation

The plan of the Austrian FMA and OeNB to restrict lending in CEE countries could be a violation of EU-law.

January 19, 2012

Hungarian Crisis: BIS Warns Austria Insistently

A collapse of the Hungarian economy would hit Austria very hard, says the Bank for International Settlements (BIS). Austrian Banks have a high exposure.

January 9, 2012

Austrian Banks Have $ 41.0bn Exposure in Hungary

After another downgrade, a national bankruptcy of Hungary is not excluded anymore. Consequences for Austrian banks would not be foreseeable.

January 7, 2012

Austrian Has Lowest Unemployment Rate in EU

Euro area unemployment rate at 10.3%, EU27 at 9.8%. Austria ranks first with 4.0%. Regarding youth unemployment, only the German unemployment rate is lower.

January 7, 2012

Hungary Becomes Fundamental Risk Factor for Austrian Banks

Over the last weeks, fears of a Hungarian bankruptcy grew drastically. The Hungarian Forint has reached a new record low.

January 5, 2012

Tannpapier Fears For its Existence

The Austrian manufacturer of cigarette papers suffers from the tightening of the EU-tobacco-directive.

December 13, 2011

Austria Fifth Richest Country in EU

GDP per capita in the Member States ranged from 44% to 271% of the EU27 average in 2010. Austria´s figure amounts to 126%.

December 13, 2011

Austria’s Unemployment Rate Is the Lowest in the EU

The EU27 unemployment rate was 9.8% in October, compared with 9.7% in September 2011 and 9.6% in October 2010

November 30, 2011

Austrian Minister of Economics Criticizes Hungary

On the occasion of a bilateral meeting between the Hungarian and the Austrian Minister of Economics Reinhold Mitterlehner repeated his critics regarding Hungarian foreign currency loans.

November 21, 2011

Uniqa Expects Loss of € 300m

The Austrian insurance group is writing down all of its Greek government bonds at fair value in the third quarter and will therefore not break even in profit on ordinary activities as originally anticipated.

November 3, 2011

Austria Keeps Lowest Unemployment Rate in EU

The EU27 unemployment rate was 9.7% in September 2011, compared with 9.6% in August4. It was 9.6% in September 2010. Austria leads the official statistics.

October 31, 2011

„Austria´s Triple A Not in Danger“

For the Austrian Minister of Finance, Maria Fekter, the status of the domestic economy is “well prepared”.

October 29, 2011

EU Calls for Opening of Labor Markets to Romanians and Bulgarians

The European Parliament wants a solution by the end of 2011 and does not see any negative effects on social welfare systems.

October 27, 2011

Majority of Austrians Opposed to EU Rescue Package

850 respondents were asked their opinion before Wednesday’s summit meeting. 71% believe that the package is disadvantageous for Austria.

October 27, 2011

European Banking Authority: Austrian Banks Need € 2.9bn

Banks are required to establish a buffer such that the Core Tier 1 capital ratio reaches 9%. A major part of the capital needs is attributable to Volksbank Group.

October 27, 2011

Austrian Railways to be Widened

The EU Commission declares the Austrian South Axis to be strategically important.

October 19, 2011

Austria Ranks Third in EU Productivity Study

The report points out structural weaknesses and suggests more effective public spending in the fields of education, research and innovation.

October 14, 2011

OMV Promotes Nabucco Project Abroad

The Austrian oil corporation OMV pushes the gas pipeline project Nabucco in Turkey, Azerbaijan and Turkmenistan.

October 11, 2011

Slight Increase in Unemployment

Austria´s unemployment grew by 1.9% in September 2011. The main reason is the lower number of trainings.

October 1, 2011
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