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Stress Test: Erste Group and Raiffeisen Passed, Volksbank Failed

Volksbanken Group is the only Austrian bank that failed the stress test. Taking into account the measures that are currently being implemented, the core tier I ratio would be above the benchmark.

July 15, 2011

Volksbanken Group Speeds Up Sale of VBI

In the face of the looming negative result of the stress test, the Austrian bank is trying to conclude negotiations with Russian Sberbank.

July 13, 2011

European Stress Test Results to Be Published on July 15

The test performance of 91 participating banks will be available next week. According to Moody’s, Austrian Volksbanken AG is at risk of failing the test.

July 8, 2011

Wilhelm Molterer Appointed Vice-President of the EIB

The former Austrian Vice Chancellor and Finance Minister will start his new job as Vice-President of the European Union’s bank on 1 July.

June 30, 2011

Increase in Austrian Electricity Price below EU Average

Electricity and gas are relatively expensive in Austria compared to other EU countries. The electricity price rose by 1.1% in 2009/10.

June 29, 2011

Austria in the Upper Third of Comparative Price Levels across Europe

Austria recorded the eighth highest price level among the 27 EU member countries. Food and energy were found to be the most expensive segments in the country as compared to European prices.

June 28, 2011

Austrians Support Aid for Greece

The majority of the Austrian population does not want to let Greece down. 55% see the common currency at risk.

June 22, 2011

Austrian Financial Sector Stable – Remaining Challenges in Particular Business Segments

Stress test results show Austria’s banks to be more resistant to risks than in 2010 – Boosting equity remains on the agenda nevertheless.

June 21, 2011

EU Commission Blocks OMV’s Deal with Gazprom

The Austrian oil and gas company does not get its desired Russian partner as the EU Commission has rejected a share transaction between the two companies.

June 20, 2011

Patent Protection to Become Cheaper

In Europe patent protection is currently ten times more expensive than in the US or Japan. Austria will participate in an EU-wide cooperation which will reduce the cost significantly.

June 20, 2011

Leitl: "Reforms, Despite the Positive economic Outlook Should Not Be Forgotten"

Spring forecast by the EU Commission: Clearly improved growth prospects for Austria and the European Union

May 14, 2011

Austria´s Economy Performed Better than EU-average During Crisis

The Vienna Institute for International Economic Studies (wiiw) has just published a study, which quantifies trade-related transmission mechanisms of the global drop in investment demand and output to recession in Austria.

April 28, 2011

"Austria has Lost its Chance"

The labor market opening of Austria for the more recent EU member states comes too late, according to the manufacturing industry.

April 27, 2011

New High for Austria´s New Indebtedness

Austria´s budget deficit for 2010 is at 4.6%, which is the highest one in the last 15 years. However, the average of EU-countries is even higher.

April 27, 2011

Shipping on the Danube is Far Below its Potential

Capacities are only being utilized in modest proportions on Austria’s main waterway. Investments in expansion would be necessary.

April 23, 2011

"Austria Has a Historical Chance to Become Europe’s Logistics Hub"

Sources from the transport industry consider that Austria offers potentials, mainly in the Danube and rail traffic.

April 16, 2011

ÖBB Promote Construction of the Brenner Tunnel

After the ÖBB detached themselves from the financing of the Brenner tunnel in February, an agreement was reached with the Ministry of Finance.

April 14, 2011

Austria's Labor Costs above EU Average

An hour of work costs an Austrian employer an average € 28.00 - six euro more than the EU average.

April 13, 2011

No Rush Expected on the Labor Market after the End of the Transitional Periods

After 30 April 2011, an additional access to the Austrian labor market of about 11,500-16,500 people annually from Hungary, the Czech Republic and Slovakia is expected.

April 12, 2011

ÖVAG Participates in the Stress Test

Unlike last year, the Austrian Volksbanken group (ÖVAG) is to participate in the EU-wide stress testing of banks. 5% equity is assumed as lower limit.

April 9, 2011

Austria’s Exposure to Portugal: € 433m

France is clearly the larges creditor of the troubled country. Portugal owes Austria € 433m.

April 8, 2011

Leitl: "Austria is Very Well Positioned for the Opening of the Labor Market"

Experts estimate immigration potential to be between 15,000 to 25,000 people; gains from migration for Austria, as from 1 May, about € 900m.

April 8, 2011

Austrian National Bank Expects Tougher "Stress Tests"

The EU-wide bank stress tests planned for 2012 should turn out to be more rigorous, according to the Oesterreichische Nationalbank (OeNB).

March 19, 2011

Leitl Favors EU Financial Transaction Tax

The President of the Austrian Economic Chamber says: "The EU Parliamen has taken an important step towards EU financial transaction tax"

March 10, 2011

Hardly any Effects Expected by Labor Market Opening

As of May 1, 2011, the citizens of the countries which joined the EU in 2004 will be able to work in Austria without any restrictions. The effects should be kept within certain limits.

March 4, 2011

Leitl and Juncker Support a "Marshall Plan for Africa"

Austria and Luxembourg drive for support. Special attention is paid to education and know-how.

March 3, 2011

FPÖ Intends to Establish Itself as an Economic Party

In an interview with the "Wirtschaftsblatt", FPÖ chairman Heinz-Christian Strache says that the party wishes to address entrepreneurs more strongly in future.

March 3, 2011

Unemployment: Austria has Top-Position Among EU27

EU27 area unemployment rate at 9.9%, Austrian unemployment rate amounts to 4.3%. National youth unemployment is below the average too.

March 2, 2011

Vienna is Among the Cities with the Greatest Purchasing Power in Europe

Austria comes out relatively well in a study on the purchasing power of Europe The capital leads the Austrian comparison.

February 25, 2011

Leitl Demands More Support for SMEs

The Small Business Act must be also implemented at national level in a sustained way, says the President of the Austrian Economic Chamber.

February 24, 2011

Molterer Nominated as Vice-President of the EIB

Former Vice-Chancellor and Finance Minister Wilhelm Molterer is nominanted as candidate for Vice-President of the European Investment Bank (EIB).

February 23, 2011

Free Trade Agreement with South Korea

WKÖ: Additional trade potential for Austrian companies in South Korea for € 350m.

February 19, 2011

EU Requests Nabucco to Enter a Cooperation

The European Union is pushing a merger between Nabucco and the ITGI pipeline project.

February 18, 2011

Austria's Budget Deficit is Lower than Expected

The preliminary budget outcome for 2010 is 0.6% better than forecast. However, the results of the ÖBB could increase the deficit again.

February 17, 2011

Lopatka Demands Structural Reforms and Budgetary Discipline

The State Secretary for Finance at the German-Austrian Financial and Economic Forum.

February 11, 2011

Massive Increase in Public Debt

Austrian public debt could rise dramatically soon by a new calculation involving separate legal entities.

February 10, 2011

Eder Considers European Manufacturing Industry is at a Disadvantage

For the CEO of the Austrian steel company voestalpine, the European manufacturing industry is at a disadvantage, despite innovative leadership.

February 5, 2011

Austrian Foreign Trade Figures Rising Strongly

From January to November 2010, Austrian foreign trade grew substantially. Imports and exports increased by 15.8%

February 5, 2011

Oettinger Increases Pressure on OMV

In an interview with the daily newspaper "Presse", the European Commissioner for Energy considers that OMV must move now regarding Nabucco.

February 4, 2011

Innovativeness in Austria Drops

In the European comparison, Austria’s innovativeness is dropping and is presently located only in the upper mid-range.

February 2, 2011

New Advance for Baltic-Adriatic Corridor

The Carinthian Economic Chamber supports the information campaign of Governor Gerhard Dörfler in favor of the Baltic-Adriatic Corridor.

February 2, 2011

Bawag has to Sell Non-Core Business

The Austrian bank, which is owned by the US-American investor Cerberus, is obliged to sell its non-banking subsidiaries.

January 29, 2011

"Austria Does Not Deserve an AAA Rating"

The chief economist of the American Citigroup, Willem Buiter, also denies Austria, alongside the U.S. and the UK, the right to the AAA rating.

January 29, 2011

Leitl Welcomes Medvedev's Idea for a European-Russian Economic Area

Closer cooperation between the EU and Russia would "stabilize economic and social development". Austria's foreign trade with Russia is flourishing.

January 28, 2011

Slow Progress for Nabucco

The negotiations in the Caspian region are "tough", but the political will exists, say sources from the Austrian oil and gas group OMV.

January 26, 2011

EU: New Early Warning System Against Financial Market Risks

Two Austrian officials point out the relevance of the new institution, which will particularly benefit Austria.

January 21, 2011

Pröll is Against the Extension of the Euro Shield

The Austrian Finance Minister, Josef Pröll (ÖVP), called for stricter budget discipline and pronounces himself against a more extensive rescue shield

January 20, 2011

Reform Backlog Prevents Austria Being a Success Model

The chairman of the WIFO, Karl Aiginger considers that Austria’s future capital has been gambled away because of lack of reforms. The EU, however, is "not on track" either.

January 19, 2011

Hungary: Calls for Boycotts against Foreign Companies in Hungary

A Hungarian initiative demands that 13 foreign companies be boycotted, including Austrian OMV

January 18, 2011

New Perspectives for Nabucco

The European Commission wants to commit Azerbaijan to supply gas to Europe. This is expected to be done via the Nabucco pipeline.

January 14, 2011
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