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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
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
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