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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

Intercell: EU Invests € 30m in Research Program

The Austrian pharmaceutical company will receive co-funding for a collaborative research project from the European Union.

September 29, 2011

Cartel Suspicions Against OMV

The Commission of the EU suspects ten gas companies of market abuse. The Austrian OMV wants to cooperate with the authorities.

September 27, 2011

Austria´s Triple A „Not Endangered“

From a global view, 18 countries have a “AAA-status”. The current debt crisis makes market observers nervous.

September 26, 2011

Austria Considers Lawsuit Against Hungary

The Austrian Minister of Foreign Affairs, Michael Spindelegger (ÖVP) threatens Hungary to file a lawsuit at the European Court of Justice. Hungary plans to stress banks massively.

September 12, 2011

Saloon Talks in Polish Ambassy: „Europe Needs New Leadership“

In the Polish Ambassy in Vienna, the former Prime Ministers of Poland, Aleksander Kwasniewski and Austria, Wolfgang Schüssel, talked about their vision for the European Union.

September 8, 2011

Agrana Raises Sugar Price Drastically

The Austrian sugar and starch company confirmed that the sugar price will rise significantly by the beginning of October. This is due to the “world market price”, the company stated.

September 6, 2011

Austrian Foreign Trade Rising Significantly

January to June 2011: Austrian imports rose by almost 19%, Austrian exports increased by more than 17%

September 6, 2011

Austria Confirms Top Ranking in EU Unemployment Statistics

The Austrian unemployment rate continued to decline in July. It dropped to 3.7% from 3.9% in June.

August 31, 2011

OMV Affected by Sanctions against Syria

The Austrian oil and gas company does not have a local production but buys 7% of its oil supplies from the Arabic country.

August 29, 2011

“Austria Was Boosted by EU Accession, Euro and Opening to Eastern Europe”

Bank Austria analyzed the development of Austria since the EU accession in 1995. It concluded that the economy has taken full advantage of the opportunities offered by the changes.

July 28, 2011

voestalpine Sues EU Over Plans for Carbon Emissions

The Austrian steel company and four German competitors filed a lawsuit against the EU. They argue that CO2 emission targets are unrealistic and unachievable.

July 21, 2011

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
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