LONDON/VIENNA, Nov 7 (Reuters) – OPEC could lose almost 8
percent of its oil market share in the next five years as the
shale energy boom and other competing sources boost rival
supply, offering the exporter group little benefit from rising
The Organization of the Petroleum Exporting Countries has
been slower than some to acknowledge the impact that hydraulic
fracturing, or fracking, is having on supply. Earlier this year,
it decided to carry out its own research into shale oil.
VIENNA, Nov 7 (Reuters) – Austrian oil and gas group OMV
cut its forecast for 2013 production on Thursday,
saying it now expected this to fall due to output problems in
countries including Libya and Yemen, where security issues hurt
OMV, which had previously expected broadly similar
production this year, now said it would be “somewhat below” 2012
as security issues in Libya and Yemen were compounded by
difficulties in New Zealand and Austria.
VIENNA, Nov 6 (Reuters) – Steelmaker Voestalpine
said it was counting on an economic upturn to help it reach its
full-year profit goals and offset an unexpectedly weak second
quarter marked by subdued demand.
The Austrian company missed analysts’ forecasts for
operating and core earnings in the quarter to end-September but
said it expected a improvement in the second half thanks to
growing momentum in Europe, China and North America.
LONDON/VIENNA, Nov 5 (Reuters) – The European Central Bank
has eased the first deadline for lenders to submit data to be
used in its assessment of eurozone banks after some banks said
they did not have enough time to meet the demands.
The extension underscores the challenge the central bank
faces in carrying out a broad review of Europe’s banking to
eliminate doubts after five years of crisis and highlight weak
spots and before it takes over as banking supervisor in late
LONDON/VIENNA (Reuters) – The European Central Bank has eased the first deadline for lenders to submit data to be used in its review of eurozone banks after some banks said they did not have enough time to meet the demands.
The ECB said affected banks had been given until November 29 to submit data for a risk assessment that is underway. It was originally due to be submitted to the ECB by mid November, three European banking sources told Reuters.
VIENNA (Reuters) – The director of Vienna’s Leopold Museum, home to extensive collections of work by Austrian artists such as Egon Schiele and Gustav Klimt, has quit in a row over Nazi-looted art.
Tobias Natter said he could no longer stay at the museum after some of its most senior staff joined a controversial new foundation associated with Klimt’s illegitimate son, film director Gustav Ucicky, whose works included Nazi propaganda.
VIENNA (Reuters) – Austria’s Erste Group Bank (ERST.VI: Quote, Profile, Research, Stock Buzz) surprised the market with a noticeable improvement in bad loans ahead of a key health check by the European Central Bank, lifting its shares on Wednesday.
Its non-performing loans (NPL) ratio fell to 9.6 percent in the third quarter from 9.7 percent a quarter earlier, helped by the first decline in Romania since the start of the financial crisis.
VIENNA, Oct 30 (Reuters) – Erste Group Bank
confirmed its full-year outlook for lower profit and risk
provisions on Wednesday, saying it still expected central and
eastern European economies to improve.
The bank, a leading lender in the region, reported a 3
percent rise in third-quarter net profit after minorities to 129
million euros ($178 million), missing the average estimate of
148 million in a Reuters poll.
VIENNA, Oct 23 (Reuters) – Austro-Canadian billionaire Frank
Stronach is to retire from Austrian politics after a year-long
adventure that culminated in a poor poll showing and the near
self-destruction of his party.
The maverick 81-year-old industrialist scored a
disappointing 6 percent in national elections last month, after
voter disenchantment with the centrist status quo had propelled
him as high as 10 percent in early opinion polls.
VIENNA (Reuters) – Telekom Austria may have to risk its credit rating, which it said earlier this year was its top priority, to raise debt for a costly frequency auction, its chief executive said.
The company said late on Monday it would pay 1.03 billion euros ($1.41 billion) to buy half the spectrum on offer in an auction for Austrian fourth-generation frequencies, almost three times as much as most analysts had expected.