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Oct 22, 2014

ECB cools speculation over bank health checks ahead of results

MADRID/VIENNA (Reuters) – The European Central Bank cautioned on Wednesday against speculation over the outcome of its stress tests after a media report said at least 11 banks had failed the landmark financial health checks, driving some banking shares lower.

Austria’s Erste Group (ERST.VI: Quote, Profile, Research, Stock Buzz) rejected the report from Spanish newswire Efe, which said that it along with banks from Italy, Belgium, Cyprus, Portugal and Greece, had failed the ECB review based on preliminary data, but it gave no details of the size of the capital holes at the banks.

Oct 17, 2014

ECB policymakers clash over how to treat sickly euro zone economy

RIGA/VIENNA (Reuters) – European Central Bank policymakers clashed on Friday over what policy medicine to administer to the sickly euro zone economy, laying bare deep-seated tensions within the Governing Council.

Bundesbank President Jens Weidmann said he saw no need for fiscal stimulus in Germany, rejecting a thinly veiled appeal from ECB President Mario Draghi for Berlin to increase its public investment levels to help support the euro zone.

Oct 2, 2014

Austria’s Volksbanken AG to be wound down, bondholders spared

VIENNA (Reuters) – Austria’s part-nationalized lender Volksbanken AG (VBAG) is to be wound down to avoid a looming capital crunch it was struggling to plug, it said on Thursday.

The bank said it had not coordinated the plan, which still requires regulatory approval, with the European Central Bank, which has been undertaking health checks of the euro zone’s biggest lenders before taking on direct supervision of them next month.

Oct 2, 2014

Austria’s Volksbanken AG to be wound down

VIENNA, Oct 2 (Reuters) – Austria’s part-nationalised lender
Volksbanken AG (VBAG) is to be wound down to avoid
taxpayers having to put in any more capital.

The flagship of the bigger Volksbanken group, which includes
dozens of regional banks, will liquidate its non-core businesses
and transfer its core operations to another group bank, probably
in the first half of 2015, it said on Thursday.

Oct 2, 2014

Ukraine crisis spotlights risks for Austrian banks

VIENNA, Oct 2 (Reuters) – There is no retreating from
central and eastern Europe (CEE) for Austrian banks who have
spent fortunes over many years to establish their franchise in a
region now feeling the effects of crisis in Ukraine.

Western sanctions on Moscow over accusations it is backing
separatist rebels in eastern Ukraine and the potential for the
Kremlin to hit back hard threaten Raiffeisen Bank International
(RBI) and UniCredit Bank Austria, whose
earnings depend heavily on Russia.

Oct 1, 2014

Manufacturing flaw halts some Eurofighter deliveries

BERLIN/VIENNA (Reuters) – A manufacturing problem has been discovered with the fuselage of Eurofighter combat planes, halting some deliveries, but none of the jets has been grounded, European military officials said on Wednesday.

The problem was caused by the way rivet holes were drilled in part of the rear fuselage of the European warplane, which is operating in the air forces of six countries.

Oct 1, 2014

Austria says Eurofighter has part problem, some deliveries halted

BERLIN/VIENNA, Oct 1 (Reuters) – A manufacturing problem has
been discovered with the fuselage of Eurofighter combat planes,
halting some deliveries, but none of the jets have been
grounded, European military officials said on Wednesday.

The problem was caused by the way rivet holes were drilled
in part of the rear fuselage of the European warplane, which is
operating in the air forces of six countries.

Sep 23, 2014

Raiffeisen sees loss of up to 500 mln euros

VIENNA, Sept 23 (Reuters) – Raiffeisen Bank International
could lose as much as 500 million euros ($645 million)
this year because of problems in Ukraine and Hungary,
underscoring the risks of operating in crisis-hit central and
eastern Europe.

Emerging Europe’s number two lender said the conflict in
Ukraine and Hungary’s campaign to make banks cough up money for
mispriced loans were unusual items and that it would make a
“mid-triple-digit million euro” profit next year.

Sep 16, 2014

OPEC’s Badri expects OPEC to lower output target

VIENNA (Reuters) – OPEC’s secretary general said he expected the group to lower its oil output target when it meets in late November, which would be its first formal output cut since the 2008 financial crisis.

Abdullah al-Badri was speaking after meeting Russian Energy Minister Alexander Novak on Tuesday. Oil dropped below OPEC’s preferred level of $100 a barrel last week, which also marks the pain threshold for top world oil producer Russia’s faltering economy.

Sep 10, 2014

Austria pledges to help companies hit by Russia sanctions

VIENNA (Reuters) – Austria pledged on Wednesday to shelter companies and workers from the brunt of the economic fallout from Ukraine’s political crisis, which officials said they feared could last some time.

Officials put no firm costs on steps agreed with employers, unions, farmers and industry to cushion the blow from western sanctions on Russia for allegedly fomenting a separatist uprising in Ukraine, and from counter-sanctions by Moscow.

    • About Michael

      "Mike has worked for Reuters for two decades and reported from more than a dozen countries on business and general news. His beats have included covering the European automotive industry, business news from Switzerland, German defense and security policy, and Hungary's transition to a market democracy after the collapse of communism in eastern Europe"
      Joined Reuters:
      1987
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