VIENNA (Reuters) – A business leader’s offhand pre-election comment that Austria is “going to the dogs” has galvanized a debate about whether the nation’s enviable prosperity will wither away.
The remark by Chamber of Commerce head Christoph Leitl held up a mirror to a comfortable and slightly coddled country that sailed through five years of economic crisis with little of the misery that euro zone peers like Greece or Cyprus endured.
VIENNA, Sept 16 (Reuters) – Raiffeisen Bank International
shares dropped on Monday after emerging Europe’s
second-biggest lender raised its forecast for bad loan
provisions by as much as a fifth, heightening concern about its
emerging markets exposure.
“This is a profit warning in our view,” Berenberg Bank
analyst Eleni Papoula told clients, keeping her “sell” rating
and 12 euro share price target – half the current level – on
expectations of a dilutive share issue from the lender.
VIENNA, Sept 16 (Reuters) – UniCredit Bank Austria
said its business was largely unaffected by market turmoil in
Turkey and Slovenia as investors fled from high-yield assets in
anticipation of the U.S. Federal Reserve scaling back its
Turkey, which relies on foreign capital to give it the hard
currency it needs to buy oil and other imports, has been hit
particularly hard in recent weeks as investors began to withdraw
much of the cheap dollar funding poured into the U.S. banking
system by the Fed.
VIENNA, Sept 12 (Reuters) – Austria’s central bank denied a
report on Thursday that it believed nationalised bank Hypo Alpe
Adria could need as much as 17 billion euros ($23
billion) in fresh state aid.
Der Standard newspaper had reported the figure as a
worst-case scenario, saying this came from an internal central
bank (OeNB) report on the troubled lender, which has already
received more than 3 billion euros from the government.
VIENNA/BRUSSELS, Sept 3 (Reuters) – Selling off bailed-out
Hypo Alpe Adria bank may cost Austrian taxpayers up
to 5.4 billion euros ($7.1 billion) in fresh capital by 2017
under a plan approved on Tuesday by the European Commission,
Austrian finance ministry officials said.
Brussels’ blessing ends years of wrangling with Vienna over
cleaning up Hypo, which Austria had to nationalise in 2009 to
avoid a collapse that would have sent shock waves through
fragile financial markets across Europe.
VIENNA, Sept 2 (Reuters) – The European Commission has
conditionally approved the Austrian government’s reorganisation
plan for nationalised lender Hypo Alpe Adria, paving
the way for the bank to receive more state aid, three Austrian
sources close to the matter said.
The approval covers the bank’s plan to sell its Balkans
banking network by 2015 and wind down an Italian unit while
relying on state support. It has already agreed the sale of its
Austrian unit in a deal set to close this year.
ALPBACH, Austria, Aug 30 (Reuters) – The European Commission
is expected to decide next week whether nationalised Austrian
lender Hypo Alpe Adria can accept the state aid that is keeping
it afloat, sources close to the matter told Reuters.
The Commission will decide on a revised reorganisation plan
for the lender, which has received nearly 3 billion euros ($4
billion) in actual or pledged state funds including 700 million
to cover first-half losses.
ALPBACH, Austria, Aug 29 (Reuters) – Major central banks’
reassurances that interest rates will stay low for some time are
giving markets “a certain security”, a European Central Bank
policymaker said on Thursday.
Another European official, however, warned against
complacency and said it was too soon to say the euro zone crisis
ALPBACH, Austria (Reuters) – The fragile European economic recovery seen in the second quarter should continue into next year and become more solid, the European Commission’s top economics official told Reuters on Thursday.
Olli Rehn said greater fiscal credibility in euro zone countries, action by the European Central Bank to stabilize markets and better economic governance had all strengthened the currency bloc’s ability to withstand political shocks.
ALPBACH, Austria (Reuters) – Major central banks’ reassurances that interest rates will stay low for some time are giving markets “a certain security”, a European Central Bank policymaker said on Thursday.
Another European official, however, warned against complacency and said it was too soon to say the euro zone crisis was over.