VIENNA/FRANKFURT (Reuters) – There is no need for the European Central Bank to respond with immediate policy reactions to below-target inflation, an ECB Governing Council member said on Monday.
Another said the worst of the euro zone’s economic woes are behind it.
The ECB cut interest rates to a record low earlier this month and said it could take them lower still to prevent the euro zone’s recovery from stalling after inflation tumbled to 0.7 percent – well below its target of just under 2 percent.
VIENNA, Nov 14 (Reuters) – Austria’s decision on how to set
up a “bad bank” for ailing state lender Hypo Alpe Adria is on
hold while the country’s two big political parties try to hash
out a fresh coalition, dragging out a problem that casts a
shadow over public finances.
Chancellor Werner Faymann of the Social Democrats (SPO) and
conservative leader Michael Spindelegger have agreed to earmark
5.8 billion euros ($7.8 billion) for struggling state banks if
the parties can agree to govern together for five more years.
VIENNA, Nov 13 (Reuters) – Austrian packaging group
Constantia Flexibles (IPO-COFH.VI: Quote, Profile, Research, Stock Buzz) plans to raise up to 821
million euros ($1.10 billion) in an initial public offering in
Frankfurt and Vienna on Nov. 27, valuing the firm at up to 1.43
Constantia, which ranks number two in Europe behind
Australia’s Amcor Ltd, said it would price its new
shares in a range of 19.50 to 25.50 euros each and would offer
up to 32.2 million shares for sale or 57.5 percent of the
VIENNA, Nov 11 (Reuters) – Nationalised lender Hypo Alpe
Adria’s urgent need for more state cash is heaping
pressure on Austria’s two biggest parties to agree coalition
terms and tackle stretched state finances.
As the Social Democrats (SPO) and the conservative People’s
Party (OVP) try to form a new government, a hole in state
finances exposes policy differences between the SPO – which
campaigned to protect public pensions and introduce a wealth tax
on millionaires – and the OVP, which wants to cut state spending
and has ruled out new taxes.
VIENNA (Reuters) – A neophyte politician who summons up energy by fasting alone for days in the Vienna Woods hopes to help crack the stodgy crust of postwar Austrian politics after leading his new centrist Neos party into parliament.
Matthias Strolz said his liberal, pro-EU party’s task now was to draw on a groundswell of support for the day – not far off, he believes – when Austria’s two big parties finally lose the duopoly of power they have enjoyed since World War Two.
ZURICH (Reuters) – Seeing one of their select number hauled in handcuffs before a foreign court may prompt Swiss bankers to call their lawyers before they ring travel agents to book a winter break.
Arrested on a weekend trip to Bologna, former UBS man Raoul Weil now sits in an Italian jail fighting extradition to the United States – one of hundreds of Swiss bank executives caught up in accusations of helping Americans dodge their taxes.
VIENNA (Reuters) – Austria’s weakened political heavyweights began talks on Tuesday towards forming an effective new government to build a united front against the revitalized far right.
Chancellor Werner Faymann’s Social Democrats (SPO) and the conservative People’s Party (OVP), the centrist pro-Europe blocs that have dominated postwar politics and governed together since 2006, only just managed a joint majority in voting on September 29.
A new international network of reformist Roman Catholic priests is pushing to give lay people a bigger role in a Church that Pope Francis wants to bring closer to grassroots members.
VIENNA (Reuters) – A new international network of reformist Roman Catholic priests is pushing to give lay people a bigger role in a Church that Pope Francis wants to bring closer to grassroots members.
Speaking as dissidents from six countries met in Austria on Friday for the first time, clergyman Helmut Schueller said the Church should draw on people in local parishes that are under threat of vanishing as the ranks of the priesthood dwindle.
VIENNA (Reuters) – Austrian Chancellor Werner Faymann’s Social Democrats (SPO) got the tough task of forming a new government on Wednesday and hoped to rebuild their alliance with the conservatives to stave off the eurosceptic far right.
President Heinz Fischer asked Faymann as head of the SPO – weakened after September 29 elections but still the biggest party in parliament – to forge a new coalition, opening the door for formal talks with the People’s Party (OVP), its ally since 2006.