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.
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.
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.
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.
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
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.
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.
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.
VIENNA, Sept 9 (Reuters) – Austria’s government will adopt
measures to cushion the blow to a grumbling business community
of western sanctions against Russia, which officials said may
include tax breaks and subsidies to cover cuts to working hours.
The European Union adopted new sanctions against Russia on
Monday for its role in the Ukraine conflict – in which Moscow
denies direct involvement – but delayed enforcing them to leave
time to assess whether a ceasefire was holding.
VIENNA, Sept 5 (Reuters) – Austrian lender Raiffeisen Bank
International remains committed to its business in
Russia despite uproar over the crisis in Ukraine, Chief
Executive Karl Sevelda told a gathering of Russia supporters
irate at the West’s stance against Moscow.
“We have always said clearly that we…are staying in
Russia, we stand behind our Russian customers and we still think
that Russia is a very attractive banking market even if it has
become tougher – hopefully just temporarily,” Sevelda said.
VIENNA, Sept 2 (Reuters) – Austria needs “tax reform – not
tax cuts” to help eliminate its structural deficit in 2016, new
Finance Minister Hans Joerg Schelling said on Tuesday, less than
a week after his predecessor quit in a row over tax.
Addressing parliament for the first time in his new role,
Schelling vowed to start dismantling the country’s bloated
bureaucracy and simplify state finances as a way to free up
resources badly needed to boost a flagging economy.