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Austrian Commodities Markets Headlines

OMV Wants to Muck Out for Russian Expansion

Austria’s listed oil and gas group OMV wants to clear out before pulling in on new shores: the company wants to get rid of gas-fuelled power plant Samsun on the Turkish coast, which costs OMV millions in write-downs.

August 19, 2015

OMV CEO Rainer Seele: No Prospects of Quick Recovery

OMV is facing strong head wind: the oil price has plummeted, the market is struggling with excess output capacities and production of OMV in Yemen and Libya is on a standstill. And nothing indicates that the situation will change anytime soon. OMV CEO Rainer Seele said during the presentation of H1 results that there were no prospects for a swift recovery.

August 12, 2015

Heat Wave Raises Power Consumption Higher, Farmers to Suffer Damages

Electricity consumption in Vienna and Lower Austria has risen in the recent days during a heat wave in Europe, but has stayed below the top values recorded in winter, local power utilities Wien Energie and EVN informed APA.

August 10, 2015

Voestalpine CEO: Grexit Economically Feasable

According to Voestalpine CEO Wolfgang Eder the crisis in Greece is not an economic problem, but a political one, because Greece’s economy constitutes merely 1.3 percent of the EU’s GDP. It does not matter, he argues, what decision is made on Sunday, since the EU will be able to manage after the Grexit.

July 10, 2015

Greek Woes Boost Gold Sales in Austria

The Greek debt crisis has motivated Austrian savers to switch more to gold coin and bullion purchases. In normal months coin mint Münze Österreich sells about 60,000 ounces (31.1 gram) of gold, whereas in June the sales amount reached 161,000 ounces, head of Münze Österreich Gerhard Starsich told daily Kurier (Thursday issue).

July 9, 2015

Nowotny: Austria's Financial Market Stability Not at Risk from Greece

Austria's financial market stability is not facing any risks from the ongoing Greek debt crisis, central bank OeNB governor Ewald Nowotny assured on Wednesday as the presentation of the latest financial market stability report.

July 8, 2015

Grexit: Maximum Loss for Austria EUR 9.3 Billion, According to FAZ

The maximum loss in case of Greece's default amounts to EUR 317 billion - this is the total value of the Greek state's debts. According to "Frankfurter Allgemeine Zeitung", which relied on data from UBS, Ifo and Eurostat, Germany would have to bear most of the burden, i.e. EUR 87.6 billion. According to the newspaper, Austria could lose up to EUR 9.3 billion (USD 10.328 billion).

July 3, 2015

Scenario for Austria: Energy Turn Possible by 2050, NGOs Believe

Austria has to decide to make the transition to renewable energy, NGOs including Global 2000, WWF and Greenpeace called for in Vienna. The organizations have commissioned their own scenario which is to show that such a transition is possible, if energy consumption drops by half by 2050, expert and report author Andreas Veigl said.

June 26, 2015

VSE's Operating Income Up 17% in 2014, CEESEG also Slightly Up

The Vienna Stock Exchange (VSE) and the CEE Stock Exchange Group report solid FY 2014 results. Vienna Stock Exchange's operating income is up 17% in 2014, mainly driven by the steadily increasing trading volume. Also, new members have been elected to the supervisory board.

June 23, 2015

Austrians Pay More than Luxembourgians for Petrol

Luxembourg’s citizens buy petrol cheaper than Austrians do, in terms of price to earnings. In Austria people can buy for their net monthly salary by 50 percent more fuel than Italian can, and double as much as Hungarians, an expert of the Austrian automobile club (VCÖ), Markus Gansterer, estimates, citing Eurostat data.

June 15, 2015