CHINA: RZB TO OPEN BRANCH
Article Abstract:
Raiffeisen Zentralbank (RZB) of Austria is the first Austrian bank to get a licence for a bank in China. The new bank is to be set up in Peking. It should become operational within a year and employ initially 30 staff. It will serve Austrian and central European companies active in China. RZB does not rule out serving private clients and opening further branches in China in the longer term. So far the Austrian bank has been represented in China by a representative office. The start-up costs of Sch 30mn-35mn are expected to pay within three years. The new bank's balance sheet total in the first year is estimated at Sch 850mn and in the third year Sch 2bn.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2000
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AUSTRIA: EURO BOOSTS COMPETITIVENESS
Article Abstract:
According to Wifo, the Austrian Institute for Economic Forecasting, the international competitiveness of Austrian industry has been boosted by the weak rate of the euro. In 1999, unit labour costs in Austria decreased by 1.4% in euro terms and 0.5% in schilling terms. Austria ranked 10th among the countries with the highest labour costs, behind Germany, Scandinavian and Benelux countries, Switzerland and Japan. In 1999 ancillary labour costs corresponded to 91.4% of the gross wages of Austrian industry and trades, up 0.8% <%-points?> from 1998.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2000
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AUSTRIA: BANKS UNDER EU INVESTIGATION
Article Abstract:
The European Commission has initiated an official investigation of alleged interest rate fixing by eight Austrian banks over several years within the so-called Lombard Club. This follows a preliminary investigation that started in June 1998.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 1999
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