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Austrian finance minister vows tax reform VIENNA: 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. The millionaire businessman did not detail steps he might take but stuck to a timetable to draw up proposals that could be adopted by next March. Former finance minister Michael Spindelegger stepped down last week, accusing his conservative People's Party (OVP) of failing to back him in refusing to lower tax rates unless the state could do so without raising other levies. That put him at odds with the Social Democrats who lead the government ...

Victims of Nazi ‘euthanasia’ killings commemorated in Berlin BERLIN: Some 300,000 people with physical or mental disabilities who were killed under Nazi Germany's "euthanasia" programme because their lives were deemed unworthy were commemorated on Tuesday with the opening of a memorial in Berlin.Relatives of the victims joined Mayor Klaus Wowereit and members of the public to lay wreaths and white roses in front of the 30-metre-(100-foot)-long, blue glass wall of the open-air memorial and permanent exhibition. "The Nazi murders of disabled people are ...
EU new leadership may missed opportunity BRUSSELS: At first sight, the European Union's new leadership team looks like a missed opportunity.Jean-Claude Juncker, Donald Tusk and Federica Mogherini seem a less than ideal crew to tackle the EU's biggest challenges dynamising a stagnant economy, standing up to Russia over Ukraine and preventing Britain from drifting away from Europe.Yet each may surprise their detractors on the upside. The former Luxembourg prime minister, current Polish prime minister and Italian foreign minister bring a combination ...
Russia says Washington should lean on Kiev to push for peace talks MOSCOW: Russian Foreign Minister Sergei Lavrov said on Tuesday that Washington should use its influence in Kiev to push for peace in eastern Ukraine."The most important thing is the need to talk sense into the party of war in Kiev, and in large part only the United States can do this," Lavrov told reporters."It is very important for it to use its influence as far as possible to send the necessary signals in favour of ...
At least half a million displaced in Ukraine: UN GENEVA: Fighting in Ukraine has forced over half a million people to flee their homes, the UN refugee agency said Tuesday. At least 260,000 have been displaced within Ukraine, a UNHCR spokesman said, adding that Moscow has reported that another 260,000 people have sought asylum in Russia.Copyright AFP (Agence France-Presse), 2014 ...
Spain's Aug jobless rises by 0.18pc from July to 4.43mn people MADRID: Spain's jobless rate rose by 0.18 percent in August from a month earlier, or by 8,070 people, leaving 4.43 million people out of work, data from the Labour Ministry showed on Tuesday. Joblessness is Spain's main economic bugbear although the economy exited recession in the second half of last year. The quarterly unemployment rate, at 24.5 percent in the second quarter, is calculated on the basis of a survey by the statistics institute as ...
NATO 'aggravating tensions' by boosting East Europe military presence MOSCOW: NATO is ratcheting up tensions by boosting its military presence on Europe's eastern flank and Moscow will adapt its defence policy accordingly, a senior official said Tuesday.NATO's planned action at a Friday summit "is evidence of the desire of US and NATO leaders to continue their policy of aggravating tensions with Russia", Mikhail Popov, the deputy head of Russia's National Security Council, told RIA-Novosti news agency.Copyright AFP (Agence France-Presse), 2014 ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln