Austrian economic news in a flash

(The most important economic news in Austria from 12 October) 

The European Commission has given a green light on the EUR 146.27m state help to steel maker Voestalpine for a revamp at its Linz site. The EC said that the support is in line the guidelines for state assistance in terms of environment projects.

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OMV does not plan to change its 2010 forecasts despite a third-quarter fall in refinery margins, CEO Wolfgang Ruttenstorfer said at the Reuters Central European Summi, the agency reported. The margins are expected to gain in momentum once again in the last three months of the year. The oil group projects a considerably higher net profit for 2010 compared to the EUR 572m amount last year.
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Günter Geyer, CEO of Vienna Insurance Group, expects 2011 to be tougher for insurers than the current year, he told economic journalists in Vienna. The next year will be burdened by reduced state budgets and different regional measures. The company predicts its 2011 earnings to grow by a percentage figure in the upper one-digit range. Premiums are seen up by a low one-digit percentage. Vienna Insurance projects that its 2010 pretax profit will grow by 10% on the year, while its premium income will be up by between 6% and 8%.