05 Dec
Chapter News, News

European Central Bank Keeps Interest Rates Unchanged

The Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.25%, 0.75% and 0.00% respectively. __________________ Introductory statement to the press conference by Mario Draghi, President of the ECB, Frankfurt am Main, 5 December 2013 Ladies and gentlemen, I am very pleased to welcome you to our press conference. I will now report on the outcome of today’s meeting...

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04 Dec
Member News, News

Above-average Growth in R&D Budgets in Austria in 2012

In 2012 global budgets for research and development climbed by 5.8 percent to USD 638 billion, a clear continuation of the growth trend in recent years following the economic crisis of 2009. This is the conclusion of the "Global Innovation 1000" study of the strategic consulting company Booz & Company. For the ninth straight year, the company analyzed the budgets of the 1,000 companies with the highest R&D expenditures in the world. Due to the crisis, European investments in research and...

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04 Dec
Chapter News, News

Youth Employment: Commission Proposes Standards to Improve Quality of Traineeships

Guidelines to enable trainees to acquire high-quality work experience under safe and fair conditions, and to increase their chances of finding a good quality job, have been proposed today by the European Commission. The proposal for a Council Recommendation on a Quality Framework for Traineeships would in particular call on Member States to ensure that national law or practice respects the principles set out in the guidelines, and to adapt their legislation where necessary. Traineeships are a key element of...

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04 Dec
Chapter News, News

Permanent Representatives Committee Agrees on Directive Improving Rules for Collective Investment Funds

EU Permanent Representative Committee (COREPER II) on December 4 in Brussels has confirmed the Member States agreement on the Directive amending the current legislation on the harmonised functioning of collective investment funds and aiming at strengthening investors confidence. The agreement on the Directive to undertakings for collective investment in transferable securities as regards depositary functions, remuneration policies and sanctions (UCITS V) enables the Council to start negotiations with European Parliament, with a view to have a final agreement on this...

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03 Dec
Chapter News, News

EU Council Adopts the Multiannual Financial Framework 2014-2020

December 3, 2013 -- Today's decision marks the end of two and a half years of negotiations and allows the new generation of EU spending programmes to be implemented as from 1 January 2014. The Council today adopted/1 the regulation laying down the EU's multiannual financial framework (MFF) for 2014-2020 (11791/7/13). This follows the European Parliament's consent of 19 November. Today's decision marks the end of two and a half years of negotiations and allows the new generation of EU...

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03 Dec
Chapter News, News

Vivian Reding: Towards a Federal Europe: What We Can Learn from Our Central Banks

Speech by Viviane Reding, Vice-President of the European Commission, EU Justice Commissioner 25th Anniversary of the OeNB-Brussels Representative Office/Brussels | 3 December 2013 Main Messages: The way monetary policy works in the euro area today is really a model for how we should work together in our Union. The Maastricht Treaty left economic and fiscal policy at national level. We built a house without a solid foundation. And the crisis brutally exposed this fault. I urge Member States to adopt the Commission's...

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03 Dec
Chapter News, News

Olli Rehn: Reform and Recovery of the European and Global Economy

Speech by Olli Rehn, Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro at Wirtschaftsrat Europe Symposium, Brussels | 3 December, 2013 Ladies and Gentlemen, meine sehr geehrten Damen und Herren, I am honoured to speak to such distinguished guests today and to introduce the symposium on "Europe's role in the global economic order" on the occasion of the 50th anniversary of the Wirtschaftsrat. Since its foundation, the Wirtschaftsrat has reminded us...

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03 Dec
Member News, News

US CMBS Delinquency Rate Continues to Improve

The Trepp CMBS delinquency rate continued its impressive turnaround in November, which marked the sixth consecutive month of improvement. With a rate decrease of 32 basis points in November, the delinquency rate for US commercial real estate loans in CMBS is 7.66%. The Trepp delinquency rate has dropped 268 basis points since reaching an all-time high of 10.34% in the summer of 2012. As we noted last month, with only one month of data remaining in 2013, there could still be...

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03 Dec
Member News, News

IMP: New Microscopy Method Supplies 3D images

Researchers at the Institute of Molecular Pathology (IMP) in Vienna succeeded in developing a biological imaging process with an in-depth effect. This new technology is particularly suitable for sensitive and dynamic samples. The new microscopy technique developed by IMP in cooperation with the Vienna University of Technology enables a three dimensional image of the analyzed sample to be created with a single measurement. The new light microscopy method is based on converting the position information of fluorescent markets into color...

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02 Dec
Member News, News

Cayman signs FATCA Model 1 Intergovernmental Agreement with the United States

The Cayman Islands Government signed a Model 1 intergovernmental agreement with US Government on 29 November 2013. The intergovernmental agreement provides the framework for automatic exchange of tax information under the US Foreign Account Tax Compliance Act ("FATCA"). The Model 1 intergovernmental agreement and associated Cayman Islands Legislation will provide for Cayman domiciled foreign financial institutions to disclose information to the Cayman Tax Information Authority. The Cayman Tax Information Authority will implement the data-reporting framework for the automatic exchange of...

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