Finance

The furniture store at Mariahilfer Strasse 18 in Vienna will be demolished in March. The entire range of goods is therefore auctioned on the Internet.

Bargain hunters shouldn't catch their breath now. It's about:

➤ 40 complete baths,

➤ 900 carpets,

➤ 100 living room sofas,

➤ 50 beds for bedrooms,

➤ 15 kitchens including their contents and

➤ Lots of decorative items.

“Everything has to go” is the motto in the former Leiner headquarters. A total of 40,000 products are to be publicly auctioned by the end of February. The starting prices start at 10 percent of the conventional sales price, promises Leiner. Shop lighting, neon signs, shelves or the furnishings of the Leiner restaurant are also handed in.

The auctions take place on aurena.at, and bids can be made immediately after registration. The first bids for the auction will be awarded from January 31, 9 a.m. According to René Benko's Signa group, a luxury department store and hotel are to be built in place of the old building.

For some professions, there could be a legal obligation to vaccinate. Consumers also expect changes.

The hopeful wait for a Covid-19 vaccine is over. At the same time as the good news, doubts about the safety of the vaccination also arose. It looks like some groups of people and professions will not be able to do without the trick.

The KURIER asked the Lower Austria Chamber of Labor (AK NÖ) about the legal aspects of work and everyday life when it comes to vaccination.

Who needs to be vaccinated? There is no general compulsory vaccination in Austria and should not be. In the Epidemic Act of 1950, however, there is a provision according to which employees in certain professions, such as medical treatment, nursing, funeral management and midwives, can be vaccinated. This can also be arranged for individual employees. Incidentally, the vaccination does not have to be given at the moment even if the employer requests it.

Do certain professional groups have to disclose their vaccination status? No. According to the law in the health sector, the employer's interest in disclosure could most likely exist. If an employee refuses to do this, the employer must first assign him or her to a less risky activity. If the employee does not want to do this, this can be a reason for termination or dismissal.

Do I have to say at the interview whether I have been vaccinated or tested? It depends on the job. In the health sector, the employer may ask for a vaccination. But if you don't work closely with other people so that you would endanger them, you don't have to report illnesses or vaccinations. On the other hand, a private employer does not have to give a reason why one does not get the job.

“Questions about the corona vaccination are currently of great concern to employees. People can rely on our expertise. It is important to note that we always have to refer to the legal basis and current regulations when making inquiries. But that does not automatically mean that we are satisfied with it. “

Can an employee offer to wear an FFP2 or FFP3 mask instead of a vaccination? In principle, termination in private employment does not have to be justified. Wearing a mask does not protect against termination.

Could vaccination refusals have their sick pay reduced? According to the experts from AK NÖ, this is currently unimaginable and would mean a legal change that is difficult to achieve with a majority.

Could it be that nursing homes only accept vaccinated people? This is possible in private nursing homes. What happens to people who are not allowed to be vaccinated for medical reasons or who are so-called “non-responders” (do not develop antibodies) must be clarified.

Can inpatient treatment of non-vaccinated people be refused? This is currently not legally possible. In principle, registered statutory health insurance physicians could not refuse treatment either. An exception only applies if there are special cases, for example particularly aggressive patients. All resident doctors and therapists can, however, make use of their house rules and demand special protective measures, such as wearing certain masks and protective clothing, for those who have not been vaccinated.

Are hospitals allowed to refuse to visit people who have not been vaccinated? No, because according to the current legal situation, patients must be guaranteed sufficient contact with the outside world.

Can private companies require a vaccination for a contract? Yes. This could, for example, apply to contracts with fitness centers or when buying tickets before going to concerts. This is because private autonomy applies, which means that private companies can basically always decide for themselves with whom to conclude contracts and with whom not.

The new US government wants to review Trump's sanctions against the pipeline.

Even under the government of the new US President Joe Biden, Germany has to prepare for resistance against the German-Russian Nord Stream 2 gas pipeline. “The president continues to believe that Nord Stream 2 is a bad deal for Europe,” said new White House spokeswoman Jen Psaki at her daily press conference Tuesday. Psaki also said US measures against the pipeline would be reviewed by the new administration.

conversations

Biden will consult with the European partners on this issue. When asked, Psaki did not provide any information as to whether Nord Stream 2 was the subject of Biden’s phone call with German Chancellor Angela Merkel the day before. The Chancellor said last week that she wanted to speak to the new US administration about the controversial Baltic Sea pipeline.

The administration of the Republican US President Donald Trump had punished a company for the first time last Tuesday – her last full day in office – for participating in the construction of the pipeline on the basis of the sanctions laws against Nord Stream 2. The Russian company KVT-RUS was affected. Its laying vessel “Fortuna” was classified as “blocked property” by the US State Department. The announcement said the US would consider further punitive measures in the near future.

support

The penalty against KVT-RUS was imposed on the basis of the Caatsa Sanctions Act (“Countering America's Adversaries through Sanctions”). Caatsa allows the president to impose sanctions under certain conditions. Separately, with broad support from both Republicans and Democrats, the US Congress passed two laws that could penalize companies related to the construction of the pipeline. Democrat Biden cannot change anything about these laws on his own initiative.

The USA accuses Germany of making Europe, with the almost completed pipeline between Russia and Germany, too dependent on Russian energy supplies. Proponents of the pipeline, on the other hand, accuse the US of only wanting to sell their own liquefied gas better in Europe.

In the final quarter of 2020, demand in the main fashion and leather goods division picked up.

Business at the French luxury goods group LVMH (Moët Hennessy – Louis Vuitton) is gradually recovering from the corona doldrums. In the final quarter of 2020, as in the previous quarter, demand in the main fashion and leather goods division picked up.

Asia and USA strong

The drivers of the recovery were Asia and the USA, while the European business remained crisis-hit, as the company announced on Tuesday evening.

Organically, i.e. adjusted for exchange rate effects as well as acquisitions and sales, consolidated revenues in the fourth quarter were three percent below the previous year's figure.

For the year as a whole, the Group's sales and profit remained even more behind the record year of 2019. In 2020, like the entire luxury industry, the manufacturer suffered from the restrictions in international tourism.

confidence

The French revenues shrank within twelve months to 44.7 billion euros, on a comparable basis that was a decline of 16 percent. Adjusted operating profit fell by 28 percent to 8.3 billion euros.

LVMH had a profit of 4.7 billion euros, a good third less than a year earlier. Industry experts had expected a better development at the sales level, but expected worse results. The management is “cautiously optimistic” for 2021 and is hoping for an acceleration in all business areas.

There is a new twist in the Union's fight against the loss of around 50 to 70 billion euros in corporate taxes every year through marginal legal tricks. In the Council, i.e. the decision-making body of the national governments, Austria is now in favor of obliging large corporations to publish their profits and tax payments on a country-by-country basis.

When asked by the “press” on Tuesday, the Portuguese EU Council Presidency as well as the Permanent Representation of Austria to the EU and the Council Secretariat confirmed that there had been a misunderstanding at the latest meeting of the responsible working group of national experts. Contrary to media reports, Austria did not abstain, but was in favor of proceeding with the amendment of the EU accounting directive from 2013.

Austria's vote is decisive here. It follows that this legislative proposal by the European Commission from April 2016 can be voted on in the next few weeks by the EU ambassadors or within the framework of the next council of ministers responsible for competition issues. When that will be is open, it said on the part of the Portuguese.

Sharp SPÖ attack against turquoise-green

The Commission's proposal stipulates that corporations that are active in the EU and have an annual worldwide turnover of at least 750 million euros must declare their taxes within the EU by country. You must also state how much corporate income tax you pay outside the EU, in the case of “uncooperative” countries (commonly known as tax havens) also per country.

Last week the SPÖ had sharply criticized the turquoise-green federal government for the alleged blockade. In the coalition-free area, the SPÖ, FPÖ and Greens decided in December 2019 that the next federal government would have to support “Country by Country Reporting” in the Council.

The beverage and food giant Pepsico and the meat substitute specialist Beyond Meat are joining forces. The US companies announced on Tuesday a joint project to develop, manufacture and market plant-based drinks and snacks. Investors reacted euphorically – the shares of Beyond Meat shot up at times by 39 percent, recording the largest price jump in a year and a half. Pepsi's papers, however, only increased slightly.

Beyond Meat was founded in 2009 and has been listed on the stock exchange since May 2019. The company produces meat alternatives based on plants – without any animal ingredients. The Californians are best known for their vegan burgers, which now run various fast food chains. Especially in the corona pandemic, Beyond Meat and its rival Impossible Foods offer welcome alternatives to the classic US meat industry, whose companies hit the headlines at the beginning of the crisis as Covid-19 infection sources.

The PLANet

The new joint venture is managed by a GmbH called The PLANeT Partnership. Financial details and who with what percentage is involved in the new merger were not given. After McDonalds and Starbucks, Pepsico is the next big player in the food world that Beyond Meat is starting out with. The new partnership opens up completely new opportunities for the Californians. But the American beverage giant can also penetrate the vegan product segment.

Still well below the pre-crisis level

US consumer sentiment brightened at the beginning of the year. The barometer for consumer mood rose in January to 89.3 points from 87.1 points in December, as the Institute Conference Board announced on Tuesday for its survey. Despite the increase, the barometer is still well below the level before the outbreak of the corona pandemic. For comparison: In February 2020 it was listed at 132.6 points.

According to the chief economist of the German development bank KfW, Fritzi Köhler-Geib, the US economy is struggling with headwinds: “The economic recovery in the US has recently slowed significantly.” Rising corona infections and the associated containment measures put a strain on the job market and households. The US Federal Reserve will therefore stick to its loose monetary policy in its interest rate decision on Wednesday until the US economy stabilizes.

Austria as a business location: three turquoise ministers develop growth strategies for the time after the pandemic

Minister Schramböck, Blümel, Kocher (from left)

At the moment Corona still dominates everything and if it weren't for the exporting industry, which continues to run at full speed despite lockdowns, the economic data would remain catastrophic in the second year of the pandemic. In any case, they are still in the labor market, in consumption and in investment.

Chancellor Sebastian Kurz also knows that it will probably be about fighting the crisis for longer. Nevertheless, he commissioned Finance Minister Gernot Blümel, Site Minister Margarete Schramböck and Labor Minister Martin Kocher to develop strategies for the hoped-for upswing after the pandemic.

On Tuesday, the “reconstruction trio”, as it is called internally in the government, performed for the first time. Schramböck said that a “comprehensive location strategy”, a “vision for Austria 2040” should be developed. The aim is to place Austria among the ten best economies in the world.

Since 2012 Austria has lagged behind Germany, Switzerland, Sweden and Denmark in terms of growth, the minister admitted. “We have to develop recipes to get better. Resignation is definitely the wrong way to go. We have to bring the MS Austria back into the water, ”said Schramböck.

The three turquoise ministers see greater growth potential in the areas of technology & digitization, in the health sector and in the cross-cutting issue of sustainability.

Interlink ministries

Blümel agreed that for this project the economy, work and finance must be more closely linked. To tackle more complex issues in areas such as state aid or competition law, as a spokesman explained. Accompanying summit talks or conferences with banks, exporters, social partners, etc. are being considered, but it is still too early for a more precise timetable.

WIFO has a new economic barometer. It is intended to provide the ministers with data that shows which sectors may be doing better and where further government aid is needed. So far, 31 billion has been paid out or promised.

At the moment there is still a lot of music in the future. This became clear from the statements made by Labor Minister Kocher. 458,993 people are currently on short-time work (plus 18,600 compared to the previous week). In addition, 534,256 people are registered as unemployed with the AMS or are in training (plus 744 people compared to the previous week).

And because the Corona crisis is anything but over, the short-time working budget is also increasing from five to seven billion. Kocher said: “Short-time work is a very expensive instrument. But it helps. So far, a million people have been kept in the job. “

After ten months of the corona crisis with sometimes drastic cuts, Austrians are longing for sun, sand and sea. 78 percent of over 1,600 respondents over the age of 18 are planning a private trip this year, and more than half of them would like to go abroad on vacation. Among those who do not want to travel at all, worries about Corona and the associated poor planning ability predominate, according to a survey by the Corps Touristique in Austria.

Corona is changing travel behavior, but not fundamentally and in all aspects, shows a comparison with a similar Corps Touristique survey from 2018. The top 5 dream travel destinations are, as they were back then, Italy, Croatia, Germany, Greece and Spain. The beach or bathing stay is still the most frequently planned type of travel for vacations abroad.

New mindfulness

Comprehensive cancellation and withdrawal options are particularly important to Austrians this year when planning their vacation. Almost 50 percent only want to book if they can be sure that they will get their money back in the event of cancellation. More than a third want the booking to be linked to a low number of infections in the desired holiday destination. More than a quarter would like to choose travel destinations closer to home that are easily accessible and where you can return home quickly.

The Chamber of Labor currently advises short-term bookings. In addition, excessive prepayments should not be made. Travel warnings would apply to almost all countries in the world, so sometimes it is not possible to cancel later free of charge. If possible, you should contractually agree a free cancellation in writing up to the start of the trip, so the AK on Tuesday in a broadcast.

Better package tours

In principle, package travelers are better protected than individual travelers. “In the event of defects, you only have one contact person and your trip is insolvency-protected.” The Chamber of Labor warns against booking platforms: they often offer little or no support and often charge high service fees. “If you book flight and accommodation separately, it is advisable to use the Book the flight directly with the airline, “says the AK.

In the Corps Touristique survey, booking platforms (59 percent) and bookings directly with the provider (49 percent) are at the top of the respondents' preferred booking types. Individual trips are becoming increasingly important, while package tours are likely to decline in 2021.

The travel time is also likely to be postponed in 2021. “The strongest travel times are expected to be August and September, while the first quarter will be very cautious and below average,” said Yvette Polasek, President of the Corps Touristique in Austria, at an online press conference on Tuesday. The car remains the most frequently used means of transport, but has increased by 8 percentage points compared to 2018.

Travel budget is likely to rise

The withdrawal into private life apparently continues on vacation in Corona times. Holiday homes and apartments are becoming increasingly important and have increased by almost 12 percentage points compared to 2018. Private accommodation is also more in demand. However, 4-star hotels are still the most popular type of accommodation in this survey.

In view of short-time working and record unemployment, it is surprising that the travel budget of Austrians is likely to increase slightly. For the main vacation, an average of around 2,760 euros will flow into each household. Polasek explained that he did not take trips in 2020 with the money saved. However, it has been shown that the holiday budgets of those people who can only spend 500 or up to 1,000 euros a year on a holiday continued to shrink, while the higher budgets rose.

40 percent do not expect a return to normal travel behavior until “a trustworthy vaccination is available”. So far, only 180,000 vaccinations have been carried out in Austria.

Almost twelve billion euros are to flow into the development of new batteries, including to Austrian companies.

Icon image.

The EU Commission approved billions in aid for the expansion of European battery production on Tuesday. Twelve member states can now provide up to 2.9 billion euros in funding.

More than three times the amount, nine billion euros, should come together through additional private investments. In Austria there should be 45 million euros for projects by AVL, Borealis, Miba, Nextrom, Varta Micro Innovation and Voltlabor.

European battery research

The project known as “European Battery Innovation” was prepared and registered jointly by Belgium, Germany, Finland, France, Greece, Italy, Croatia, Austria, Poland, Sweden, Slovakia and Spain, announced the EU Commission.

Commission Vice-President Maros Sefcovic emphasized that the pan-European project, thanks to its focus on next-generation batteries, will help “revolutionize the battery market”. “By 2025, our actions within the framework of the European Battery Alliance will lead to an industry that is strong enough to equip at least six million electric cars a year.”

Competition Commissioner Margrethe Vestager described the initiative as an example of the interaction between competition policy and innovation. “It enables groundbreaking innovations and at the same time ensures that private investments are mobilized with limited public funds, while at the same time keeping competitive distortions as low as possible.” Internal Market Commissioner Thierry Breton expressed the hope that the project would give European industry a competitive advantage and “create much-needed jobs”.

Gewessler sees “contribution to climate protection”

Climate Protection Minister Leonore Gewessler (Greens) said she was pleased about the approval of the aid by the EU Commission. “Austria can make a very significant contribution to climate protection in Austria and the European Union and at the same time strengthen the research and development location,” she said in a broadcast.

The projects funded by the Climate Protection Ministry “are about to start and will run for between four and eight years,” it said. The Austrian Research Promotion Agency (FFG) and Austria Wirtschaftsservice (aws) are now working quickly on the national implementation of the six individual projects. AVL is working on quality improvement in module and pack production, Borealis on high-quality polyolefin solutions for battery components, Miba on components for thermal management, Rosendahl Nextrom on production and process solutions for battery assembly, Varta Micro Innovation on energy storage systems and Voltlabor on safe and reliable total batteries based on the round cell.