trending Market Intelligence /marketintelligence/en/news-insights/trending/-9_buZNDPGW2uYDiWuEzlA2 content esgSubNav
In This List

Austria's conservative, far-right parties strike coalition deal

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future

Podcast

Street Talk | Episode 99 - Higher rates punish bond portfolios, weigh on bank M&A

Blog

Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch

Blog

Insight Weekly: CEO pay jumps; yield curve inversion deepens; wind giants lift turbine prices


Austria's conservative, far-right parties strike coalition deal

Austria's far-right Freedom Party has signed a coalition deal with the conservative People's Party and will join the government in the week of Dec. 18, the Financial Times reported. Under the arrangement, the Freedom Party will take over of the country's defense, interior and foreign ministries while its leader, Heinz-Christian Strache, becomes vice chancellor.

The coalition government could lead to measures including tighter immigration controls, a cut in the share of income and social security taxes to 40% of economic output from 43%, and looser labor laws, observers said. But the party has backed away from calls for a Brexit-style referendum on leaving the EU.

Sebastian Kurz, the leader of the People's Party, won Austria's national elections in October and, at 31, is set to become the world's youngest head of government. Kurz campaigned on a platform that took a hard-line stance on migration, promising to cut refugee benefits and restrict foreign worker access to Austria.

Meanwhile, Kurz named Hartwig Löger to be Austria's next finance minister. Löger is CEO of UNIQA Insurance Group AG unit Uniqa Osterreich Versicherungen AG.