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TIROLER DAILY NEWSPAPER “Editorial” from Tuesday, April 11, 2023, by Alois Vahrner: “Billions, chaos and father state”
written by Alexandra Hartman Editor-in-Chief
Innsbruck (OTS) – The Corona crisis already devoured a double-digit billion amount from the state, and the wave of inflation unfortunately lives up to its name in this regard as well. Austria only masters the crisis mode to a limited extent.
When the corona collapse threatened in northern Italy in 2020 and many Covid fatalities were loaded onto military trucks and transported away, Austria’s politicians ultimately had no alternative in view of the building pandemic wave, if they didn’t want to blow themselves up: it came the first hard lockdown – which was then to be followed by a few more and a wild interplay of easing and tightening up to the highly controversial compulsory vaccination until the previous year. And it came from the then Federal Chancellor Sebastian Kurz and the then Finance Minister Gernot Blümel in terms of crisis management, the sentence that was probably the most expensive in its financial consequences that was ever made in Austria: “It costs what it wants.” Supplemented by the promise that Austria even emerge stronger from this crisis.
A comprehensive analysis of the corona management is to come, the federal and state governments have announced. The Court of Auditors already presented its report this week. Aside from the enormous time pressure, the many imponderables and the extreme, including personal, burdens on those responsible, the auditors listed a whole series of problems and errors. It was regarding duplication, a lack of coordination or clarity in responsibilities between the federal government and the states, through to a lack of data and insufficient controls on cash flows. And there was plenty of it: Almost 48 billion euros were paid out in aid, twice as much per capita as in Germany or Switzerland. In terms of the density and number of tests, from which many also earned golden noses, we hung even further from the Germans.
In Austria, belief in the state has always been relatively high, with Corona it has reached clear heights, both among the population and the economy. Thanks to the state, a number of companies even earned better than before during the pandemic.
After Covid came the energy crisis and the wave of inflation with the Ukraine war. And once more the state pays out double-digit billions, including the end of cold progression and various commitments, the aid piles up to over 50 billion euros. A lot makes sense here too, especially support for hardship cases and the socially disadvantaged. With various grants (and incidentally also the ECB money glut in recent years) inflation has been and is even being fueled. In addition, it is probably clear to everyone that public aid on credit (since Corona in a total of around 100 billion euros!) is also limited. Hardly anyone is talking regarding repaying the billions in debt in these times of crisis anyway.
Questions & contact:
Tiroler Tageszeitung
0512 5354 5101
editor-in-chief@tt.com
On the first day of the “soybean dollar 3”, the Central Bank sold US$ 99 million of the reserves
written by Alexandra Hartman Editor-in-Chief
On the first day of the “soybean dollar 3″, the Central Bank once once more parted with reserves and made sales for US$ 99 million.
With today’s sales, during April the monetary authority already added sales for US$517 million and has accumulated US$3,495 million in net sales for the year
In this context, with today’s, the Central Bank added 23 consecutive days of reserve sales.
Today, the national government launched a new edition of the Export Increase Program (PIE) through a DNU, with a temporary differential exchange rate of $300 per dollar for the soybean complex and regional economies, which might generate a liquidation foreign currency estimated at around US$9 billion.
Sources from the agro-export sector pointed out to the Télam agency that until the fine print of the initiative is known, “there will be no grain sales.”
dollar price
The retail dollar closed today at an average of $220.73, with an increase of $1.96 cents compared to last Wednesday -the last business day before the two days without banking activity due to the long Easter holiday-,
Regarding the foreign exchange market, the so-called “blue” or informal dollar closed with a drop of one peso, at $391 per unit.
Meanwhile, in the stock segment, the cash dollar with settlement (CCL) falls 0.7%, to $402.23; while the MEP falls 2.2%, to $390.89, in the final leg of the wheel.
In the wholesale market, the US currency ended with an increase of $2.17 cents compared to the previous close, at an average of $213.39.
Thus, the dollar with the 30% surcharge -contemplated in the COUNTRY tax-, marked an average of $286.95 per unit, and with the 35% advance on account of the Income Tax on the purchase of foreign currency, $364.20.
Meanwhile, the dollar destined for tourism abroad -and which has a rate of 45%- stood at $386.28, while for purchases over 300 dollars -and which has an additional tax of 25%-, it settled at $441.46.
The volume traded in the spot segment was US$289 million, in the futures sector of the Mercado Abierto Electrónico (MAE) operations were registered for US$2 million and in the Rofex futures market US$605 million.
Pill that could help people with type 2 diabetes approved in England
written by Alexandra Hartman Editor-in-Chief
High sugar levels damage the blood vessels of the kidneys, which can cause a excessive strain on the heart and increase the risk of heart failure. Traditional treatments often have unpleasant side effects and can affect heart health. There fine renone is a medicine approved to treat patients with type 2 diabetes in advanced stages kidney failure, slowing kidney damage and reducing the risk of serious heart problems (source 1).
Environ 40 % of people with type 2 diabetes develop chronic kidney disease due to high blood sugar and the production of a hormone called aldosterone. ACE inhibitors have been used to reduce aldosterone levels, but they can increase the level of mineral potassium in the body and increase the risk of heart attack. Finerenone has shown a significant reduction in the risk of heart disease in patients, with only two percent of patients with heart disease compared to ACE inhibitors. The approval of finerenone offers a important option for delaying the progression of kidney disease in patients with type 2 diabetes and kidney disease, which account for more than a million people in England.