Wednesday, 16. April 2014
23. 03. 12. - 16:00
by Mark Tuttle
Austrian-Canadian billionaire Frank Stronach is continuing his push for a change in society with a talk to 500 of Austria's future managers by addressing students in the Festsaal at the Wirtschafts University in Vienna.
It was standing room only as Stronach started by outlining the three main challenges that he believes the youth of Austria must face if they are to have a brighter future. The first is the tremendous debt that politicians and the financial community have come to accept as the normal way to do things. Stronach pointed out that Austria already has national debt of 220 billion Euros, 10 billion Euros is paid just for interests.
Secondly is the tax system itself, it is so complicated that no one understands it, and it is full of both intended and unintended loopholes. It should be greatly simplified, “perhaps a flat tax system” he suggests.
The third major challenge is the bloated bureaucracy of every aspect of business and life in Austria. Pointing out that this has a “crippling effect on dealing with the dynamic nature of things” these days. All of these systems have grown way to complex and centralized to be effective. Magna, as an example uses simple 10 pages contracts, versus the standard 60 or 80 pages contracts that other businesses rely on, and with revenues of over 27 billion USD, only has 30 lawyers employed at its head office, a very respectable example.
Stronach said that if the right people came forward, he was going to support the formation of a political party, and has at the same time widened his approach, to one of enabling the youth to come up with their own solutions. To stand behind his approach, Stronach has offered to fund any good ideas that are backed by the right team, with a reasonable plan.
Stronach is not identifying these challenges just from a theoretical point, but based on the experiences he has had building his much respected businesses. He is best known for founding Magna, a group of companies employing over 110,000 employees. Magna has strong revenue growth, zero debt and is profitable. He said that “all stake holders must be well taken care of for a business enterprise to work. Capital, Management and Employees“. He doesn’t see much need to have governments and unions interfering with this process. Stronach has been criticized by labor unions as being anti-union. On the contrary, Stronach takes good care of his employees, without the union being present in the process. This approach and guidelines can be found in his “Fair Enterprise Pamphlet”.
Addressing the three challenges sufficiently should “eliminate the majority of corruption and interference that impacts both the citizens and businesses in such a negative way in Austria.”
While Stronach spent much time elaborating on the nature of the problems facing Austria, he was remiss in offering up specific solutions for the students to take action on. He prefers to seed a “Revolution of the Mind” that will lead the students to come up with the solutions that are needed to have a better future in Austria.
More information can be found at http://www.stronachinstitut.at/
Nuns invite young women to get a taste of Abbey life
In a bid to revive their Austrian abbey that doubles up as a health resort, a group of nuns are inviting young women to come and stay with them to get a taste of nun life.
Austrian women earning over fifth less than men
Austrian women are earning on average 23.4 percent less than men in the country, according to Statistik Austria.
Exploring photography and art through 1960s cult film Blow-Up
Vienna's Albertina is putting on an photography exhibition featuring stills from the cult sixties photography film Blow-Up by Michelangelo Antonioni.
Turtle flies from Vienna to India to try his luck with the ladies
An endangered turtle from Schoenbrunn Zoo is taking a trip across the world to try his luck out with two female turtles in India.
What is on at Haydn Kino this week? (17 April - 23 April)
The following films are on at the English language cinema Haydn Kino on Mariahilfestrasse between 10 April and 16 April:
Two teenage girls go missing as they fly from Austria to fight in Syria
Two teenager girls who say they have left Austria to fight in Syria have trigged an international search operation from the Austrian police. The two - a 15-year-old and a 16-year-old - left identical letters behind telling their families goodbye and that "we will meet in in Paradise". The letters told of their plans to go to Syria to "fight for Islam". The parents of the girls reported that their children had gone missing last week and since then the police tracked them to Turkish city of Adana, where they had flown to from Austria - after that the police lost track of the girls. Adana is 75 miles northwest of Aleppo, a city that became a major battleground during the civil war taking place in Syria. Police spokesman Thomas Keiblinger say that the police are taking the farewell letters "very seriously" and are now conducting an international search for two teenage girls who left farewell letters announcing plans to "fight for Islam" in Syria. Both girls come from families who immigrated from Bosnia but have not been fully identified by Austrian police.
Ricky Martin to perform at Life Ball 2014
In a celebrating of joys of life, sensuousness and a tribute to handsomeness, the Life Ball 2014 has announced that the Latino star Ricky Martin, chosen many times over as Sexiest Man Alive, will perform at the event.
Pony And Trapped After Too Much Fresh Grass
A roly-poly pony lost its balance on an Alpine slope due to its calorie-overloaded body.
Vienna prosecutors target Ukrainian former government
Austrian officials have announced they are coordinating with Ukraine's public prosecutors over the investigation of former Ukrainian government officials accused of money-laundering and sanctions violations.
Former footballers charged over match-fixing
Austrian prosecutors have charged former footballer Dominique Taboga over allegations of match-fixing, nearly five months after his connection to the scandal was exposed.
The most popular stories –
last 7 days
|What are the unions doing to fight unemployment?|
|Glock Pays High Price In Hope Of Olympic Gold|
|Austria encouraged by IEA to tap into shale gas|
|Austrian Grand Prix on the search for 'grid girls'|
|Banks Leave The Sinking Ship And No-One Cares|
Why suffer in silence. Let off steam by letting our readers share your troubles. File your complaints about anything and everything here.
Our ombudsman David Rogers will try and help solve some of the problems from lazy civil servants through to incompetent companies – and at the very least the worst transgressors will end up in our weekly special report.