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Vienna International Business News | Economic | Investment | Financial

German Road Toll Discriminates Against Foreigners - ECJ

The German car toll violates EU law. This was decided by the European Court of Justice in a ruling. This levy is discriminatory, since its economic burden lies practically exclusively on the owners and drivers of vehicles registered in other member states. In Austria, the ruling is received with great pleasure, as the country has won the case through its infringement proceedings.

June 18, 2019

Business and Networking Event at the Embassy of India in Vienna

The Embassy of India in Vienna hosted a business talk and networking session with the purpose to bring together Austrian companies having business interest in India and to provide them with a platform to share their experiences and to provide answers to their queries.

June 12, 2019

Cooperation of the Metropolises Hamburg, Vienna and Zurich

The three German-speaking cities of Hamburg, Vienna and Zurich want to cooperate more closely in their sustainable development within the framework of a city trialogue in line with the United Nations 2030 Agenda for Sustainable Development.

June 12, 2019

Combat Climate Change - António Guterres' Remarks at the R20 Austrian World Summit

Because of climate change all around the world the sea level is rising, floods, drought, wildfires and extreme storms appear, and people are now losing their homes and being forced to migrate. Read what António Guterres had to say in Vienna after a trip to the South Pacific.

May 30, 2019

"Climate Kirtag" with Greta Thunberg and Arnold Schwarzenegger

The climate protection conference "R20 Austrian World Summit" at the Heldenplatz in Vienna ended with appeals by climate protection activist Greta Thunberg and Arnold Schwarzenegger at the "Climate Kirtag".

May 29, 2019

Head of China's Top Legislative Body in Vienna

Li Zhanshu, one of China's most powerful politicians was in Vienna and was received by Austria's central institutions despite the domestic political turbulences.

May 28, 2019

Largest Chinese Bank Opened Branch Office in Vienna

China's largest bank, ICBC - Industrial and Commercial Bank of China was officially commenced for business in Vienna. Mr. Li Zhanshu, Chairman of the Standing Committee of the National People's Congress, who was on an official visit in Austria attended the opening ceremony of ICBC Austria Bank GmbH (ICBC Austria).

May 28, 2019

Vienna Chamber of Commerce Opened New Headquarters

The Vienna Chamber of Commerce, a branch of the Austrian Chamber of Commerce, has recently moved into a new ten-storey building near the Vienna Prater, the so-called "Haus der Wiener Wirtschaft". In this building, ten locations from five districts were combined and now all services can be found under one roof.

May 20, 2019

Austro-Arab Chamber of Commerce Strengthens Links with Iraq

Representatives of the AACC visited Baghdad to further develop the foundation for Iraq-Austria business relations. Visits and contacts with, among others, the Mayor of Baghdad, the Ministry of Electricity, the Governor of the Central Bank and the Federation of Iraqi Chambers of Commerce were on the agenda.

May 20, 2019

Opening of the New Austrian Foreign Trade Centre in Vietnam

The Austrian Federal Economic Chamber's largest economic mission to Vietnam and Singapore is currently travelling in Southeast Asia to open a new base in Ho Chi Minh City and to sign a cooperation agreement in Singapore to establish a new Accelerator Programme.

May 16, 2019

Russia Expands Network in Upper Austria

Wolfgang Mayer of the company Backaldrin was elected Honorary Consul of the Russian Federation for Upper Austria in Asten/Upper Austria by the Russian Ambassador in Austria, H.E. Dmitrij Ljubinskij. After the already established Honorary Consulates in Innsbruck and Bludenz, he thus takes over the third Russian Honorary Consulate in Austria. His task is to look after the 3000 Russians in Upper Austria and to promote culture and education.

May 16, 2019

ALPS 2019: How Diplomacy and Commerce Fit Together

As part of the 11th ALPS round in May 2019, 21 international company and start-up founders from 13 non-EU countries had the opportunity to make contact with Austrian decision-makers, explore ways of working together and develop new ideas.

May 16, 2019

Business Location - New Approach to Anchoring the State Goal of 'Economy'

The governing parties have made a new attempt to anchor the state goal of "economy". The bill received majority approval in the Constitutional Committee from the ÖVP and FPÖ, although a two-thirds majority remains questionable.

May 10, 2019

National Council Chairman: Liechtenstein an Important Economic Partner

The Chairman of the National Council Wolfgang Sobotka pays tribute to the Principality of Liechtenstein as neighbour and friend.

May 3, 2019

How Austria Shapes its Future with Artificial Intelligence

Austria's Government is currently working together with the consulting firm Accenture on an Austrian Artificial Intelligence (AI) strategy, which is to be finalised by summer 2019. A study shows that a 3 percent economic growth is possible. That much is already known.

May 3, 2019

Asia's Largest Airline to Fly to Vienna

From 18 June 2019, China's largest airline, China Southern Airlines, will fly three times a week from Guangzhou to Vienna via the capital Ürümqi (Wūlǔmùqí) in Xinjiang, China's most northwestern province. Xinjiang has made international headlines in the last two years due to massive human rights violations. China may have interned more than a million Uighurs, Turkic-speaking Muslims, in an attempt to suppress their desire for greater autonomy.

May 2, 2019

CETA Complies with EU Law - Austria Signs Free Trade Agreement with Canada

The agreement had been provisionally in force since the previous year and exports to Canada had recently risen by 7.5 percent. Now that the European Court of Justice has ruled that CETA, especially the arbitral tribunals, is in conformity with EU law, this is welcomed in Austria by business-oriented institutions and Federal President Alexander Van der Bellen has confirmed his willingness to sign the agreement.

May 2, 2019

Belt and Road Initiative - China's Reconquest of the World

Many heads of state did refrain from appearing at the second Belt and Road Forum for International Cooperation in Beijing this year, or are increasingly expressing themselves critically. Chancellor Sebastian Kurz also expressed his caution after meeting President Xi and Prime Minister Li Keqiang for talks.

April 26, 2019

Alibaba's Jack Ma Hosted Lower Austrian Business Delegation

In order to improve bilateral relations and exports between Lower Austria and the Chinese partner province Zhejiang near Shanghai, a large delegation from Lower Austria headed by Governor Johanna Mikl-Leitner was touring East China this week. The plan is to increase goods exports by 100 million euros within four years.

April 26, 2019

WeWork Cooperation to Facilitate Internationalization of Austrian Start-ups in the USA

The aim of the cooperation between shared workspace provider WeWork and AWS - Austria Wirtschaftsservice is to support innovative Austrian start-ups in their internationalisation in New York and on the US market.

April 26, 2019

Mobile Bank N26 Invests in Tech Centre in Vienna

Germany's mobile bank N26 plans to hire more than 300 software engineers, product managers and IT specialists in Vienna in the long term and up to 100 in the medium term. The office is scheduled to open in autumn 2019, and specialists will be recruited with immediate effect.

April 26, 2019

Vienna Stock Exchange - More US Stocks on Offer

The global market segment of the Vienna Stock Exchange will be expanded with listings of primarily US companies but also stocks from Europe.

April 26, 2019

Development of Tourism and Travel in Austria

Currently the Austrian economy is in a phase of extraordinarily strong growth. More than 16 million holidays were taken last year. However, the current economic upturn seems to have passed its peak. Read the following article to find out how the development of tourism and travel in Austria will continue in the current year.

April 25, 2019

Former Finance Minister Schelling to Be Appointed to OMV Supervisory Board

Former ÖVP finance minister Hans Jörg Schelling is to move into the supervisory board of the partly state-owned OMV. Various media report that this is being done at the request of senior government officials.

April 25, 2019

Sberbank Europe Generates Net Profit of EUR 34 Million

Vienna based Sberbank Europe looks back at its best annual result since the acquisition of Austrian Volksbank International in 2012.

April 11, 2019

Traffic Development at Vienna Airport on the Upswing

The passenger volume rose by 10.8%, the number of aircraft movements rose significantly and 74 airlines regularly flew to Vienna. New additions included the long-haul destinations Tokyo, Cape Town and Shenzhen, according to the annual financial statements and management report 2018 of Vienna Airport (Flughafen Wien AG).

April 11, 2019

Forty Tax Offices Become One Tax Office Austria

The structures will be flattened and work processes made more efficient in such a way that 40 authorities will become a single authority with 33 departments at the 79 existing facilities.

April 10, 2019

McDonald's Austria: Record Year for System Catering Market Leader

With an increase of 52 million euros (+ 8%), the Austrian subsidiary of the US system gastronomy market leader McDonald's achieved sales of 674 million euros in 2018.

April 9, 2019

Organized International Cum-Ex Tax Fraud in Austria - 183 Million Euros Damage

In connection with dividend stripping, the tax fraud model "Cum-Ex" was created, which deliberately allows the multiple refund of capital gains tax paid only once. According to a report in today's Ö1-Morgenjournal, presumably mainly Arab investors, in cooperation with domestic financial advisors and banks, caused Austrian taxpayers a loss of 183 million euros.

April 9, 2019

Casinos Austria Appoints Bettina Glatz-Kremsner as New CEO

Ms Bettina Glatz-Kremsner succeeds Mr Alexander Labak as Director of the Management Board of Casinos Austria AG.

April 6, 2019

Congress Tourism in Vienna Continues to Boom

Vienna as a congress destination is booming. Last year, the metropolis achieved record figures for conference participants and added value. Around 631,000 participants (plus three percent) attended 4,685 congresses and company events (plus 15 percent), which resulted in 1,925,000 overnight stays (plus three percent). A single congress participant spends 541 euros per day.

April 5, 2019

Economic Mission to Cambodia and Laos

The Vienna Chamber of Commerce visited the Southeast Asian countries Cambodia and Laos in the context of an economic mission with 15 participants to meet ministers and establish contacts for future participation in tenders for infrastructure projects.

April 4, 2019

Vienna Stock Exchange: High Dependence on UK Traders

In 2018, around 60% of the equity turnover on the Vienna Stock Exchange came from UK trading participants. Hence equity turnover declined by 16.3% compared to the previous year. The most active stocks were Erste Group, OMV and Voestalpine. The SME segment "direct market plus" started with 8 companies, including 4 new listings.

April 3, 2019

International Financial Institutions World Bank Group and IMF Expand Presence in Austria

Important success for Austria's business location policy. According to media reports, the IMF International Monetary Fund will move to Vienna in June, while the World Bank Group will double the staff and size of its Vienna office.

March 29, 2019

Austrian Service Providers and Trade with Revenue Growth for 2018

In 2018, Austrian service companies achieved a nominal increase in turnover of 5.7% compared to 2017. Trading recorded a nominal increase of 3.7% compared to the previous year, adjusted for inflation a sales increase of 1.3% was calculated.

March 28, 2019

Austria to Become Most Sustainable Tourism Destination in the World

Sustainability Minister Elisabeth Köstinger presented the "Plan T - Master Plan for Tourism" in Salzburg. This strategy paper is intended to ensure that Austria not only remains one of the leading tourist destinations, but that this position is further strengthened. For the first time sustainability is anchored as a basic principle for tourism. The strategic realignment of Österreich Werbung (ANTO Austrian National Tourist Office) is also on the agenda.

March 26, 2019

Austria's Trade Balance Deficit Rises in 2018

The deficit of the Austrian trade balance amounted to 5.71 billion euros in 2018, after 5.60 billion euros in the same period of the previous year. Imports of goods worth 155.71 billion euros (plus 5.5%) opposed exports worth 150.0 billion euros (plus 5.7%). The product group machinery and vehicles was again by far the most important in Austrian foreign trade.

March 26, 2019

Kurz in the Emirates and in Kuwait - A Lipizzaner Stallion for the Monarch

Chancellor Kurz visited the UAE United Arab Emirates and the State of Kuwait with an extensive business delegation. Main purpose were deals in in the fields of energy, sustainability, infrastructure, transport and health. Also on the trip were 25 Lipizzan stallions of the Spanish Riding School including riders, which were on a tour in the Emirates. Kurz presented the Crown Prince of the UAE, Mohammed bin Zayed Al Nahyan, with a Lipizzan stallion as a gift from the Republic of Austria.

March 25, 2019

Tourism Location - Austrian National Tourist Office Invests in Digitalization

ÖW Österreich Werbung (ANTO Austrian National Tourist Office) sees very good chances in the dynamic of digitisation for the domestic tourism location to assert itself as a quality destination in global competition.

March 22, 2019

Vienna-Campus of Central European University to be Temporarily Set Up in Southern Vienna

The CEU Central European University of George Soros announces that it has opted for an interim location in Vienna's Favoriten, the "heart of the multicultural 10th district". This campus is scheduled to start operations in autumn 2019. By 2023, the university will be moved as planned to the premises of the Otto Wagner Hospital on Baumgartner Höhe in Vienna's 14th municipal district.

March 22, 2019

Ryanair's Austrian Subsidiary Laudamotion Renamed to Lauda

The Austrian Ryanair subsidiary, the low-cost airline Laudamotion, has separated from the name "Motion" for marketing reasons and is now called only "Lauda". In addition, the fleet will be expanded and more destinations will be served.

March 22, 2019

Vienna International Airport Permitted to Build Third Runway

The Austrian Administrative Court has rejected objections from citizens' initiatives and residents and confirmed the authorization for the construction of the third runway at Vienna Schwechat Airport.

March 21, 2019

Viennese Merchants' Guild Prepares for Chinese Century

Something is happening in the Viennese school system. The VBS Vienna Business School will offer its students the opportunity to learn Chinese (Mandarin) at all six school locations from autumn onwards and to take advantage of an extensive range of Chinese language and culture courses.

March 18, 2019

Welcome Expats - Vienna Remains the Most Livable City in the World

In 2019 Vienna was again rated by the international consulting agency Mercer as the city with the highest quality of life worldwide. In the special evaluation on the subject of personal security, however, Vienna was only ranked 6th.

March 14, 2019

Iraqi Expert Roundtable in Vienna - How to Reconstruct the City of Mosul?

More than 70 experts from Iraq, Austria and the relevant international community met in Vienna at the invitation of the Austro-Arab Chamber of Commerce to discuss the reconstruction of the devastated northern Iraqi city of Mosul and find solutions. Here is the report of the Expert's Round Table on the Reconstruction of the City of Mosul.

March 14, 2019

What is Lukoil and What Does It Do in Austria?

Lukoil Oil Company is the second largest Russian oil multinational with a turnover of USD 102 billion, of which approximately USD 250 million comes from Austria. Lukoil has been represented in Austria since 1995 and currently operates from Vienna four subsidiaries with activities in 40 countries.

March 13, 2019

Bolivia - Doppelmayr Completes the World's Largest Urban Cable Car Network

The world's largest ropeway network with a length of 33 kilometers in the Bolivian capital La Paz has recently been completed by a tenth and final line from Doppelmayr/Garavanta.

March 13, 2019

Is Benko's Chrysler Deal in the Big Apple a Bargain?

The New York property firm RFR Holding LLC of German-American Aby J. Rosen, together with Signa Holding of Tyrolean real estate investor Rene Benko, is buying the traditional Chrysler Building in New York City for around 150 million dollars. The land is not part of the deal and the rent amounted to USD 32.5 million in 2018 and will continue to rise to USD 41 million a year by 2028.

March 11, 2019

Minister of External Affairs of India Sushma Swaraj Met Karin Kneissl

Karin Kneissl, Austrian Minister for Europe, Integration and Foreign Affairs accompanied by senior officials of her Ministry recently visited India. The visit of Minister Kneissl is part of the regular exchange between the two countries. During the visit, Minister Kneissl had a meeting with External Affairs Minister, Smt Sushma Swaraj, in New Delhi.

March 7, 2019

Emir of Qatar Struggling for Survival Visited Vienna

The 38 year old Emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, who 5 years ago ascended the throne as successor of his father Hamad bin Khalifa Al Thani and is now fighting under pressure of his neighbours, especially Saudi Arabia, for the survival of his monarchy, came to an official visit to Austria to talk about business.

March 7, 2019
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