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Get the latest business news and analysis on the Austrian economy, including news on economic policies, foreign trade, financial developments and investments
Escalation in the Tariff Dispute: AUA Facing Massive Flight Cancellations at Easter
Austrian Airlines (AUA) is on the brink of an extensive strike, which is to begin on Maundy Thursday and last 36 hours. Negotiations between the trade union vida and AUA management have so far been unsuccessful, leading to the announcement that over 400 flights will be canceled during the peak travel period at Easter. Around 50,000 passengers will be affected by the cancellations, significantly disrupting the Easter plans of many travelers.
March 26, 2024
Serbian Investor Plans Entry into Austrian Addiko Bank
A new investor is showing interest in Addiko Bank, a financial institution that emerged from the former Hypo Alpe Adria Balkan banks. The Cypriot company Agri Europe Cyprus, which is attributed to Serbian businessman Miodrag Kostić, is planning to acquire a significant stake in the bank.
March 25, 2024
Trade Seminar in Vienna on the Latest Regulatory Developments in the UAE
Diplomacy, business, and finance representatives gathered in Vienna for a seminar dedicated to the latest regulatory developments in the United Arab Emirates (UAE). Organized by the Embassy of the UAE in cooperation with Crowe UAE and the Austrian Arab Chamber of Commerce (AACC), the seminar provided a platform for an exchange on innovations in tax, corporate, and immigration law in the UAE. The event received special support through the participation of experts from the UAE Ministry of Finance and the Austrian Chamber of Commerce.
March 24, 2024
Negotiations at AUA at a Standstill: Risk of Strike at Easter Increases
An impending strike at Austrian Airlines (AUA) is casting its shadow and threatening the upcoming Easter travel season. The negotiating parties are sticking to their positions regarding the collective agreements and an agreement seems a long way off.
March 24, 2024
Austrian Economic Chamber: Opportunities and Challenges for Austria in Global Trade Dynamics
Against the backdrop of an increasingly interconnected global economy and the challenges posed by geopolitical tensions, Mariana Kühnel, Deputy Secretary General of the Austrian Federal Economic Chamber (WKÖ), emphasized the critical role of international trade for the Austrian economy. On the occasion of the Market Access Day in Vienna, she spoke about the need to secure access to global markets and open the doors to international sales markets, especially for small and medium-sized enterprises (SMEs).
March 21, 2024
Francophonie Forum in Vienna: A Bridge Between Culture, Business and Sport
An event took place in Vienna that underlined the cultural and economic importance of the Francophonie. The Austrian Federal Economic Chamber (WKÖ), in close cooperation with the French Embassy in Austria and the French-Austrian Chamber of Commerce (CCFA), organized the forum "L'industrie du sport parle français" ("The sports industry speaks French").
March 21, 2024
New Dynamics on the Labor Market and with the Red-White-Red Card: Austria Relies on the Influx of Skilled Workers
At a meeting of the interministerial Skilled Workers Strategy Committee, decisive measures to speed up the procedures for the Red-White-Red Card were discussed. The aim is to combat the shortage of skilled workers in Austria through more efficient recruitment of internationally skilled workers and to increase the location's attractiveness.
March 19, 2024
Deepening Austrian-Kazakh Relations: Focus on Economic and Political Cooperation
At a time characterized by geopolitical tensions and economic challenges, Austria and Kazakhstan have reaffirmed their intention to raise bilateral relations to a new level. The working visit of Kazakh Deputy Prime Minister and Foreign Minister Murat Nurtleu to Vienna marks an important milestone in the cooperation between the two countries, with a particular focus on the economy, politics, and security.
March 18, 2024
European Gas Conference in Vienna Postponed due to Protests
The European Gas Conference planned for March 26-28 in Vienna is no longer on the international energy industry's calendar. Security concerns caused by announced protests forced the organizers to postpone the event indefinitely.
March 14, 2024
Inflation Outlook for Austria Shows Significant Improvement
The Austrian National Bank's (OeNB) latest inflation forecast gives cause for cautious optimism for the Austrian economy. Inflation has decreased and economic growth has also returned since the start of the year, albeit weakly.
March 13, 2024
Italy's Giorgia Meloni Advocates Development and Autonomy for South Tyrol
In a move to strengthen the autonomy and development of northern Italy, Italian Prime Minister Giorgia Meloni signed agreements with the autonomous provinces of Trento and Bolzano. The ceremonies, which took place in the respective provincial capitals, marked a decisive moment for the regions, which historically enjoyed a special autonomy within Italy.
March 12, 2024
Austria and Turkmenistan Sign Cooperation Agreement
In a step towards deepening their bilateral relations, Austria and Turkmenistan have signed a new cooperation agreement for the years 2024-2025. The meeting in Vienna between Austrian Foreign Minister Alexander Schallenberg and his Turkmen counterpart Rashid Meredov focused on topics of mutual interest, including political-diplomatic cooperation, trade and economic relations, energy issues, and cultural exchanges.
March 12, 2024
Raiffeisen Bank International Under Observation by U.S. Sanctions Authorities
Raiffeisen Bank International (RBI), a prominent financial institution based in Austria, is the focus of the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) due to its ongoing business relationship with Russia. OFAC has contacted the bank to request details of its transactions and processes related to Russia.
March 11, 2024
U.S. Ambassador Kennedy Will Lead Austrian Delegation to Major Investment Summit in the U.S.
In a major announcement from the US Embassy in Vienna, it has been revealed that US Ambassador Victoria Kennedy will lead a high-profile Austrian delegation to this year's SelectUSA Investment Summit. The event, which will take place from June 23-26, 2024 at the prestigious Gaylord National Resort & Convention Center in National Harbor, Maryland, is considered a key platform for promoting foreign direct investment in the United States.
March 10, 2024
Signa's Major Project "Lamarr" in Vienna Seeks New Owner
The prestigious "Lamarr" real estate project on the bustling Mariahilfer Strasse, a flagship property of the troubled Signa Group, is now officially on the market.
March 6, 2024
Austrian Technology at the Center of Gigantic Construction Projects in Dubai
The Austrian company Doka is continuing its international success story and will once again demonstrate its expertise in high-rise construction. The planned Azizi Tower in Dubai, which is to be completed within the next four years, aims to become the second tallest building in the world.
March 5, 2024
City of Vienna Warns of Nuclear Renaissance and Small Modular Reactors in Europe
In a recent statement, Vienna City Councillor for Climate Action Jürgen Czernohorszky, who is also Chairman of the Cities for Nuclear Free Europe (CNFE) initiative, is critical of Sweden's nuclear power plans, the situation, and the development of Small Modular Reactors in Europe.
March 4, 2024
Vienna Airport Expands Cargo Traffic with Asia
Vienna Airport is setting new standards in international air cargo traffic through significant cooperation agreements with Incheon Airport in South Korea and the renowned airline Korean Air. These strategic alliances mark a decisive step towards increasing capacities and efficiency in the cargo sector between Europe and Asia and further strengthening Vienna's position as a leading hub in the air cargo industry.
February 28, 2024
Chinese BYD Strengthens Presence in Austria
Chinese car manufacturers are becoming increasingly present in the European car market and are openly demonstrating their role. The Chinese company BYD proudly presents its cars and other products on the Austrian market.
February 28, 2024
Financial Turbulence and Internal Conflicts Shake Signa Group Severely
The Signa Group's financial crisis reached a new peak when creditors filed claims totaling EUR 6.3 billion against Signa Prime, of which only EUR 2.6 billion were recognized by the restructuring administrator Norbert Abel. The hearing at the Vienna Commercial Court revealed that the group's financial difficulties are deeper than previously thought, with a significant proportion of the claims in dispute.
February 26, 2024
Financial Market Authority Initiates Investigations Against Raiffeisen Bank International
The Austrian Financial Market Authority (FMA) has launched an investigation into Raiffeisen Bank International (RBI). The focus is on possible deficiencies in the implementation of money laundering prevention measures, as can be seen from the bank's annual report published today.
February 25, 2024
Decline in Frozen Russian Assets in Austria
The significant drop in the volume of frozen Russian assets in Austria, as observed over the past year, mirrors a broader trend seen in other countries, where the handling and status of these assets have been dynamic and subject to legal, political, and financial considerations.
February 21, 2024
Austria and USA Launch New Exchange Program for Young Professionals and Students
In a new step to deepen transatlantic relations, Austria and the United States have launched a new Working Holiday Program (WHP) that offers young people from both nations the opportunity to experience each other's culture, everyday life, and the working world.
February 21, 2024
Austria's Foreign Minister Schallenberg Criticizes Italy's Transit Lawsuit
Austria's Foreign Minister Alexander Schallenberg has sharply criticized Italy after the country decided to take legal action against Austria's Alpine transit regulations before the European Court of Justice (ECJ).
February 17, 2024
Michelin Guide Puts Austria's Cuisine Back on the Map
The MICHELIN Guide, one of the world's most renowned institutions for restaurant ratings, has announced that it will once again publish an Austria-wide selection of top restaurants from 2025.
February 15, 2024
Signa Group's Luxury Properties up for Sale: A Glimmer of Hope for the Redevelopment
Signa Prime Selection AG, a major player in the luxury real estate market, is currently facing financial difficulties that could now be alleviated by the planned sale of some of its most prestigious properties. Karl-Heinz Götze, the insolvency manager of the credit protection association KSV1870, sees this step as a crucial "piece of the puzzle" for an orderly resolution of Signa Prime's insolvency proceedings.
February 14, 2024
Vienna Airport Focuses on Expansion: 420-Million-Euro Terminal Expansion Project Launched
The foundation stone for a comprehensive terminal expansion has been laid at Vienna Airport Schwechat. With a budget of 420 million euros, the airport will not only become larger but also more modern and customer-friendly by 2027.
February 14, 2024
Austria's Army is Gearing Up: Large-Scale Investment in Wheeled Tanks, Helicopters and Aircraft
The Austrian Armed Forces is facing a significant expansion of its vehicle fleet and aircraft fleet. The Ministry of Defense under department head Klaudia Tanner had already planned and made several new purchases since 2021.
February 13, 2024
Austria Plans to Withdraw from Russian Gas Contracts
In a decisive step against continued energy dependence, Energy Minister Leonore Gewessler (Greens) announced that she would end the gas supply contracts between OMV and the Russian company Gazprom. The contracts, which run until 2040 and oblige Austria to purchase significant quantities, are under critical review. Gewessler commissioned the Economic Research Institute (WIFO) to carry out a detailed analysis of the economic consequences of termination and the risks of continued dependency.
February 12, 2024
Austrian President Van der Bellen Visits Pioneering Integration Project "NACHBARINNEN in Vienna"
Federal President Alexander Van der Bellen emphasized the importance of integration and empowerment during his visit to the sewing workshop of the "NACHBARINNEN in Wien" association. The association, known for its successful work with migrant women, relies on the principle of self-empowerment and role models from their own culture to bring women and families with a migration background out of isolation.
February 7, 2024
Africa Day 2024: Austria Looks to Africa's Future Markets
This year's Africa Day was all about Africa's future markets and offered a platform to strengthen economic relations between Austrian and African companies. Organized by the Austrian Federal Economic Chamber (WKÖ), the event attracted more than 1,200 participants from Austria, over 30 African countries, and guests from Europe, Asia, and the USA.
February 5, 2024
Austria-Ghana: New Embassy and Strengthened Partnership
In the spirit of deepening bilateral relations, Austria and Ghana have reaffirmed their desire to intensify economic and political cooperation. At an official meeting in Vienna, Federal President Alexander Van der Bellen and his Ghanaian counterpart Nana Akufo-Addo emphasized the planned opening of an Austrian embassy in Accra later this year as a symbolic step towards promoting bilateral relations.
February 5, 2024
Signa-Retail Company Lamarr Declares Bankruptcy
The highly anticipated Lamarr Kaufhaus project on Mariahilfer Straße in Vienna, set to include a flagship department store and hotel, has filed for bankruptcy. This development comes as a significant blow, as the project, originally slated for completion in 2025, has faced financial turmoil. The insolvency was confirmed by the Creditors' Protection Association KSV 1870 on Friday.
February 4, 2024
OPEC Fund: A Record Year for Development and Sustainability
The OPEC Fund for International Development has had an unprecedented year as the institution stepped up its global development assistance efforts, committing a record-breaking US$1.7 billion to 55 projects worldwide. These funds, designed to address the challenges of climate change, support the energy transition, and strengthen social and economic resilience, mark a turning point in the Vienna-based Fund's efforts to promote sustainable growth worldwide.
January 30, 2024
Realignment and Expert Dialog: Austria's Path to Fair Competition
The new head of the Federal Competition Authority (BWB), Natalie Harsdorf-Borsch, has set herself the goal of taking stronger action against companies that abuse their market power. This focus marks a strategic reorientation of the BWB, which previously dealt primarily with price agreements and investigated fewer cases of abuse of market power.
January 28, 2024
Saudi Arabia Allows Alcohol Sales to Foreign Diplomats for the First Time
In a significant change to its long-standing policy, Saudi Arabia has decided to allow the public sale of alcohol to "non-Muslim diplomats". This marks a historic departure from the country's strict alcohol ban.
January 25, 2024
Intensive Diplomatic Activities of the Iraqi Foreign Minister in Vienna
Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein held a series of significant meetings during his official visit to Austria aimed at strengthening bilateral relations and discussing key regional challenges.
January 24, 2024
Austrian Justice Minister Zadić Plans Reforms in Connection with the Signa Insolvency
The insolvency of the Signa real estate company has far-reaching consequences, which are now also prompting the Austrian Ministry of Justice under the leadership of Green Justice Minister Alma Zadić. In a five-point plan in response to Signa's insolvency, Zadić plans to significantly tighten the penalties for failing to submit balance sheets.
January 24, 2024
Jonas Kaufmann and Elisabeth Engelbrechtsmüller-Strauss Awarded the French Legion of Honor
The awards of the French Legion of Honor to Jonas Kaufmann and Elisabeth Engelbrechtsmüller-Strauss underline the importance of their artistic and business activities. Kaufmann's contribution to the world of opera and music and Engelbrechtsmüller-Strauss' successful management of an international technology group as well as her social commitment reflect France's appreciation of outstanding achievements in culture and business.
January 18, 2024
DHK New Year's Reception 2024: Business and Politics in Dialog
The traditional New Year's reception of the German Chamber of Commerce in Austria (DHK) took place in Graz, set against the historic backdrop of the auditorium of the Old University.
January 17, 2024
Signa Prime and Development: Future Secured Despite Insolvency
The future of the two important branches of the Signa Group, Signa Prime and Signa Development, seems secure for the time being.
January 15, 2024
Austrian Banking Sector Focuses on Sustainability: OeKB > ESG Data Hub Established
In a remarkable step towards promoting sustainability in the financial sector, Oesterreichische Kontrollbank (OeKB) has successfully introduced the OeKB > ESG Data Hub. Around 80% of the domestic banking sector, including well-known institutions such as UniCredit Bank Austria, Raiffeisen-Sektor, Erste Bank, and Sparkassen as well as Oberbank, already use this central online platform.
January 11, 2024
Austrians Show Trust in the Euro, Skepticism Towards its Digital Counterpart
According to a recent survey by the Austrian Society for European Politics (ÖGfE), 54% of Austrians trust the euro as a currency, while the digital euro is still awaiting broad acceptance. Paul Schmidt, Secretary General of the ÖGfE, analyzed these results in the context of the 25-year history of the euro and current European monetary policy.
January 10, 2024
Westbahn Maintains Service Between Vienna and Munich During GDL Strike
Despite the announced three-day strike by the German Train Drivers' Union (GDL), which will take place from Wednesday, January 10 to Friday, January 12, 2024, WESTbahn confirms that its train services to and from Rosenheim and Munich will continue to run as planned.
January 9, 2024
Political Thriller Around the Abramovich Villa in Austria
The sale of a villa on Lake Fuschl to Russian oligarch Roman Abramovich's family in Salzburg has been revealed to have disappeared. The property was acquired through an offshore letterbox company and a British trustee. The Green Party is now calling for the sale to be reversed, requiring a trust deed. The party is seeking clarification on how the sale can be reversed without the deed.
January 9, 2024
Vienna Stock Exchange Overcomes Challenges in 2023 with Record Bond Listings
The Vienna Stock Exchange experienced a challenging year in 2023, characterized by high interest rates, persistent inflation and geopolitical tensions affecting the European equity markets. Despite these unfavorable conditions, which impacted trading activity, the exchange achieved a record year for bond listings.
January 8, 2024
Financial Crisis at Signa: Bankruptcy Proceedings Initiated for Subsidiaries
The financial difficulties of Signa's flagship Signa Prime Selection lead to further negative developments within the group.
January 8, 2024
Signa Crisis: Call to Investors for Financial Support
Signa Holding, a prominent real estate company, is facing financial difficulties. Erhard Grossnigg, the Chief Restructuring Officer of the Signa subsidiaries Prime and Development, has sent a letter to investors urgently requesting additional funding.
January 4, 2024
UNOOSA Launches "Space Bridge" to Promote Global Space Dialogues
The United Nations Office for Outer Space Affairs (UNOOSA) has launched the "UNOOSA Space Bridge" under the leadership of Aarti Holla-Maini. This project was presented at the World Space Forum in Vienna and aims to strengthen global dialog to promote local action. The initiative aims to promote international expertise through targeted exchange programs and connect isolated areas of work.
January 2, 2024
Austria's Industry Welcomes "Schengen Air" Agreement
Austrian industry has recently expressed its support for the "Schengen Air" agreement with Romania and Bulgaria. This agreement is seen as an important step towards European integration, especially for Central and Eastern Europe.
January 1, 2024