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UNOOSA and University of Bonn Renew Partnership to Promote Space-Based Disaster Relief
The United Nations Office for Outer Space Affairs (UNOOSA) and the University of Bonn have extended their partnership to intensify the use of space technology to tackle growing threats from natural and man-made disasters. The five-year agreement signed in Vienna aims to continue and expand the “Spaceborne Earth Observation Applications for Emergency Response and Disaster Risk Reduction” (SPEAR) project with a focus on Africa.
August 29, 2024

European Forum Alpbach Enters Second Week: A Look Back and a Look Forward
The European Forum Alpbach (EFA) is entering the second week of its high-caliber discussion rounds. Under the motto “Moment of Truth”, the focus is on Europe's challenges and opportunities. While the first few days of the forum have already set important accents, the coming week promises equally exciting insights and groundbreaking debates.
August 27, 2024

UniCredit Bank Austria: Austrian Economy Remains in the Downturn - Hope for Recovery Only in 2025
The economic situation in Austria remains tense and a sustainable recovery does not appear to be in sight until 2025. The latest reports from UniCredit Bank Austria paint a gloomy picture for 2024. Despite some positive signs, particularly in the service sector, the economy is in a prolonged slump. Industry and the construction sector in particular continue to be under great pressure, which is weighing heavily on the overall situation in Austria.
August 22, 2024

OPEC Sees Oil and Electrification as an Inseparable Duo for the Future of Global Energy Supply
In the current debate about the future energy supply, electrification is often portrayed as the big opponent of oil. The increasing pressure to reduce CO2 emissions and make the energy supply more sustainable has led many to view the use of oil as obsolete. But Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), disagrees with this simplistic view and emphasizes the indispensable role that oil and its derivatives play in the global energy landscape.
August 20, 2024


Austria's Competition Watchdogs Criticize Concentration on Gas Market

The Federal Competition Authority (BWB) and the regulatory authority E-Control recently presented the second interim report of their joint Electricity & Gas Task Force. This investigation is a reaction to the developments in the Austrian energy markets, which are characterized by strongly fluctuating prices and high market concentration.
August 20, 2024


Vienna Airport Reports Strong Growth in the First Half of 2024

Flughafen Wien AG, the operator of the Vienna International Airport, presented impressive results for the first half of 2024. The company recorded significant growth in all key areas, including passenger numbers, revenue, and profit, thus continuing its successful growth course.
August 20, 2024

Alpbach: Between Tradition and the Future - the European Forum Alpbach 2024
The European Forum Alpbach (EFA) celebrated its 80th anniversary in 2024. It once again attracted over 4,000 participants to the small Tyrolean mountain village, which became the center of European discourse for two weeks. Under the general theme of “Moment of Truth”, this year's forum focused on the groundbreaking decisions that Europe must make in the face of multiple crises, from climate catastrophes to political tensions.
August 18, 2024

Austria Investing in the Future: Strengthening STEM Education and Massive Research Funding
Austria is setting standards in the education and research landscape to meet the challenges of the future. With two far-reaching initiatives, the government aims to combat the shortage of skilled workers in the STEM fields (mathematics, IT, natural sciences, and technology) as well as massively promote research and innovation in the country. These measures are intended not only to solve short-term problems but also to secure and strengthen Austria as a business location in the long term.
August 13, 2024

Finance Ministers from German-speaking Countries Adopt Lake Constance Declaration to Strengthen Competitiveness
Finance ministers from Germany, Austria, Switzerland, Liechtenstein, and Luxembourg met in picturesque Vorarlberg, Austria, to adopt the so-called "Lake Constance Declaration". This landmark declaration aims to strengthen Europe's competitiveness in a rapidly changing global economy while safeguarding the continent's prosperity and stability.
August 13, 2024


United Nations Finalize Convention Against Cybercrime with the Support of UNODC

After intensive negotiations and several years of work, the member states of the United Nations finalized a new international convention against cybercrime. This convention represents a historic step in the global fight against the growing threats in the digital space.
August 12, 2024

Richard "Mörtel" Lugner: Vienna Mourns the Loss of a Dazzling Entrepreneur and Society Star
Richard Lugner, known as "Mörtel", has died at the age of 91 in his villa in Döbling. As one of Austria's best-known entrepreneurs, Lugner shaped the cityscape of Vienna and the Austrian commercial landscape for decades.
August 12, 2024


Largest Insolvency in Styria: Fisker GmbH and its Effects

The insolvency of the Austrian Fisker subsidiary has far-reaching consequences for the Styrian economy. With a mountain of debt of almost four billion euros, it is the largest corporate bankruptcy of the year.
August 8, 2024


Taylor Swift Concerts in Vienna Canceled Due to Suspected Terrorism - What Fans Need to Know Now

The cancellation of the Taylor Swift concerts in Vienna has left many fans disappointed and perplexed. After two suspected terrorists were arrested who had possibly planned an attack on the upcoming concerts, the organizer Barracuda Music decided to cancel the events. Fans are now wondering what costs will be reimbursed and how to proceed.
August 8, 2024


Wirecard Trial: Further Charges Against Former Management Board Members

Four years after Wirecard's spectacular bankruptcy, the Munich public prosecutor's office has brought charges against two further former members of the Management Board. The focus is on the former CFO, Alexander von Knoop, and Susanne Steidl, responsible for product development.
August 7, 2024


Bank Merger in Carinthia and Burgenland: New Era for Anadi Bank and Bank Burgenland

Following the sale of Anadi Bank to the Grawe Banking Group last December, further details have now been announced. Bank Burgenland will take over 42,000 customers, ten branches, and an SME and real estate loan portfolio from Anadi Bank in September and will operate as Bank Burgenland Kärnten in the future.
August 4, 2024


OMV CEO Stern: Independence from Russian Gas and Solid Business Development

The Austrian oil and gas group OMV has taken a significant step towards energy independence. CEO Alfred Stern declared at a press conference that OMV is no longer dependent on gas supplies from Russia. This announcement marks the end of a two-year strategic realignment aimed at diversifying gas sources and transportation routes.
July 31, 2024

New Silent Villas at Therme Laa: Luxury in the Weinviertel Region
Therme Laa an der Thaya, a well-known recreational destination in Lower Austria, reached a new milestone. With the ceremonial opening of the ten new “Silent Villas”, the thermal spa is expanding its offer with an exclusive retreat for adults. The ceremony was attended by numerous representatives from tourism, business, and politics, including Governor Johanna Mikl-Leitner, who emphasized the importance of this expansion for the region.
July 31, 2024

International Headquarters Vienna: Economic Importance and Future Potential
A recently published study by the economic research institute WIFO on behalf of the Austrian Foreign Ministry illustrates the significant financial impact of international organizations in Austria.
July 31, 2024


Austrian Forum for Peace 2024: Insights and Outlook for a Peaceful Future

The Austrian Center for Peace (ACP) presented the results of the second Austrian Forum for Peace, which took place at Friedensburg Schlaining in early July.
July 29, 2024

ECJ Confirms Legality of AUA Rescue Against RyanAir and Laudamotion
In a significant ruling, the European Court of Justice (ECJ) has confirmed the legality of €150 million in state aid to Austrian Airlines (AUA) during the COVID-19 pandemic. This ruling marks the conclusion of a legal dispute brought by the low-cost airlines Ryanair and Laudamotion against the approval of this aid by the EU Commission.
July 29, 2024

Algeria, Slovakia and Austria Deepen Economic Relations
A working meeting was held at the Imperial Hotel Vienna, organized by the Algerian Embassy in Austria and Slovakia with the support of the Austro-Arab Chamber of Commerce (AACC).
July 29, 2024


North Macedonia and Austria Strengthen Bilateral Cooperation and Economic Partnership

Austria and North Macedonia have further deepened their close relations in a diplomatic meeting. Austrian Foreign Minister Alexander Schallenberg and his North Macedonian counterpart Timčo Mucunski met in Vienna to discuss various topics, including economic cooperation, migration, security, and EU enlargement.
July 28, 2024

Salzburg Summit: Europe's Challenge in the Global Economy
The Salzburg Summit 2024 provided a platform for discussions on the pressing economic and political challenges facing Europe. One of the central debates revolved around the tense relationship with the major economic power China and the resulting impact on European competitiveness.
July 25, 2024


Signa Group in Crisis: Saudi Arabian Sovereign Wealth Fund Seeks Complete Takeover of Selfridges

The economic turbulence surrounding the Austrian Signa Group has taken a new turn: The Saudi sovereign wealth fund Public Investment Fund (PIF) is planning a complete takeover of the renowned British department store Selfridges. This announcement comes at a time when Signa, under the leadership of founder René Benko, is facing significant financial challenges.
July 25, 2024

Imfarr: Another Austrian Real Estate Developer in Insolvency
The Viennese real estate developer Imfarr Beteiligungs GmbH has applied to the Vienna Commercial Court for restructuring proceedings without self-administration. The company's liabilities amount to around 604 million euros. This affects 18 employees and around 110 creditors.
July 23, 2024

False Accusations Against Federal Police Chief Takacs in Wirecard Case Must Be Revoked by FPÖ
Austrian domestic politics recently experienced a considerable shake-up due to false accusations by the FPÖ, which claimed that Federal Police Director Michael Takacs had met with the fugitive ex-Wirecard manager Jan Marsalek on several occasions. These accusations led to legal action by Takacs, which resulted in a retraction and a cease-and-desist declaration by the FPÖ.
July 21, 2024


Austrian National Bank Examined the Spread of Crypto Assets in Austria

Cryptocurrencies such as Bitcoin are widely known in Austria, but their actual distribution in private households remains modest. A recent study by the Austrian National Bank (OeNB) found that only 3% of the population own crypto assets. These few owners usually only hold small amounts, which rarely make up more than a third of their total financial assets.
July 16, 2024

Austria Among the World Leaders in Organic Viticulture
Austria is continuing its successful course in environmentally conscious viticulture and for the first time has more than 10,000 hectares of certified organic vineyards. The 10,432 hectares now correspond to around 24% of the country's total vineyard area, making Austria one of the global leaders in organic viticulture.
July 15, 2024

Austria Businesses Heading for a Record Year of Bankruptcies in 2024
Austria is facing a possible record year for corporate insolvencies in 2024. The current economic situation shows a significant increase in insolvencies, especially in the first half of the year.
July 15, 2024


North Korean Agents in Vienna: A Network of Espionage and Currency Procurement

Vienna, the capital of Austria, is not only known for its high quality of life and cultural diversity but also conceals a network of espionage and illegal activities that extends to North Korea. New revelations shed light on the covert operations of the Kim regime, which cleverly uses its presence in Vienna to procure foreign currency and gather knowledge for nuclear armament.
July 11, 2024



Indian Prime Minister Modi in Vienna: A Historic Visit to Strengthen Relations


Indian Prime Minister Narendra Modi visited Austria and was officially received by Federal Chancellor Karl Nehammer. It is the first time in 41 years that an Indian Prime Minister has traveled to Austria. This year also marks the 75th anniversary of diplomatic relations between the two countries. Modi emphasized the deep bond based on shared values such as democracy and the rule of law.
July 10, 2024

Austria's Challenges and Successes in the OECD Report
The OECD has presented its latest country report for Austria. Every two years or so, the Organization for Economic Cooperation and Development analyses each member country as a whole and summarizes the findings of this analysis in a comprehensive report. Austrian policymakers have now taken up this report and are hotly debating it.
July 9, 2024

Reorganization Proceedings of Signa Prime Selection Fail in Court for the Time Being
In a significant decision, the Vienna Higher Regional Court (OLG) upheld the appeal of the Finanzprokuratur against the trustee restructuring plan of Signa Prime Selection AG. The reorganization plan previously confirmed by the Commercial Court of Vienna was thus annulled.
July 8, 2024


Indonesian Foreign Minister in Vienna For Ratification of the Comprehensive Nuclear Test Ban Treaty and Recognition of Palestine

During her visit to Vienna, Indonesian Foreign Minister Retno Marsudi met the Executive Secretary of the Comprehensive Nuclear-Test-Ban Treaty Organization (CTBTO), Dr. Robert Floyd, and her Austrian counterpart Alexander Schallenberg. Ms. Marsudi's agenda included supporting the Comprehensive Nuclear-Test-Ban Treaty (CTBT) and strengthening bilateral relations with Austria.
July 4, 2024 · Updated: July 5, 2024; 15:21

Algerian Foreign Minister Ahmed Attaf in Vienna on Close Economic Relations
Austria's Foreign Minister Alexander Schallenberg welcomed his Algerian counterpart Ahmed Attaf to Vienna for a working visit. During the talks between the two foreign ministers, particular attention was paid to the joint fight against illegal migration and the expansion of economic cooperation, especially in the field of green hydrogen.
July 4, 2024

Vienna Stock Exchange Reaches New All-Time High in First Half of 2024
The Vienna Stock Exchange recorded a remarkable upward trend in the first half of 2024, taking the ATX Total Return (including dividends) to a new all-time high. The leading national index surpassed its previous high of February 9, 2022 (8,251.98 points) several times and reached its most recent record of 8,566.58 points on May 21, 2024.
July 4, 2024

Economic Outlook in Austria: High Inflation and Stagnation Until 2026
The Austrian Institute of Economic Research (WIFO) has published a comprehensive analysis of economic development and inflation forecasts for Austria, covering the years 2024 to 2028. The study shows that Austria will continue to struggle with high inflation until mid-2026 before the European Central Bank's (ECB) target of two percent is reached. At the same time, the economy will not see a slight recovery until 2025.
July 1, 2024

Kuwaiti Ambassador Talal Alfassam Visits Salzburg: Deepening Bilateral Relations and Investment Opportunities
The Austro-Arab Chamber of Commerce (AACC) organized the visit of H.E. Talal Alfassam, the Ambassador of Kuwait to Austria, to Salzburg.
June 30, 2024

Vienna Once Again Named the World's Most Liveable City
Vienna has done it again: for the third time in a row, the Austrian capital has been named the most liveable city in the world by the British "Economist" group. In the annual "Global Liveability Ranking", Vienna beat 172 other cities to take the top spot once again.
June 27, 2024

Austria's External Trade Deficit 2023 has Fallen Sharply
Austria recorded a remarkable reduction in its foreign trade deficit in 2023. As the latest figures from Statistics Austria show, the deficit fell by around 90 percent from 20.59 billion euros in 2022 to just 2.02 billion euros. This decrease is mainly due to cheaper energy imports, especially gas.
June 25, 2024

Swiss Novartis Opens Fastest Cell Culture Facility in Tyrol
Novartis opened a state-of-the-art cell culture facility for the production of monoclonal antibodies in Schaftenau, Tyrol.
June 24, 2024


Europa-Forum Wachau 2024: A Commitment to the Future of Europe

This year's Wachau European Forum, which traditionally takes place in Göttweig and Krems, opened with the title "Rebooting Europe". The forum focused on key topics such as innovation, research, and health to make Europe fit for the future.
June 20, 2024

Signa Group Stabilizes After Insolvency: Former CFO Retires
Following the collapse of the real estate group Signa, the former CFO Manuel Pirolt sees the company stabilized and announces his resignation.
June 20, 2024


30 Years of the WKÖ Export Prize: Austrian Companies Honored for Top Performance

Austria's export industry has achieved impressive successes over the last 30 years. EU accession in 1994 played a key role in this, paving the way for a more than five-fold increase in goods exports. Despite challenging framework conditions, the 63,700 domestic export companies achieved a record value of 200 billion euros in goods exports and 83 billion euros in services exports last year.
June 18, 2024


Austrian Foreign Minister Schallenberg Receives Deputy Prime Minister of Kyrgyzstan

Austria's Foreign Minister Alexander Schallenberg received the Kyrgyz Deputy Prime Minister and Minister of Water Resources, Agriculture and Processing Industry, Bakyt Torobaev, in Vienna for the first time. Amid the ongoing Russian war of aggression against Ukraine, Schallenberg emphasized the need to deepen relations with the Central Asian states. The main focus of the meeting was on strengthening the bilateral partnership, particularly in the economic sphere.
June 16, 2024


30 Years of the EU Referendum: A Success Story for Austria

On June 12, 1994, a groundbreaking referendum was held in Austria, in which two-thirds of the population voted in favor of joining the European Union. This decision laid the foundations for a new era of economic, political, and social integration of Austria in Europe. Since its official accession on January 1, 1995, the country has changed considerably and has since benefited from EU membership in many ways.
June 12, 2024

Ukraine's Economic Potential: Analysis by the Vienna Institute for International Economic Studies
In a new comprehensive study by the Vienna Institute for International Economic Studies (wiiw) and the Bertelsmann Foundation, Ukraine is recognized as having enormous economic potential.
June 12, 2024

Austria Promotes Key Projects for Renewable Energies in Central Asia
High-ranking representatives from Central Asia, Europe, and the Middle East as well as private investors are gathering in Vienna at the invitation of the World Bank to hold the International Energy Investment Forum. The event is being held in cooperation with the government of the Kyrgyz Republic and other international financial institutions such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
June 10, 2024


Austria's Foreign Minister Schallenberg in Berlin: Focus on the Future of Europe

Austrian Foreign Minister Alexander Schallenberg visited Berlin to discuss various European and international issues. His visit focused on the excellent bilateral relations between Austria and Germany, trade, and important decisions at the European level.
June 9, 2024

Unrestricted Access to the Labor Market for Ukrainian Refugees in Austria Decided
Ukrainians who have fled the war should be able to participate in the Austrian labor market permanently and without restrictions. The Social Affairs Committee of the National Council today pushed the extension of the “Red-White-Red Card Plus” towards a final decision in plenary. The governing parties ÖVP and Greens, as well as the NEOS, voted in favor, while initiatives by the NEOS and FPÖ on immigration were postponed.
June 6, 2024