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Vienna International Business News | Economic | Investment | Financial
Get the latest business news and analysis on the Austrian economy, including news on economic policies, foreign trade, financial developments and investments
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Coronavirus Prohibitions in Austria - Which Shops and Services are still Open?
Many people are confused due to the short-term decision to prohibit access to the customer area of business premises of retail and service companies as well as leisure and sports businesses, and wonder which essential items and services of daily life are still available. Below is a current list in force since Monday, 16 March 2020.
March 17, 2020
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Coronavirus Crisis in Austria: Four Billion Euro Package for the Economy
The Austrian government today cancelled the budgetary "zero deficit" for 2020 and announced the provision of four billion euros for immediate measures.
March 14, 2020
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Coronavirus: Profit Warning Issued by Vienna International Airport - Reduced Working Time Planned
Travel restrictions and the resulting massive reduction in the number of scheduled flights at Vienna International Airport severely depress revenues and annual results for 2020.
March 12, 2020
City of Vienna Signals Willingness to Talk to Rothschild's Heir
In the conflict over a non-profit Rothschild Foundation from 1908, today's Neurological Centre Rosenhügel (Neurologisches Zentrum Rosenhügel), between Geoffrey Hoguet, the grandson of the donor Alfons Freiherr von Rothschild, who lives in New York City, and the City of Vienna's magistrate, the City of Vienna is now offering its "willingness to talk".
March 12, 2020
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Slump in Passenger Numbers at Vienna International Airport
While Vienna International Airport (Flughafen Wien Schwechat) recorded an increase of 8.3% in the number of passengers to 2 million in February, the coronavirus crisis led to a decline of roughly 30% in the number of passengers in March 2020, and this trend is expected to continue.
March 11, 2020
Vienna Stock Exchange: Mayr-Melnhof and BAWAG on the Rise
BAWAG Bank, Austria's fourth-largest bank in terms of total assets, rises to become the fifth-largest listed company on the Vienna Stock Exchange. The cartonboard producer Mayr-Melnhof replaces FACC in the ATX.
March 4, 2020
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Vienna Airport - Good Results 2019, but Coronavirus is Uncertainty Factor
Vienna International Airport (Flughafen Wien) is pleased to report an increase of +7.2% in revenues and +15.7% in net profit, but the strong growth in the number of passengers during the past year has now been countered by a major uncertainty factor with the corona virus crisis.
March 3, 2020
Corona-Crisis: Greatest Danger since the Financial Crisis
The OECD is sounding the alarm about the coronavirus and warned of the possibility that global economic growth could be halved this year.
March 2, 2020
Gambling: CEO Neumann Abruptly Left Novomatic
The Group has been in the limelight for a year because of a corruption scandal. Official reasons for the departure are "family reasons", but various media are reporting disagreements with Johann Graf, sole shareholder of the two parent companies Novo Invest GmbH (Austria) and NOVO Swiss AG (Switzerland). Ryszard Presch and Johannes Gratzl are jointly taking over his task.
March 2, 2020
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What Vienna Can Learn from Wuhan
The Chinese authorities learned from the SARS crisis of 2003-2004 and acted quickly and decisively to contain the threat of the new COVID-19 virus to public health. The rapidly increasing number of cases of infection has put enormous strain on the local health system. An unprecedented rescue mission of a population six times the size of Vienna and a nationwide campaign against the epidemic began. Since the end of February, the number of confirmed new cases in Wuhan has been declining.
February 29, 2020
Austrian Coronavirus Summit: Population to Participate in Containment
In a meeting of Federal Chancellor Kurz, Health Minister Rudolf Anschober and Interior Minister Karl Nehammer with the state governors in the Federal Chancellery, agreement was reached on uniform nationwide guidelines for dealing with the coronavirus. The Chancellor appealed to the population to actively participate in the containment of the virus.
February 28, 2020
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Austrian Chancellor Kurz at 10 Downing Street
Chancellor Kurz met with British Prime Minister Boris Johnson in London today. The discussion with Johnson focused on London's future relations with the European Union.
February 25, 2020
Business with China Slumps: Chamber of Commerce Sets Up Coronavirus Hotline
Because of the coronavirus crisis, the Austrian Federal Economic Chamber (WKO) is now also reacting and setting up an auxiliary hotline for the approximately 1,000 affected companies in the Austrian-Chinese trade.
February 23, 2020
Coronavirus: Infopoint for Affected Companies
The Austrian Federal Economic Chamber has set up a central contact point in Vienna for companies that have requests in connection with the coronavirus. The "Coronavirus Infopoint" brings together all information from Austria and abroad on this topic.
February 19, 2020
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Money Laundering: Austria about to Ratify European Council Directive
The Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism, which has already been ratified by 35 member states of the Council of Europe, is now also being discussed in the Austrian National Council.
February 18, 2020
Headquarters Agreement with OPEC Fund Limits Privileges and Immunities
An amendment to the Headquarters Agreement between Austria and the OPEC Fund for International Development (OFID) is intended to bring the 1981 Convention up to date and comparable with modern Headquarters Agreements.
February 18, 2020
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Follow-up Meeting between US President Donald Trump and Chancellor Kurz
Following Alexander Schallenberg's visit to Mike Pompeo just a few days ago, the Federal Chancellery has now confirmed, according to various media, the fact that Sebastian Kurz will also be travelling to Washington, D.C. at the beginning of March.
February 14, 2020
US Secretary of Commerce Wilbur Ross in Vienna
The 82-year-old United States Secretary of Commerce Wilbur Ross, who has been in office since February 28, 2017 and was nominated by Donald Trump, visited Vienna and met, among others, US Ambassador Trevor Traina, WKO President Mahrer, Finance Minister Blümel, Environment Minister Gewessler and Economics Minister Schramböck.
February 11, 2020
Digital Tax: Google Charges Customers
The search engine operator Google wants to collect the new digital tax, which has been levied in Austria since January on income from online advertising by international corporations, in its entirety from its advertising customers.
January 31, 2020
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Russian Embassy: Economic Networking Russia and Austria
In order to promote economic relations between the two countries, Ambassador Dmitrij Ljubinskij invited about 160 members of the Wirtschaftsforum der Führungskräfte (WdF) to the Russian Embassy in Vienna (Nassaupalais - Palais Simon Vienna).
January 31, 2020
EXPO 2020 Dubai: Groundbreaking Ceremony at the Austria Pavilion
Preparations are in full swing for the first world exhibition in an Arab country. The construction phase of the Austria Pavilion has also begun.
November 18, 2019
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Another Electric Rental Scooter Has Arrived in Vienna
"Emmy", a Berlin-based start-up and electric scooter sharing company is rolling into Austria. The scooters are now also available for short-term rental in Vienna in addition to major German cities. Further Austrian cities are to follow.
November 15, 2019
OECD Economic Survey: Reform Proposals for Austria
A recent economic report by the OECD (Economic Surveys: Austria 2019) examines the impact of weak foreign demand, uncertainties in world trade and an ageing population on the prospects for the Austrian economy.
November 15, 2019
Extradition of Oligarch Firtash to United States Remains "Suspended"
Although Austria has already agreed to the extradition of Dmytro Firtash, the latter may remain in Austria, as the resumption application submitted by his lawyers has a suspensive effect. During the meeting with his Ukrainian counterpart Vadym Prystaiko, Foreign Minister Alexander Schallenberg was confronted with the question of the state of affairs regarding Dmytro Firtash.
November 14, 2019
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Austrian Airlines Sacks 10% of Its Workforce
AUA Austrian Airlines is planning drastic job cuts. Of the current 7,000 jobs, one in ten will be cut by the end of 2021. 700 to 800 employees are expected to be affected. EUR 90 million should be saved annually.
November 7, 2019
Austro-Arab Chamber Secretary General Receives “Decoration of Merit in Gold of the Province of Vienna”
The AACC Austro-Arab Chamber of Commerce in Vienna announced that Secretary General Dipl.-Ing. Mr. Mouddar Khouja was awarded the "Decoration of Merit in Gold of the Province of Vienna", in recognition of his dedication and devotement to the province of Vienna through his personal initiatives and in his professional capacity as Secretary General of AACC.
November 4, 2019
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30th Anniversary Celebrations of Austro- Arab Chamber of Commerce
The AACC Austro-Arab Chamber of Commerce held a gala in the ballroom of the Vienna City Hall on the occasion of its 30th anniversary and on the occasion of the 11th Arab-Austrian Economic Forum & Exhibition.
October 25, 2019
Buy Local - Invest Global: How to Invest Your Money on the Vienna Stock Exchange
Expats in Austria now have access to over 680 internationally sought-after securities from 26 countries at local conditions.
October 25, 2019
Mohammad Sanusi Barkindo to Present the OPEC World Oil Outlook 2019
The OPEC World Oil Outlook provides insights into the upstream and downstream, supply and demand, investments, the potential impact of policies and sustainable development. It will be launched at the Vienna Stock Exchange by OPEC’s Secretary General, HE Mohammad Sanusi Barkindo.
October 22, 2019
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Austria Connect Greater China: Digital Transformation and Tomorrow's Customers
The Austrian Chamber of Commerce in Hong Kong hosts the largest Chinese-Austrian networking event in Asia.
October 22, 2019
Strategic Objectives of the Vienna Visitor Economy Strategy 2025: Premium, Cosmopolitan, Digital
Vienna is already setting international standards in the holistic analysis of data for the development of destinations. The achievement of the goals of the Visitor Economy Strategy 2025 can be measured by six target indicators, which reflect the effects on turnover and added value as well as the satisfaction of residents and guests and ecological developments.
October 22, 2019
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A New Age for Vienna Tourism
Following the tourism concepts of previous years, the City of Vienna, under the auspices of the Vienna Tourist Board, is for the first time presenting its "Visitor Economy Strategy" until 2025.
October 22, 2019
Enthronement of Emperor Naruhito in the Presence of Van der Bellen
Guests from around 200 countries attended the ceremony of the enthronement of Emperor Naruhito in the Japanese Imperial Palace in Tokyo, including Federal President Alexander Van der Bellen and Doris Schmidauer.
October 22, 2019
Belgrade and Vienna Sign Cooperation Agreement
Not only the Danube connects Vienna with the Serbian capital Belgrade, but now also a new city cooperation agreement with a focus on urban development, affordable housing, smart city, digitisation, open government and culture.
October 21, 2019
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How to Marry an Austrian Millionaire?
According to Credit Suisse's Global Wealth Report published today, 4.4 percent or 313,000 of Austrians are dollar millionaires, and each adult Austrian has an average of 247,000 euros ($274,919) in assets.
October 21, 2019
Politburo Member of Communist Party of China Courted by Austria's Top Leaders
Yang Xiaodu, member of the Politburo of the Central Committee of the Communist Party of China and Chairman of the National Supervisory Commission of the PRC, visited Vienna and met with Alexander Van der Bellen, Wolfgang Sobotka, Clemens Jabloner and UNODC, among others.
October 17, 2019
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Further Increase in Greenhouse Gas Emissions in Austria
Environmental control report calls for increased investment in climate-neutral economy and society. Climate neutrality requires change in the economy and society.
October 16, 2019
Overseas Investments: Number of Austrian Subsidiaries Abroad Increased By 2%
The number of foreign subsidiaries of Austrian companies that were part of a domestic group or owned by Austrian shareholders rose by 2.0% to around 6,000 in 2017.
October 14, 2019
Number of Foreign-Controlled Companies in Austria Up By Around 6%
The number of Austrian companies that were part of a foreign group or owned by foreign shareholders rose by 5.9% to almost 11,500 in 2017.
October 4, 2019
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Austrian Airlines Takes Over Eurowings Flights to Strengthen Vienna Hub
Lufthansa subsidiary Austrian Airlines takes over the commercial management of all Eurowings flights from Vienna. Vienna is to be strengthened as a hub. At the same time, Eurowings will strongly expand its presence at Salzburg Airport and increase the number of Airbus A319 aircraft stationed in Salzburg to a total of three.
September 27, 2019
City of Vienna Positions Itself at UNIDO Silk Road Conference
At the recent two-day international silk road conference hosted by UNIDO, the Vienna Chamber of Commerce and Industry, represented by location lawyer Alexander Biach, took a stand and presented the opportunities and advantages of the Vienna region and the possibilities of a connection to the new Silk Road (Belt and Road Initiative).
September 24, 2019
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Hong Kong and Vienna Seal Cooperation
In what is probably the most politically difficult time for Hong Kong, the Chambers of Commerce of Vienna and Hong Kong conclude an agreement with the aim of promoting economic development.
September 22, 2019
Federation of Industries Warns Against Wrong Location Policy Decisions
In the context of the current election discussions, the Federation of Austrian Industries (Industriellenvereinigung) appeals to the political rationality of all parties with regard to location not to take short-sighted and ill-considered decisions.
September 20, 2019
Investing in Austria: New Provisions for the Screening of Foreign Direct Investments
The Federal Ministry for Digital and Economic Affairs recently published a consultation draft for amendments to those provisions. The new regulation is supposed to create more transparency and certainty around FDIs in Austria.
September 19, 2019
Largest Austrian Listed Companies: Verbund Replaces Andritz in ATX five
The semi-annual review of the Austrian leading index ATX shows no change in the composition. However, Verbund AG is moving into the ATX five, which comprises the five largest listed companies, instead of Andritz AG from Styria, according to the Vienna Stock Exchange in a press release.
September 4, 2019
Holzmann is the New Austrian National Bank Governor
The liberal Robert Holzmann (70) took over as Governor of the Austrian National Bank (OeNB) on 1 September 2019, succeeding Ewald Nowotny. The manner in which he will hold his office as governor will be followed with interest. The economist has already stated that he will pay more attention to the monetary policy of the European Central Bank (ECB) than his predecessor.
September 3, 2019
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Lower Austria as a Business Location Presents Itself at the Alpbach Business Talks
Also this year Lower Austria presented itself at the economic talks of the Forum Alpbach as an innovative business location through its business agency ecoplus and as an outstanding culinary region through the initiative "Thus tastes Lower Austria".
August 29, 2019
Pfizer Invests 50 Million Euros in Lower Austria
Pfizer is expanding its site in Orth an der Donau by investing 50 million euros in the construction of new laboratories for an international quality control center for vaccines, the construction of modern office space and the modernization and expansion of the existing production infrastructure. Pfizer already produces two vaccines for worldwide export in Orth an der Donau.
August 28, 2019
New Meinl Bank to Pay 36 Million Euro to Damaged European Land Investors
The legal successor to Meinl-Bank, AAB Anglo Austrian Bank AG, will pay around EUR 36 million to settle the claims of the remaining investor proceedings of approx. 4,000 investors of the former MEL Meinl European Land. Simultaneously, AAB starts a repositioning in which the credit business and the payment transactions are to be reduced, while the advisory business and investment banking are to be focused on.
August 27, 2019
Wealthiest Austrian Deceased
Ferdinand Karl Piëch, former manager and major shareholder of Porsche Automobil Holding, died at the age of 82 after a visit to a restaurant. He was head of Volkswagen for almost ten years, later becoming Chairman of the Supervisory Board. He retired from the Group in 2015.
August 27, 2019
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