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Vienna International Business News

InEquality: Economic Symposium at Forum Alpbach Launched

The Economic Symposium of the Forum Alpbach has been launched in the presence of business executives, politicians, students and the media. The core topic of this year's conference is InEquality.

September 2, 2015

Expat Insider: Country Report Austria - Safe & Sound

InterNations shares with you a detailed picture of life abroad in Austria: why people relocate, what their daily life is like, and how satisfied they are. Known for schnitzels, mountains, and bodybuilders turned governors, Austria has excellent rankings in the Quality of Life, Working Abroad, and Family Life Indices, but settling in isn't easy. They provide an in-depth country profile of Austria. Read on and find out what expatriate life in your dream destination Austria is actually like.

August 25, 2015

Erste Group Presents Net Profit of EUR 487.2 Million in H1 15

Erste Group closed the first half of 2015 with positive results, reflected in strong improvements in profitability, asset quality, lending and capital. The group reported a net profit of EUR 487.2 million in H1 2015, compared to a negative result of EUR -929.7 million in the similar period last year; all countries except Hungary made a positive contribution to this development. Total assets increased to EUR 197.5 billion, compared to EUR 196.3 billion at the end of 2014. This balance sheet growth reflects a 2.2% advance in net lending to customers compared to the end of 2014, to EUR 123.5 billion, supported by the 1.7% growth in loans to households, 2.0% to SMEs and 5.9% to large corporates.

August 7, 2015

Austria Introduces New Visa Rules for Chinese, Indian and Indonesian Business Travellers

Austria has decided to introduce a liberalized regime for issue of business visas to Austria, effective from August 1, 2015. In an initial pilot phase, the new regime will be applicable only to India, China, and Indonesia.

July 29, 2015

Low Interest Rates are Costing Every Austrian 2,366 Euro

Due to the ongoing low interest rate environment, Austrian savers had to forego around EUR 35.5 billion in interest income over the past five years (2010-2014). On average this amounts to approx. 4,156 euro per capita. Of this, interest earned on deposits alone on average amounted to EUR 24 billion less than in the years 2005 – 2009. Anyone who invested his money in residential real estate has reason to be pleased, as prices have risen by more than a third since 2009. On stock exchanges significantly larger gains could be achieved as well, but only 3.3% of Austrians are directly invested in equities.

July 21, 2015

Trafomodern Joins Hands with Indian Salzer Electronics

India based Salzer Electronics has entered a technical licensing agreement with Trafomodern Transformatorengesellschaft m.b.H, an Austrian manufacturer of dry type transformers.

July 21, 2015

German Creditor Pool Brings EUR 1 Bln Action Against Heta Before Frankfurt Regional Court

The lawsuit demands almost EUR 1 billion and is brought in Frankfurt/Main against asset resolution company Heta. The creditor pool consists largely of German creditors which demand immediate repayment of bonds and promissory note loans.

July 16, 2015

Erste Bank Replaces Security Trading Platform Brokerjet with George

Erste Bank's Brokerjet service - that is tailored specifically toward the needs of online trading customers - will be discontinued as of the end of November. In the future the service will be offered via securities trading services George.

July 14, 2015

Euromoney Names UniCredit-Bank Best Bank in CEE

Euromoney has presented UniCredit with nine awards for excellence, including Best Bank in Central Eastern Europe, Best Debt House in Central Eastern Europe and Best Transaction Services House in Central Eastern Europe.

July 14, 2015

Vienna and Triest - Through History Connected

A recent visit by Triest's Mayor Roberto Cosolini highlights that Vienna and Trieste were connected in the Austro-Hungarian monarchy for more than 500 years. Especially in the 18th and 19th century the port of Trieste flourished and because of its location became one of the most developed economic areas of the Habsburg Empire. It was the most important port of one of the Great Powers of Europe. As a prosperous seaport in the Mediterranean region, Trieste became the fourth largest city of the Austro-Hungarian Empire (after Vienna, Budapest, and Prague).

June 25, 2015

Austrian Economy is Underperforming the Eurozone Average

Ernst & Young's latest analysis on the Eurozone forecasts that the Austrian economy is to grow 0.7% in 2015, underperforming the Eurozone as a whole for the second consecutive year. Investment is expected to remain subdued, while the contribution of exports will be only marginal as a consequence of the modest external environment.

June 24, 2015

Mostboeck: "ATX Valuations Remain Attractive - Catch-Up Potential until Year-End"

The majority of companies in the ATX had to report significant earnings revisions in 2014. In addition, geopolitical risks in the context of the Russia/Ukraine conflict exerted a negative effect. “The significantly improved environment and the digestion of last year's one-off effects are creating notable catch-up potential for the ATX”, notes Fritz Mostböck, Head of Group Research at Erste Group.

June 23, 2015

VSE's Operating Income Up 17% in 2014, CEESEG also Slightly Up

The Vienna Stock Exchange (VSE) and the CEE Stock Exchange Group report solid FY 2014 results. Vienna Stock Exchange's operating income is up 17% in 2014, mainly driven by the steadily increasing trading volume. Also, new members have been elected to the supervisory board.

June 23, 2015

European Forum Wachau: Political Leaders Discuss Europe's Limits

The European Forum Wachau is a European debate event and will be held this weekend at the Stift Göttweig in Lower Austria. The event was launched in 1995, the year of Austria's accession to the European Union. Participants of the conference titled “Has Europe reached its limits? Reflections on Europe’s future role on the global stage” will discuss topics such as, the EU as a security provider, the EU's new mode of regional cooperation and the EU and her neighbours.

June 12, 2015

VIG's Compensa Acquires Lithuania’s Largest Life Insurance Sales Company

Vienna Insurance Group company Compensa Life SE has strengthened strengthened its sales structure in Lithuania with the acquisition of life insurance sales specialist Finsaltas. Finsaltas holds Latvia's biggest life insurance distribution network and recorded some EUR 7.1 million (USD 8.0 million) in life insurance premiums in 2014. for an undisclosed amount, VIG said Friday.

June 12, 2015

Bilderberg 2015: Full List of All 133 Participants

The full list of all 133 attendees to the top secret Bilderberg Group conference 2015 has been released (see below). The Austrians participating are René Benko, Oscar Bronner, Heinz Fischer, Alfred Gusenbauer, Erich Hampel, Wolfgang Hesoun, Gerhard Roiss, Rudolf Scholten and Karl Sevelda.

June 12, 2015 · Updated: June 12, 2015; 17:45

The Bilderberg Group - Background and Criticism

The first Bilderberg conference dates back to May 1954, when it was held at the Hotel de Bilderberg in Oosterbeek, Netherlands. Partly because of its working methods to ensure strict privacy, the Bilderberg Group has been criticised for its lack of transparency and accountability.

June 11, 2015

Bilderberg 2015: The "World Government" Meets in Austria

A select group of global elite is gathering today at the Interalpen-Hotel Tyrol in Telfs-Buchen, Austria. The 63rd Bilderberg conference is a super secret annual conference where they can discuss politics, economics and foreign policy freely. A total of around 140 participants from 22 countries have confirmed their attendance at the Bilderberg conference 2015. As ever, a diverse group of political leaders and experts from industry and finance have been invited. This year the list includes nine Austrians. Key talking points on the agenda include the Ukrainian crisis, Greece, Middle East and Terrorism (see detailed list below). Security is tight - participants as well as protesters and journalists will have to deal with the Austrian anti terror squad "Cobra". After 1979 it's the second time that the conference takes place in Austria.

June 11, 2015 · Updated: June 11, 2015; 19:00

Strabag Builds EUR 37 Million Power Plant in Switzerland

Strabag AG is building the Rhone Oberwald run-of-the-river hydroelectric plant in the Swiss canton of Valais. The contract value of € 37 million comprises the construction of the necessary tunnels, galleries and underground chambers.

June 5, 2015

OPEC Member Countries Discuss Global Petroleum Development Strategies in Vienna

The 6th OPEC International Seminar, with the theme "Petroleum - An Engine for Global Development", aims to build on the previous events from the past decade. It is currently taking place at the Imperial Hofburg Palace in Vienna. The Seminar intends to underpin OPEC’s commitment to stabilize the international oil market by promoting cooperation and dialogue with stakeholders around the world.

June 3, 2015

Voestalpine Boosts Earnings in the Business Year 2014/15

Listed steel group Voestalpine increased its revenue slightly to EUR 11.2 billion (+1.0%) despite negative price effects. At EUR 1.53 billion, the operating result (EBITDA) was markedly higher than in the previous year (+11.4%). Investments worth EUR 1.18 billion are at record level (+25.8%). The outlook for the business year 2015/16 is positiv. The aim is to continue the improvement of operating results.

June 3, 2015

Analysis: Austrian Economy Falls Behind Eurozone Average

The latest "Attractiveness Survey" from consultancy Ernst & Young Global Limited shows, that espite strong fundamentals, Austria’s economy lost some ground on the Eurozone average in 2014, with growth of just 0.4% compared with 0.9% for the Eurozone as a whole. This comparative weakness will also continue in 2015, with Austria’s GDP growth estimated at 1.1%, against 1.5% in the Eurozone. This is despite a boost from lower energy prices, quantitative easing from the European Central Bank (ECB) and a weaker euro.

June 1, 2015

KTM Sportmotorcycles are now Manufactured in India

Upper Austrian manufacturer KTM first revealed its KTM Duke 250 and RC 250 in Tokyo. Now there is a buzz that KTM will start manufacturing Duke 250 and RC 250 at Bajaj's chakan plant in Pune/India and will start exporting the bike to other countries. The KTM Duke 250 and RC 250 are exported to Austria, Japan, Hong Kong, Malaysia, Turkey and Thailand.

May 29, 2015

Vienna Prater Amusement Park Celebrates its 250th Anniversary

On the 7th of April 2016 the Vienna Prater amusement park (Wiener Prater) will be celebrating its 250th anniversary, so it has already started to undergo a major revamp. According to its new president, Stefan Sittler-Koidl, the winds of change are literally blowing through this traditional leisure park. The highlight of the season will be the commissioning of the world's most advanced wind tunnel, in which free-fall can be simulated.

May 28, 2015

Make in India: Forum "Alternative India" in Vienna, Linz and Graz

As part of the trade promotion initiative of the Department of Foreign Trade of the Austrian Federal Economic Chamber and the Ministry of Economy “Going International - Going to India” the Federal Economic Chamber (WKO) together with the Austrian Trade Commission in Delhi, organized “Forum Alternative India” in Vienna, in Linz and in Graz.

May 28, 2015

The Eurovision Song Contest Village: "Let's Meet at Rathausplatz"

In the week leading up to the ESC finals in Vienna, Rathausplatz – the square in front of Vienna City Hall – will be turned into the Eurovision Village from 18 to 23 May 2015. It will be THE place to be for everyone interested in the Eurovision Song Contest (ESC) 2015. The programme starts on 18 May with the opening event featuring an international fashion show, and will continue with themed days, live performances by ESC contestants, a colourful family programme. On 23 May, the ESC finals will be broadcast live from Stadthalle and shown on Rathausplatz. For one week, the framework event under the motto "Hello Vienna. Welcome Europe!" will highlight the very best of the Eurovision nations, including culinary delights from different countries.

May 15, 2015

EBRD Sees Mixed Outlook for CESEE Countries in 2015-16

The outlook for economies in central and south eastern Europe is improving on the back of eurozone monetary easing but prospects further to the east of the transition region have worsened, as the impact of Russia’s recession intensifies.

May 14, 2015

Purchasing Managers' Index: Austrian Industry Shows First Signs of Recovery

Bank Austria has published its latest "Purchasing Managers' Index" on the Austrian economy. At the end of the first quarter in 2015 subtle signs of a pick-up in Austrian economic activity were detected for the first time in about six months.

May 5, 2015

Make in India: Starting in Vienna

With the aim of bringing Austrian and Indian business people together to strengthen the bonds linking Vienna/Austria and India, the Embassy of India, in cooperation with the Vienna Business Agency, welcomed several guests in the context of the „Make in India: Starting in Vienna“ event held at the Vienna Expat Center.

May 5, 2015

Aircraft Component Maker FACC Moves Operations Partially to the US

FACC AG has established an additional plant in Wichita/USA for the purpose of expanding the company's global presence in repair and maintenance.

April 13, 2015

Immofinanz Files Lawsuit Against CA Immo

Immofinanz CEO Eduard Zehetner fulfilled his threat that the company would file a lawsuit against CA Immo and its subsidiary PHI. The complaint was filed with the commercial court in Vienna last Thursday, news magazine ‘profil’ reports in its Monday issue.

April 13, 2015

Vienna Stock Exchange: ATX Upswing Drives Up Equity Trading in Q1

The Vienna Stock Exchange has seen the strongest monthly equity turnover since August 2011. The average monthly trading volume to date in 2015 is EUR 5.04 billion which represents a gain of 26.61% over the average monthly trading volume of the year 2014 (EUR 3.98 billion).

April 2, 2015

Business Indicator: Economic Activity Remains Sluggish - Revival Only in Course of Year

Bank Austria has published its latest "Business Indicator" on the Austrian economy. The Austrian economy is making no headway at present after the mild improvement in the economic climate at the start of the year. The Bank Austria Business Indicator remained at exactly zero points in February after a modest increase in the previous month. The current economic situation is thus somewhat more favourable than towards the end of the previous year, but the local economy still lacks momentum as of March 2015.

April 1, 2015

Austrian Export Day 2015 - Tomorrow is Today: Meet Trade Delegates at the Exporttag

On June 30, 2015, from 10am to 5pm the Export Day (Exporttag 2015) of the Austrian Chamber of Commerce (WKO) will take place in Vienna. Economic delegates from all over the world will be present.

March 27, 2015

Germanwings Flight 9525: Captain Tried to Break into Cockpit with Axe, Co-Pilot Hid Illness

The latest reports prove that German Wings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending. German police have been searching the home of co-pilot Andreas Lubitz and his parents. They found a ripped-up sick note showing that he tried to hide his illness from employer German Wings.

March 27, 2015

Südtiroler Sparkasse Suffers EUR 231.1 Mln Loss in 2014

Savings association Sparkasse's South Tyrol unit suffered an EUR 231.1 million (USD 253 million) loss in 2014, CEO Gerhard Brandstätter and his deputy Carlo Costa said in a press release.

March 27, 2015

Austrian Economic Activity Remains Sluggish - Revival Only in Course of Year

Bank Austria has published its latest "Business Indicator" on the Austrian economy. The Austrian economy is making no headway at present after the mild improvement in the economic climate at the start of the year.

March 19, 2015

Erste Bank und Sparkassen Increase Operating Earnings by 16 Percent to EUR 947 Mln

Erste Bank und Sparkassen have concluded the year 2014 with a successful result. Operating Earnings increase from EUR 817.2 million to EUR 947.2 million.

March 6, 2015

OSCE Special Monitoring Mission to Ukraine Deputy Chief Monitor Alexander Hug to Visit Vienna

The Deputy Chief Monitor of the OSCE Special Monitoring Mission (SMM) to Ukraine, Alexander Hug, will visit Vienna, Austria, on 5-6 March.

March 5, 2015

Global Peace Index: Austria is Third Most Peaceful Country

The latest Global Peace Index analyses the state of peace around the world. It identifies the most and least peaceful countries, trends in violence and conflict, and calculates the economic impact of violence. The top three most peaceful countries are Iceland, Denmark and Austria. Small and stable democracies make up the top ten most peaceful countries. New Zealand, Canada and Japan are the only non-European countries in the top ten.

March 4, 2015

OSCE Chief Observer at the Russian Checkpoints to Visit Headquarter in Vienna

Paul Picard, Chief OSCE Observer at the Russian Checkpoints Gukovo and Donetsk will address the OSCE Permanent Council. He will report on the situation including movements across the Russian-Ukrainian border at the Russian checkpoints at Gukovo and Donetsk.

February 25, 2015

Austrian Production Index Shrinks 0.6 Pct Y/Y in 2014

Austria's working day adjusted production index decreased by 2.6% in December, y/y it shrank by 0.6 percent.

February 25, 2015

Vienna to Have Two Million Inhabitants in 2029

Vienna is already the city with the second largest population in the German-speaking countries. But Vienna is growing faster than ever. This development entails a tremendous challenge for Vienna. Based on the figures now available, investments totalling seven billion euros will have to be made by the year 2020 in the areas of child care, public transport, other infrastructure facilities and health services alone.

February 20, 2015

Austria: Number of Naturalisations Increased by 3.7% in 2014

7.693 people acquired Austrian citizenship in 2014 (including 123 persons resident abroad). Compared to 2013, the number of naturalisations increased by 3.7%. Top former nationalities include Bosnia-Herzegovina (1 120), Turkey (885), followed by Serbia (671), the Russian Federation (433) and the Kosovo (381).

February 20, 2015

Finance Ministry: "Fitch Downgrade has no Impact on Austria Rating"

In response to the rating announcement by rating agency Fitch, the Austrian Federal Ministry of Finance says, that the current Fitch rating has no impact on the Austria rating due to temporary debt increase.

February 20, 2015

Austrian Population Rises Above 8.5 Million

Austria's population increases to 8.58 million at the beginning of 2015, according to preliminary results of Statistics Austria. In absolute terms, the population grew by almost 72 000 last year. Hence, population growth was significantly higher than in the previous year (2013: +56 000). More than half of the population growth was concentrated in the Eastern part of Austria (55.9%), where Vienna accounted for a large share of the total increase (38.9%).

February 20, 2015

Business Indicator: First Small Signs of Improvement in Austrian Economic Activity

Bank Austria has published its latest "Business Indicator" on the Austrian economy. The Indicator exits negative territory due to modest rise in January. Decline in oil price pushes average annual inflation down below 1 percent for 2015, injecting more momentum into private consumption. Growth forecast for 2015 raised to 0.9 percent.

February 20, 2015

Austrian Government Guarantees Stand at EUR 112.9 bn

Newly collected data by Statistics Austria on State guarantees (governmental contingent liabilities, potential obligations and assets) show guarantees of €112.9 bn at the end of 2013 (of which 52% are granted by the state and local government sectors).

February 10, 2015

Purchasing Managers' Index: Austrian Economy Still Waiting for Industrial Upswing

Bank Austria has published its latest "Purchasing Managers' Index" on the Austrian economy. While industrial activity is slowly improving in Europe, Austrian industry is not yet in the best of form in early 2015.

January 29, 2015

Japanese Mizuho Bank Sets Up Office in Vienna

Mizuho Bank through its Dutch subsidiary has acquired the approval to open a branch in Vienna. The bank is looking to develop its business in CEE. Simultaneously the Bank signed a memorandum of understanding with the Austrian Business Agency for services in connection with the setup.

January 28, 2015