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Vienna International Business News | Economic | Investment | Financial
Car Dealer Denzel Increases Group Turnover by Twelve Percent
Vienna-based car importer and dealer Denzel sold around 45,000 vehicles in the past fiscal year and increased group sales by 12 percent to over 830 million euros.
May 17, 2018
US Termination of the Iran Agreement: Major Effects on Austrian Exports Expected
The Austrian Federal Economic Chamber fears that the Trump decision will have a massive negative impact on the Iran business of Austrian companies. It will probably be extraordinarily difficult in the future to establish the necessary payment channels for legitimate transactions.
May 17, 2018
Austrian Exports to the Palestinian Territories Better than Ever
Despite the current tensions between the State of Palestine and Austria over the participation of Ambassador Martin Weiss in the US Embassy Opening Ceremonies, the Austrian Foreign Trade Centers Amman and Tel Aviv are planning a Fact Finding Mission to Ramallah and Amman for the second half of 2018. Austrian exports of goods to the Palestinian Territories increased by +108% in 2017.
May 17, 2018
Austria Ranks Second Among All EU Countries in Investments Growth
Between 2007 and 2017, the ratio of investment to GDP decreased in 24 out of the 28 EU Member States. Apart from Austria, only Sweden and Germany have increased their investment to GDP ratio since 2007.
May 14, 2018
Fresh Hallstatt Air Instead of Toxic Chinese Smoke
Tens of thousands of tourists from China meanwhile visit Hallstatt in Upper Austria every year. Two companies now offer healthy Hallstatt air in cans to the Chinese and expanded Asian market. The inhabitants and the municipal council of Hallstatt are not thrilled.
May 11, 2018
Iran-Deal Withdrawal: Consequences for Iran-Austrian Economics Relations
About 50 Austrian companies have branches in Iran. Austrian exports to Iran rose by 9.2 percent to 301 million euros in 2017; imports increased by 18.5 percent to 119 million euros. A JCPOA supported only by the EU, Russia, China and Iran is not sufficient in the medium and long term to create the necessary investments and renewals in Iran. Without the US on board, international banks and large companies will continue to shy away from activities in Iran. Secondary sanctions will contribute to this.
May 11, 2018
Trump's Iran Deal Withdrawal Increases Uncertainty for Austrian Companies
Austrian companies react in a wait-and-see manner. The withdrawal of the US from the Joint Comprehensive Plan of Action (JCPOA) with Iran means in practice that the suspension of sanctions will no longer be extended. Considerations range from an immediate halt to activities in Iran to the longest possible active participation within the new sanctions framework. It is unlikely that Austria's exports will reach the 300 million euro mark of the previous year.
May 11, 2018
Iran-Deal - Austrian Oberbank Distances Itself from Framework Credit Agreement with Tehran
Only last year, the Upper Austrian Oberbank was the first European bank to sign a framework credit agreement with Iran. After the USA's withdrawal from the nuclear treaty, the bank is now under pressure and intends to wait and see. The bank says it could certainly take two weeks for a final solution to be found and officially agreed.
May 11, 2018
Takeover of Serbian Sugar Producer Sunoko by Agrana on Hold
The takeover of the Serbian sugar manufacturer Sunoko by the Austrian sugar, starch and fruit manufacturer Agrana has failed due to problems on the European sugar market.
May 4, 2018
OMV Group Report Q1 2018: Profit Down 43%, Production Up 30%
Adjusted operating profit amounted to EUR 818 million, up 2% year-on-year. Net income was also in line with forecasts, although net income for the period fell by 43% year-on-year. One of two key events was the signing of a concession agreement for the acquisition of a 20% stake in two fields offshore Abu Dhabi from ADNOC, as well as two satellite fields. The agreed participation fee amounts to USD 1.5 bn and the duration of the contract is 40 years.
May 4, 2018
Hongkong Holding Company Completes Acquisition of Majority Stake in Austrian Lingerie Brand Wolford
Following the acquisition of 50.87% of the shares (for at least €36M) from the previous majority shareholders, Fosun Industrial Holdings Limited (Hong Kong Central) is now the new main shareholder of Wolford. The Hongkong financial investor, which is the investment vehicle of Shanghai based Fosun Group, systematically invests in the global fashion and consumer goods industry, and the management of its growing portfolio in the fashion sector was recently put in the hands of Fosun Fashion Group, which holds stakes in the German Tom Tailor Group and the French luxury brand Lanvin, amongst other holdings
May 4, 2018
OMV Receives Political Support for €1.3 Billion Purchase of Two UAE Oil Fields
An economic delegation led by Federal Chancellor Sebastian Kurz, with the participation of Margarete Schramböck, Minister of Economic Affairs, OMV CEO Rainer Seele and a small delegation had the main objective of supporting OMV in the concession agreement for the acquisition of a 20% stake in two fields offshore Abu Dhabi from ADNOC.
May 4, 2018
New Forum for Deepening German-Austrian Relations: Österreichisch-Deutsches Länderforum
Recently the Österreichisch-Deutsches Länderforum e.V. was founded in Vienna by Dr. Harald Wögerbauer with the intention of offering a platform for deepening German-Austrian relations.
May 2, 2018
Vienna's Attractiveness as a Location for Business Continues to Grow
For the sixth year in a row, Vienna recorded the highest number of companies settling in the city. After Vienna had already achieved a record figure in the previous year with 178 international new additions, this was again exceeded last year with 191 new companies, which is an increase of 13%. These business establishments together are responsible for investments totalling €537 million and 1,087 new jobs. There are 344 new foreign invested businesses throughout Austria. German companies remain the number one investors in Austria.
April 30, 2018
South Korea's LG Electronics Acquires Austrian Automotive Supplier ZKW for €1.1 Bln
South Korean electronics manufacturer LG Electronics is acquiring the Lower Austrian lighting and electronics systems specialist ZKW for more than 1.1 billion euros. It plans to buy a 70 percent stake in ZKW Holding, a supplier to Mercedes-Benz and BMW. Its holding company LG Corp. will purchase the remaining stake for 330 million Euro. LG hopes to expand its position in the automotive lighting sector for self-driving cars. ZKW was previously wholly owned by the entrepreneur Ulrich Mommert.
April 26, 2018
Raiffeisen Centrobank: Yearly Financial Report 2017
Raiffeisen Centrobank AG is declaring the following financial reports below.
April 26, 2018
Austria Participates in World EXPO 2020 Dubai Investing €16.5 Mln
Austria's participation agreement for the World Expo 2020 from 20 October 2020 to 10 April 2021 in Dubai has been signed by Government Commissioner Beatrix Karl as part of the "Austria Connect Gulf 2018" event of the WKO Foreign Trade Center (Außenwirtschaftscenter).
April 25, 2018
International Congresses: Vienna Worldwide Number Two - UN Events Contribute 7% of Conference Nights
The Vienna meetings industry progresses from record to record. With 186 meetings, Vienna remains behind Paris with 196 meetings, number 2 in the Worldwide Ranking of the ICCA (International Congress and Convention Association). In the year prior to that, Vienna was still in fifth place. The proportion of congresses that can be allocated exclusively to the United Nations is enormous and accounts for around 7% of overnight stays.
April 24, 2018
Agrana: Dividend Proposal of € 4.50 Per Share for the 2017|18 Financial Year
The Management Board of Agrana has decided to propose a dividend payout in the amount of EUR 4.50 per share for the 2017|18 financial year (dividend for 2016|17: EUR 4.00 per share) to the 31st Annual General Meeting to be held on 6 July 2018.
April 24, 2018
Eurozone Finance Ministers Welcome Austria's Budgetary Plans
The 19 members of the Eurozone welcome Austria's submission of an updated draft budgetary plan for 2018.
April 24, 2018
Doppelmayr to Build Cable Liner at London Airport
At London Luton Airport, Doppelmayr is building a cable car almost two kilometers long with a capacity of 2,720 passengers per hour and per route. This makes Luton Airport the second airport project in the UK after Birmingham for Doppelmayr. The Cable Liner is scheduled to go into operation in April 2021. Doppelmayr does not give details of the project turnover.
April 23, 2018
Toys "R" Us in Austria Gets Northern Irish Owner
The Northern Irish toy dealer Smyths Toys takes over the 15 Toys "R" Us toy stores in Austria.
April 23, 2018
Austrian Financial Market Authority Is Pleased With Whistle-Blowing System
In 2017 whistleblowers made 158 tip-offs regarding misconduct in the Austrian financial market. The FMA has been operating a special IT-based whistleblowing system since 1 February 2014 that allows the anonymous receipt of confidential information about possible instances of malpractice in supervised entities. FMA Executive Board: “Our whistle-blowing system is an important source of information for the FMA.”
April 20, 2018
Soros's Central European University is to Remain in Budapest
The Central European University (CEU) donated by US billionaire George Soros does not plan to move to Berlin or Vienna, but expects the Hungarian government to sign the agreement with the State of New York as soon as possible so that the CEU can remain in Budapest.
April 20, 2018 · Updated: April 20, 2018; 19:10
Immigon Portfolioabbau AG: Yearly Financial Report 2017
immigon portfolioabbau ag is declaring the following financial reports below.
April 20, 2018
Tourism: Vienna Achieves New Record Number of Overnight Stays
Vienna recorded a new tourist record in March with an increase of 8.5% compared to the previous year. The number of guest overnight stays rose to 1,169,000. Most of the tourists came from Germany, Italy, Russia, Spain, the UK and Switzerland.
April 19, 2018
Telekom Austria: Strategic Restructuring of Management and Supervisory Board
At Telekom Austria's Supervisory Board meeting, not only the change at the top of the company's Supervisory Board was sealed, but also the restructuring of the Management Board. Thomas Arnoldner (40), previously responsible for Sales & Services on the T-Systems Board of Management, replaces Alejandro Plater as Telekom Austria CEO. Economics lawyer Edith Hlawati takes over as Chairman of the Supervisory Board from Wolfgang Ruttenstorfer.
April 19, 2018
C-Quadrat Streamlines Corporate Group Structure
C-Quadrat plans to spin off the business operations of C-Quadrat Wealth Management GmbH (formerly: C-Quadrat Kapitalanlage AG) to ARTS Asset Management GmbH, in which the company holds a 45% stake. In return, societal profit participation rights ("sozietäre Genussrechte") will be granted to the company instead of additional company shares.
April 19, 2018
OMV: Yearly Financial Report 2017
OMV Aktiengesellschaft is declaring the following financial reports below.
April 12, 2018
UNIQA: Yearly Financial Report 2017
UNIQA Insurance Group AG is declaring the following financial reports below.
April 12, 2018
Minister of Economy Visited Huawei and Alibaba During State Visit to China
Federal Minister of Digitization and Business Location Margarete Schramböck signed an agreement to facilitate access to Chinese trading platforms for Austrian companies during the current state visit to China at the Ministry of Foreign Trade and Economic Cooperation (MOFCOM) in Beijing. Global experience shows, however, that one should be cautious with regard to technical cooperation with Chinese and copyright issues.
April 12, 2018
Telekom Austria Prepares Expansion in the Western Balkans
Telekom Austria is strategically strengthening its search for takeover targets and has made EUR 1 billion available in the war chest. CEO Alejandro Plater has announced his intention to expand again in the Western Balkans (Serbia, Croatia and other countries of former Yugoslavia).
April 11, 2018
Casinos Austria International Will Not Be Sold
Casinos Austria AG (CASAG) stops the sale of Casinos Austria International (CAI).
April 11, 2018
Austria's Capital Market for SMEs on the Brink of a Renaissance
Finance Minister Hartwig Löger plans to revive the Austrian capital market for SMEs by making trading of bearer shares of Austrian companies on the Third Market possible again.
April 11, 2018
New Double Taxation Agreement Between Israel and Austria
After almost 50 years, a new double taxation agreement (DTA) for income and capital taxes was signed between Israel and Austria, which includes substantial tax relief.
April 10, 2018
Russia's Yelena Baturina Divests Grand Tirolia Hotel for €45 Mln
The billionaire and wife of Yury Luzhkov, the former Moscow mayor, is selling her Kitzbühel 5-star hotel for 45 million euros to an investor. Rumour has it that the investor is looking for an international operator.
April 10, 2018
C-Quadrat: Yearly Financial Report 2017
C-Quadrat Investment AG is declaring the following financial reports below.
April 6, 2018
Opel-PSA Group Plans Job Cuts in Vienna
By summer, 140 employees are to leave the Opel plant in Aspern. A further reduction could be avoided thanks to a new transmission order from Opel parent Groupe PSA. Engines will be produced for the previous Opel owner General Motors (GM) until 2019/20. What comes after that is still uncertain.
April 6, 2018
Telekom Austria AG: Yearly Financial Report 2017
Telekom Austria AG is declaring the following financial reports below.
April 6, 2018
OMV Buys Oilfield Shares in Abu Dhabi for USD 1.5 Bln
Listed oil corporation OMV is acquiring 20 percent of two offshore oil fields in Abu Dhabi from the Abu Dhabi oil group ADNOC. The purchase price for the concession and the associated infrastructure amounts to USD 1.5 billion. OMV has already a long relationship with Abu Dhabi. OMV opened a representation office in Abu Dhabi in 2007. Today Abu Dhabi is the location of the Business Hub for OMV´s Upstream Middle East & Africa activities.
April 6, 2018
Fire Brigade Equipment Supplier Rosenbauer: Profit Halved in 2017
Despite a record order intake, the profit of the Upper Austrian firefighting equipment supplier Rosenbauer halved in the 2017 financial year. This was partly due to a slump in demand in the Middle East and North Africa, but also to the recently reported irregularities at a German subsidiary, which led to a write-down of EUR 3.5 million.
April 6, 2018
FACC Achieves Sales Record of EUR 750.7 Mln in 2017/18
FACC, the Sino-Austrian aircraft component manufacturer generated preliminary sales of 750.7 million euros, and the order backlog increased to US$ 5.9 billion. On March 19, FACC entered the ATX, Austria's leading index on the Vienna Prime Market, and has since been one of the 25 largest and most traded companies in Austria.
April 4, 2018
Leadership Change: Mahrer Follows Leitl as Austrian Chamber of Commerce President
Harald Mahrer, President designate of the WKO Austrian Federal Chamber of Commerce, will take over from acting President Christoph Leitl on 18 May.
April 3, 2018
VIC Strengthens Presence in Hungary and Slovakia
Hungary’s central bank approved the merger of the three VIG Group companies. As a result VIG will be represented in Hungary solely by the insurance company Union Biztosító. In Slovakia, bancassurer Poisťovňa Slovenskej sporiteľne (PSLSP) will merge with Kooperativa poisťovňa.
April 3, 2018
Money Laundering: RBI Is Fined EUR 2.7 Million
The Austrian Financial Market Authority (FMA) has imposed the highest fine ever imposed by the FMA, i.e. a fine of EUR 2.748 million against Raiffeisen Bank International AG.
April 1, 2018
Austrian Budget Airline LaudaMotion: Fighting the Top Dog Lufthansa
LaudaMotion is to become a powerful low-cost airline. Ryanair ultimately intends to acquire a 75 percent stake. From June 2018, a total of 65 routes are to be served from Vienna, from seven German airports (Berlin/Tegel, Cologne, Düsseldorf, Frankfurt, Munich, Nuremberg, Stuttgart) and from Zurich to the Mediterranean region and to the Canary Islands.
March 30, 2018
Eurowings also Expands Vienna Connections
With the summer flight schedule 2018 Eurowings, the discount airline subsidiary of Lufthansa, is adding new destinations from Vienna to Corfu, Larnaca, Catania, Chania, Kos, Heraklion and Rhodes.
March 30, 2018 · Sponsored Content
Repatriation of Austrian Gold Reserves Nearing Completion
This year, and not in 2020, the OeNB Austrian National Bank is already concluding its repatriation campaign for half of its gold reserves. By the end of the year, 140 tonnes of gold are to be stored in Austria, with the other 140 tonnes remaining in London (84 tonnes) and Switzerland (56 tonnes).
March 30, 2018
Jens Weidmann Demands in Vienna an End to Massive Bond-Buying Program
The head of Deutsche Bundesbank, Jens Weidmann, visits Vienna to receive the Grand Decoration of Honour in Gold (Grosses Goldenes Ehrenzeichen) from Finance Minister Hartwig Löger. In his speech he called for a rapid end to bond purchases by the European Central Bank (ECB).
March 26, 2018
Austrian Support for Peace and Security Programm in Horn of Africa Region
Vienna based ADA - Austrian Development Agency signs an agreement on peace and security in the Horn of Africa with EU and IGAD (Intergovernmental Authority on Development). The EUTF - EU Emergency Trust Fund for Africa provides 40 million euros. 35 million of this will be made available to ADA and 5 million directly to IGAD. The ADA passes on one million euros to IGAD. The Swedish International Development Agency SIDA will also contribute one million euros..
March 26, 2018
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