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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
Powerful Federation of Austrian Industrialists Has a New President
The Federation of Austrian Industry, the lobby of 4,200 voluntary members and owners of Austrian industrial and industry-related companies, has elected a new president in Georg Knill.
June 19, 2020
Another COVID Casualty: Austrian Airline Discontinues Flight Operations
The Austrian low-cost airline "Level" and subsidiary of British Airways (IAG International Airlines Group) has discontinued flight operations with immediate effect. The airline was hit hard economically by the consequences of the Covid 19 pandemic in Europe. A continuation of flight operations is not planned. About 200 employees in Vienna are affected by the bankruptcy.
June 19, 2020
Austrian Airlines Deal: EUR 450 Million for Vienna Hub Guarantee
The Lufthansa subsidiary will receive EUR 450 million from the Republic of Austria, EUR 300 million of which as a loan guarantee and EUR 150 million as equity.
June 9, 2020
Deal: Bail-out for Austrian Airlines
According to media reports, AUA Austrian Airlines is to receive a total of EUR 600 million and thus retain its Austrian headquarters.
June 8, 2020
OFID - Austria Headquarters Agreement Updated
An amendment to the Headquarters Agreement between the OPEC Fund for International Development (OFID) and Austria in respect of the privileges and immunities granted therein has revised the 1981 Convention.
June 4, 2020
Investing in Vienna: All-time High for the Settlement of International Companies
In 2019, the City of Vienna in cooperation with the Austrian Business Agency (ABA) was able for the eighth time in a row to set a new settlement record with 266 international companies settling in the city. With 25 companies settling in Vienna, the USA came second in the list of the ten most important countries of origin, behind Germany with 61 projects.
June 2, 2020
New Chief Financial Officer at Allianz Group Austria
German-born Anne Thiel (49) is to take over as CFO of Allianz Group Austria on September 1, 2020. She succeeds Eva Meyer-Schipflinger, who will take over a global management position at Allianz SE in Munich.
May 30, 2020
Investing: Why Your Company Should Establish a Branch in Austria
Every crisis also opens up opportunities e.g. to revise your current strategy and to develop a new one - and time to consider new markets to expand to. Austria stands out in Europe as a highly developed business location and has weathered the crisis well so far.
May 22, 2020
Ryanair's Laudamotion to Close Vienna Base
Laudamotion closes its base in Vienna on 29 May, 300 people lose their jobs. The trade union Vida did not agree to an ultimatum by the airline, which would have brought a new collective agreement with significantly lower wages.
May 22, 2020
Drastic Drop of over 99% in Passengers at Vienna International Airport
The worldwide travel restrictions and flight cancellations resulting from Covid-19 have had a major impact on the development of traffic and earnings AT Vienna International Airport (Flughafen Wien Group). In April, the Group recorded a decline of 99.6% in the number of passengers and 99.5% at Vienna International Airport. Revenues for Q1/2020 fell by -9.0% to € 161.4 million.
May 20, 2020
COVID-19 Drug Made in Austria
Austrian biotech company Apeiron Biologics AG, which is currently working on a drug to treat the coronavirus, announces financing round for the further development of the COVID-19 drug APN01.
May 19, 2020
Corona Short-time Work in Austria: Funds to be Increased to 12 Billion
Minister of Finance Gernot Blümel announced that the budget for coronavirus short-time work will be increased from ten billion to twelve billion euros.
May 19, 2020
Austria Becomes Self-sufficient in the Supply of Mouth and Nose Masks
Hygiene Austria LP GmbH, founded only 4 weeks ago by a cooperation of Lenzing AG and Palmers Textil AG with the aim of producing and selling protective masks for the domestic and European market, was made known to a wider public today by the visit of Federal Chancellor Kurz and Minister of Labour Christine Aschbacher, and two weeks ago by the visit of Federal Minister Margarete Schramböck.
May 19, 2020
War for Global Telecom Infrastructure Supremacy: Vienna first EU Capital with Area-wide 5G Network
While the Third World War is raging backstage between the USA and China for world supremacy in 5G infrastructure, Huawei wins another milestone in Vienna. Digital City Councilor Peter Hanke has set the goal "Vienna should become the first city in Europe with a complete 5G network". The city is supporting the network expansion with 20 million euros.
May 18, 2020
The European Forum Alpbach Gets a New Leadership
Bank manager Andreas Treichl is scheduled to take office as President of the European Forum Alpbach in 2021, succeeding Franz Fischler. Already this autumn, Philippe Narval, Secretary General and Managing Director of the European Forum Alpbach, is to hand over the reins to the entrepreneur and investor Werner Wutscher.
May 14, 2020
Austria and Germany Agree to Open Borders on 15 June
The gradual opening of the borders between Austria, Germany and Switzerland will begin as early as Friday. From May 15th onwards there will only be spot checks at the borders between Austria and Germany, both countries announced. From 15 June, the borders are to be opened completely. Opening to Italy is not an issue for the time being.
May 13, 2020
City of Vienna Gives Away 40 Million Euros for Gastronomy Consumption
This is how the second wave of the coronavirus will be boosted. After two months of corona lockdown, the gastronomy industry is opening up again this Friday, May 15. In order to boost the new start of coffee houses, pubs and restaurants, the City of Vienna is "giving" the 950,000 Viennese households gastronomy vouchers worth 25 or 50 euros (depending on the size of the household). Mayor Michael Ludwig (of the Social Democratic Party of Austria) declared on Wednesday "Yes, we can afford it!
May 13, 2020
Tax Consultants and Auditors: Corona Aid Fund for Fee Losses Threatening their Existence
The Austrian Chamber of Tax Consultants and Auditors (KSW), which represents 8,000 Austrian tax consultants and auditors, is setting up a 2 million euro aid package.
May 12, 2020
Hotel Sacher Vienna: New Director is a German Again
Reiner Heilmann, the long-standing director of the Hotel Sacher in Vienna, hands over the management of the hotel to 35-year-old hotel manager Andreas Keese.
May 12, 2020
Coronavirus in Austria: Live-Ticker (Our live coverage has now concluded)
This live ticker has been terminated. Our live coverage has now concluded.
May 1, 2020
Financier Ronny Pecik Appointed Chief Executive Officer of Immofinanz
Croatian-Austrian star investor and largest single investor becomes CEO of commercial real estate group Immofinanz AG.
April 23, 2020
Vienna International Airport: 98 Percent Fewer Passengers
Vienna International Airport (Flughafen Wien AG) is currently registering a decline of 98% in the number of passengers and the workforce is on short-time working. The airport is therefore cancelling the dividend for 2019 and launching a savings programme of over € 220m.
April 17, 2020
Austrian Airlines Extends Short-Time Work and Temporary Cessation of Flight Operations
Due to the global developments in connection with the Coronavirus and the continuing restrictions on travel, Austrian Airlines is extending the short-time working model for its 7,000 employees by a further month until May 19, 2020. Also, Austrian Airlines prolongs the cessation of its regular scheduled flight operations for an additional two weeks until May 17, 2020.
April 17, 2020
Self-Sufficiency in COVID-19 Mask Production
A first step towards Austrian self-sufficiency in mask production for medical protective equipment was taken. In future, it should be possible to produce up to 500,000 corona protective masks of the "Made in Austria" brand every day.
April 8, 2020
Federal Chancellor: "The situation is still serious"
Austrian government presents details of the aid package designed to save jobs and businesses.
March 26, 2020
Voestalpine: Short-time Work in 50 European Subsidiaries
The biggest economic challenge of the past decade represented by the coronavirus pandemic has hit the Austrian technology group Voestalpine hard. Short-time work in Austria and other European countries such as Germany, Belgium and France is unavoidable due to the slump in demand.
March 24, 2020
Budget Statement: Do What Is Necessary
Finance Minister Blümel: "No one knows how long this crisis will last. No one knows what effects it will have. But we do know that we will do everything we can to maintain the health of Austrians, to secure jobs and to carry the location through the crisis. Whatever the cost."
March 20, 2020
Austrian Government Says It is Prepared to Pump Virtually Unlimited Money into Economy
The Federal Government announced today that an aid package of up to 38 billion euros is being prepared to deal with the consequences of the coronavirus.
March 18, 2020
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
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
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
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
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
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
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
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
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
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
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
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