Vienna International Company News

Austria’s Researchers Stand out in Innovation and Commercialization of Scientific Discoveries

Austria's research community continues to stand out in Europe, excelling not only in fundamental scientific discoveries but also in successfully bringing innovations to market. A recent analysis by the European Research Council (ERC) highlights the ability of Austrian scientists to commercialize their patented inventions, often through licensing agreements or the establishment of startups.

February 23, 2025

Financial Police Operations at the Hahnenkamm Race Lead to Significant Fines

The annual Hahnenkamm race in Kitzbühel is not only a major sporting event but also a key economic driver for the region. Alongside the excitement on the slopes, Austrian authorities carry out strict regulatory checks to ensure compliance with tax and labor laws. This year, the Financial Police, part of the Office for Fraud Prevention, conducted extensive inspections targeting various businesses involved in the event.

February 23, 2025

Future of KTM and Pierer Industrie AG on the Brink

The coming days could be decisive for the renowned Austrian motorcycle manufacturer KTM and its parent company, Pierer Industrie AG. While KTM wants to secure its future with a comprehensive restructuring plan, Pierer Industrie AG faces a groundbreaking creditor decision as part of a restructuring procedure applied for the first time in Austria. In addition, geopolitical factors and global economic developments play a key role in the continued existence of the Group.

February 20, 2025

German Election and AfD in the Wake of a Donation Scandal from Austria

The German parliamentary elections are approaching, and yet another donation scandal is rocking the Alternative for Germany (AfD). The focus is on millions of euros that are said to have flowed from Austria - in some cases in a questionable manner. While the Austrian authorities are investigating the suspicion of money laundering, the question arises as to what extent actors from the Alpine country are influencing the German election campaign.

February 19, 2025

Austrian Retail Sector Shows Resilience Amid Economic Challenges

Despite ongoing economic uncertainty and cautious consumer spending, Austria’s retail sector has demonstrated stability and moderate growth. According to the latest WIFO & HV Economic Report, the sector achieved a nominal sales increase of 2.7% in 2024, closely matching previous forecasts. While inflationary pressures have eased in some areas, rising energy costs and declining consumer confidence continue to shape spending behavior.

February 18, 2025

ÖBB and Federation of Austrian Industries Demand 500 billion Euros from Brussels for European Rail Expansion

In a joint initiative, the CEO of the Austrian Federal Railways (ÖBB), Andreas Matthä, and the Chief Economist of the Federation of Austrian Industries (IV), Christian Helmenstein, have called on the European Union to invest around 500 billion euros in the modernization and expansion of rail infrastructure by 2030. This appeal was presented to MEPs in Brussels.

February 18, 2025

Citizens' Initiative Calls for an Austrian State Bitcoin Reserve

A new Citizens' initiative is causing a stir in Austria: A group of Bitcoin enthusiasts is calling for establishing a state Bitcoin reserve worth 2.3 billion euros. The initiators see this as a strategic hedge against inflation and an opportunity to achieve financial independence for the country. However, the project is not without controversy.

February 18, 2025

Oligarchs and Their Real Estate: How Effectively Is Austria Implementing the Russia Sanctions?

Almost three years after Russia's invasion of Ukraine, experts and politicians are puzzled as to how seriously Austria is implementing the EU sanctions against Russian oligarchs. Research shows that only nine properties have been frozen in this country, while other EU states are more transparent with their measures and enforce them more strictly.

February 17, 2025

EAVISTA Takes Over card complete: Bank Austria and RBI Sell Their Shares

The Austrian credit card company card complete Service Bank AG has a new majority shareholder. UniCredit Bank Austria and Raiffeisen Bank International (RBI) have sold their shares in the company to EAVISTA Beteiligungsverwaltungs GmbH.

February 17, 2025

Gas Drilling in Molln: Economic Interests vs. Nature Conservation

The debate about gas drilling in Molln in the Kirchdorf district continues to intensify. While the Australian-Austrian company ADX Energy wants to expand its exploration efforts, opposition from environmental associations and political representatives is growing. The Constitutional Court (VfGH) has now issued a ruling that could have far-reaching consequences for future drilling projects.

February 13, 2025

Safe Democracy Convention Held in Vienna

In an era where digital advancements shape every aspect of society, technology plays a crucial role in the future of democracy. To address both the challenges and opportunities presented by digital transformation, Vienna hosted the Safe Democracy Convention, a nationwide initiative bringing together cities, municipalities, businesses, and civil society.

February 13, 2025

Surge in Demand for Houses as Prices Decline Across Austrian Regions

Austria’s real estate market underwent a dynamic transformation in 2024, marked by a significant surge in the demand for single-family homes alongside fluctuating property prices across the country. While potential homeowners increasingly entered the market, drawn by improved financing conditions and relaxed credit regulations, regional price trends revealed a complex picture.

February 12, 2025

European Commission Sues Seven Member States Including Austria for Failure to Implement the NPL Directive

The European Commission has filed a complaint against Austria and six other EU Member States with the European Court of Justice (ECJ). The reason: these countries have not transposed the EU Non-Performing Loans (NPL) Directive into national law on time.

February 12, 2025

Steyr Arms Pushes Expansion - Austria as a Location in Danger?

The Austrian arms manufacturer Steyr Arms, part of the Czech investment group RSBC since 2024, is planning extensive expansion in the US and European markets. At the same time, the site in Austria is coming under pressure as export licenses are being delayed. While the company management wants to secure the future of the traditional business with new strategic decisions, a relocation could be considered.

February 11, 2025

Construction Prices 2024 in Austria: Moderate Increase Despite Tense Situation in the Construction Industry

Construction prices in Austria rose moderately by 1.3% in 2024 compared to the previous year. This was announced by Statistics Austria in its latest report. While price increases eased over the year, the economic situation in the construction industry remains challenging. Residential construction in particular is suffering from high construction and financing costs, which could have a long-term impact on the labor market and future housing supply.

February 10, 2025

Increase in Business Insolvencies in Austria Amid Economic Challenges

Austria's business landscape saw a challenging year in 2024, with a significant increase in corporate insolvencies driven by economic factors such as rising inflation, recession, and the end of pandemic-related support. While businesses struggled, a notable rise in new company formations offered a mixed picture.

February 9, 2025

Labor Market in Austria 2024: Number of Vacancies Significantly Decreased

The Austrian labor market is facing an apparent contradiction: while companies are complaining about an acute shortage of skilled workers, vacancies fell significantly in 2024. Rising unemployment figures meet unfilled positions, and many industries are struggling with economic uncertainties. What is behind this development?

February 6, 2025

Raiffeisen Bank International: Profit Slump due to Provisions for Russia

Raiffeisen Bank International's consolidated profit decreased by over 50% in 2024 due to a €840 million provision from a Russian court ruling, which ordered the bank to pay EUR 2 billion in damages.

February 4, 2025

Austria's Industry and Economy under Pressure: Economic Experts Discuss Solutions

The situation in Austrian industry has deteriorated continuously since mid-2021. The Federation of Austrian Industries (IV) is now issuing an urgent warning about the consequences of this development. “Industry is in a bleak situation,” explained IV chief economist Christian Helmenstein. There is no sign of a recovery shortly, which is seriously jeopardizing the competitiveness of the location and the prosperity of the country.

February 2, 2025

Ex-ÖBB Boss Christian Kern Criticizes German Railways: “It Will Never Work Out Like This”

The ongoing problems at Deutsche Bahn (DB) are again causing sharp criticism. This time, the former head of the Austrian Federal Railways (ÖBB) and former Chancellor of Austria, Christian Kern, is unusually outspoken about the situation of the German state-owned company.

January 29, 2025

Australian Foreign Minister Penny Wong Meets Austrian Chancellor Schallenberg in Vienna

Austria's Foreign Minister and interim Chancellor Alexander Schallenberg received his Australian counterpart Penny Wong for a bilateral working meeting in Vienna. This high-level visit marks another milestone in the strategic cooperation between Austria and Australia, which has been steadily deepening since the signing of the Agreement on Strategic Cooperation (ASCo) in 2021.

January 28, 2025

Bitpanda Receives EU-Wide MiCAR License and Plans Further Growth

The Viennese crypto platform Bitpanda is one of the first companies to receive the coveted MiCAR license. This license, issued by the German Federal Financial Supervisory Authority (BaFin), has been fully valid since January 2025 and enables crypto service providers to operate their business within the European Union under a uniform legal framework.

January 27, 2025

Rene Benko Arrested: From “Wunderwuzzi” to the Protagonist of a Billion-Dollar Scandal

Rene Benko, once a celebrated real estate entrepreneur and founder of the Signa Group, was arrested at his villa in Innsbruck. The Public Prosecutor's Office for Economic Affairs and Corruption (WKStA) in Vienna justified the arrest warrant because of the risk of concealment and the commission of a crime. Benko is suspected of concealing assets and manipulating evidence. His arrest marks the climax of one of the biggest business scandals in Austrian history.

January 24, 2025

EU Stops Erasmus Funding for Modul University in Vienna

The EU Commission has decided to withdraw funding from the Erasmus exchange program at Modul Private University in Vienna. The reason for this is the ownership structure of the university: 90 percent of it is owned by a Hungarian foundation, which is subordinate to the Mathias Corvinus Collegium (MCC) think tank. This is seen as a cadre factory of the Hungarian government under Viktor Orbán.

January 23, 2025

Austria Signs Letter of Intent for Southern Hydrogen Corridor

In a pioneering initiative, Austria, Italy, Germany, Algeria, and Tunisia signed a declaration of intent for the construction of the “SouthH2 Corridor” in Rome today. This pioneering infrastructure project will transport green hydrogen from North Africa to Europe over a distance of 3,300 kilometers and make the continent's energy supply more sustainable and independent.

January 21, 2025

AUA to Fly to Tel Aviv Again from February

After a longer break, Austrian Airlines (AUA) will resume flight operations to Ben Gurion Airport in Tel Aviv from February 1, 2025. This decision was announced in a company press release on Thursday and affects the entire Lufthansa Group, which includes Lufthansa, Swiss, Brussels Airlines, and Eurowings in addition to AUA. The resumption of flights to Tel Aviv signals a certain easing of the security situation in the region but remains characterized by caution.

January 21, 2025

Racetrack Magna Racino: A New Owner and an Uncertain Future

The Magna Racino in Ebreichsdorf (Baden district) has once again changed ownership. As confirmed by the town's mayor, Wolfgang Kocevar (SPÖ) the horse racing track now belongs to Irish billionaire Luke Comer. Comer purchased the property from the Lürßen Group, which had owned it since 2020. While the purchase price and the new owner's plans remain undisclosed, the public and local authorities are eagerly awaiting further developments in the coming months.

January 16, 2025

Signa Insolvency: Ex-managers to be Liable for One Billion Euros

Insolvency administrator Norbert Abel is stepping up the pace in the case surrounding the spectacular insolvency of Signa Prime Selection AG: 13 months after filing for insolvency at the end of November 2023, letters of liability were sent to former members of the company's Management Board and Supervisory Board shortly before the turn of the year.

January 9, 2025

Vienna's Club Scene Between Crisis and Innovation: Saving the Capital's Nightlife from Dying Clubs

Vienna's club scene is coming under increasing pressure: rising prices, new nightlife habits, and the densification of urban space are creating an uncertain future. At the same time, local players are focusing on creative approaches to preserve the diversity of nightlife culture and offer clubs a future. A detailed look at the current challenges and planned measures shows how fragile and at the same time adaptable Vienna's nightlife is.

January 7, 2025

Energy Partnership: Uniper Secures Natural Gas Supplies from OMV Petrom from 2027

According to insider information, the German energy group Uniper has concluded a long-term supply agreement with the Romanian OMV subsidiary OMV Petrom. From 2027, Uniper will purchase natural gas from Romania, extracted from the Neptun Deep project in the Black Sea. The agreement covers the supply of 15 terawatt hours of natural gas over five years. This corresponds to around 1.5 percent of total German gas imports in 2024.

January 7, 2025

UN General Assembly Adopts Cybercrime Convention: A Step for UNODC for International Security

In a unanimous decision, the United Nations General Assembly adopted the first international cybercrime convention. Hailed by many as a historic achievement, this convention marks the first UN agreement on crime-related issues in over 20 years. In an increasingly digitalized world, the new convention aims to strengthen international cooperation in the fight against cybercrime and shape a safer digital future.

January 2, 2025

Signa Development Selection and Signa Prime: Real Estate Giants on the Brink

The Supreme Court's (OGH) decision to reject the appeal on points of law by Signa Development Selection AG and a German investor has closed another chapter in the liquidation of René Benko's billion-euro real estate group. Previously, the restructuring plan for Signa Prime, another central company of the group, had already failed. The insolvency of the Signa Group represents one of the biggest economic crises in Austria's history.

December 30, 2024

Financial Fraud as a “Growth Industry”: Record Losses and New Scams According to the Austrian Financial Market Authority

The Financial Market Authority (FMA) is sounding the alarm: financial fraud has developed into a real “growth industry”. According to the authority's latest figures, the total loss reported by financial fraudsters in 2024 amounted to around 15.5 million euros - an increase compared to the previous year, when the figure was 12.8 million euros. The dramatic increase in crypto-based fraud cases is particularly worrying. According to the FMA, the majority of these fraud cases could indicate that illegal financial markets are increasingly attracting the attention of criminals.

December 23, 2024

Bankruptcy Proceedings Against Ostchem Holding GmbH: Ukrainian Oligarch Dmytro Firtash in Financial Difficulties

Bankruptcy proceedings were opened at the Salzburg Regional Court against Ostchem Holding GmbH, a company linked to a major oligarch in Ukraine. The Ukrainian entrepreneur Dmytro Firtash, considered one of Ukraine's most influential and wealthiest oligarchs, is the company's majority shareholder, which has increasingly run into financial difficulties in recent years.

December 23, 2024

Poland and Austria Network in the Field of Fintech and Finance

The Polish Embassy in Vienna hosted the conference “Poland and Austria: cooperation and exchange of expertise. Fintech and finance” took place. The event brought together many experts, industry representatives, and decision-makers from Poland and Austria. The aim was to network the dynamically growing Polish fintech sector with the stable and well-regulated Austrian financial market and explore potential cooperation areas.

December 18, 2024

OMV Abandons Plans to Sell Exploration Business in New Zealand

Following an intensive review, the Executive Board of OMV Aktiengesellschaft has decided not to pursue the sale process for the exploration and production (E&P) business in New Zealand. OMV New Zealand Limited will, therefore, remain part of the partly state-owned energy company's E&P portfolio.

December 17, 2024

Westbahn Expands Offer: New Overnight Connection from Vienna to Salzburg

With the timetable change on December 15, 2024, the Westbahn is introducing a significant innovation: a daily night connection from Vienna to Salzburg. This additional late-night connection is aimed in particular at commuters, night owls, and travelers who want to travel comfortably from Vienna to the West even late at night.

December 16, 2024

Further EU Infringement Proceedings Initiated Against Austria

The European Commission has initiated further infringement proceedings against Austria. The reason: is non-compliance with EU regulations on the recognition of professional qualifications. The Commission sees this as violating the rules intended to make it easier for freelancers and employees to work temporarily and occasionally in other Member States.

December 16, 2024

OPEC Revises Forecasts and Cadre: Decline in Global Oil Demand Expected

OPEC has revised its expectations for global oil demand in 2024 and 2025 downwards for the fifth time in a row. At the same time, the organization is celebrating the eighth anniversary of the “Declaration of Cooperation” and appointing new leaders.

December 12, 2024

New Flight Connection Between Vienna and Chengdu Inaugurated

Hainan Airlines links Europe and Asia with a new direct flight route between Vienna and Chengdu. The opening of the route was attended by a prominent delegation, including Qi Mei, Ambassador of the People's Republic of China to Austria, Julian Jäger, CEO of Flughafen Wien AG, Meng Fanzhuang, Counselor of the Chinese Embassy, and Zhang Zhuo, General Manager Austria of Hainan Airlines. The event marks another milestone in the bilateral relations between Austria and China.

December 12, 2024

René Benko at the Center of International Investigations: Arrest Warrant from Italy for Real Estate Projects

An international warrant for the arrest of Austrian real estate entrepreneur René Benko, founder of the Signa empire, has triggered a wave of investigations extending from Italy to Austria and Germany. The accusations range from corruption and criminal association to violations of tax law. While Benko was questioned in Tyrol and remains at large, extensive investigations are underway in Italy, involving over 100 searches and the arrest of nine suspects.

December 3, 2024

Jewish Museum Vienna Kicks Off Anniversary Year with Gala in New York

A special gala dinner was held in the elegant rooms of Christie's New York to mark the start of the 130th anniversary year of the Jewish Museum Vienna. This exclusive event brought together important personalities from the worlds of culture, business, and diplomacy and paid tribute to the historical significance of the world's first Jewish museum, which opened in Vienna in 1895.

December 3, 2024

Igor Strehl Launches Dunaj Family Office Consulting in Vienna

With the founding of Dunaj Family Office Consulting 24/7 GmbH, Igor Strehl, an experienced expert in the field of financial and real estate management, is establishing a new player in the Austrian consulting landscape. The company, which specializes in investments, relocations, and property management, is positioning itself as a comprehensive service provider and trustworthy partner for private and institutional clients in Austria.

December 2, 2024

KTM Facing Insolvency: Effects on Upper Austria and the Austrian Economy

The longstanding Austrian motorcycle manufacturer KTM is on the brink of collapse. The company filed applications for restructuring proceedings with self-administration with the Ried Regional Court. The company's financial difficulties are serious: with liabilities of over 1.8 billion euros, the KTM crisis is one of the biggest insolvencies in the history of Austrian industry.

December 2, 2024

Cultural Bridge between Austria and Japan: Schönbrunn Palace and Himeji Castle Enter Into Partnership

Two of the most important UNESCO World Heritage Sites in the world, Schönbrunn Palace in Vienna and Himeji Castle in Japan signed a partnership agreement. This cooperation aims to preserve cultural treasures, exchange knowledge, and promote sustainable tourism and cultural education. The signing ceremony took place in the magnificent White and Gold Rooms of Schönbrunn Palace and was attended by high-ranking representatives from both countries.

December 2, 2024

New Institute in Vienna with Conference on Artificial Intelligence and the Future of Society

The luxury hotel SO/Vienna opened its doors for an event on the technological future: “AI & The Future: The Age of Machines” by a new think tank in Vienna, the Vienna Institute for Global Studies.

November 28, 2024

Abuse of Office and Saudi Deal for Ex-Mayor in Upper Austria

A controversial case of abuse of office and improper acceptance of gifts has shaken a municipality in the district of Vöcklabruck, Upper Austria. A former mayor of the Austrian People's Party (ÖVP) stood before the regional court in Wels, as he is said to have accepted payments from a Saudi Arabian prince over decades to enable the rezoning of grassland into building land.

November 28, 2024

Viennese Sausage Stand Becomes UNESCO Cultural Heritage: A Tribute to the Viennese Way of Life

The Viennese sausage stand culture has been officially added to UNESCO's national list of Intangible Cultural Heritage. With this recognition, the sausage stand joins the prestigious list of Austrian traditions and is now on par with Vienna's coffee house and wine tavern culture. The decision underlines the cultural and social significance of this institution, which goes far beyond its culinary role.

November 27, 2024

Lower Austria's Schoeller-Bleckmann Oilfield Equipment AG Records Significant Drop in Profits

Schoeller-Bleckmann Oilfield Equipment AG (SBO), a leading global supplier of specialized equipment for the oil and gas industry, recorded a significant decline in net profit in the first three quarters of 2024. With a slump of 38 percent, profit fell to 34.4 million euros, highlighting the challenges of a volatile market and geopolitical uncertainties.

November 21, 2024

Russian Gas Flow to Austria: Stop of Gazprom Deliveries without Noticeable Effects

Despite the cessation of gas deliveries by the Russian energy group Gazprom to the Austrian OMV, the gas flow to Austria remains stable. Deliveries were registered at the important Baumgarten hub in Lower Austria, albeit with a slight reduction compared to previous months.

November 19, 2024