Sponsored Content
Vienna International Company News
Read the latest headlines about developments in international organizations, companies and institutions operating in Vienna, Austria
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
Celebrities and Journalists from Austria, Europe and America Leave X
The once important platform Twitter, now known as X, is experiencing a massive decline in prominent users. While international personalities such as Stephen King or media outlets such as the British Guardian have announced their departure, the exodus is also becoming visible in Austria. Numerous opinion leaders and journalists have closed their accounts under the hashtag #eXit.
November 17, 2024
UNODC: Increase in Opium Cultivation in Afghanistan Despite Continued Drug Ban
According to a recent report by the United Nations Office on Drugs and Crime (UNODC) in Vienna, opium cultivation in Afghanistan increased by 19 percent in 2024 compared to the previous year. After an unprecedented decline of 95% in 2023, when the de facto authorities enforced a strict ban on cultivation, the area under cultivation has reached 12,800 hectares. Nevertheless, cultivation is still far below the figures for 2022, when 232,000 hectares were used for opium cultivation.
November 17, 2024
Arbitration Court Awards OMV 230 Million Euros in Dispute with Gazprom
A significant legal victory for OMV: the Austrian energy group has successfully concluded arbitration proceedings against Gazprom Export under the rules of the International Chamber of Commerce (ICC).
November 14, 2024
Austrian Airlines Extends Flight Stop to Tel Aviv and Tehran
The tense security situation in the Middle East is having an impact on international air traffic. Austrian Airlines (AUA) is reacting to the current situation and is further suspending its flights to Tel Aviv and Tehran.
November 11, 2024
New Bankruptcy in the Signa Group: Signa Development Icon GmbH Will not be Continued
The economic turbulence surrounding the Signa Group shows no sign of abating. The creditor protection association Creditreform announced that Signa Development Icon GmbH has filed for bankruptcy proceedings, which will not be continued in the future. "The Icon Vienna" houses prominent companies and diplomatic missions and is a subsidiary of the Signa Development Selection AG, which had previously filed for insolvency.
November 11, 2024
Austrian Construction Group Strabag Fined Millions in Germany for Cartel Agreements
Austria's largest construction group, STRABAG SE, is again in the headlines due to cartel allegations. The German Federal Cartel Office has imposed a hefty fine of 2.79 million euros on STRABAG AG, a subsidiary of STRABAG SE, headquartered in Cologne. The reason for the fine is an illegal bidding agreement in connection with the renovation of the famous Zoobrücke bridge in Cologne.
November 6, 2024
OPEC+ Extends Oil Production Cuts by One Month
OPEC+ has decided to extend the voluntary production cuts since November 2023 by 2.2 million barrels per day until the end of December 2024.
November 3, 2024
Raiffeisen Bank International: Consolidated Profit Excluding Belarus, Russia at 856 Million Euros
Raiffeisen Bank International AG (RBI) is successfully continuing its strategy of reducing risks in challenging markets and was able to present a solid performance for the first nine months of this year despite the withdrawal from Russia and Belarus. Adjusted consolidated profit, which was calculated without contributions from these two countries, amounted to EUR 856 million. RBI thus remains stable, while at the same time implementing its withdrawal plan from the Russian business.
October 29, 2024
Moldova and the UAE Launch Space Technology Projects with UNOOSA and MBRSC
In a major international collaboration, the United Nations Office for Outer Space Affairs (UNOOSA) and the Mohammed Bin Rashid Space Centre (MBRSC) announced the winners of the second round of the Payload Hosting Initiative (PHI): the Technical University of Moldova (TUM) and the start-up Madari Space Limited from the United Arab Emirates (UAE).
October 29, 2024
OPEC Fund Intensifies Global Development Cooperation with New Financing Commitments
The OPEC Fund for International Development has announced significant financing commitments of around half a billion US dollars at the 2024 World Bank-IMF Annual Meetings to support climate action, food security, and infrastructure in various partner countries.
October 28, 2024
AUA Flights to Tel Aviv and Tehran Remain Suspended Due to Escalating Tensions
Austrian Airlines (AUA) is extending the suspension of flights to Tel Aviv and Tehran due to the uncertain situation in the Middle East. Connections to the Israeli coastal city of Tel Aviv are expected to remain suspended until November 25, while flights to Tehran will be canceled until the end of November.
October 28, 2024
Insolvency of Viennese Real Estate Developer Lukas Neugebauer and his LNR Group
Another Austrian real estate company has been hit by insolvency. Bankruptcy proceedings have now been opened at the Vienna Commercial Court over the assets of Viennese real estate developer Lukas Neugebauer and his LNR Group. The bankruptcy affects both B&R Generalunternehmer GmbH and LNR Development GmbH, two central companies in Neugebauer's real estate conglomerate. The insolvency affects 32 creditors who have claims totaling 94 million euros. The creditors have until December 30, 2024, to assert their claims.
October 23, 2024
Record Number of Company Bankruptcies in Vienna Burdens Economy and Labor Market
In Vienna, more than 1,100 companies filed for insolvency between January and September 2024, with the real estate sector particularly hard hit. This development contributes to rising unemployment, which has increased by 8.8% compared to the previous year. Experts blame the rise in the poor global economic situation, high inflation, and increased energy and rental costs. The increase is particularly worrying for retail and service companies, as shown by the example of Pepco, which has affected over 600 employees.
October 21, 2024
ÖBB Increases Ticket Prices by 4.9 Percent
ÖBB announced that prices for standard tickets will increase by an average of 4.9 percent from December 15, 2024, in parallel with the winter timetable. This is the first price increase in 18 months. However, numerous tickets, including the popular Sparschiene tickets and seat reservations, will remain unaffected by the price adjustment.
October 17, 2024
Austrian Financial Market Authority Orders Forced Closure of Euram Bank
The Financial Market Authority (FMA) has withdrawn the business license of European American Investment Bank AG (Euram) in Vienna with immediate effect. This follows an extraordinary general meeting at which the bank failed to present a plausible plan for an orderly self-resolution. The bank should have either decided on a capital increase of 25 million euros or presented a credible liquidation strategy.
October 16, 2024
Austrian Airlines Extends Flight Suspension to Tehran and Tel Aviv
Due to the ongoing tensions in the Middle East, Austrian Airlines (AUA) has decided to suspend flights to Tehran and Tel Aviv until at least the end of October.
October 15, 2024
Music Giants Rock the Cineplexx Cinemas: A Trend Excites Austria
Concert films and music biographies bring the biggest stars to the big screen, creating a very special cinematic experience. Among others, Coldplay's “Moon Music” and Whitney Houston's “Durban Concert” celebrated great success. These films not only offer high-resolution picture and sound quality but also allow fans to experience their favorite artists' concerts together without the inconvenience of a live event.
October 15, 2024
Vienna: The Best City Destination in Europe for Americans
Vienna has once again proven that it is undisputed as a world-class travel destination. Readers of the renowned luxury and lifestyle magazine “Condé Nast Traveler” voted the Austrian capital the best European travel destination in this year's “Readers' Choice Awards” 2024.
October 5, 2024
Signa Insolvency: Controversial Loan from the Laura Private Foundation
The insolvency of Signa, under the leadership of René Benko, continues to cause a stir. Particularly controversial is a loan that the Laura Private Foundation, which Benko and his mother back, granted to Signa Holding six weeks before the insolvency filing in November 2023. Trustee in bankruptcy Christof Stapf considers the transaction detrimental to the holding company and seeks to have it set aside by the court and claim damages.
September 26, 2024
European Health Forum Gastein 2024: Health Policy in the Context of Democracy, Demography and Digitalization
The 27th European Health Forum Gastein (EHFG) is one of the most important health policy conferences in Europe. For four days, more than 1200 participants from science, civil society, industry and the public sector will meet to discuss current challenges in the field of health policy. The conference is dedicated to the complex interplay of the “3D” trends: democracy, demography and digitalization.
September 24, 2024
Glock Ecotech Delivers Green Energy to Japan to Promote Sustainability
The Austrian company Glock Ecotech has secured an important project in Japan. As part of a partnership with the Japanese company Eishin Co., Ltd., Glock Ecotech supplies 18 modern Glock CHP 50 thermal power plants to Tokamachi in Niigata Prefecture. This major project will start in the first half of 2025 and marks an important step in Japan's efforts to reduce fossil fuels and become climate-neutral.
September 24, 2024
OPEC Celebrates 64 Years of Shaping the Global Oil Industry
The Organization of the Petroleum Exporting Countries (OPEC) marked a significant milestone this September as it celebrated its 64th anniversary. For more than six decades, OPEC has played a crucial role in stabilizing the global oil market, fostering international cooperation, and championing the sovereignty of oil-producing nations over their natural resources.
September 19, 2024
Japan's Rohto Pharmaceutical Invests in Austrian Sigmapharm
In a move to enhance pharmaceutical production in Europe, Japan’s Rohto Pharmaceutical has entered into a strategic partnership with the Austrian Sigmapharm Group. The collaboration aims to expand the production and distribution of ophthalmic drugs and medical products across Europe, with Rohto Pharmaceutical investing nearly €30 million in research, development, production, and sales.
September 18, 2024
Voestalpine in the Midst of an Accounting Scandal and Weak Quarterly Results
Voestalpine AG, one of Europe's leading steel and technology groups, is currently facing a double crisis. In addition to a massive drop in profits in the first quarter of the business year 2024/25, the company is struggling with the consequences of an accounting scandal that spanned more than a decade and only became public in June 2024.
September 18, 2024
Subway Lines in Vienna Back in Operation after Flooding - Delays with U6
Following the massive flooding and flood protection measures in Vienna, subway services are slowly returning to normal. From Wednesday morning, September 18, 2024, the U2, U3, and U4 lines will be fully operational again. However, there are still restrictions on the U6, as the line between Längenfeldgasse and Niederhofstraße is impaired due to water ingress.
September 17, 2024
OSCE Economic and Environmental Forum 2024: Focus on Digitalization and Climate Protection
The 31st OSCE Economic and Environmental Forum at the Czernin Palace in Prague focused on the global challenges posed by digital transformation and climate change. Under the theme “Strengthening security and stability in the OSCE area through digital innovation”, the risks and opportunities arising from technological change and climate adaptation were discussed in depth. The forum brought together high-level representatives from governments, international organizations, academia, business, and civil society to debate innovative approaches and policy solutions.
September 17, 2024
IAEA Holds 68th General Assembly in Vienna
The 68th General Assembly of the International Atomic Energy Agency (IAEA) in Vienna has begun, providing an important platform for exchanges between member states on nuclear safety, non-proliferation, and sustainable development. In addition to discussing global issues of nuclear safety and climate change, numerous heads of state and government are taking the opportunity to hold bilateral talks.
September 17, 2024
Arab Diplomats Visit Burgenland to Promote Renewable Energies
In a major initiative to strengthen bilateral relations between Austria and the Arab world, the Austro-Arab Chamber of Commerce (AACC) together with Energie Burgenland welcomed a high-ranking delegation of Arab ambassadors and diplomats to Burgenland. The focus of the event was on progress in the field of renewable energies and sustainable development.
September 15, 2024
Gas Extraction in Upper Austria: Opportunities and Challenges for ADX Energy's Test Drillings
The planned natural gas extraction in Upper Austria is causing controversy. While the Australian company ADX Energy sees gas as a contribution to national energy independence, environmentalists warn of the ecological and climate policy consequences of new fossil fuel projects.
September 12, 2024
Vienna to Become a Center for Financial Technology: AFT 2024 International Conference
Vienna will once again become the international hub for innovative financial technologies in September 2024. From September 23 to 25, 2024, the sixth edition of the Advances in Financial Technologies (AFT) conference will take place at the Austrian National Bank (OeNB).
September 11, 2024
Foreign Currency Loans in Austria Fall to New Low in Q2 2024
The market for foreign currency loans in Austria continues to decline sharply. The Financial Market Authority (FMA) published a new survey for the second quarter of 2024, which shows a further significant decline in the outstanding volume of such loans.
September 11, 2024
Whistleblower System to Help Clarify the Signa Bankruptcy
The investigation into the insolvency of the Signa real estate empire is progressing. A new whistleblower system is now intended to help bring transparency to complex corporate structures through information from employees and creditors and to reveal previously undiscovered information.
September 11, 2024
Technology Talks 2024: Vienna as a New Hotspot for Research and Innovation
On September 12 and 13, the MuseumsQuartier in Vienna will be transformed into a center for the latest developments in research, technology and innovation. The Technology Talks Austria 2024 will bring together over 700 experts from science, business and politics to discuss the challenges and opportunities of the so-called “triple transition” - a transformation that encompasses ecological sustainability, digitalization and social justice.
September 5, 2024
Russian Court Decision Complicates Raiffeisen Bank International Planned Sale of Subsidiary Bank
The planned exit of Raiffeisen Bank International AG (RBI) from Russia has suffered a significant setback. A Russian court has issued a temporary injunction blocking the sale of the Russian subsidiary AO Raiffeisenbank. This decision could significantly delay the Austrian bank's efforts to reduce its presence in Russia.
September 5, 2024
UNOOSA and University of Bonn Renew Partnership to Promote Space-Based Disaster Relief
The United Nations Office for Outer Space Affairs (UNOOSA) and the University of Bonn have extended their partnership to intensify the use of space technology to tackle growing threats from natural and man-made disasters. The five-year agreement signed in Vienna aims to continue and expand the “Spaceborne Earth Observation Applications for Emergency Response and Disaster Risk Reduction” (SPEAR) project with a focus on Africa.
August 29, 2024
Wien Museum Sheds “New Light” on the City's Islamic Heritage
In a new summer academy entitled “Islamic Heritage in Vienna”, the Wien Museum is focusing on the city's often overlooked but significant Islamic heritage.
August 22, 2024
UniCredit Bank Austria: Austrian Economy Remains in the Downturn - Hope for Recovery Only in 2025
The economic situation in Austria remains tense and a sustainable recovery does not appear to be in sight until 2025. The latest reports from UniCredit Bank Austria paint a gloomy picture for 2024. Despite some positive signs, particularly in the service sector, the economy is in a prolonged slump. Industry and the construction sector in particular continue to be under great pressure, which is weighing heavily on the overall situation in Austria.
August 22, 2024
OPEC Sees Oil and Electrification as an Inseparable Duo for the Future of Global Energy Supply
In the current debate about the future energy supply, electrification is often portrayed as the big opponent of oil. The increasing pressure to reduce CO2 emissions and make the energy supply more sustainable has led many to view the use of oil as obsolete. But Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), disagrees with this simplistic view and emphasizes the indispensable role that oil and its derivatives play in the global energy landscape.
August 20, 2024
Austria's Competition Watchdogs Criticize Concentration on Gas Market
The Federal Competition Authority (BWB) and the regulatory authority E-Control recently presented the second interim report of their joint Electricity & Gas Task Force. This investigation is a reaction to the developments in the Austrian energy markets, which are characterized by strongly fluctuating prices and high market concentration.
August 20, 2024
Vienna Airport Reports Strong Growth in the First Half of 2024
Flughafen Wien AG, the operator of the Vienna International Airport, presented impressive results for the first half of 2024. The company recorded significant growth in all key areas, including passenger numbers, revenue, and profit, thus continuing its successful growth course.
August 20, 2024
Alpbach: Between Tradition and the Future - the European Forum Alpbach 2024
The European Forum Alpbach (EFA) celebrated its 80th anniversary in 2024. It once again attracted over 4,000 participants to the small Tyrolean mountain village, which became the center of European discourse for two weeks. Under the general theme of “Moment of Truth”, this year's forum focused on the groundbreaking decisions that Europe must make in the face of multiple crises, from climate catastrophes to political tensions.
August 18, 2024
Austria Investing in the Future: Strengthening STEM Education and Massive Research Funding
Austria is setting standards in the education and research landscape to meet the challenges of the future. With two far-reaching initiatives, the government aims to combat the shortage of skilled workers in the STEM fields (mathematics, IT, natural sciences, and technology) as well as massively promote research and innovation in the country. These measures are intended not only to solve short-term problems but also to secure and strengthen Austria as a business location in the long term.
August 13, 2024
Finance Ministers from German-speaking Countries Adopt Lake Constance Declaration to Strengthen Competitiveness
Finance ministers from Germany, Austria, Switzerland, Liechtenstein, and Luxembourg met in picturesque Vorarlberg, Austria, to adopt the so-called "Lake Constance Declaration". This landmark declaration aims to strengthen Europe's competitiveness in a rapidly changing global economy while safeguarding the continent's prosperity and stability.
August 13, 2024
United Nations Finalize Convention Against Cybercrime with the Support of UNODC
After intensive negotiations and several years of work, the member states of the United Nations finalized a new international convention against cybercrime. This convention represents a historic step in the global fight against the growing threats in the digital space.
August 12, 2024
Fast News Search
This category only
