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Austrian Economic Legal Issues and Insolvencies
Read the latest headlines about laws, jurisdictions and court decisions in Vienna and Austria with reference to the international interest
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European Commission Approves Further EUR 4 Billion for Austrian Companies
Further EUR 4 billion intended to help Austrian companies sustain the Covid-19 crisis were approved by the European Commission. Grants and guarantees of up to EUR 800,000 per company can be given out in cases of hardship and danger of bankruptcy.
September 22, 2020
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Swiss President Welcomes Kurz
Swiss President Sommaruga and Austria's Chancellor Kurz met near Bern to discuss current topics related to the Covid-19 pandemic and the cooperation between the two countries. Kurz also met with CEOs of leading Swiss pharmaceutical companies to discuss the current vaccine developments.
September 21, 2020
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Environmental Support Act: 1 Billion for Climate Protection Support until 2022
The National Council is in favor of a budget increase dedicated to climate protection. In detail, the Environment Committee wants to raise the amount of funding to EUR 1 billion by 2022 which will be invested in biogenic heating networks, renovation of buildings and other measures.
September 17, 2020
Foreign Ministers of Central Five Meet in Slovenia
The heads of diplomacy of Slovenia, Slovakia, the Czech Republic and Austria conducted a working meeting with the topics being the fight against a possible second wave of rising Covid-19 cases and other foreign affairs issues.
September 16, 2020
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Suspension of Restrictions Between Hungary and Austria
Hungary has lifted the 30-kilometer and 24-hour restrictions for commuters from Austria. This makes cross-border life and business significantly easier and allows the trading relationship between the two countries to flourish again.
September 14, 2020
U.S. Embassy Vienna Explains Covid-19 Checks Received by Austrians
U.S. Ambassador Traina has issued a statement on the stimulus checks received by a number of Austrians. The Embassy will look into this matter and will update the public about any findings.
September 11, 2020
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EU Puts a Hold on Austria's Fixed Cost Subsidies
The European Commission has questioned Austria's newly introduced fixed cost subsidy to the surprise of many Austrian politicians and experts. Companies in the sectors tourism and export were predominantly planned to be subsidized.
September 9, 2020
Joint Statement by Greece and Austria
Greek Prime Minister Mitsotakis and Austrian Chancellor Kurz have issued a joint statement that deals with European refugee policy and the ongoing dispute with Turkey over the natural gas deposit in the Mediterranean.
September 9, 2020
Climate Protection Minister Presents Measures Against Plastic Flood
Climate Protection Minister Gewessler announces a three-point plan to tackle Austria's plastic waste. These measures include a deposit system, a producer's levy and a reusable quota.
September 7, 2020
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WKO Secretary General: Labor Market Situation Improves, But Remains Great Challenge
The secretary general of Austria's Federal Chamber of Commerce WKO recognizes a slightly positive trend in the labor market but underlines the importance of ongoing and future economic measures.
September 7, 2020
Climate and Energy Goals: Additional Measures Will Be Needed for Austria
Austria's Ministry for Climate Protection recognizes the need for additional protective measures in order to meet the climate targets established by the European Union. An increases of investments in sustainable ideas is demanded.
September 3, 2020
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Austrian "Hate in the Net" Draft Law Takes Online Platform in Responsibility
The draft law against "Hate in the Net" obliges online platforms to introduce an effective reporting procedure and to delete unlawful content immediately. The third major point is the issue of a contact person including an address.
September 3, 2020
Schallenberg: "The EU Has Reached a Turning Point in the Relations With Turkey"
Austria's Foreign Minister Schallenberg explains the current relationship between the European Union and Turkey. The recent developments in the easter Mediterranean are testing the relation once again.
September 1, 2020
German-Speaking Finance Ministers Met in Vienna
Vienna hosted the tenth informal meeting of the German-speaking finance ministers. Representatives of Germany, Liechtenstein, Luxembourg, Switzerland and Austria took part in discussions about Covid-19 and the future of taxes.
August 28, 2020
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After Discussions in Austria: IHS and WIFO Against Statutory Reduction of Working Hours
Austrian economic research institutes IHS and WIFO are both against a reduction of working hours. According to the experts, training and retraining for the unemployed would be better approaches.
August 26, 2020
Austrian Officials Open 13th IPU Summit of Women Speakers of Parliament
The 13th IPU Summit is held virtually and will cover important topics dealing with countless inequalities women face today. The organization of the event is a common effort between the Austrian Parliament and the United Nations.
August 18, 2020
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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
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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
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
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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
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
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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
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
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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
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
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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
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
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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
Extradition of Oligarch Firtash to United States Remains "Suspended"
Although Austria has already agreed to the extradition of Dmytro Firtash, the latter may remain in Austria, as the resumption application submitted by his lawyers has a suspensive effect. During the meeting with his Ukrainian counterpart Vadym Prystaiko, Foreign Minister Alexander Schallenberg was confronted with the question of the state of affairs regarding Dmytro Firtash.
November 14, 2019
Investing in Austria: New Provisions for the Screening of Foreign Direct Investments
The Federal Ministry for Digital and Economic Affairs recently published a consultation draft for amendments to those provisions. The new regulation is supposed to create more transparency and certainty around FDIs in Austria.
September 19, 2019
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Lower Austria as a Business Location Presents Itself at the Alpbach Business Talks
Also this year Lower Austria presented itself at the economic talks of the Forum Alpbach as an innovative business location through its business agency ecoplus and as an outstanding culinary region through the initiative "Thus tastes Lower Austria".
August 29, 2019
New Meinl Bank to Pay 36 Million Euro to Damaged European Land Investors
The legal successor to Meinl-Bank, AAB Anglo Austrian Bank AG, will pay around EUR 36 million to settle the claims of the remaining investor proceedings of approx. 4,000 investors of the former MEL Meinl European Land. Simultaneously, AAB starts a repositioning in which the credit business and the payment transactions are to be reduced, while the advisory business and investment banking are to be focused on.
August 27, 2019
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More EU Infringement Procedures Against Austria
Austria is confronted with an above-average number of infringement proceedings by the European Commission. These include not only proceedings concerning the implementation of the Energy Efficiency Directive and the Environmental Impact Assessment, but also failures in the areas of public procurement, financial market regulation and the fight against tax fraud. Now the EC has also opened an infringement procedure concerning the indexation of family allowances.
July 31, 2019
Uber Austria: Suspension in Vienna Over
The ride-sharing service Uber has terminated its suspension in Vienna imposed by the Commercial Court of Vienna and is continuing to operate. As requested, Uber now has a local subsidiary in Austria. With the forthcoming change to uniform rates for taxis and rental cars, the next challenge is already ahead.
July 31, 2019
Devastating - Austria is Only the 21st Most Innovative Country in the World
The World Intellectual Property Organization (WIPO) named Austria's neighbor Switzerland as the world’s most innovative country, during the launch of its latest Global Innovation Index. Austria isn't even in the top 20. Biggest issues are the stagnation of public expenditure on research and development and the increase of economic protectionism.
July 26, 2019
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Uber Suspends all Services in Austria Temporarily
Uber Technologies, the driving service provider, is temporarily discontinuing all services in Austria. The reason for this is a temporary order issued by the Commercial Court of Vienna. Accordingly, Uber Technologies requires a subsidiary and a trade licence in order to offer its services.
July 25, 2019
Improvements in the Incorporation of an Austrian Private Limited Company
The incorporation of an Austrian Private Limited Company (GmbH) by foreigners is a multi-stage and time-consuming act. Since the beginning of the year, there has been a significant simplification, so that the founders or proprietors no longer have to appear personally before the notary.
July 24, 2019
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Total Ban on Glyphosate in Austria Adopted
Austria is the first country in the European Union to ban the use of the controversial weedkiller glyphosate. The ban is legally controversial and could contradict EU law.
July 4, 2019
Meinl Bank Rebranding - Anglo Austrian Bank Launches with Negative Result of EUR 4.5 Mio
As part of a rebranding, Meinl Bank of Julius Meinl V (59) has renamed itself Anglo Austrian Bank and is relaunching its operations in Vienna with 49 employees in order to respond to the increased demand for qualified asset management in the countries of the former Danube Monarchy and to provide clients with a bridge to the countries and financial markets of Western Europe.
June 28, 2019
Massive Slump in Austrian Exports to Iran
Trade between Iran and Austria is shrinking. Austrian exports to Iran fell by 11.1 % in 2018, as the Foreign Trade Centre Tehran of the Chamber of Commerce reported. In addition, a further decline is expected after the negative GDP growth in 2018/2019. In addition, there are fears of a further currency decline of the rial and rising inflation.
June 24, 2019
German Road Toll Discriminates Against Foreigners - ECJ
The German car toll violates EU law. This was decided by the European Court of Justice in a ruling. This levy is discriminatory, since its economic burden lies practically exclusively on the owners and drivers of vehicles registered in other member states. In Austria, the ruling is received with great pleasure, as the country has won the case through its infringement proceedings.
June 18, 2019
WeWork Cooperation to Facilitate Internationalization of Austrian Start-ups in the USA
The aim of the cooperation between shared workspace provider WeWork and AWS - Austria Wirtschaftsservice is to support innovative Austrian start-ups in their internationalisation in New York and on the US market.
April 26, 2019
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Forty Tax Offices Become One Tax Office Austria
The structures will be flattened and work processes made more efficient in such a way that 40 authorities will become a single authority with 33 departments at the 79 existing facilities.
April 10, 2019
Organized International Cum-Ex Tax Fraud in Austria - 183 Million Euros Damage
In connection with dividend stripping, the tax fraud model "Cum-Ex" was created, which deliberately allows the multiple refund of capital gains tax paid only once. According to a report in today's Ö1-Morgenjournal, presumably mainly Arab investors, in cooperation with domestic financial advisors and banks, caused Austrian taxpayers a loss of 183 million euros.
April 9, 2019
Vienna Stock Exchange: High Dependence on UK Traders
In 2018, around 60% of the equity turnover on the Vienna Stock Exchange came from UK trading participants. Hence equity turnover declined by 16.3% compared to the previous year. The most active stocks were Erste Group, OMV and Voestalpine. The SME segment "direct market plus" started with 8 companies, including 4 new listings.
April 3, 2019
Austria to Become Most Sustainable Tourism Destination in the World
Sustainability Minister Elisabeth Köstinger presented the "Plan T - Master Plan for Tourism" in Salzburg. This strategy paper is intended to ensure that Austria not only remains one of the leading tourist destinations, but that this position is further strengthened. For the first time sustainability is anchored as a basic principle for tourism. The strategic realignment of Österreich Werbung (ANTO Austrian National Tourist Office) is also on the agenda.
March 26, 2019
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