Latest Headlines about other Business & Economic Developments

Read more headlines about Austria's international business environment (which are not covered in the other topics, including commodity and currency markets)

Vienna Airport Expands Cargo Traffic with Asia

Vienna Airport is setting new standards in international air cargo traffic through significant cooperation agreements with Incheon Airport in South Korea and the renowned airline Korean Air. These strategic alliances mark a decisive step towards increasing capacities and efficiency in the cargo sector between Europe and Asia and further strengthening Vienna's position as a leading hub in the air cargo industry.

February 28, 2024

Chinese BYD Strengthens Presence in Austria

Chinese car manufacturers are becoming increasingly present in the European car market and are openly demonstrating their role. The Chinese company BYD proudly presents its cars and other products on the Austrian market.

February 28, 2024

Financial Turbulence and Internal Conflicts Shake Signa Group Severely

The Signa Group's financial crisis reached a new peak when creditors filed claims totaling EUR 6.3 billion against Signa Prime, of which only EUR 2.6 billion were recognized by the restructuring administrator Norbert Abel. The hearing at the Vienna Commercial Court revealed that the group's financial difficulties are deeper than previously thought, with a significant proportion of the claims in dispute.

February 26, 2024

Financial Market Authority Initiates Investigations Against Raiffeisen Bank International

The Austrian Financial Market Authority (FMA) has launched an investigation into Raiffeisen Bank International (RBI). The focus is on possible deficiencies in the implementation of money laundering prevention measures, as can be seen from the bank's annual report published today.

February 25, 2024

Decline in Frozen Russian Assets in Austria

The significant drop in the volume of frozen Russian assets in Austria, as observed over the past year, mirrors a broader trend seen in other countries, where the handling and status of these assets have been dynamic and subject to legal, political, and financial considerations.

February 21, 2024

Austria and USA Launch New Exchange Program for Young Professionals and Students

In a new step to deepen transatlantic relations, Austria and the United States have launched a new Working Holiday Program (WHP) that offers young people from both nations the opportunity to experience each other's culture, everyday life, and the working world.

February 21, 2024

Austria's Foreign Minister Schallenberg Criticizes Italy's Transit Lawsuit

Austria's Foreign Minister Alexander Schallenberg has sharply criticized Italy after the country decided to take legal action against Austria's Alpine transit regulations before the European Court of Justice (ECJ).

February 17, 2024

Michelin Guide Puts Austria's Cuisine Back on the Map

The MICHELIN Guide, one of the world's most renowned institutions for restaurant ratings, has announced that it will once again publish an Austria-wide selection of top restaurants from 2025.

February 15, 2024

Signa Group's Luxury Properties up for Sale: A Glimmer of Hope for the Redevelopment

Signa Prime Selection AG, a major player in the luxury real estate market, is currently facing financial difficulties that could now be alleviated by the planned sale of some of its most prestigious properties. Karl-Heinz Götze, the insolvency manager of the credit protection association KSV1870, sees this step as a crucial "piece of the puzzle" for an orderly resolution of Signa Prime's insolvency proceedings.

February 14, 2024

Vienna Airport Focuses on Expansion: 420-Million-Euro Terminal Expansion Project Launched

The foundation stone for a comprehensive terminal expansion has been laid at Vienna Airport Schwechat. With a budget of 420 million euros, the airport will not only become larger but also more modern and customer-friendly by 2027.

February 14, 2024

Austria's Army is Gearing Up: Large-Scale Investment in Wheeled Tanks, Helicopters and Aircraft

The Austrian Armed Forces is facing a significant expansion of its vehicle fleet and aircraft fleet. The Ministry of Defense under department head Klaudia Tanner had already planned and made several new purchases since 2021.

February 13, 2024

Austria Plans to Withdraw from Russian Gas Contracts

In a decisive step against continued energy dependence, Energy Minister Leonore Gewessler (Greens) announced that she would end the gas supply contracts between OMV and the Russian company Gazprom. The contracts, which run until 2040 and oblige Austria to purchase significant quantities, are under critical review. Gewessler commissioned the Economic Research Institute (WIFO) to carry out a detailed analysis of the economic consequences of termination and the risks of continued dependency.

February 12, 2024

Africa Day 2024: Austria Looks to Africa's Future Markets

This year's Africa Day was all about Africa's future markets and offered a platform to strengthen economic relations between Austrian and African companies. Organized by the Austrian Federal Economic Chamber (WKÖ), the event attracted more than 1,200 participants from Austria, over 30 African countries, and guests from Europe, Asia, and the USA.

February 5, 2024

Austria-Ghana: New Embassy and Strengthened Partnership

In the spirit of deepening bilateral relations, Austria and Ghana have reaffirmed their desire to intensify economic and political cooperation. At an official meeting in Vienna, Federal President Alexander Van der Bellen and his Ghanaian counterpart Nana Akufo-Addo emphasized the planned opening of an Austrian embassy in Accra later this year as a symbolic step towards promoting bilateral relations.

February 5, 2024

Signa-Retail Company Lamarr Declares Bankruptcy

The highly anticipated Lamarr Kaufhaus project on Mariahilfer Straße in Vienna, set to include a flagship department store and hotel, has filed for bankruptcy. This development comes as a significant blow, as the project, originally slated for completion in 2025, has faced financial turmoil. The insolvency was confirmed by the Creditors' Protection Association KSV 1870 on Friday.

February 4, 2024

OPEC Fund: A Record Year for Development and Sustainability

The OPEC Fund for International Development has had an unprecedented year as the institution stepped up its global development assistance efforts, committing a record-breaking US$1.7 billion to 55 projects worldwide. These funds, designed to address the challenges of climate change, support the energy transition, and strengthen social and economic resilience, mark a turning point in the Vienna-based Fund's efforts to promote sustainable growth worldwide.

January 30, 2024

Realignment and Expert Dialog: Austria's Path to Fair Competition

The new head of the Federal Competition Authority (BWB), Natalie Harsdorf-Borsch, has set herself the goal of taking stronger action against companies that abuse their market power. This focus marks a strategic reorientation of the BWB, which previously dealt primarily with price agreements and investigated fewer cases of abuse of market power.

January 28, 2024

Saudi Arabia Allows Alcohol Sales to Foreign Diplomats for the First Time

In a significant change to its long-standing policy, Saudi Arabia has decided to allow the public sale of alcohol to "non-Muslim diplomats". This marks a historic departure from the country's strict alcohol ban.

January 25, 2024

Intensive Diplomatic Activities of the Iraqi Foreign Minister in Vienna

Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein held a series of significant meetings during his official visit to Austria aimed at strengthening bilateral relations and discussing key regional challenges.

January 24, 2024

Austrian Justice Minister Zadić Plans Reforms in Connection with the Signa Insolvency

The insolvency of the Signa real estate company has far-reaching consequences, which are now also prompting the Austrian Ministry of Justice under the leadership of Green Justice Minister Alma Zadić. In a five-point plan in response to Signa's insolvency, Zadić plans to significantly tighten the penalties for failing to submit balance sheets.

January 24, 2024

Jonas Kaufmann and Elisabeth Engelbrechtsmüller-Strauss Awarded the French Legion of Honor

The awards of the French Legion of Honor to Jonas Kaufmann and Elisabeth Engelbrechtsmüller-Strauss underline the importance of their artistic and business activities. Kaufmann's contribution to the world of opera and music and Engelbrechtsmüller-Strauss' successful management of an international technology group as well as her social commitment reflect France's appreciation of outstanding achievements in culture and business.

January 18, 2024

DHK New Year's Reception 2024: Business and Politics in Dialog

The traditional New Year's reception of the German Chamber of Commerce in Austria (DHK) took place in Graz, set against the historic backdrop of the auditorium of the Old University.

January 17, 2024

Signa Prime and Development: Future Secured Despite Insolvency

The future of the two important branches of the Signa Group, Signa Prime and Signa Development, seems secure for the time being.

January 15, 2024

Austrian Banking Sector Focuses on Sustainability: OeKB > ESG Data Hub Established

In a remarkable step towards promoting sustainability in the financial sector, Oesterreichische Kontrollbank (OeKB) has successfully introduced the OeKB > ESG Data Hub. Around 80% of the domestic banking sector, including well-known institutions such as UniCredit Bank Austria, Raiffeisen-Sektor, Erste Bank, and Sparkassen as well as Oberbank, already use this central online platform.

January 11, 2024

Austrians Show Trust in the Euro, Skepticism Towards its Digital Counterpart

According to a recent survey by the Austrian Society for European Politics (ÖGfE), 54% of Austrians trust the euro as a currency, while the digital euro is still awaiting broad acceptance. Paul Schmidt, Secretary General of the ÖGfE, analyzed these results in the context of the 25-year history of the euro and current European monetary policy.

January 10, 2024

Westbahn Maintains Service Between Vienna and Munich During GDL Strike

Despite the announced three-day strike by the German Train Drivers' Union (GDL), which will take place from Wednesday, January 10 to Friday, January 12, 2024, WESTbahn confirms that its train services to and from Rosenheim and Munich will continue to run as planned.

January 9, 2024

Political Thriller Around the Abramovich Villa in Austria

The sale of a villa on Lake Fuschl to Russian oligarch Roman Abramovich's family in Salzburg has been revealed to have disappeared. The property was acquired through an offshore letterbox company and a British trustee. The Green Party is now calling for the sale to be reversed, requiring a trust deed. The party is seeking clarification on how the sale can be reversed without the deed.

January 9, 2024

Vienna Stock Exchange Overcomes Challenges in 2023 with Record Bond Listings

The Vienna Stock Exchange experienced a challenging year in 2023, characterized by high interest rates, persistent inflation and geopolitical tensions affecting the European equity markets. Despite these unfavorable conditions, which impacted trading activity, the exchange achieved a record year for bond listings.

January 8, 2024

Financial Crisis at Signa: Bankruptcy Proceedings Initiated for Subsidiaries

The financial difficulties of Signa's flagship Signa Prime Selection lead to further negative developments within the group.

January 8, 2024

Signa Crisis: Call to Investors for Financial Support

Signa Holding, a prominent real estate company, is facing financial difficulties. Erhard Grossnigg, the Chief Restructuring Officer of the Signa subsidiaries Prime and Development, has sent a letter to investors urgently requesting additional funding.

January 4, 2024

UNOOSA Launches "Space Bridge" to Promote Global Space Dialogues

The United Nations Office for Outer Space Affairs (UNOOSA) has launched the "UNOOSA Space Bridge" under the leadership of Aarti Holla-Maini. This project was presented at the World Space Forum in Vienna and aims to strengthen global dialog to promote local action. The initiative aims to promote international expertise through targeted exchange programs and connect isolated areas of work.

January 2, 2024

Austria's Industry Welcomes "Schengen Air" Agreement

Austrian industry has recently expressed its support for the "Schengen Air" agreement with Romania and Bulgaria. This agreement is seen as an important step towards European integration, especially for Central and Eastern Europe.

January 1, 2024

Emirati State Fund Mubadala Fails with Claim Against Signa Holding

The Abu Dhabi sovereign wealth fund, Mubadala, has failed with a significant claim against the insolvent Signa Holding. The request to claim a payment of 713 million euros was rejected in emergency arbitration proceedings.

December 21, 2023

Vienna Stock Exchange Expands Offering with Focus on ESG and Digitalization

The Vienna Stock Exchange has announced a significant expansion of its offering in the global market and Exchange Traded Funds (ETFs) segments with a focus on ESG (Environmental, Social, and Governance) and digitalization.

December 21, 2023

New Second Home Tax in Vienna in 2025

Vienna is implementing new measures to regulate second homes. From 2025, an annual tax will be introduced for people who have a secondary residence in Vienna but do not have their main residence there.

December 21, 2023

Austrian Foreign Minister Schallenberg's Pioneering Visits to Senegal and South Africa

In an unprecedented diplomatic mission, Foreign Minister Alexander Schallenberg was the first Austrian official to visit Senegal and South Africa, setting new impulses in Austrian-African relations and opening the 31st Austrian Cultural Forum in Pretoria.

December 20, 2023

Russian Oligarch Oleg Deripaska Sells STRABAG Shares to Russian Corporation

The Russian oligarch and major shareholder of STRABAG, Oleg Deripaska, has initiated a sale of his considerable stake in the Austrian construction group to a Russian joint stock company.

December 19, 2023

Vienna Commercial Court Establishes Creditors' Committee for Signa Holding

The Austrian Signa Holding, founded in 2000 by René Benko, is currently facing major challenges. The Commercial Court of Vienna has set up a creditors' committee for the ongoing reorganization proceedings to examine the non-transparent structures of the Signa Group and to decide on the reorganization plan offered by Signa.

December 18, 2023

Dispute in the Austrian Government and EU Reactions: Focus on Climate Protection

There is a dispute in Austrian politics over the National Energy and Climate Plan (NECP), which is causing tensions with the European Union. The EU Commission has called on Austria to submit the NECP without delay, as Austria, along with Bulgaria and Poland, has not yet submitted an updated draft by the European Climate Law. This could lead to infringement proceedings, which could escalate over several stages up to the European Court of Justice (ECJ).

December 18, 2023

Ukraine Removes Raiffeisen Bank International from the List of "War Sponsors"

The Ukrainian government has temporarily removed Raiffeisen Bank International (RBI) from the controversial list of "war sponsors". This step follows intensive bilateral talks and consultations with representatives of the European Commission. RBI, which was previously criticized for its business activities in Russia and the recognition of the self-proclaimed Donetsk and Luhansk People's Republics by its Russian subsidiary, is now no longer suspected of supporting the Russian war of aggression.

December 17, 2023

Jan Marsalek's Deep Connections with Russian Intelligence Revealed

Jan Marsalek, once a high-ranking figure at Wirecard and now one of Europe's most wanted criminals, has been exposed as a long-time spy for Russia. Marsalek is reportedly currently in Dubai and is reorganizing Russian operations in Africa.

December 15, 2023

OMV's Borealis to Merge with Borouge in a 30 Billion Euro Deal

OMV's subsidiary Borealis is set to merge with the Abu Dhabi-based petrochemical company Borouge, creating a new global heavyweight in the chemical and plastic sector with an estimated value of 30 billion euros. This significant move marks a transformative step in the ongoing value creation and chemical growth strategy of both companies.

December 14, 2023

The Future of a Crumbling Empire: René Benko's Signa Group in Insolvency

The insolvency of the Signa Group, an Austrian company active in various sectors, including the real estate market, has far-reaching implications. Read more about the future of the Austrian flagship company!

December 6, 2023

Glock Ecotech Launches Sustainable Energy Project in Sweden

The Austrian company Glock ecotech has taken a significant step towards sustainable energy supply in Sweden. With the successful commissioning of its first electricity-to-heat power plant near Nyköping, the company now also offers an environmentally friendly energy option in the Scandinavian region.

December 5, 2023

Austro-Arab Chamber of Commerce Hosts Libyan Delegations for Industry and Digital Transformation Talks

In a series of significant events, the Austro-Arab Chamber of Commerce (AACC) in Vienna, Austria, played host to high-level delegations from Libya, focusing on industrial development and digital transformation.

December 5, 2023

Austria-Arab Business Dialogue: Increased Cooperation and Innovation

The 13th edition of the Arab-Austrian Business Forum, which took place in Vienna, impressively demonstrated the growing importance of cooperation between Austria and the Arab countries. The forum, organized by the Austro-Arab Chamber of Commerce (AACC) and the Vienna Economic Chamber (WKW), brought together over 200 participants from various countries, including high-ranking ministers and business people.

December 4, 2023

UNOOSA and Japan Foster Space Education with PNST Fellowship for Developing Countries

The United Nations Office for Outer Space Affairs (UNOOSA), in partnership with the Government of Japan and the Kyushu Institute of Technology (Kyutech), is offering a remarkable educational opportunity in the field of nano-satellite technologies.

November 28, 2023

Revolutionizing E-Mobility in Austria: Introduction of the E-Control Tariff Calculator for E-Charging Stations

In a new initiative to promote e-mobility, the Austrian regulatory authority E-Control has introduced a new comparison calculator for public e-charging points.

November 23, 2023

Vienna Stock Exchange Strengthens International Presence with Barclays as New Trading Member

The Vienna Stock Exchange announced a significant step in its international expansion with the addition of Barclays Bank Ireland PLC as a new trading member. This marks an important milestone in the history of the exchange by adding one of the world's leading banks to its trading circle.

November 21, 2023

Energy Transition and Sustainability: French Visit to the AMAG Aluminum Plant in Upper Austria

The French Ambassador to Austria, Gilles Pécout, visited the AMAG aluminum factory in Upper Austria. He was accompanied by the Honorary Consul Mr. Redlhammer and Mr. Chaumont from the Economic Service. During this visit, they were received by the Managing Director of AMAG, Gerald Mayer, and the company spokesman, Leopold Pöcksteiner. The meeting provided an opportunity to shed light on the company's operational activities, strengths, and challenges.

November 17, 2023