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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)
Swarovski Back on the Road to Success: Lux-Ignite Strategy Shows Results
After years of challenges, the Tyrolean crystal group Swarovski is back on the road to success. For the first time in five years, the company is in the black and recorded a significant increase in sales in the 2024 financial year. Thanks to the ambitious Lux-ignite strategy and a strong fourth quarter, CEO Alexis Nasard succeeded in returning the long-established company to profitability. But it was not an easy road.
March 20, 2025
Economic Forum in Vienna: Poland and Austria in Dialogue on Security and Economy
As part of the Polish EU Council Presidency, the high-caliber forum “Ensuring Security and Freedom of Business - Polish and Austrian Perspectives” took place at the headquarters of the Austrian Federal Economic Chamber (WKÖ). The event, which was organized by the Polish Embassy in Vienna in cooperation with the WKÖ, brought together over 130 representatives from public institutions, business organizations, and various industries from both countries. The event aimed to discuss current challenges and opportunities in the areas of energy security, digital transformation, and economic policy at the EU level.
March 19, 2025
The Austrian Institute of Technology Aims to Become a Leading Institution in Applying Modern AI Methods
The Austrian Institute of Technology (AIT) is pursuing ambitious goals: It wants to establish itself as a leading institution for applying modern artificial intelligence (AI) methods. At the heart of this strategy is the “AI Factory Austria” (AI:AT), a flagship project to strengthen the Austrian AI sector and promote the country's technological sovereignty. With European co-financing and broad support from business and science, the initiative is seen as a milestone for Austria as a location for innovation.
March 19, 2025
Steyr Motors Flying High: Defense Business and Expansion Drive Growth
The Austrian specialty engine manufacturer Steyr Motors is experiencing a remarkable economic upswing. Thanks to the increased demand for military technology, in particular high-performance engines for armored vehicles and special boats, the company was able to significantly increase its sales and profits. In addition, consistent expansion in Asia, the Middle East, and North Africa is ensuring further growth.
March 18, 2025
Meet Vietnam's Ambassador to the Republic of Austria and Permanent Representative to the International Organizations in Vienna
Dr. Vu Le Thai Hoang takes office as Vietnam's Permanent Representative to the United Nations and Ambassador to Austria. His diplomatic career demonstrates extensive experience in international relations, strategic diplomacy, and multilateral cooperation. Meet Vietnam's top diplomat in Vienna.
March 14, 2025
UNODC Reports That Opium Prices in Afghanistan Reach Historic Highs
The price of opium in Afghanistan soared to $750 per kilogram in 2024, marking a tenfold increase compared to the $75 per kilogram price in 2022 before the country’s de facto authorities imposed a strict drug ban. This data comes from a new report released by the United Nations Office on Drugs and Crime (UNODC).
March 14, 2025
Vienna as a UN Location More Important Than Ever: Foreign Minister Meinl-Reisinger Reaffirms Austria's Commitment
Vienna is considered one of the most important UN locations in the world. Austria's Foreign Minister Beate Meinl-Reisinger visited the Vienna International Centre (VIC) to emphasize the importance of the UN headquarters for Austria and the international community. In talks with high-ranking UN representatives, she reaffirmed Austria's support for multilateral cooperation and the rules-based world order. But what specific tasks does the UN perform in Vienna and why are they more urgent than ever today?
March 13, 2025
Increasing Risk of Espionage for Austrian IT Companies
Austrian companies are increasingly being targeted by foreign intelligence services. According to a recent study by the Directorate of State Security and Intelligence (DSN) in the Ministry of the Interior, which was carried out in cooperation with the Chamber of Commerce and the Federation of Austrian Industries, almost one in ten companies stated that they had already been the victim of espionage. The IT sector is particularly affected. Experts also assume that the number of unreported cases is high.
March 13, 2025
Westbahn Expands: New high-speed Connection on the Southern Line From 2026
Westbahn is taking the next big step: From March 1, 2026, the private railroad company will offer five daily train connections between Vienna and Villach via the newly constructed Koralm Railway. With modern high-speed trains and a fast direct connection, Westbahn represents a serious alternative to ÖBB - especially for commuters and business travelers.
March 13, 2025
Japan Business Talk: Lower Austria Prepares for Expo 2025 in Osaka
Lower Austria is intensifying its economic relations with Japan: At the “Japan Business Talk” event, high-ranking representatives from politics, science, and business discussed the opportunities and challenges of cooperation. The background to this is the upcoming business delegation trip to Expo 2025 in Osaka-Kansai.
March 12, 2025
Future of Benko Villa Igls Uncertain After All: City of Innsbruck Rejects Hotel Plans
The planned rededication of Villa Igls, once a renowned castle hotel and later the residence of the now-imprisoned real estate entrepreneur René Benko, has met with resistance from the city of Innsbruck. The Laura Private Foundation, whose sole benefactor is Benko's mother, was planning to use the building for tourism, but the city council has now clearly rejected these plans. At the same time, Benko remains in custody as the judiciary has made serious allegations against him.
March 12, 2025
Austria Threatened by Recession: Finance Minister Marterbauer Warns of Difficult Year Ahead
Finance Minister Markus Marterbauer (SPÖ) made a grim forecast for the Austrian economy at a meeting of the EU Economic and Financial Affairs Council (ECOFIN) in Brussels. According to Marterbauer, the country must expect a recession in 2025. This could have far-reaching consequences for the budget and the government's ability to act financially. Despite this negative development, the federal government is sticking to its goal of avoiding an EU deficit procedure.
March 12, 2025
Russian Ambassador Lyubinsky Sharply Criticizes Austria
The Russian Ambassador to Austria, Dmitry Lyubinsky, delivered a speech before the members of the "Society for Friendship with Austria" (ROO). The event, originally intended to promote cultural and civil society exchange, turned into a sharp political reckoning with the Austrian government.
March 11, 2025
Vienna Stock Exchange Reviews 2024 with Record-Breaking Developments and Strategic Initiatives
The year 2024 will go down in the history of the Vienna Stock Exchange as a year of upswing and trend-setting developments. After a rather subdued previous year, the Austrian capital market recorded impressive growth figures in several areas. Particularly noteworthy are the significant increase in share turnover, a new record for bond listings, and the implementation of strategic measures to further strengthen the Vienna Stock Exchange as an important financial center in Europe.
March 11, 2025
Innovative Solutions for Inclusive Employment and ICT: The Zero Project Conference 2025 in Vienna
The future of inclusion and accessibility is being shaped by innovation and collaboration. In an increasingly digitalized world, ensuring equal opportunities for people with disabilities has become a crucial global priority. The Zero Project Conference 2025, held at the United Nations Office in Vienna with over 120 sessions and 360 speakers, served as a platform for exchanging ideas, presenting pioneering technologies, and fostering global partnerships to drive change.
March 10, 2025
Austrian Leading Index Exceeds 10,000 Points for the First Time
The ATX Total Return, Austria’s leading index, reached a historic high, surpassing the 10,000-point mark for the first time and closing at 10,100.07 points.
March 10, 2025
German Warning Strikes also Affect Air Traffic in Austria
A day-long warning strike at the most important German airports will not only bring air traffic in Germany to a standstill but will also have a significant impact on Austria. The German trade union ver.di has called for work stoppages at a total of 13 airports, including Munich, Stuttgart, Frankfurt, Cologne/Bonn, Düsseldorf, Dortmund, Hanover, Bremen, Hamburg, Berlin-Brandenburg and Leipzig-Halle. Public service and ground handling employees are affected.
March 9, 2025
Luxury Villa Becomes Wellness Hotel: Benko Family Leaves Estate in Igls
Following the insolvency of Signa and the imprisonment of company founder René Benko, his family is leaving the luxury villa in Igls. The property is to be converted into a wellness hotel. Meanwhile, a court ruling makes new headlines in the Benko case.
March 9, 2025
Vienna Plan 2035: Urban Development Without New Building Areas
The new Urban Development Plan 2035, known as the “Vienna Plan”, has been officially presented. It sets out the framework for the city's spatial development in the coming years and takes particular account of the forecast population growth. One decision in particular is surprising: No new large urban development areas are planned for the time being and the focus will be on sustainability and climate protection.
March 6, 2025
Meet the Ambassador of the Republic of Türkiye to the Republic of Austria
With the appointment of Dr. Gürsel Dönmez as the new Ambassador of the Republic of Türkiye to Austria, an experienced political associate of Erdogan takes up his post in Vienna. He presented his credentials to Federal President Alexander Van der Bellen and officially began his mission in Austria.
March 6, 2025
Austrian Airlines Reports Weaker Result Despite Passenger Growth
Austrian Airlines (AUA) was able to increase its passenger numbers, the number of flights, and revenue by five percent in 2024. Nevertheless, the airline recorded a significant decline in its adjusted operating result (Adjusted EBIT), which fell by 40 percent to EUR 76 million. The Lufthansa subsidiary explained this with special one-off effects such as strikes in the first quarter and high costs as a result of geopolitical developments.
March 6, 2025
WIKAM 2025: A Celebration of Art in the Heart of Vienna
The Vienna International Art and Antiques Fair (WIKAM) will again open its doors at the historic Palais Ferstel from March 8 to 16, 2025. As one of Austria's most renowned art fairs, it offers art lovers and collectors an exquisite selection of works ranging from classical to modern art.
March 6, 2025 · Sponsored Content
Austrian Government Program Promoting Researchers: Universities Between Approval and Criticism
The new government program presented by the ÖVP, SPÖ, and NEOS has caused mixed reactions in the science and higher education community. While the research community is positive about the plans to strengthen research funding and innovation promotion, universities are warning of problematic changes to the higher education sector.
March 5, 2025
New Economics Minister Hattmannsdorfer Against the Deindustrialization of Austria and Europe
Dr. Wolfgang Hattmannsdorfer (ÖVP) sent out a signal for the importance of industry in Austria with his first official company visit as Minister of Economic Affairs. The trip took him to his hometown of Linz to voestalpine, where he emphasized that the business location is facing decisive challenges. The new minister assured that “the stop button for industrial migration” would be pressed with the new government program.
March 5, 2025
UN in Vienna Warns: Europe Poorly Prepared for Dangerous Synthetic Drugs
The rapid spread of synthetic drugs poses a growing threat to public health and is fundamentally changing global drug black markets. The United Nations International Narcotics Control Board (INCB) in Vienna warns in its latest annual report that Europe is ill-prepared for this danger and that a coordinated, determined strategy is needed to combat the threat.
March 4, 2025
New General Manager at Park Hyatt Vienna: Bastian Baumann Takes Over the Luxury Hotel
The renowned Park Hyatt Vienna will have a new General Manager from the beginning of 2025: Styrian-born Bastian Baumann will take over the management of the luxury hotel, bringing with him an impressive international career. After several positions in the Middle East, Asia, and Europe, he is now returning to Austria to lead the Hotel am Hof into the future with fresh ideas and a clear focus on the highest quality of service.
March 3, 2025
Taiwan Representation in Vienna Calls for International Support against Beijing's Isolation Tactics
Taiwan is under constant pressure from China. In addition to threatening military gestures, Beijing is increasingly relying on hybrid warfare to isolate the island republic internationally. A recent incident in which a Chinese ship is believed to have severed an undersea cable between Taiwan and the Penghu Islands highlights the vulnerability of the global communications infrastructure.
February 28, 2025
Reclaiming Undisclosed Portfolio Commissions: Erste Bank and Sparkassen Reach Agreement with the VKI
Banks have collected so-called trailer fees when brokering fund products - without disclosing these payments to customers. However, according to the current legal situation, such “kick-back payments” are not permitted if they are not made transparent. After lengthy negotiations, the Association for Consumer Information (VKI) has now agreed with Erste Bank Österreich and the savings banks: Those affected can receive a refund.
February 25, 2025
Chinese Ambassador Qi Mei Visited Styria: Deepening Bilateral Relations
The Chinese ambassador to Austria, Qi Mei, paid a working visit to Styria. Her visit focused on meetings with Governor Mario Kunasek and Provincial Parliament President Gerald Deutschmann, during which the positive developments in Styrian-Chinese relations.
February 24, 2025
Rise in Corporate Insolvencies in Austria Reaches New High
The tense economic situation led to a significant increase in corporate insolvencies in Austria in 2024. According to the latest data from Creditreform, around 6,700 company bankruptcies were recorded, an increase of 22% compared to the previous year.
February 24, 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
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
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
Austria at Unprecedented Low in International Corruption Ranking
Political scandals, a lack of transparency and structural deficits have brought Austria to a new low in the international corruption index. Transparency International is sounding the alarm and calling for far-reaching reforms to restore trust in the rule of law.
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
Austria's Initial Federal Deficit for 2024 Better Than Expected
Austria's federal deficit for 2024 ended up being 1.7 billion euros lower than initially forecast, standing at 19.1 billion euros. This positive outcome comes despite economic challenges, with lower-than-expected government spending helping offset revenue shortfalls.
February 9, 2025
Shock for Austrian Foreign Trade: Weak Demand from Abroad Depresses Exports
The Austrian economy is facing a new challenge: exports slumped more sharply in November 2024 than they have for years. In particular, weak demand from Germany and the EU is causing concern - experts are warning of long-term consequences for industry and the labor market.
February 7, 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
Wiiw Forecast: Economic Growth in Central and Eastern Europe Defies Global Uncertainties
Despite weakening industry, private consumption remains a strong growth driver and makes a significant contribution to the region's economic stability. At the same time, the unpredictable economic policy decisions of the USA under President Trump pose considerable risks for the export-oriented countries in Central and Eastern Europe.
February 4, 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
Coalition Negotiations Between FPÖ and ÖVP Enter Decisive Phase
The coalition negotiations between the Freedom Party of Austria (FPÖ) and the Austrian People's Party (ÖVP) are reaching a critical juncture. According to party sources, FPÖ leader Herbert Kickl and ÖVP chairman Christian Stocker are meeting today and tomorrow in a smaller circle for discussions. The goal is to overcome unresolved issues and lay the foundation for a joint government. However, differences remain significant.
February 3, 2025
Slovenia Takes over the Presidency of the International Commission for the Protection of the Danube River
Slovenia has officially assumed the presidency of the International Commission for the Protection of the Danube River (ICPDR) for 2025. Dr. Lidija Globevnik, Director-General of the Slovenian Water and Marine Directorate at the Ministry of Natural Resources and Spatial Planning, succeeds the previous Slovak President, Vladimír Novák. The annual rotation of the presidency highlights the ICPDR's ongoing commitment to sustainable and coordinated water management in the Danube region.
February 3, 2025
Poland as a New Military Power in Europe: A Bulwark against Russia and a New Strategic Leadership Role in the EU
In recent years, Poland has developed into one of Europe's most important defense powers. Given the ongoing threat from Russia, Warsaw is focusing on a massive rearmament, stronger military cooperation with allies, and an active role in European security policy. By assuming the EU Council Presidency in January 2025, Poland will also have the opportunity to anchor its security policy priorities at the European level and set a new security policy course.
February 2, 2025
Poland Takes Over EU Council Presidency: Ceremonial Opening by Polish Embassy in Vienna
The Polish Presidency of the Council of the European Union was ceremoniously opened in the magnificent ballroom of Vienna City Hall by the Polish Embassy in Vienna. Around 180 high-ranking guests from politics, diplomacy, business, and society took part in the festive event, which marked a symbolic start to Poland's six-month term at the head of the Council of the European Union.
February 2, 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
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