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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)
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How the Austrian Development Agency Assists in Moldova
The Austrian Development Agency supports the Republic of Moldova. The Republic of Moldova is characterized by an economy specialized in agriculture. However, the country has many political and economic problems, that need to be addressed.
May 23, 2022
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European Central Bank Calls for Action Against Inflation
The European Central Bank is calling for quick action against inflation. The inflation rate shot up to 7.4 percent in the euro area recently, well above the ECB's target of two percent.
May 19, 2022
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How China's Global Infrastructure Strategy Undermines European Integration in the Western Balkans and Beyond
The accession of the Western Balkans countries into the European Union continues to be a topic of debate amongst the EU Member States. Read how China's global infrastructure strategy may be undermining these countries' aspirations for EU membership.
May 19, 2022
Business Festival in Vienna as the Centre of the International Startup World
Vienna will be the venue for one of the biggest start-up events in the world this month. Thousands of visitors from over 40 nations will attend the ViennaUP'22 festival between 27 May and 3 June. If you want to find out what the 8-day programme will focus on and why ViennaUP is unlike any other festival, read on.
May 10, 2022
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Protection of the European Single Market: European Commission Wants to Control Third-Country Subsidies
The European Commission has presented a new proposal to combat competition-distorting subsidies from third countries. The background for the proposal is the increasing global imbalance between companies from the EU and those from third countries. This is primarily to counter the influence of China and Chinese companies in Europe.
May 5, 2022
Austria and the Indecision for the Gas Embargo
The war in Ukraine has been raging for two months. To stop Russia, a great many countries have imposed tough sanctions on Russia. Many European countries and the U.S.A. want to impose a gas embargo on Russia. Austria is still very cautious about this step.
May 3, 2022
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Austrian Efforts to Support Ukrainian Refugees
Austria is assuring support for Ukrainian refugees. Austria takes care legally, financially and in humanitarian terms that Ukrainian refugees feel welcome in Austria. Read more about Austria's efforts to support Ukrainian refugees in Austria.
May 1, 2022
EU Subcommittee of the Austrian Parliament Discussed on Future EU Economic Policies
The EU Subcommittee of the Austrian Parliament discussed future EU economic policy. The topics of artificial intelligence, digitalization, EU trade policy, the update of the EU industrial strategy of 2020 and the modernization of competition law.
April 20, 2022
Europe's Energy Dilemma Requiring Austria and Germany to Rethink in Wake of Russian Aggression
Due to the Russian aggression against Ukraine, Europe has to face new questions about energy policy, which had been known for many years but were largely ignored and deferred. The much-discussed gas embargo in recent weeks is to further intensify the sanctions against Russia and its economy. Read more about the current situation.
April 6, 2022
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U.S. Companies Step Up Investments in Austria: A Record 17 New Ventures Launched in the Past Year
The international business sector in Vienna seems to be recovering. Last year 225 foreign companies settled in the capital of Austria - a record number since the beginning of the Covid-19 pandemic. An important factor in this development was the settlement of companies from the USA, which stood out with 17 projects. If you want to know where most of the companies come from and where to turn to if you have questions about settling in Austria, please read on.
April 1, 2022
Trip to Israel: Market Exploratory Mission to Promote Austrian-Israeli Economic Relations
The Israeli-Austrian economic partnership is becoming increasingly important. Now Foreign Minister Schallenberg and Economics Minister Schramböck visited the Israeli state to intensify economic relations and to attend the opening of a major infrastructure project with Austrian participation.
March 31, 2022
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Austria's Raiffeisen Bank Now Considering Russia and Ukraine Exit After All
Raiffeisen Bank International is considering withdrawing from Russia. The enormous civil suffering in Ukraine caused by Russia's war of aggression had led the management to this decision. This step is not taken easy, since Russia counts as one of the key areas of the Austrian bank.
March 18, 2022
Arab Chambers' Day at Austrian Pavilion at Expo Dubai
The event "Arab Chambers' Day" at the Austrian Pavilion at Expo Dubai 2020 will provide an opportunity for Emirati, Arab and Austrian delegates to meet and become acquainted with leading Austrian companies. Find out more about the event.
March 18, 2022
Putin's War Forces OMV to Make Most Fundamental Strategic Shift in Its History
Russia's aggression toward Ukraine is forcing OMV, the Austrian oil, gas and petrochemical group to take drastic measures. The company's management decided to stop all investment activities in Russia and to rely on alternative suppliers in the future. OMV thus joins many other companies that are slowly turning their backs on the Russian market.
March 17, 2022
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Russian Operations of Strabag: Haselsteiner Cancels Syndicate Agreement with Holding Company of Oligarch Oleg Deripaska
Recently, the Haselsteiner Family Private Foundation informed the Strabag Board of Directors that it has terminated a syndicate agreement between the main shareholders. Previously, several attempts to buy up all the shares of the major Russian investor Oleg Deripaska failed.
March 15, 2022
OMV Subsidiary Borealis Declines Offer from Russia’s EuroChem for Fertilizer Business
The planned sale of the Linz-based fertilizer division of OMV chemicals subsidiary Borealis to Russian-Swiss group EuroChem has been canceled. According to a press release, Borealis has decided to reject EuroChem's offer.
March 14, 2022
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Asset Management: Impact of the Russian Invasion of Ukraine on Stock Markets
By invading Ukraine, Russia has created a humanitarian crisis. At a time when heart-wrenching news footage reminds us daily that innocent people are losing their lives, discussing the market implications of such devastation can feel unseemly. The most important thing investors can do during a crisis is to simply not panic. Stock market history supports this assertion. The author examined the major geopolitical events since World War II and found that on average the Dow Jones Industrial Average was 16.40% higher 1 year later and 32.7% higher 2 years later.
March 8, 2022
Asset Management: The Consequences of the Russian Attack for Markets and the Economy
War has broken out. The markets had been in a state of tense calm over the last few days leading up to the invasion, after the continuous threats from Russia that provoked the first sanctions by the United States and Europe, but the attacks that began last week have sent shockwaves across almost all asset classes. In this context, what should investors do?
March 2, 2022
Indian Edtech Giant Byju's Acquires Austrian Math App GeoGebra in €100 Million Deal
India's most valuable startup Byju's is buying Linz-based Geogebra, it has now been announced. Neither company disclosed the purchase price, but insiders say the deal is worth about 100 million euros and includes both cash and stock.
February 21, 2022
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Naturalizations in Austria on the Rise Again Due to Descendants of Nazi Victims
Naturalizations in Austria are on the rise again, mainly due to the large number of descendants of victims of nazi persecution who applied for citizenship thanks to the amendment to Austria's Citizenship Act. Read more about this increase in naturalizations.
February 17, 2022
Austria's Population will Exceed Nine Million this Year
Austria's population is nearing nine million and should reach this mark sometime in 2022. Read more about Austria's recent population increase.
February 16, 2022
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Chamber of Commerce Massively Criticizes New Parking System in Vienna
As of March 1, 2022, comprehensive and contiguous short-term parking zones will be introduced in every Viennese district, as well as the parking permit ("Parkpickerl") for the respective district residents. The price and parking duration will be standardized for all districts. For private car owners as well as for entrepreneurs this regulation brings considerable additional costs and new problems.
February 16, 2022
FDI in Austria: ABA Location Agency Serves 364 International Companies
The annual results from the Austrian Business Agency (ABA) show that its location agency serves 364 international companies. Read more about the ABA's annual results and how the agency is helping companies settle into Austria.
February 15, 2022
Ukraine Crisis: Potential Impact of Russian Invasion on Ukrainian, Russian and EU Economies
The solution of the Russian aggression and violation of rights towards Ukraine, is of central importance for the world we want to live in. The Vienna Institute for International Economic Studies (WIIW) conducted a study on the potential economic impacts of a Russian invasion of Ukraine. Read their prediction for how an invasion would affect the economies of the EU, Russia, and Ukraine.
February 8, 2022 · Updated: February 11, 2022; 08:35
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TTTech Auto Becomes USD-Unicorn in Automotive Technology
By raising an additional EUR 250 million from Aptiv and EUR 50 million from Audi in its latest funding round, TTTech Auto will be enabled to expand its product portfolio for automotive manufacturers and technology partners, to expand internationally in key regions and to extend its capabilities through strategic M&A and product investments.
February 10, 2022
Marina Tower: Completion of the Highest Residential Tower in Vienna
The highest residential tower in Vienna with 140 meters and 41 floors is successfully completed in these days.
February 10, 2022
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Vienna Business Agency Sees Significant Increase in Expat Advice Requests
The Expat Center and the Business Immigration Office of the Vienna Business Agency saw a stark increase in the number of expats seeking advice during the COVID-19 crisis. Read about this increase and how the Vienna Business Agency has assisted expats.
February 9, 2022
Economics Minister Schramböck Calls EU Chips Act "An opportunity for Europe"
The European Commission has unveiled its draft for the European Chips Act. Read about the Chips Act and why Economics Minister Schramböck called it "an opportunity for Europe."
February 8, 2022
EXPO 2020 Dubai: Extraordinary Austria Pavilion Wins Multiple Awards
The Austria Pavilion at EXPO 2020 Dubai has now won yet another award. Read about the multiple awards the pavilion has won and why it is receiving so much recognition.
February 8, 2022
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Opec and Non-OPEC Members Agree Further Gradual Increase in Oil Production
At the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), the oil-producing countries decided upon a gradual increase in oil production for March. Read about this and the other decisions made at the meeting.
February 2, 2022
Vienna: Immigrating Foreigners Boost EU's Fifth Largest City
Despite the COVID-19 pandemic, Vienna's population grew again in 2021. Read why immigration was critical for Vienna to continue its growth and what the forecast is for the future.
January 31, 2022
Austrian Airlines Relaunches Non-stop Flights to Los Angeles in Summer 2022
Starting in mid-May, Austrian Airlines will once again offer a direct flight between Vienna and Los Angeles to the U.S. West Coast. From 20 May, Austrian Airlines will fly five times a week to L.A.
January 31, 2022
Corruption Index International: Austria Loses Points for the Second Time in a Row
According to Transparency International's global corruption index, Austria has become even more corrupt and now finds itself in 13th place. The U.S. is in 67th place, and South Sudan ranks last, at 180th.
January 26, 2022
Forward-looking Agreement for Strengthening Vienna as a Business Location
A joint program of the City of Vienna and the Vienna Chamber of Commerce (WKW) is intended to strengthen and further develop the business location, but also to secure prosperity and quality of life for the city. The ten priority areas include strengthening the location, supporting SMEs and start-ups, climate protection, infrastructure, skilled workers and tourism.
January 25, 2022
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Vienna Airport Hub: Ryanair to Take Further Market Share from Competitor Austrian Airlines
Ryanair continues to cut into the market share of Austrian Airlines at Vienna International Airport. Read about the growth of this discount airline and how it is competing with Austrian Airlines in its home country.
January 20, 2022
Meet Andrei Plotnikov, Head of the Trade Representation of Russia in Austria
Dr. Andrei Plotnikov, who was born in 1959 in Donetsk in the former Ukrainian Soviet Socialist Republic, currently the embattled eastern part of Ukraine, has been the Head of the Trade Representation of Russia in the Republic of Austria since 2021.
January 18, 2022
Gernot Blümel Now Working for Superfund Co-Founder Christian Baha
Former Austrian finance minister to become CEO of Superfund from March 2022 and is expected to push the asset manager's expansion.
January 12, 2022
Austrian Economic Delegation Visits UAE and Expo 2020 Dubai
An economic delegation representing Austria visited the United Arab Emirates (UAE) and the World Expo 2020 Dubai. Read about the delegation's official visit to the UAE.
December 22, 2021
Austrian Airlines Finally Has a Female Chief Executive
Annette Mann has been chosen to be the next CEO of Austrian Airlines, succeeding Alexis von Hoensbroech. Ms. Mann will become the first female CEO of Austrian Airlines. Read more about her selection and her predecessor's departure.
December 20, 2021
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Who Is the New Austrian Minister of Finance Dr. Magnus Brunner?
The new Austrian Minister of Finance, Dr. Magnus Brunner, has assumed his new position after being sworn in by President Van der Bellen. Learn more about Dr. Brunner and his career prior to becoming finance minister.
December 8, 2021
Staying Overnight in Vienna During Covid-Lockdown
During the current 4th Austrian Lockdown (November 22 to probably including December 12, 2021) overnight stays in Viennese hotels are allowed for business reasons, but not for personal reasons. Find out what the requirements for an overnight stay in a Viennese hotel are and what exemptions are possible.
December 2, 2021
The Percentage of Austrians Born Abroad Rises from 20% to 27%
Austria's population is growing and aging. In 2020, actually life expectancy has decreased by half a year. There are more seniors than under-20s. In 2022, the population is expected to reach nine million.
November 30, 2021
Naturalizations in Austria Up 21.1% Year on Year in the First Three Quarters of 2021
In the first nine months of 2021, Austrian citizenship was granted to 7,676 persons, including 1,131 persons residing abroad. With 368 naturalizations, the United States ranks fourth. Find out which other countries the new citizens come from.
November 26, 2021
Japanese Life Sciences Corporation Invests More Than 100 Million Euros in Vienna
The Japanese life sciences company Takeda Pharmaceutical Company Limited is investing more than 100 million euros in a new building in Seestadt, Vienna. Read about the massive investment and see a picture of what it is supposed to look like upon completion.
November 18, 2021
New Cargo Airline DHL Air Austria Creates 54 New Jobs at Vienna Airport
The new cargo airline DHL Air Austria, which is now headquartered at Vienna Airport, will handle European cargo flights in future with eighteen Boeing 757 aircraft and around 176 pilots.
November 12, 2021
Travel: Airlines Bring Foreign Nationals to the U.S. Again
After more than one and a half years, the US has ended the entry ban for travelers from the European Union on Monday, 8 November. This also allows for Austrians to finally fly to the United States again.
November 9, 2021
Alexander Maculan Receives Russian Order of Friendship
Alexander Maculan, CEO of TAMAK Holding AG, was awarded the Russian Order of Friendship by Ambassador Dmitrij Ljubinskij at a recent meeting of the Austro-Russian Business Council at the Austrian Chamber of Commerce. Read about Maculan and why he was given this honor.
November 4, 2021
Andrea Rois Is the New Head of Group Marketing and Communication at Soravia Investment Holding
Project developer Soravia is strengthening its team with Dr. Andrea Rois (44) as the new Head of Group Marketing & Communication.
November 4, 2021
Rating Agency Fitch Affirms Stable Outlook for Austria at AA+
Austria's AA+ rating is supported by a rich, diversified, open and high-value-added economy with strong political and social institutions, according to Fitch, the NYC based rating agency.
October 26, 2021
Hedy Lamarr Award 2021 for Outstanding Achievements by Women in Information Technology
The City of Vienna announced the winner of the 2021 Hedy Lamarr Award for outstanding achievements by women in information technology. Find out who won this year for her work on innovative learning methods and immersive experiences.
October 25, 2021
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