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)

China and OPEC Cement Economic Ties for a Sustainable Energy Future

In a landmark progression for global energy relations, China and the Organization of the Petroleum Exporting Countries (OPEC) have significantly deepened their partnership, moving from a historical ideological alliance to a robust economic collaboration. This shift is set to have far-reaching implications for market stability and the sustainable development of the global energy sector.

November 9, 2023

Rene Benko and the Future of the Signa Group: Silence Before the Storm?

The Austrian Signa Group once celebrated as a shining star in the real estate sky and a powerful player in the retail sector, is currently facing uncertain times and financial turbulence. Company founder Rene Benko, who has led the group from a non-operational position since 2013 and holds the majority of voting rights through his family foundations, is at the center of a heated debate about the group's future.

November 6, 2023

Vienna Pioneer for Circular Economy: Climate Lab as a Spark for Climate Transformation

In the heart of Vienna, more precisely at the Climate Lab in Vienna Spittelau, an innovative movement has emerged that has the potential to fundamentally change the way Austria's economy deals with its resources. Climate Protection Minister Leonore Gewessler and the top representatives of Austria's largest companies came together to drive forward a sustainable transformation of Austria as a business location, with the Climate Lab playing a key role.

November 5, 2023

New "Integration Service for Skilled Workers" Opened in Austria

The Federal Minister for Women, Family, Integration and Media, Susanne Raab, visited the newly founded "Integration Service for Skilled Workers". The facility serves as a central point of contact for qualified skilled workers and their families as well as for companies operating in Austria. The service includes advice, information, and events on topics such as pre-integration, living and working in Austria as well as German language courses.

November 2, 2023

Austria Backs Microelectronics: Three billion Euros Investment and AT&S Lighthouse Project

The Austrian government has made a firm commitment to support the microelectronics industry with three billion euros of investment over the coming years. These bold investments will help to promote the research and development of semiconductor companies in Austria and strengthen the foundations for digitalization, green energy transition, and sustainable growth.

November 2, 2023

Ukraine Will Block Gas Transit: Challenges and Opportunities for OMV and Europe

Ukraine's decision to stop transiting Russian natural gas to the West from 2025 poses a significant challenge for OMV and for several European countries. The announcement, made by the head of Ukrainian energy company Naftogaz, Olexiy Chernyshov, raises several questions about energy security and dependence on Russian gas.

October 29, 2023

APG Invests Nine Billion Euros in Austria's Electricity Grid

Austrian Power Grid (APG) has unveiled an ambitious €9 billion investment program designed to lay the foundation for a supply-secure energy transition in Austria. The company, a subsidiary of Verbund AG, thus plays a central role in the transformation of the Austrian energy supply system.

October 24, 2023

Austria Takes Over Chairmanship of the EU Strategy for the Danube Region

November 1, 2023, marks the beginning of an important phase for Austria as it takes over the presidency of the EU Strategy for the Danube Region (EUSDR). This key region, which stretches from the Black Forest to the Black Sea and encompasses around 115 million people, faces a multitude of challenges. The country is taking over this task from Slovenia and will be in charge until December 31, 2024.

October 24, 2023

Wien Energie Strengthens Independence By Reducing Russian Gas

With the start of the heating season in Vienna, ushered in by a sudden drop in temperatures after an unusually warm start to October, the essential issue of energy supply security is once again coming to the fore. In light of ongoing geopolitical tensions, Wien Energie, Austria's largest energy supplier, has taken proactive measures to secure heating supplies for the coming winter while reducing dependence on Russian natural gas.

October 22, 2023

Austria's Growing Potential: MCF Energy's Welchau Gas Prospect

Austria could be on the verge of a breakthrough in its quest for energy security with the announcement of further developments regarding the Welchau gas prospect. MCF Energy Ltd. has confirmed plans to commence drilling at the Welchau site in Austria during Q4 2023.

October 18, 2023 · Updated: October 18, 2023; 20:00

Italy Takes Austria to the European Court of Justice over Transit Measures

The ongoing controversy over transit measures on the Brenner route reached a new level of escalation when the Italian government decided to take Austria to the European Court of Justice (ECJ).

October 16, 2023

Fulbright Scholars and Gilman Scholars: Exchange, Knowledge and Connection

U.S. Ambassador Victoria Kennedy opened the doors of her residence to welcome returning Austrian Fulbright Scholars, newly arrived U.S. Fulbright students and scholars, board members, program partners, distinguished alumni, and also the Benjamin A. Gilman International Scholarship Program.

October 15, 2023

How is the Salary Landscape in Austria: A Clue by the Stepstone Salary Report 2023?

Salary discussions are often taboo, yet they play a central role in the world of work and significantly influence the decisions of both employees and companies. The Stepstone Salary Report 2023 emerges as a crucial resource to shed light on salary structures and dynamics in Austria.

October 12, 2023

German Car-Sharing Company Under Suspicion in Vienna for Million Euro Fraud

In a sensational move, police authorities in Germany and Austria have launched extensive investigations into a German car-sharing company, overshadowed by a blatant suspicion of multimillion-dollar parking fee fraud. The investigations are targeting the company's directors and involve alleged offenses such as gang crime, fraud, and document forgery.

October 11, 2023

Austria Wants to Be One of the Most Sustainable Destinations in the World

The extent to which the issue of climate change now affects all areas of our lives was also evident at this year's Expo Real in Munich.

Birgit Adelsberger · October 8, 2023

Austrian Group Shows at Expo Real 2023 how Sustainable Real Estate Works

Sustainability was a big topic at this year's Expo Real in Munich. Many of the conferences, which again featured high-caliber participants, addressed the topic of ESG (Environmental Social Governance) in connection with the various aspects of the real estate industry.

Birgit Adelsberger · October 8, 2023

Construction Stop of "High Speed 2" in Northern England: Austrian Companies Affected

The surprising halt to the construction of part of the major British project, the "High Speed 2" (HS2) high-speed rail line, is causing discussion among the companies involved. Austrian companies in particular, which are involved in the rail project worth billions, could be affected.

October 5, 2023

OMV and Wood Sign Agreement to License Plastic Recycling Technology

In a move to promote the circular economy and reduce plastic waste, Vienna-based OMV and UK-based Wood have signed an exclusive cooperation agreement to commercially license OMV's ReOil technology. This agreement was reached at ADIPEC, the world's largest energy conference in Abu Dhabi, and is designed to drive progress in chemical plastic recycling.

October 3, 2023

Norway as a New Key Partner for Austria in Energy and Climate Protection

During a working visit to Norway, Chancellor Karl Nehammer emphasized Norway's key role in the fields of environment, energy technology, and climate protection. In a conversation with Norwegian Prime Minister Jonas Gahr Støre, Nehammer emphasized that Norway is not only an important partner but also a pioneer in environmental and energy technology.

October 3, 2023

Federation of Austrian Industries: New Divisional Managers in "Education & Society" and "International Relations & Markets

The Federation of Austrian Industries (IV) has announced personnel changes in two of its core areas. Gudrun Feucht and Igor Sekardi join in senior positions, supported by their previous roles at IV and their extensive expertise in their respective areas.

October 2, 2023

Austria Strengthens its Economic and Diplomatic Relations with Africa

Austria has increased its focus on its economic and diplomatic relations with Africa. The country's trade with sub-Saharan Africa amounted to 2.28 billion euros in 2022, or about 0.56 percent of Austria's total trade volume. Austrian exports to the region increased by 15.7 percent year-on-year to 1.33 billion euros. South Africa, Mali, and Nigeria were the main export markets. Read more about why Africa is important for Austria!

September 28, 2023

Vienna Wins the "EU Organic Award": "Wiener Gusto" Named Best Organic Brand

The city of Vienna once again has a reason to celebrate. At this year's European Union Organic Awards, the city's food brand "Wiener Gusto" was named "Best Organic City". This important "EU Organic Award" was presented by the European Commission in a festive ceremony in Brussels. As a representative of the City of Vienna, Climate City Councillor Jürgen Czernohorszky proudly accepted the award.

September 26, 2023

New Start for the Repair Bonus: Safer, but with Longer Waiting Times

After an abrupt halt in the summer due to fraud, the repair bonus is now returning. In a revised version aimed at preventing fraud, customers can now apply for the bonus again. However, the security measures are associated with longer waiting times.

September 24, 2023

Japanese Takeda Lays Foundation Stone for "Laboratory of the Future" in Vienna's Urban Lakeside Aspern

In a symbolic act, the foundation stone was laid for Takeda's "Laboratory of the Future" in Vienna's Seestadt Aspern. With an investment of around 120 million euros, the Japanese pharmaceutical giant represents the company's largest investment to date in Austria in a technically and ecologically optimized new building for biopharmaceutical research and development.

September 22, 2023

Three Seas Initiative Summit Concludes with Resounding Commitments and Strong Support for Ukraine

During the 8th edition of the Three Seas Initiative Summit, the prestigious halls of the Cotroceni Palace welcomed Central and Eastern European leaders. This gathering was a demonstration of unity and determination against a backdrop of increasing geopolitical tension. On this same occasion, the President of Austria stressed support for Ukraine and the common fight against global warming.

September 20, 2023

Austria's Air Future: Embraer's C-390 Set to Replace the Stalwart C-130

In a landmark decision, Defense Minister Klaudia Tanner, flanked by National Armaments Director Major General Harald Vodosek, announced the intended replacement for the Austrian Armed Forces' reliable yet aging C-130 "Hercules": the Embraer C-390.

September 20, 2023

EU-Mercosur Pact: Austria's Balancing Act between Trade Opportunities and Sustainability

The discussion about the free trade agreement between the EU and the Mercosur countries - Brazil, Argentina, Uruguay, and Paraguay - is entering a new round. While some see the treaty as an opportunity to intensify trade between the two economic areas, others raise serious concerns about its impact on the environment and social standards.

September 19, 2023

OMV to Supply Air France-KLM 2,000 Tons of Sustainable Jet Fuel

OMV, a Vienna-based integrated company specializing in energy, fuels, and commodities, has taken a decisive step towards promoting more sustainable aviation practices. It has signed an off-take agreement to supply 2,000 tons of sustainable aviation fuel (SAF) to Air France-KLM Group for 2023.

September 18, 2023

AACC Organised the “Ambassadors’ Meeting” at the Diplomatic Academy of Vienna

The Austro-Arab Chamber of Commerce (AACC), in harmonious collaboration with the Vienna School of International Studies or Diplomatic Academy of Vienna, successfully conducted the “Ambassadors’ Meeting”.

September 17, 2023

Austria EU Representative Selmayr at Dispute Because Of "Blood Money" Statement

EU representative Martin Selmayr has called Austrian gas payments to Russia "blood money". Now reprimanded by Vienna and Brussels, EU Commission representative Martin Selmayr does not want to give up his job in Austria.

September 14, 2023

Skills Shortage in Austria: Companies Feel Pressure, But Also Opportunities

A recent study by the recruiting platform Stepstone shows that the shortage of skilled workers is leaving a clear mark on Austria's companies. Two-thirds of respondents are concerned about the additional workload caused by unfilled positions. This is despite a slight increase in advertised vacancies of 2 percent in the first half of the year, with some sectors such as engineering, care, and construction even seeing significant increases.

September 13, 2023

Austrian Army Modernizes its Tank Fleet in Germany

In the presence of the Minister of Defense, Klaudia Tanner the first "Leopard" main battle tank from Wels was handed over to the European armaments company Krauss-Maffei Wegmann and Nexter Defence Systems (KNDS). The aim of this initiative is to modernize the tank so that it meets current technological and military requirements.

September 11, 2023

Green Peak Festival 2023: Austria's Pioneer for Climate Protection and Entrepreneurship

The renowned Green Peak Festival, which has established itself in the heart of Vienna as Austria's flagship event for sustainability and entrepreneurship, impressed once again. For the second year in a row, over 800 participants gathered to network, exchange ideas and discuss the latest developments in sustainability. The project was supported this year by the Embassy of Israel.

September 11, 2023

New Regulations in Vienna: Year-round Outdoor Cafés and Green Parklets

In an innovative response to the COVID-19 pandemic, the City of Vienna has adopted new regulations for catering establishments and public lounges. Both Schanigärten (Viennese Outdoor Cafés) and the green parklets known as "Grätzloasen" are now allowed to remain in public spaces all year round.

September 10, 2023

Austria's Ex-Economy Minister Schramböck in Saudi Arabia: Progress on Women's Rights and Economic Opportunities

The former Austrian Minister of Economy, Margarete Schramböck, has given insights into her new professional activities in Saudi Arabia in an interview with the magazine "trend". She is currently on the board of Aramco Digital, a digital subsidiary of Saudi Aramco, the world's largest oil company, which was founded in spring 2023. Schramböck plays an important role there, which she describes as "between the executive board and the supervisory board."

September 7, 2023

Austria Signs Strategic Partnership for Food Aid

In the midst of global humanitarian challenges and in view of the increasing need for international food aid, Minister of Agriculture Norbert Totschnig signed a landmark three-year Strategic Partnership for Food Aid together with Ute Klamert, Associate Executive Director of the United Nations World Food Programme (WFP). This significant agreement was sealed on the sidelines of the European Forum Alpbach in Tyrol and is intended to help address the current global food crisis.

September 4, 2023

Danube Ports in Ukraine in Focus of Russian Attacks

International tensions over Ukraine are having an increasing impact on Danube ports in the region. The Vienna-based International Commission for the Protection of the Danube River (ICPDR) expressed concern about repeated Russian aggression against Ukrainian ports along the river, particularly in Reni and Izmail.

September 3, 2023

Real Estate Prices in Austria Increased: Housing Increasingly Less Affordable

The cost of residential real estate in Austria has risen dramatically in recent years, significantly affecting affordability for many households. According to a recent analysis conducted by UniCredit Bank Austria, residential property prices in the euro area have risen faster than incomes. Austria has been particularly affected by this development, where property prices have actually fallen by almost 40 percent compared with incomes.

August 31, 2023

Vienna Airport Soars: A Remarkable Recovery and Vision for the Future in 2023

Flughafen Wien AG, the company that manages the Vienna International Airport, celebrates an impressive recovery in the first half of 2023 with significant growth in passenger numbers, revenue, and profit for the period. With an increase in passenger numbers of 44.3%, the Vienna location reached 91% of the passenger level before the Corona crisis in 2019. In the entire Group, the figure is even 94%.

August 27, 2023

Timetable Chaos for Rail Travel in Europe: A Step Backwards

The idea of cross-border rail travel across Europe sounds tempting, but the reality is often different. Despite the expansion of night trains, the situation for rail travelers in 2023 has not improved as hoped.

August 22, 2023

Vienna Stock Exchange: Focus on International Investors and Sustainability

The Vienna Stock Exchange continues its course of attracting international investors while promoting sustainable investment opportunities. A recently published study on the ownership structure of institutional free float in the ATX Prime, conducted every two years by S&P Global Market Intelligence (formerly IHS Markit) on behalf of the Vienna Stock Exchange, shows that international institutional investors continue to play a major role.

August 21, 2023

Austria's Universities with Successful Placements in International University Rankings

The current "Shanghai Academic Ranking of World Universities" continues to show a dominance of U.S. universities, 15 of which occupy the top 20 positions in the ranking. The University of Vienna (Uni Wien) is Austria's best-ranked university and is within the top 150, maintaining its position compared to the previous year. In total, five Austrian universities made it into the top 500, compared to six in the previous year.

August 17, 2023

Austria's Consumer Protection Ministry Mandates Action Against Banks for Low Interest Rates

According to the Consumer Protection Ministry, the practice of Austrian banks of charging high-interest rates on overdrafts while granting no interest at all on credit balances is meeting with growing resentment among consumers.

August 16, 2023

Ukraine Secures Grain Export through Croatian Adriatic Ports

Ukraine has reached an agreement with Croatia to export grain through ports on the Adriatic Sea. The agricultural goods are to be shipped to Croatia via the Danube and from there they will be transported further to the Adriatic coast.

August 1, 2023

Austrian and Korean Foreign Ministers Celebrate 60 Years of Diplomatic Ties at Salzburg Festival

On the occasion of the 60th anniversary of diplomatic relations between Austria and the Republic of Korea, Korean Foreign Minister Park Jin visited the Salzburg Festival at the invitation of Foreign Minister Alexander Schallenberg. The high-ranking politicians took the opportunity to discuss the good diplomatic and economic relations between their countries and to explore further opportunities for cooperation.

July 30, 2023

Austria's Successful Green Budgeting and Emission Reduction Efforts

The Climate Team, newly established in the Austrian Ministry of Finance, has presented essential results and analyses in recent months to bring Austria closer to the goal of a cost-effective and socially acceptable transformation in climate protection. In fact, the European Commission, OECD, and World Bank have all recognized Austrian green budgeting as a best practice.

July 30, 2023

Austrian Minister of Social Affairs Travels to Moldova for Working Visit

In an official trip, the Austrian Minister of Health and Social Affairs, Johannes Rauch, visits the Republic of Moldova to negotiate bilaterally with Moldovan ministerial counterparts and representatives of WHO, EU, and NGOs.

July 26, 2023

"Wiener Gusto" in the Final for the EU Organic Awards 2023

Vienna is a proud finalist in this year's EU Organic Awards in the category "Best Organic City" thanks to its city-owned food brand "Wiener Gusto".

July 25, 2023

Strengthening Diplomatic Ties: Outcomes of Austrian-Armenian Meeting in Vienna

The meeting between the Austrian and Armenian Foreign Ministers addressed crucial regional and global issues, including migration, security, and humanitarian challenges. The signing of the Readmission Agreement Protocol and discussions on various topics laid a foundation for further cooperation and diplomatic efforts between the two nations.

July 25, 2023

PÜSPÖK and UNESCO: Empowering Climate Action through Nature Conservation and Renewable Energy

The Austrian company PÜSPÖK, a rapidly growing company in the field of renewable energies, is actively committed to climate, environmental, and nature protection. By supporting the initiative "Klimapartnerschaft.at", PÜSPÖK is committed to the preservation and protection of the largest primeval forest remnant in the Alpine arc, the UNESCO World Natural Heritage "Wilderness Area Dürrenstein-Lassingtal", thus contributing to the protection of a rare ecosystem and unique biodiversity.

July 25, 2023