Sponsored Content
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)
Uncovering of Money Laundering and Real Estate Fraud in Austria and Cyprus
New leaks have uncovered a complex network of opaque asset transfers centered around Russian oligarchs and Austrian real estate. According to the investigative project "Cyprus Confidential", Austrian real estate is particularly popular with wealthy Russians. Around 40 Cypriot companies own real estate in Vienna, often penthouses in expensive locations.
November 16, 2023
Wien Energie Builds a New Large Heat Pump for a Climate-Friendly District Heating Supply
Wien Energie has announced the construction of a new large-scale heat pump at the Spittelau waste incineration plant, which will increase the plant's efficiency by 13 percent and supply 16,000 households in Vienna with district heating from 2025. This third large-scale heat pump in Vienna is a significant step towards the city's climate targets, which aim to be climate-neutral by 2040.
November 16, 2023
OPEC Secretary General Al Ghais Advocates for Increased Oil Production Amidst Global Energy Transition
In a recent op-ed and public statement, OPEC Secretary General, His Excellency Haitham Al Ghais, presented a compelling argument for the necessity of oil in today's world, even as global energy transitions are underway.
November 13, 2023
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
Fast News Search
This category only
