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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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Ukrainians Want Raiffeisen Bankers Sanctioned
Austria's Raiffeisen Bank International is coming under pressure in Ukraine. RBI CEO Johann Strobl and another manager are on a list drawn up by Ukrainian authorities, according to which sanctions are recommended.
January 8, 2023
ViennaUP'22 - Event in Vienna Excites Thousands of People
The Vienna International Business Festival ViennaUP'22 attracted 10,000 participants from all over the world this year. With the attention-grabbing event, the City of Vienna hits the bull's eye for international visibility and positioning in the startup scene.
June 3, 2022 · Updated: January 7, 2023; 14:40
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Inflation Sank in December to 10,2 Percent
The inflation rate continues to drop in Austria. After a reduction in November to 10,6 percent, inflation dropped even further in December to 10,2 percent. However, experts are slowing the enthusiasm down for the moment.
January 5, 2023
Renowned MIT Europe Conference in Austria in March 2023
The Austrian Federal Chamber of Commerce is bringing top researchers from the Massachusetts Institute of Technology (MIT) to Austria. Innovative technologies and solutions around sustainability, energy, climate and nutrition will be presented on March 29/30, 2023 in Vienna and for the first time in Graz and Salzburg.
January 4, 2023
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Austria Promotes Energy Research with 17 Million Euros
The Climate and Energy Fund promotes innovations for clean, affordable and reliable energy supply. The aim is to strengthen Austria as a location for innovation and to improve export opportunities for the domestic economy. A total of 17 million euros is available for the program, endowed from the funds of the Ministry of Climate Protection (BMK).
December 29, 2022
Abu Dhabi-based ADNOC Acquires OMV Shares from Sovereign Wealth Fund Mubadala
There is a change in the ownership structure of the Austrian oil and gas group OMV. Long-time core shareholder Mubadala, Abu Dhabi's sovereign wealth fund, sells its 24.9 percent stake in OMV to Abu Dhabi National Oil Company (ADNOC), also a state-owned company. The state holding company ÖBAG announced that it had been informed of the change in ownership.
December 23, 2022
OPEC Plus Marks Sixth Anniversary
The Declaration of Cooperation (DoC) between OPEC member countries and 10 non-OPEC oil-producing countries turned six years old. As the oil cartel engaged in diplomatic celebrations, OPEC reaffirmed its expectations for global oil demand in 2023.
December 14, 2022
Lithuanian Foreign Minister Landsbergis Visits Vienna
Lithuania's Foreign Minister Gabrielius Landsbergis came to Vienna for a visit, meeting his counterpart in Austria, Alexander Schallenberg. In addition, Landsbergis met with IAEA Chief Rafael Mariano Grossi and OSCE Secretary General Helga Schmid. The exchanges focused on the Russian war in Ukraine, in particular European support efforts against the backdrop of the approaching winter, as well as the prosecution of war crimes. In addition, the two foreign ministers discussed current developments in Iran and increasing migration pressure.
December 11, 2022
Wirecard Scandal: Trial of Marsalek and other Austrian Entrepreneurs to Begin
The Wirecard criminal trial in what is believed to be the biggest fraud case in Germany since 1945 begins in Munich. The public prosecutor's office accuses the former Wirecard CEO, Austrian Markus Braun, and his two co-defendants of forming a criminal gang, falsifying the group's balance sheets and cheating lenders of 3.1 billion euros
December 7, 2022
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UN Internet Governance Forum in Ethiopia: Austria's Constitutional Affairs Minister Karoline Edtstadler Appointed to Governing Body
To increase the content and importance of the Internet Governance Forum, a ten-member Leadership Panel chaired by U.S. information scientist Vinton Gray Cerf was established. Austria's Constitution Minister Karoline Edtstadler was appointed to this leadership panel by UN Secretary-General Antonio Guterres.
December 4, 2022
OPEC Plus Sticks to Production Strategy
The OPEC+ oil alliance is sticking to its current production strategy for the time being. EU sanctions against Russia's oil revenues will apply from tomorrow. The OPEC+ countries have nevertheless confirmed their previous oil production targets. However, an expert committee wants to review the production strategy every two months.
December 4, 2022
New Online Tool in Austria Should Help You to Save Electricity
A new electricity-saving tool is available online, where it is visible how you can save electricity depending on the time of the day. It shows you when it makes more sense to turn the light on.
December 1, 2022
Counterfeiting Cargo Shipment at Vienna Airport Disguised as "Aid Delivery" to Ukraine
Based on a tip-off, the route and the type of packaging, a shipment from Hong Kong via Dubai was subjected to a detailed customs check during a focal point inspection at the customs warehouse at Vienna Airport. As a result, it turned out to be a direct hit: 6,420 pieces of presumably counterfeit branded products were found in 168 cartons. These were disguised as an "aid delivery" to Ukraine.
November 30, 2022
Austria Gives 8 Million Euros to Syria and Jordan
The Syrian conflict, which has been going on for more than 10 years, has led to one of the world's biggest humanitarian crises. The precarious situation on the ground and in neighboring Jordan, where many Syrian refugees are, is worsening and a political solution to the conflict is not in sight. Austria's humanitarian aid on the ground is helping to prevent illegal migration to Europe, the government said.
November 30, 2022
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Beginning for Electricity Price Brake in Austria
Without further application, the electricity price brake comes into effect for every household with an existing electricity contract. The electricity cost brake is intended to counteract the current price increases for electricity. This will be visible on the electricity bill. According to the government, households can save an average of 500 euros per year.
November 30, 2022
Austria Condemns Hunger as a Weapon
Austria condemns Russia's tactic of using world hunger as a weapon. Austria pledges € 3.8 million to the initiative "Grain from Ukraine" for the delivery of Ukrainian grain to needy people in Ethiopia and Sudan.
November 28, 2022
Vienna Landmarks Switch Light Off Earlier
Due to the energy crisis, the lighting of many Viennese landmarks and institutions will be switched off earlier - for example at St. Stephen's Cathedral and Schönbrunn Palace. At the Hofburg, on the other hand, the lighting concept is still being tweaked to "avoid security problems".
November 28, 2022
Precarious Employees at Austria's Universities Protesting
The current funding crisis, caused by inflation and rising energy costs, is being felt by younger researchers in particular. Most of them have fixed-term contracts, and now there is to be a freeze on extensions. At a protest event, they draw attention to their precarious working conditions.
November 24, 2022
Austria Supports Expansion of Croatian LNG Terminal Krk
Croatia wants to expand its terminal for liquefied natural gas (LNG) on the Adriatic island of Krk far beyond its own needs and develop it into a hub for gas supply in the region - gas is also to flow from there to Austria and Germany in the future. At a meeting on Krk, Croatia's Prime Minister Andrej Plenkovic, Austria's Chancellor Karl Nehammer and Bavaria's Minister President Markus Söder agreed to support each other in strengthening energy security, diversifying energy sources and ensuring the security of supply with natural gas and hydrogen.
November 24, 2022
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Austria Gives 5.5 Million Euros for Burkina Faso and Mali
The Sahel is facing a multitude of crises. In addition to widespread poverty and the worst drought in decades, armed conflicts and terrorist violence are affecting the people of the region. With a total of 5.5 million euros from the Foreign Ministry's Foreign Disaster Fund, the Austrian federal government aims to alleviate the existing suffering in Burkina Faso and Mali.
November 23, 2022
EU Criticizes Austria's Energy Measures as "Not Goal-Oriented"
In the opinion of the EU Commission, Austria's aid measures against high energy prices are "not goal-oriented" enough. The EU authority said today that the federal government had quickly adopted energy policy measures.
November 22, 2022
Austrian Research Center Stresses Too Little Attention to Conflict Countries at COP27
The Austrian Centre for Peace research center calls for stronger cooperation as a solution for climate protection and peace. ACP emphasizes that at the COP27 (UN Climate Change Conference) the impact of the climate crisis in conflict countries was only touched upon marginally, although the pressure of the climate crisis on such countries is the highest.
November 22, 2022
Book Vienna 2022 Promotes International Foreign Culture
Thousands of new publications and hundreds of high-profile events with more than 500 national and international authors and experts will be on display at the Vienna Book Fair from November 23-27, 2022. Diplomacy will also be represented at the fair.
November 20, 2022
Possible Delay at Vienna Airport due to Works Meeting of Security Personnel
The security staff at Vienna Airport has announced a works meeting for Tuesday starting at 9:00 am. The works council and the union are thus emphasizing their demand for higher wages. Walter Burianek, head of the works council, expects a high turnout, and passenger handling is likely to come to a standstill.
November 17, 2022
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What are the Seibersdorf Laboratories?
Nuclear technologies and applications should be safely researched under international supervision. In Seibersdorf, Austria, the International Atomic Energy Agency maintains eight nuclear applications laboratories. Read on to find out more about the Seibersdorf Laboratories!
November 17, 2022
Austria Awards State Prize for Innovation
The State Prize Innovation 2022 from the Austrian Ministry of Labor and Economy goes to the Lower Austrian company DSM Austria GmbH. With their innovation, they make an important contribution to the safe and healthy nutrition of animals and humans.
November 16, 2022
Austrian Government Adopts New Three-Year Program for Development Policy
The new three-year program of the Austrian development policy from 2022 to 2024 was adopted. According to the government, the three-year program aims to open up sustainable life prospects for people in partner countries by creating an environment of social and political stability on the ground and sustainable development in line with the 2030 Agenda.
November 16, 2022
How Austria's Population is Developing
Around eight billion people currently live on earth. According to the UN, this figure will rise to around ten billion by the end of the century. According to the latest forecasts, the trend in Europe and Austria is different. Read more about the United Nations World Population Prospects 2022!
November 15, 2022
Vienna Plans to Build its First Geothermal Plant by 2026
A geothermal plant, Vienna's first, is to supply 20,000 households with emission-free district heating. Wien Energie wants to set a milestone toward a climate-neutral city by 2026. An important milestone on the path to a climate-neutral major city is the use of deep geothermal energy. Wien Energie has now presented the concrete plans for this at a press conference with Peter Hanke, City Councillor for Economic Affairs.
November 14, 2022
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Austria's Schools Abroad to Meet the Demand for Skilled Workers
Austria's Minister of Education, Science and Research Martin Polaschek presents the future strategy of Austrian schools abroad during his working visit to Albania. During his visit to the Austrian school abroad in Shkodra, the Minister of Education emphasizes the potential of these schools, especially about the demand for skilled workers in Austria, and announces a reorientation of the schools.
November 14, 2022
IAEA at the UN Climate Summit in Egypt
The Vienna-based International Atomic Energy Agency is also well-represented at the World Climate Change Conference in Sharm El Sheikh, Egypt. Between the energy crisis and climate targets, nuclear energy is regaining importance in several countries, and for the agency, the task is to convince.
November 10, 2022
Austrian Chamber of Commerce Demands Acceleration of Energy Transition with Faster Approval Procedures
The EU Commission's emergency regulation is intended to accelerate the expansion of additional energy capacities, with the draft also to be extended to other areas of energy infrastructure. The head of the Austrian Chamber of Commerce, Karlheinz Kopf, demands acceleration of the Energy Transition with faster approval procedures and eased bureaucracy.
November 10, 2022
Austria Plans to Increase Climate Aid
A significant increase in Austria's international climate financing budget is planned. The climate protection ministry will provide an additional 220 million euros by 2026, according to Austrian Federal President Alexander Van der Bellen at the UN World Climate Conference in Egypt.
November 9, 2022
Austrian Think Tank Identifies Need for Improvements to Ukraine's Reconstruction Plan
Together with the GROWFORD Institute in Kyiv, the Vienna Institute for International Economic Studies has investigated how the Ukrainian government's reconstruction plan, presented in July, should be evaluated. How much will Ukraine's reconstruction cost and where will the money come from?
November 8, 2022
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Austria's Best Art Dealers Trade Millions in Vienna's Hofburg Palace
The Viennese trade fair landscape has become colorful and diverse, not only in appearance but also in level. This includes ART&ANTIQUE HOFBURG Vienna, which is the most important annual showcase of the Austrian art trade. The fair for art, antiques and design takes place this year for the 53rd time.
November 7, 2022
What is the Alps-Adriatic Economic Network?
Since 2007, the Network of Chambers of Commerce, Industry, Crafts, Agriculture and Economy of the New Alpe Adria (NAAN) has been working to deepen economic relations. It now comprises - with the new addition of Bolzano - ten chambers from Austria, Italy, Slovenia and Croatia. According to the Austrian Chamber of Commerce, with one million member businesses, NAAN is making rapid progress toward becoming an EU Alps-Adriatic macroregion. Read more to find out about the project.
November 7, 2022
Austrian Federal Chamber of Commerce and EU-Mercosur Agreement
The Association Agreement between the European Union and MERCOSUR countries, such as Argentina, Brazil, Paraguay and Uruguay, includes provisions on political dialogue, cooperation and trade. For the Austrian Federal Chamber of Commerce, the agreement is a fair trade deal that increases exports and jobs, and high social and environmental standards remain untouched. The EU would be the first region to conclude an agreement with Mercosur.
November 4, 2022
Vienna Gets 70 Zero-Emission Buses
As part of its climate protection efforts, Vienna achieves a new small milestone. A total of 60 e-buses and 10 H2 buses are being purchased by Wiener Linien. The plan is to convert ten lines to zero-emission drives by 2025.
November 2, 2022
Wien Energie Brings Special Energy Tariff for Small Businesses
Given the high energy costs, companies are also coming under pressure. In Vienna, a new tariff for small businesses will start in November, which offers a 12-month price guarantee and a discount for commitment. This new tariff is now officially promoted by City Councillor for Economic Affairs Peter Hanke.
November 1, 2022
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New Museum for the Vienna Prater
Construction work has begun on May First Street. A sustainable wooden building, the Prater Museum, will be built there by 2024. The museum, which will do justice to the presentation of the more than 250-year history of the Viennese amusement park, will be one of the first public wooden buildings in Vienna and a model for the integration of ecological and social sustainability.
October 30, 2022
Horizon Europe Awards Synergy Grants to Four Austrian Researchers
The European Research Council (ERC) has announced the research groups that will be awarded the prestigious Synergy Grant in the first call for proposals in the new Horizon Europe research framework program. Among them are four groups in which scientists from Austrian research institutions are involved with their teams and will collaborate with top researchers from other countries in the coming years.
October 25, 2022
Inflation in Austria: Highest Value Since Post-War Period
Inflation in Austria is getting higher and higher. At 10.5%, it has now exceeded the magic limit of 10 percentage points and is thus considered the highest inflation in Austria since the post-war period. Read on if you want to know which products have become more expensive!
October 25, 2022
Diplomats as Economic Bridge Builders: Austrian Companies Present Themselves to the Diplomatic Corps
International investors and cross-border business relations were what Tyrolean and Vorarlberg company representatives hoped for at the recently held "Business Location Austria" event. This brought together representatives from business, tourism and entrepreneurship with diplomats accredited in Austria to network with each other.
October 21, 2022
Corruption in Austria: Thomas Schmid Wants to Become a State Witness and Incriminates Kurz Government Heavily
The former head of ÖBAG and Secretary General in the Ministry of Finance, Thomas Schmid, has heavily incriminated ex-Chancellor Sebastian Kurz (ÖVP), his former close companion, in the Casag proceedings triggered by the Ibiza video and wants to become a state witness in the proceedings against Kurz. This was announced by the Economic and Corruption Prosecutor's Office (WKStA). Schmid had approached the investigators with the request, but a formal application had not yet been made.
October 19, 2022
Ankara and Vienna Sign Cooperation Agreement
The capitals of Austria and Turkey, Vienna and Ankara, will intensify their cooperation in the future. Vienna's Mayor Michael Ludwig received the Mayor of Ankara, Mansur Yavas, in the City Hall. Both mayors signed a cooperation agreement to this effect in Vienna City Hall.
October 19, 2022
Promising Austrian Start Ups Receive Important European Innovation Funding
The European Innovation Council (EIC) Accelerator programme is designed to help Europe's most promising innovators achieve an international market breakthrough. Four Austrian companies are also among the 75 start-ups that have received funding.
October 19, 2022
Intercultural Achievement Awards 2022 Awarded by Austria's Ministry of Foreign Affairs
For the 9th time, the Austrian Ministry of Foreign Affairs presents the Intercultural Achievement Awards (IAA) to international and national projects. The award ceremony was opened by Secretary General for Foreign Affairs, Peter Launsky-Tieffenthal, at the Vienna Jazz Club Porgy & Bess.
October 18, 2022
Vienna Airport Affected by Eurowings Pilots' Strike
The strike by Eurowings pilots continues, and passengers in Vienna are also affected. After the strikes it has become known that already 18 flights have been canceled, will not be carried out tomorrow another 14 flights, the airport announced. Destinations in Germany such as Düsseldorf, Hamburg, Cologne and Stuttgart are particularly affected.
October 17, 2022
City of Vienna Establishes Energy Crisis Unit
The City of Vienna established an advisory committee on energy supply, which will work as a crisis unit on energy supply issues. Together with the crisis unit that has existed since the Covid pandemic, it is to accompany the preparations for the winter and make proposals for measures to secure energy supplies.
October 17, 2022
Austria Increases Contribution to World Food Program to 60 Million Euros
The Russian invasion of Ukraine has brought the issue of food supply into global focus. Therefore, the Austrian Federal Ministry of Agriculture and Forestry budget will be increased to 20 million euros annually from 2023-2025. A strategic partnership between Austria and the World Food Programme (WFP) is also in the works.
October 16, 2022
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