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Read more headlines about Austria's international business environment (which are not covered in the other topics, including commodity and currency markets)
Taylor Swift Concerts in Vienna Canceled Due to Suspected Terrorism - What Fans Need to Know Now
The cancellation of the Taylor Swift concerts in Vienna has left many fans disappointed and perplexed. After two suspected terrorists were arrested who had possibly planned an attack on the upcoming concerts, the organizer Barracuda Music decided to cancel the events. Fans are now wondering what costs will be reimbursed and how to proceed.
August 8, 2024
Wirecard Trial: Further Charges Against Former Management Board Members
Four years after Wirecard's spectacular bankruptcy, the Munich public prosecutor's office has brought charges against two further former members of the Management Board. The focus is on the former CFO, Alexander von Knoop, and Susanne Steidl, responsible for product development.
August 7, 2024
Bank Merger in Carinthia and Burgenland: New Era for Anadi Bank and Bank Burgenland
Following the sale of Anadi Bank to the Grawe Banking Group last December, further details have now been announced. Bank Burgenland will take over 42,000 customers, ten branches, and an SME and real estate loan portfolio from Anadi Bank in September and will operate as Bank Burgenland Kärnten in the future.
August 4, 2024
OMV CEO Stern: Independence from Russian Gas and Solid Business Development
The Austrian oil and gas group OMV has taken a significant step towards energy independence. CEO Alfred Stern declared at a press conference that OMV is no longer dependent on gas supplies from Russia. This announcement marks the end of a two-year strategic realignment aimed at diversifying gas sources and transportation routes.
July 31, 2024
New Silent Villas at Therme Laa: Luxury in the Weinviertel Region
Therme Laa an der Thaya, a well-known recreational destination in Lower Austria, reached a new milestone. With the ceremonial opening of the ten new “Silent Villas”, the thermal spa is expanding its offer with an exclusive retreat for adults. The ceremony was attended by numerous representatives from tourism, business, and politics, including Governor Johanna Mikl-Leitner, who emphasized the importance of this expansion for the region.
July 31, 2024
International Headquarters Vienna: Economic Importance and Future Potential
A recently published study by the economic research institute WIFO on behalf of the Austrian Foreign Ministry illustrates the significant financial impact of international organizations in Austria.
July 31, 2024
Austrian Forum for Peace 2024: Insights and Outlook for a Peaceful Future
The Austrian Center for Peace (ACP) presented the results of the second Austrian Forum for Peace, which took place at Friedensburg Schlaining in early July.
July 29, 2024
ECJ Confirms Legality of AUA Rescue Against RyanAir and Laudamotion
In a significant ruling, the European Court of Justice (ECJ) has confirmed the legality of €150 million in state aid to Austrian Airlines (AUA) during the COVID-19 pandemic. This ruling marks the conclusion of a legal dispute brought by the low-cost airlines Ryanair and Laudamotion against the approval of this aid by the EU Commission.
July 29, 2024
Algeria, Slovakia and Austria Deepen Economic Relations
A working meeting was held at the Imperial Hotel Vienna, organized by the Algerian Embassy in Austria and Slovakia with the support of the Austro-Arab Chamber of Commerce (AACC).
July 29, 2024
North Macedonia and Austria Strengthen Bilateral Cooperation and Economic Partnership
Austria and North Macedonia have further deepened their close relations in a diplomatic meeting. Austrian Foreign Minister Alexander Schallenberg and his North Macedonian counterpart Timčo Mucunski met in Vienna to discuss various topics, including economic cooperation, migration, security, and EU enlargement.
July 28, 2024
Salzburg Summit: Europe's Challenge in the Global Economy
The Salzburg Summit 2024 provided a platform for discussions on the pressing economic and political challenges facing Europe. One of the central debates revolved around the tense relationship with the major economic power China and the resulting impact on European competitiveness.
July 25, 2024
Signa Group in Crisis: Saudi Arabian Sovereign Wealth Fund Seeks Complete Takeover of Selfridges
The economic turbulence surrounding the Austrian Signa Group has taken a new turn: The Saudi sovereign wealth fund Public Investment Fund (PIF) is planning a complete takeover of the renowned British department store Selfridges. This announcement comes at a time when Signa, under the leadership of founder René Benko, is facing significant financial challenges.
July 25, 2024
Imfarr: Another Austrian Real Estate Developer in Insolvency
The Viennese real estate developer Imfarr Beteiligungs GmbH has applied to the Vienna Commercial Court for restructuring proceedings without self-administration. The company's liabilities amount to around 604 million euros. This affects 18 employees and around 110 creditors.
July 23, 2024
False Accusations Against Federal Police Chief Takacs in Wirecard Case Must Be Revoked by FPÖ
Austrian domestic politics recently experienced a considerable shake-up due to false accusations by the FPÖ, which claimed that Federal Police Director Michael Takacs had met with the fugitive ex-Wirecard manager Jan Marsalek on several occasions. These accusations led to legal action by Takacs, which resulted in a retraction and a cease-and-desist declaration by the FPÖ.
July 21, 2024
Austrian National Bank Examined the Spread of Crypto Assets in Austria
Cryptocurrencies such as Bitcoin are widely known in Austria, but their actual distribution in private households remains modest. A recent study by the Austrian National Bank (OeNB) found that only 3% of the population own crypto assets. These few owners usually only hold small amounts, which rarely make up more than a third of their total financial assets.
July 16, 2024
Austria Among the World Leaders in Organic Viticulture
Austria is continuing its successful course in environmentally conscious viticulture and for the first time has more than 10,000 hectares of certified organic vineyards. The 10,432 hectares now correspond to around 24% of the country's total vineyard area, making Austria one of the global leaders in organic viticulture.
July 15, 2024
Austria Businesses Heading for a Record Year of Bankruptcies in 2024
Austria is facing a possible record year for corporate insolvencies in 2024. The current economic situation shows a significant increase in insolvencies, especially in the first half of the year.
July 15, 2024
North Korean Agents in Vienna: A Network of Espionage and Currency Procurement
Vienna, the capital of Austria, is not only known for its high quality of life and cultural diversity but also conceals a network of espionage and illegal activities that extends to North Korea. New revelations shed light on the covert operations of the Kim regime, which cleverly uses its presence in Vienna to procure foreign currency and gather knowledge for nuclear armament.
July 11, 2024
Indian Prime Minister Modi in Vienna: A Historic Visit to Strengthen Relations
Indian Prime Minister Narendra Modi visited Austria and was officially received by Federal Chancellor Karl Nehammer. It is the first time in 41 years that an Indian Prime Minister has traveled to Austria. This year also marks the 75th anniversary of diplomatic relations between the two countries. Modi emphasized the deep bond based on shared values such as democracy and the rule of law.
July 10, 2024
Austria's Challenges and Successes in the OECD Report
The OECD has presented its latest country report for Austria. Every two years or so, the Organization for Economic Cooperation and Development analyses each member country as a whole and summarizes the findings of this analysis in a comprehensive report. Austrian policymakers have now taken up this report and are hotly debating it.
July 9, 2024
Reorganization Proceedings of Signa Prime Selection Fail in Court for the Time Being
In a significant decision, the Vienna Higher Regional Court (OLG) upheld the appeal of the Finanzprokuratur against the trustee restructuring plan of Signa Prime Selection AG. The reorganization plan previously confirmed by the Commercial Court of Vienna was thus annulled.
July 8, 2024
Indonesian Foreign Minister in Vienna For Ratification of the Comprehensive Nuclear Test Ban Treaty and Recognition of Palestine
During her visit to Vienna, Indonesian Foreign Minister Retno Marsudi met the Executive Secretary of the Comprehensive Nuclear-Test-Ban Treaty Organization (CTBTO), Dr. Robert Floyd, and her Austrian counterpart Alexander Schallenberg. Ms. Marsudi's agenda included supporting the Comprehensive Nuclear-Test-Ban Treaty (CTBT) and strengthening bilateral relations with Austria.
July 4, 2024 · Updated: July 5, 2024; 15:21
Algerian Foreign Minister Ahmed Attaf in Vienna on Close Economic Relations
Austria's Foreign Minister Alexander Schallenberg welcomed his Algerian counterpart Ahmed Attaf to Vienna for a working visit. During the talks between the two foreign ministers, particular attention was paid to the joint fight against illegal migration and the expansion of economic cooperation, especially in the field of green hydrogen.
July 4, 2024
Vienna Stock Exchange Reaches New All-Time High in First Half of 2024
The Vienna Stock Exchange recorded a remarkable upward trend in the first half of 2024, taking the ATX Total Return (including dividends) to a new all-time high. The leading national index surpassed its previous high of February 9, 2022 (8,251.98 points) several times and reached its most recent record of 8,566.58 points on May 21, 2024.
July 4, 2024
Economic Outlook in Austria: High Inflation and Stagnation Until 2026
The Austrian Institute of Economic Research (WIFO) has published a comprehensive analysis of economic development and inflation forecasts for Austria, covering the years 2024 to 2028. The study shows that Austria will continue to struggle with high inflation until mid-2026 before the European Central Bank's (ECB) target of two percent is reached. At the same time, the economy will not see a slight recovery until 2025.
July 1, 2024
Kuwaiti Ambassador Talal Alfassam Visits Salzburg: Deepening Bilateral Relations and Investment Opportunities
The Austro-Arab Chamber of Commerce (AACC) organized the visit of H.E. Talal Alfassam, the Ambassador of Kuwait to Austria, to Salzburg.
June 30, 2024
Vienna Once Again Named the World's Most Liveable City
Vienna has done it again: for the third time in a row, the Austrian capital has been named the most liveable city in the world by the British "Economist" group. In the annual "Global Liveability Ranking", Vienna beat 172 other cities to take the top spot once again.
June 27, 2024
Austria's External Trade Deficit 2023 has Fallen Sharply
Austria recorded a remarkable reduction in its foreign trade deficit in 2023. As the latest figures from Statistics Austria show, the deficit fell by around 90 percent from 20.59 billion euros in 2022 to just 2.02 billion euros. This decrease is mainly due to cheaper energy imports, especially gas.
June 25, 2024
Swiss Novartis Opens Fastest Cell Culture Facility in Tyrol
Novartis opened a state-of-the-art cell culture facility for the production of monoclonal antibodies in Schaftenau, Tyrol.
June 24, 2024
Europa-Forum Wachau 2024: A Commitment to the Future of Europe
This year's Wachau European Forum, which traditionally takes place in Göttweig and Krems, opened with the title "Rebooting Europe". The forum focused on key topics such as innovation, research, and health to make Europe fit for the future.
June 20, 2024
Signa Group Stabilizes After Insolvency: Former CFO Retires
Following the collapse of the real estate group Signa, the former CFO Manuel Pirolt sees the company stabilized and announces his resignation.
June 20, 2024
30 Years of the WKÖ Export Prize: Austrian Companies Honored for Top Performance
Austria's export industry has achieved impressive successes over the last 30 years. EU accession in 1994 played a key role in this, paving the way for a more than five-fold increase in goods exports. Despite challenging framework conditions, the 63,700 domestic export companies achieved a record value of 200 billion euros in goods exports and 83 billion euros in services exports last year.
June 18, 2024
Austrian Foreign Minister Schallenberg Receives Deputy Prime Minister of Kyrgyzstan
Austria's Foreign Minister Alexander Schallenberg received the Kyrgyz Deputy Prime Minister and Minister of Water Resources, Agriculture and Processing Industry, Bakyt Torobaev, in Vienna for the first time. Amid the ongoing Russian war of aggression against Ukraine, Schallenberg emphasized the need to deepen relations with the Central Asian states. The main focus of the meeting was on strengthening the bilateral partnership, particularly in the economic sphere.
June 16, 2024
30 Years of the EU Referendum: A Success Story for Austria
On June 12, 1994, a groundbreaking referendum was held in Austria, in which two-thirds of the population voted in favor of joining the European Union. This decision laid the foundations for a new era of economic, political, and social integration of Austria in Europe. Since its official accession on January 1, 1995, the country has changed considerably and has since benefited from EU membership in many ways.
June 12, 2024
Ukraine's Economic Potential: Analysis by the Vienna Institute for International Economic Studies
In a new comprehensive study by the Vienna Institute for International Economic Studies (wiiw) and the Bertelsmann Foundation, Ukraine is recognized as having enormous economic potential.
June 12, 2024
Austria Promotes Key Projects for Renewable Energies in Central Asia
High-ranking representatives from Central Asia, Europe, and the Middle East as well as private investors are gathering in Vienna at the invitation of the World Bank to hold the International Energy Investment Forum. The event is being held in cooperation with the government of the Kyrgyz Republic and other international financial institutions such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
June 10, 2024
Austria's Foreign Minister Schallenberg in Berlin: Focus on the Future of Europe
Austrian Foreign Minister Alexander Schallenberg visited Berlin to discuss various European and international issues. His visit focused on the excellent bilateral relations between Austria and Germany, trade, and important decisions at the European level.
June 9, 2024
Unrestricted Access to the Labor Market for Ukrainian Refugees in Austria Decided
Ukrainians who have fled the war should be able to participate in the Austrian labor market permanently and without restrictions. The Social Affairs Committee of the National Council today pushed the extension of the “Red-White-Red Card Plus” towards a final decision in plenary. The governing parties ÖVP and Greens, as well as the NEOS, voted in favor, while initiatives by the NEOS and FPÖ on immigration were postponed.
June 6, 2024
Strengthening Economic Relations Between Austria and Saudi Arabia
The Saudi Minister of Economy, Faisal Al-Ibrahim, visited Vienna and met with the Austrian Federal Minister of Labor and Economy, Martin Kocher. A Memorandum of Understanding (MoU) was signed as part of the 9th Saudi-Austrian Joint Committee, which aims to strengthen further and diversify economic relations between the two countries.
June 5, 2024
China's Ambassador Qi Mei On Cooperation Between China and Austria
China and Austria have maintained diplomatic relations since 1971. Chinese Ambassador to Austria Qi Mei spoke about the biggest milestones in cooperation, current challenges, and future potential.
June 5, 2024
OPEC+ Extends Production Cuts Until 2025
Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met in Riyadh on the sidelines of the 37th OPEC and Non-OPEC Ministerial Meeting (ONOMM). During the meeting, the participating countries decided to extend the existing production cuts until the end of 2025.
June 2, 2024
Austria Signs Pact for Hydrogen Corridor
In a step towards a sustainable energy future, the energy ministers of Italy, Germany, and Austria have signed a joint declaration of intent to develop a hydrogen import corridor between the three countries.
May 30, 2024
Supply Stop and Human Rights Allegations for OMV
OMV, Austria's leading energy company, is currently under immense pressure. Two developments could have a significant impact on the company and the Austrian energy market: the threat of Gazprom stopping gas supplies and serious allegations of involvement in war crimes against former OMV executives in Sudan.
May 22, 2024
Austria's Constitutional Protection Agency Warns of Chinese Economic Espionage
The Austrian Office for the Protection of the Constitution has issued an urgent warning about Chinese industrial espionage. Small and medium-sized enterprises and research centers are particularly at risk.
May 20, 2024
Brenner Transit Dispute: Austria and Italy Go to European Court
The long-running dispute over the anti-transit measures on the Brenner route between Austria and Italy continues to escalate: the European Commission has cleared the way for Italy to take Austria to the European Court of Justice (ECJ).
May 16, 2024
Raiffeisen Bank International Withdraws from Controversial STRABAG Transaction
Raiffeisen Bank International AG (RBI) has announced that it will no longer pursue the planned acquisition of shares in STRABAG SE. This decision was made public in an ad hoc announcement in which the bank stated that it had not received the necessary comfort in discussions with the relevant authorities to proceed with the transaction. RBI therefore decided to refrain from the transaction for reasons of prudence.
May 15, 2024
René Benko Business Scandal: Abu Dhabi's Ruling Family Demands Millions Back
The ruling family of Abu Dhabi, led by Crown Prince Mohamed bin Zayed al Nahyan, is demanding the return of 250 million euros from René Benko via the International Court of Arbitration (ICC) in Paris.
May 14, 2024
Medical Research Cooperation between Austria and France
An important framework agreement between Austria and France was signed at the French embassy, laying the foundations for closer scientific cooperation. The French Institut National de la Santé et de la Recherche Médicale (INSERM) and the Austrian Wolfgang Pauli Institute (WPI) will intensify the transnational research and knowledge exchange.
May 7, 2024
Commemoration and Diplomacy: Austria's Schallenberg, Italy's Tajani and Brazil's Vieira in Imola
In a moving ceremony in Imola, which marked the 30th anniversary of the deaths of Formula 1 icons Roland Ratzenberger and Ayrton Senna, thousands of fans, political heavyweights, and family members came together to commemorate the deceased racing drivers. Austrian Foreign Minister Alexander Schallenberg, who himself once witnessed the tragic events, played a central role in the celebrations, which combined emotional and diplomatic themes, together with Italian Foreign Minister Antonio Tajani and Brazilian Foreign Minister Mauro Vieira.
May 6, 2024
Vienna Conference Ended with Call for Regulation of Autonomous Weapons Systems
The call for stricter rules for autonomous weapons systems is growing louder, especially after the first international conference on this topic, which took place in Vienna from April 29 to 30, 2024. Alexander Schallenberg, the Austrian Foreign Minister, emphasized the urgency of establishing clear international rules for the use of autonomous weapons.
May 6, 2024
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