Latest Headlines about other Business & Economic Developments

Austria is Booming with Chinese Tourists - Number of Overnight Stays Six Times Higher

In tourism, China is currently one of the most dynamically growing foreign markets of origin. In the 2018 calendar year, the number of overnight stays by Chinese guests in Austria increased almost sixfold (+491%) compared to 2008, reaching around 1.4 million overnight stays.

February 28, 2019

Founder of Global Peter Drucker Forum Honored as Excellent Management-Ambassador

Dr. Richard Straub, who resides in Paris for more than two decades, received the Grand Decoration of Honour for Services to the Republic of Austria (Große Ehrenzeichen für Verdienste um die Republik Österreich) at the Austrian Embassy in Paris.

February 5, 2019

Business Mission and "Future Trip" to Tel Aviv as Part of the State Visit of Van der Bellen

On the occasion of the official state visit of Federal President Alexander Van der Bellen, the Austrian Chamber of Commerce and Industry (WKO) is organising an economic mission entitled "Infrastructure" as well as the "Open Innovation for Corporates" future trip to Tel Aviv.

February 4, 2019

Hallstatt App 2.0 - Protective Measures against Chinese Tourists

The Upper Austrian community defends itself against too many tourists, especially from China and South Korea. Since the Chinese built an exact copy of the city in Guangdong Province, and the South Koreans partly shot a soap opera in Hallstatt, the popularity of the Dachstein community has increased enormously. As a result, more and more tourists come to Hallstatt as part of a bus tour classic with 4 destinations including Hallstatt. In the previous year there were exactly 19,344 coaches. For the first time in the history of Austria, a town is now defending its friendly visitors by implementing the new "Traffic Concept Hallstatt 2018" and by strictly controlling the entrance to the town centre.

January 29, 2019

Austrian Tourism: 45 Mio. Arrivals and 150 Mio. Overnight Stays in 2018 - Germans Return

With 149.75 million overnight stays in Austrian accommodation establishments, a new record was reached in 2018. Compared to the previous year, overnight stays increased by 5.25 million (+3.6%). At +5.0% (56.26 million), the number of overnight stays by Germans rose disproportionately strongly.

January 24, 2019

Population Development - City of Vienna at 1.9 Million Inhabitants

Last year Vienna grew by 11,000 inhabitants. The birth surplus was 4,000, the migration gain 7,000. Immigration from Great Britain was disproportionately high due to Brexit fears. Serbia is the strongest group of immigrants. The influx of refugees has fallen back to the level before the wave of refugees. In 2027 about 2 million people will live in Vienna.

January 22, 2019

Vienna Stock Exchange - New Start for the Third Market with 8 SME Quotations

As already announced by Vindobona.org in conjunction with the corresponding amendment to the Austrian Stock Corporation Act (Aktiengesetz), the VSE Vienna Stock Exchange is now offering two additional and easier options (direct market, direct market plus) for an initial public offering for SMEs as part of the new Third Market.

January 20, 2019

Inflation in Austria falls to 2.0% in 2018

According to calculations by Statistik Austria, the average inflation rate of the consumer price index (CPI 2015) was 2.0% in 2018, slightly below the level of 2017 (+2.1%) and well above the levels of 2016 and 2015 (+0.9% each).

January 18, 2019

Hollywood in Austria's Mountains - Avalanche Drama Film Follows Current Avalanche Danger

In Tyrol, a Hollywood drama about a married couple whose perfectly believed family life gets completely out of balance when they barely escape an avalanche is currently in the making. Austrian film funding supports the production of "Downhill" with Will Farell and Julia Louis-Dreyfus. With a shooting time of 8 weeks, an added value of 7 million Euros and 10,000 overnight stays is expected.

January 18, 2019

Financial Times Ranking - Business School "WU Vienna" Remains Midfield Only

In the latest overall ranking of all European business schools published by renowned newspaper "Financial Times", WU (Vienna University of Economics and Business) ranked only 41st out of a total of 95 European business schools in the overall ranking. Although the university improved by three places compared to the previous year, it fell short of expectations. Much better results were achieved in the two partial competitions "Masters in Management 2018" (12th place out of 84 programmes) and "Executive MBA 2018" (22nd place out of 51 programmes).

December 7, 2018

Reinsurer VIG Re to Expand to Paris

After opening an office in Frankfurt a year ago, another West European representative office is now to follow in Paris. The new branch will be headed by Patrick Chevrel. As part of the Vienna Insurance Group, VIG Re has been founded in 2008 by being established as a core player in the reinsurance market in Austria and CEE, and now also in certain West European countries.

November 26, 2018

Labour Supply in Austria to Grow by 5% by 2050

The supply of labour in Austria will continue to increase in the future if the trends in immigration and labour market participation continue. In 2017 there were an annual average of 4.55 million labour force in Austria, in 2020 according to the trend variant of the forecast there will be 4.63 million (+2%) and in 2050 4.79 million (+5%). No further growth is expected in the second half of this century.

November 22, 2018

The New Location Development Act - Significance for Austria's Attractiveness as a Business Location

The Austrian government has passed the highly controversial Location Development Act in the Council of Ministers, which will speed up environmental impact assessments, be passed by the National Council this year and come into force on 1 January 2019. The new legislation will introduce automatic permits for certain energy infrastructure projects (eg, electricity grids and power plants). Positive reactions are coming from industry and politics. Various environmental associations criticise the new law.

November 22, 2018

Expat Survey: Vienna for Expats Highly Attractive and Newcomer-Friendly

A study commissioned by the City of Vienna confirms that four out of five international professionals and executives who came to Vienna had a good or very good start. 93.9 percent confirm the city's high international attractiveness, 89.3 percent would recommend Vienna as an expat destination.

November 22, 2018

Naturalizations in Austria in 2018 on the Rise

Austrian citizenship was granted to a total of 6,971 persons in the first three quarters of 2018. The Bosnians are ahead, followed by Turks, Serbs and Kosovars. In total, there were 115 more naturalisations than in the same period of the previous year (+1.7%).

November 15, 2018

Austria Strengthening Venture Capital Structures with Seoul and Shanghai

Margarete Schramböck, Austrian Federal Minister for Digitisation and Business, visited Seoul, the capital of South Korea and China's greater Shanghai metropolitan area, together with a high-ranking delegation of experts from the fields of digitisation, science and business, with the aim of strengthening Austria as a location for innovation.

November 9, 2018

Austria in E-Government ahead of Germany and Switzerland

Margarete Schramböck is on the right course. According to a recent study on the e-government situation in Germany, Austria and Switzerland, Austria clearly holds the top position in the e-government country comparison.

November 7, 2018

Austrian National Bank Seeking Successors for Top Jobs

The Board of Governors of the OeNB Austrian National Bank has published a recruitment announcement for the new central bank governor, vice governor and two members of the Management Committee. Applications can be submitted until 5 December, according to the official gazette of the "Wiener Zeitung".

November 5, 2018

Austria Continues to Deteriorate in World Bank's Ease of Doing Business Index 2019

The Ease of Doing Business Rankings provide measures of business regulations for local firms in 190 economies and selected cities at the subnational level. In 2019 Austria falls from 22nd to 26th place worldwide. Germany also loses ground, but remains one notch ahead of Austria. New Zealand leads the ranking for the third time in a row. The Kiwis replaced Singapore three years ago, which had previously held the top position for 10 years. In the 2019 Ease of doing business index, the following countries rank 3rd to 10th: Denmark, Hong Kong, South Korea, Georgia, Norway, United States, United Kingdom and Macedonia.

November 1, 2018

Growth of Foreign Controlled Enterprises in Austria

Statistics Austria reports a slight increase in the number of foreign-controlled companies in Austria. As at 31.12.2016 there were around 10,800 companies in Austria that are part of a foreign group. In comparison, the number of foreign subsidiaries of Austrian companies remained constant.

October 31, 2018

Tunisian-Austrian Business Relations about to be Expanded

The Austro-Arab Chamber of Commerce (AACC) and the Embassy of the Republic of Tunisia in Austria are organizing a networking event under the general theme "Economic Forum on Tunisia". Representatives of companies and institutions from Tunisia, Austria and other Arab countries are expected on 20 November at the SO/Vienna (former "Sofitel Vienna Stephansdom").

October 30, 2018

Facilitated Stock Exchange Access for Small and Medium-Sized Enterprises at the VSE

As a result of an amendment to the Austrian Stock Corporation Act (Aktiengesetz), as of 21 January 2019 it will again be possible for small and medium-sized enterprises and growth companies registered in Austria in the legal form of a stock corporation (AG) with small free float to gain access to the Vienna Stock Exchange via the newly created market segments "direct market plus" and "direct market".

October 19, 2018

Agressive Southern Chinese Airline Launches Shenzhen-Vienna Service

The South Chinese carrier Hainan Airlines is pushing ahead with its expansion into Europe by adding Vienna - Shenzhen as the next non-stop route after Zurich at the end of August. The new twice-weekly flights will take off on October 20th, connecting Vienna with Shenzhen on Thursdays and Saturdays using the airline's Boeing 787 Dreamliner aircraft (see picture).

October 12, 2018

Outlook - Chinese Tourists and the Destination Austria

With around 900,000 arrivals (+23%) and 1.3 million overnight stays (+25%) in 2017, China is Austria's most important Asian market of origin with the greatest growth potential. From January to July 2018, Austria also recorded record figures with around 542,000 arrivals (+ 8.2) and around 781,000 overnight stays (+ 11.5 %) from China.

October 3, 2018 · Updated: October 11, 2018; 22:55

Austrian State and Industrial Holding will be Reorganized Again

The holding company of the Austrian federal shareholdings (ÖBIB) is to be restructured and given a new boss. The existing structures created by the red-black predecessor government will soon be history again. The law for a new holding company of the Republic is to be examined in the next few days. Its boss is to be Thomas Schmid, general secretary in the Federal Ministry of Finance.

October 3, 2018

Danube Region Business Forum - Infrastructure and Its Implications on Business in CEE and SEE

The Danube Region is one of the traditionally important markets for Central European regions and companies. However, the infrastructure of this region does not yet meet the requirements of the economy. The 8th Danube Region Business Forum will take place on 9 October 2018 at the Austrian Federal Economic Chamber in Vienna. The aim of the forum is to ensure that the infrastructural quality and cooperations in the region meet the requirements of the economy.

October 3, 2018

ACV Austria Center Vienna: More than 100,000 International Participants for the First Time

Last year, Austria’s largest congress centre brought more than 100,000 international participants to Vienna for the first time. The venue also once again exceeded the record revenue figure from the previous year.

September 26, 2018 · Sponsored Content

Casinos Austria International Will Not Be Sold

Casinos Austria AG (CASAG) stops the sale of Casinos Austria International (CAI).

April 11, 2018

Opel-PSA Group Plans Job Cuts in Vienna

By summer, 140 employees are to leave the Opel plant in Aspern. A further reduction could be avoided thanks to a new transmission order from Opel parent Groupe PSA. Engines will be produced for the previous Opel owner General Motors (GM) until 2019/20. What comes after that is still uncertain.

April 6, 2018

Leadership Change: Mahrer Follows Leitl as Austrian Chamber of Commerce President

Harald Mahrer, President designate of the WKO Austrian Federal Chamber of Commerce, will take over from acting President Christoph Leitl on 18 May.

April 3, 2018

Repatriation of Austrian Gold Reserves Nearing Completion

This year, and not in 2020, the OeNB Austrian National Bank is already concluding its repatriation campaign for half of its gold reserves. By the end of the year, 140 tonnes of gold are to be stored in Austria, with the other 140 tonnes remaining in London (84 tonnes) and Switzerland (56 tonnes).

March 30, 2018

Austrian Support for Peace and Security Programm in Horn of Africa Region

Vienna based ADA - Austrian Development Agency signs an agreement on peace and security in the Horn of Africa with EU and IGAD (Intergovernmental Authority on Development). The EUTF - EU Emergency Trust Fund for Africa provides 40 million euros. 35 million of this will be made available to ADA and 5 million directly to IGAD. The ADA passes on one million euros to IGAD. The Swedish International Development Agency SIDA will also contribute one million euros..

March 26, 2018

Austria's Double Budget 2018/2019 - Cautious Optimism

Finance Minister Hartwig Löger (ÖVP) presented his first budget. Austria's new federal government wants to earn more than it spends. The double budget for 2018 and 2019 should herald a new era. The Austrian state has been spending more than it takes for 65 years and this is to be reversed for the first time in 2019. Debt policy is to be ended. A budget surplus of 541 million euros is to be achieved and thus a turning point in budget policy. Most money should be spent on pensions, least on health.

March 22, 2018

VSE: International Investors Dominate Vienna Stock Exchange

International institutional investors are largest group of investors on the prime market of the VSE Vienna Stock Exchange. They account for some 78 percent of institutional free float of the prime market index ATX Prime stocks, according to a study.

April 12, 2016

Activ Solar Files for Reorganisation in Austria, Debts Reach EUR 500 Million

Vienna-based Activ Solar GmbH announced that it is bankrupt and that it has filed for reorganization in Austria due to its investment exposure in Ukraine. The company has amassed debts to the tune of EUR 500 million.

February 10, 2016

VSE's Operating Income Up 17% in 2014, CEESEG also Slightly Up

The Vienna Stock Exchange (VSE) and the CEE Stock Exchange Group report solid FY 2014 results. Vienna Stock Exchange's operating income is up 17% in 2014, mainly driven by the steadily increasing trading volume. Also, new members have been elected to the supervisory board.

June 23, 2015

OPEC Member Countries Discuss Global Petroleum Development Strategies in Vienna

The 6th OPEC International Seminar, with the theme "Petroleum - An Engine for Global Development", aims to build on the previous events from the past decade. It is currently taking place at the Imperial Hofburg Palace in Vienna. The Seminar intends to underpin OPEC’s commitment to stabilize the international oil market by promoting cooperation and dialogue with stakeholders around the world.

June 3, 2015

Purchasing Managers' Index: Austrian Industry Shows First Signs of Recovery

Bank Austria has published its latest "Purchasing Managers' Index" on the Austrian economy. At the end of the first quarter in 2015 subtle signs of a pick-up in Austrian economic activity were detected for the first time in about six months.

May 5, 2015

Vienna Stock Exchange: ATX Upswing Drives Up Equity Trading in Q1

The Vienna Stock Exchange has seen the strongest monthly equity turnover since August 2011. The average monthly trading volume to date in 2015 is EUR 5.04 billion which represents a gain of 26.61% over the average monthly trading volume of the year 2014 (EUR 3.98 billion).

April 2, 2015

ECB Unleashes Quantitative Easing - How does it work?

Today, the ECB finally commenced on a large scale sovereign bond-buying programme. The €60bn monthly asset purchases include covered bonds and asset backed securities. Due to the flood of cheap money, the DAX was boosted. The index increased by up to one per cent to a record high of 10,399.67 points. Quantitative easing is a monetary policy where a central bank creates new money electronically to buy financial assets. The aim is to stimulate an economy when standard monetary policy has become ineffective. How does it work?

January 22, 2015

Austria has EU-Wide Most Franc Loans

In absolute terms, Austria has the most franc foreign currency loans in the European Union.

January 19, 2015

Business Indicator: Dip in Economic Activity Towards End of Year, but Hope Remains for 2015

Bank Austria has published its latest "Business Indicator" on the Austrian economy. The Bank's analysts believe that in light of the increasing uncertainty in recent months, the moderate recovery achieved by the European and therefore the Austrian economy too this year is taking a breather. The Russia/Ukraine crisis and the tensions in the Middle East have blighted sentiment in the Austrian economy at the start of autumn on a broad scale.

October 17, 2014

Comment: Outlook of Vienna Stock Exchange

Manfred Sibrawa of BAWAG PSK INVEST GmbH comments on the expectation of the performance of the Vienna Stock Exchange until year end. Erste Bank and Raiffeisen Bank International, but also OMV, booked double-digit losses, while the Vienna Stock Exchange welcomed a new member, FACC. "All in all we saw a mixed development year-to-date, but assuming that we see a stabilization of the global situation we can expect the Vienna ATX to speed up and reduce the underperformance towards other established markets."

August 7, 2014

Event: 21st Austria & Advantage Austria: Re-Think Central and Eastern Europe - An Austrian Perspective

On September 23, 2014, 21st Austria and Advantage Austria UK will host a panel discussion at the City of London's Gherkin skyscraper. Herbert Stepic, former CEO of RBI Raiffeisen Bank International and Georg Karabaczek, Austrian Trade Commissioner for the UK will focuse on the topic "Re-Think Central and Eastern Europe: An Austrian Perspective on Diversity in Performance, Challenges and Avenues of Growth". Panellists also include Pasquale Diana, Mario Holzner and Eduard Zehetner.

August 1, 2014

Analysis: Russia - Assessment of EU and Tightened US Sanctions

Special analysis covering the most recent escalation in terms of Western economic and financial sanctions against Russia: EU and US sending bold diplomatic signals without inflicting too much near-term economic and financial damage. In comparison to the US sanctions by the EU are capped in duration. Recent escalation adds to uncertainty in doing business with Russia, which is an ultimate goal of sanctions. Near-term impact of current sanctions still limited, which implies a risk that they may remain for longer.

July 31, 2014

Austrian FDI: Current Developments 1Q 2014

In the first quarter of 2014, Austrian FDI abroad reached a value of 2.8 billion euros, which is less by about 30% than in the same period of 2013. Foreign direct investments in the same period into Austria stood at 1.4 billion euros. This is about 37% less than in the same period of last year.

July 29, 2014

Cost of Living Rankings: CEE Capitals Cheaper, Vienna is 32nd Most Expensive City

The Mercer's 2014 Cost of Living Rankings have been published and cover 211 cities across five continents. While Western European cities have all risen in the rankings mainly due to the strengthening of the Euro against the US dollar, most cities in Central and Eastern Europe (CEE), however have fallen in the ranking as a result of local currencies depreciating against the US dollar. Bratislava (#84), Prague (#92), Kiev (#98), Ljubljana (#116), Zagreb (#120), Budapest (#135), Warsaw (#142), Belgrade (#184).

July 25, 2014

Vienna Stock Exchange Raised EUR 3.1 Billion in Capital in 1HY 2014

In the first half of 2014, Austrian companies raised more than EUR 3.1 billion in fresh capital through the Vienna Stock Exchange. This volume is larger than the aggregate volume of the past two years (transaction volume 2012 and 2013: EUR 2.1 billion) and the highest level achieved since 2007. The volume consists of the capital increases of Raiffeisen Bank International (EUR 2.78 billion), Porr (EUR 120 million), and the successful initial public offering of FACC (around EUR 213 million).

July 2, 2014

Analysis: The South Stream Gas Pipeline

Due to the signing of the South Stream agreement between OMV and Gazprom for the Austrian part of the pipeline during Putin's visit to Vienna, we take a look at the background of the project.

June 25, 2014

Latest Update of the RBI Risk Indicator

The RBI Risk Indicator hast been updated today. It fell by around 14.9% overall and still stands below its 150-day moving average. The RBI Risk Indicator is a quantitative indicator that serves primarily as a short-term decision support instrument for high-risk investments.

June 23, 2014