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Austrian Business News and Business Headlines

Terminal Tower Fraud and Corruption Lawsuit

News magazine "profil" has published the names of 166 witnesses in a huge lawsuit concerning a privatization project and the Linz-based Terminal Tower. The witnesses include former finance minister and industrialist Hannes Androsch, current Sberbank banker Gerhard Randa and former supervisory board member of Immofinance Guido Schmidt-Chiari, as well as banker Julius Meinl.

July 25, 2016

Social Progress Index: Austria Ranked 13th

Austria has been ranked 13th by NGO Social Progress Imperative, in its Social Progress Index ranking. It precedes Japan and Germany and scored many points thanks to renewable energy projects. However, the state reveals shortages with respect to education, tolerance and equal opportunities. Nordic states, such as Finland, Canada and Denmark lead the index.

July 25, 2016

Most Expensive Expatriate Cities: Vienna Moves Up to 54th Place Overall in the Index

For the 22nd year running, global HR consulting firm Mercer has published its annual Cost of Living Ranking that lists the costliest and cheapest destinations for expatriates. Asia hosts five of the world’s 10 most expensive cities for expatriates. Hong Kong is once again the world’s most expensive city for expatriates. Vienna moves up to 54th place from 56th place overall in the index. 209 countries have been surveyed. See the full index below.

July 22, 2016

Indian Ministry of Railways Discusses India-Austria Railway Cooperations

The Indian Minister of Railways, Shri Suresh Prabhu paid a visit to Austria. In an event organized by the Chamber of Commerce H.E. Mr. Prabhu met with CEOs and Austrian Railway Companies to discuss possible further India-Austria cooperations in the field of railways technology.

July 21, 2016

Heta Bad Bank Sells Iconic Holiday Inn Sarajevo Hotel

Bad bank Heta sold the Holiday Inn hotel in Sarajevo to tourism group Europe d.d., the company said. The iconic Holiday Inn Sarajevo was home of foreign correspondents during the 1984 Winter Olympics and throughout the siege of Sarajevo during the Bosnian War. The price was not disclosed.

July 20, 2016

New "Open Austria Initiative" Supposed to Open Doors to Silicon Valley

Foreign Ministry and Austrian Economic Chamber open joint office in California to support Austrian companies and pave their way for success in Silicon Valley.

July 14, 2016

Erste Group Expects Q2 Net Profit of about EUR 560 Million

Erste Group expects to post net profit of approx. EUR 560 million in Q2 16, raises guidance for 2016 to ROTE >12% (up from 10-11%).

July 14, 2016

Best Gaming Technology Acquired by Rival Playtech

Vienna-based maker of software for self-service betting terminals Best Gaming Technology (BGT) has been acquired by UK gambling software group Playtech for €138m. Playtech holds the option to purchase the remaining shares for up to €55m from Armin Sageder, the company’s founder and chief executive.

July 14, 2016

Bank Tax: Reduction and One-Off Payment are Positive Signals

Austria's new regulations reducing the bank tax and introducing a one-off payment from banks are "a positive signal,” central bank governor Ewald Nowotny said after the Austrian government reached an agreement on the planned changes.

July 13, 2016

Withdrawal Fees: Finance Ministry Insist on Providing Clear Information

Austria's Finance Ministry would insist on providing clear information about cash withdrawal fees in the form of cash machine signage, the ministry's spokesman said.

July 13, 2016