Vienna would splash the cash on lighting up its famed Christmas markets to bring festive cheer to struggling retailers.
Chandeliers, glittering stars and sparkling red globes are among the designs illuminating 31 Viennese streets since Friday, with the capital boosting spending on its end-of-year light displays as Austria’s economy flounders.
“It’s just beautiful. It makes the city a bit more beautiful as a whole,” said Kateryna Baranovska, a 23-year-old student.
Photo: AFP
With local businesses increasingly unable to fork out the sums needed to keep the Christmas lights on, Vienna and its economic chamber would cover 75 percent instead of 50 percent of this year’s costs, or about 700,000 euros (US$737,921) for the lighting alone.
The small Alpine nation’s economic outlook has been gloomy since mid-2022, particularly as it is exposed to the difficulties of neighboring Germany, its main trading partner.
“We want to have a beautifully lit city and it is becoming increasingly difficult for entrepreneurs to cover these costs,” said Dieter Steup, a representative of the Vienna economic chamber.
“It is very important because the pre-Christmas period is a really important time for retailers,” he said, adding that people enjoyed shopping more under the Christmas lights.
Stored in a large warehouse on Vienna’s outskirts, workers began putting up the massive Christmas light motifs weeks before the on switch was flicked.
In an effort to lessen the impact on the climate, Vienna introduced LED lights in recent years, while the electricity needed to keep the displays twinkling from this month until January comes from renewable sources.
That energy is roughly equivalent to what a 14-apartment building uses in a year.
“The costs are actually relatively low for what you get in return, namely a good ambiance and a great atmosphere for shopping,” Steup added.
Activist group Greenpeace also said consumer behavior, including the buying of unneeded gifts, was a greater contributor to the Christmas season’s carbon footprint, with lights “hardly significant.”
In a 2022 survey, 64 percent of Austrians said the festive light displays created “a pleasant, Christmassy atmosphere” for them.
In 2022, when energy costs shot up because of Russia’s invasion of Ukraine, the Christmas lights were turned off two hours earlier to save electricity.
Since last year, the displays have again sparkled bright until midnight.
Taiwan’s foreign exchange reserves fell below the US$600 billion mark at the end of last month, with the central bank reporting a total of US$596.89 billion — a decline of US$8.6 billion from February — ending a three-month streak of increases. The central bank attributed the drop to a combination of factors such as outflows by foreign institutional investors, currency fluctuations and its own market interventions. “The large-scale outflows disrupted the balance of supply and demand in the foreign exchange market, prompting the central bank to intervene repeatedly by selling US dollars to stabilize the local currency,” Department of Foreign
ENERGY ISSUES: The TSIA urged the government to increase natural gas and helium reserves to reduce the impact of the Middle East war on semiconductor supply stability Chip testing and packaging service provider ASE Technology Holding Co (日月光投控) yesterday said it planned to invest more than NT$100 billion (US$3.15 billion) in building a new advanced chip testing facility in Kaohsiung to keep up with customer demand driven by the artificial intelligence (AI) boom. That would be included in the company’s capital expenditure budget next year, ASE said. There is also room to raise this year’s capital spending budget from a record-high US$7 billion estimated three months ago, it added. ASE would have six factories under construction this year, another record-breaking number, ASE chief operating officer Tien Wu
The EU and US are nearing an agreement to coordinate on producing and securing critical minerals, part of a push to break reliance on Chinese supplies. The potential deal would create incentives, such as minimum prices, that could advantage non-Chinese suppliers, according to a draft of an “action plan” seen by Bloomberg. The EU and US would also cooperate on standards, investments and joint projects, as well as coordinate on any supply disruptions by countries like China. The two sides are additionally seeking other “like-minded partners” to join a multicountry accord to help create these new critical mineral supply chains, which feed into
For weeks now, the global tech industry has been waiting for a major artificial intelligence (AI) launch from DeepSeek (深度求索), seen as a benchmark for China’s progress in the fast-moving field. More than a year has passed since the start-up put Chinese AI on the map in early last year with a low-cost chatbot that performed at a similar level to US rivals. However, despite reports and rumors about its imminent release, DeepSeek’s next-generation “V4” model is nowhere in sight. Speculation is also swirling over the geopolitical implications of which computer chips were chosen to train and power the new