Austrian News

Brunner Faces Challenge at EU Hearing: Focus on Migration and Changing Schengen Position

The week of hearings for the candidates for the new EU Commission under the leadership of President Ursula von der Leyen begins in Brussels. The candidates face intensive scrutiny by the European Parliament. Austria's candidate, the current Finance Minister Magnus Brunner (ÖVP), will face the questions and must in particular prove his suitability for his new migration portfolio.

November 4, 2024

Orbán's Controversial Visit to Vienna: Talks, Alliances and Criticism

Hungarian Prime Minister Viktor Orbán's visit to Vienna caused a stir across Europe and highlighted the ideological tensions within the EU. His meetings with FPÖ representatives and the discussions about the war in Ukraine and the future of Europe divided opinion between supporters of national sovereignty and advocates of European integration.

November 3, 2024

Anti-Semitism in Austria: IKG Records Dramatic Increase in Anti-Semitic Incidents

The Jewish Community Vienna (IKG) warns of a worrying increase in anti-Semitic incidents in Austria. In the first half of 2024, the IKG's anti-Semitism reporting office registered a total of 808 anti-Semitic attacks and threats - an increase of around 160 percent compared to the previous year.

October 30, 2024

Raiffeisen Bank International: Consolidated Profit Excluding Belarus, Russia at 856 Million Euros

Raiffeisen Bank International AG (RBI) is successfully continuing its strategy of reducing risks in challenging markets and was able to present a solid performance for the first nine months of this year despite the withdrawal from Russia and Belarus. Adjusted consolidated profit, which was calculated without contributions from these two countries, amounted to EUR 856 million. RBI thus remains stable, while at the same time implementing its withdrawal plan from the Russian business.

October 29, 2024

Austria in Pursuit of Compromises for the Next Government

After the 2024 National Council elections, exploratory talks between the ÖVP and SPÖ will now begin to pave the way for a new government in Austria. Federal President Alexander Van der Bellen has tasked ÖVP leader Karl Nehammer with forming a government, even though the FPÖ under Herbert Kickl received the most votes. This decision led to criticism from the FPÖ, which continues to see itself as an important player in the political process.

October 24, 2024

Magnus Brunner Pleads for Schengen Accession of Bulgaria and Romania

In a published document, the designated EU Commissioner for Migration, Magnus Brunner, has spoken out clearly in favor of Bulgaria and Romania's full admission to the Schengen area. Brunner emphasized that both countries meet all the necessary conditions for accession and called for the EU Council to abolish the remaining border controls.

October 24, 2024

Insolvency of Viennese Real Estate Developer Lukas Neugebauer and his LNR Group

Another Austrian real estate company has been hit by insolvency. Bankruptcy proceedings have now been opened at the Vienna Commercial Court over the assets of Viennese real estate developer Lukas Neugebauer and his LNR Group. The bankruptcy affects both B&R Generalunternehmer GmbH and LNR Development GmbH, two central companies in Neugebauer's real estate conglomerate. The insolvency affects 32 creditors who have claims totaling 94 million euros. The creditors have until December 30, 2024, to assert their claims.

October 23, 2024

Austria's State Security: Increasing Threat of Terrorism in Europe Since the Hamas Attack

In the last twelve months, the threat of planned terrorist attacks in Europe has increased significantly. The Directorate of State Security and Intelligence (DSN) reported a fivefold increase in the number of detected attack plans since 7 October 2023, when the Islamist terrorist organization Hamas launched a large-scale attack on Israel. This development underlines the increasing security threat in Europe, particularly concerning geopolitical tensions.

October 23, 2024

Discussion on the Sobieski Monument in Vienna Continues

The discussion about a monument to King Jan III Sobieski in Vienna has picked up speed again. Since 2013, there have been calls for a monument to be erected on the Kahlenberg to the Polish king, who played a key role in saving Vienna from the Ottoman siege in 1683. Despite the failure of these efforts to date, in September 2024 the Polish embassy once again appealed to the relevant authorities to pay due tribute to this important chapter in European history.

October 21, 2024

Record Number of Company Bankruptcies in Vienna Burdens Economy and Labor Market

In Vienna, more than 1,100 companies filed for insolvency between January and September 2024, with the real estate sector particularly hard hit. This development contributes to rising unemployment, which has increased by 8.8% compared to the previous year. Experts blame the rise in the poor global economic situation, high inflation, and increased energy and rental costs. The increase is particularly worrying for retail and service companies, as shown by the example of Pepco, which has affected over 600 employees.

October 21, 2024

Austria Strengthens Partnership With Yad Vashem in the Fight Against Anti-Semitism

Dani Dayan, Chairman of the Jerusalem Holocaust Memorial Yad Vashem, visited Vienna to strengthen the close partnership between Israel and Austria. Dayan met with both Federal President Alexander Van der Bellen and Federal Chancellor Karl Nehammer. Both emphasized the importance of continued cooperation in the fight against anti-Semitism and in preserving the memory of the Shoah.

October 20, 2024

Inflation in Austria at its Lowest Level Since 2021

Inflation in Austria fell to 1.8 percent in September compared to the same month last year. This was the lowest figure for a good three and a half years, according to Statistics Austria.

October 19, 2024

ÖBB Increases Ticket Prices by 4.9 Percent

ÖBB announced that prices for standard tickets will increase by an average of 4.9 percent from December 15, 2024, in parallel with the winter timetable. This is the first price increase in 18 months. However, numerous tickets, including the popular Sparschiene tickets and seat reservations, will remain unaffected by the price adjustment.

October 17, 2024

FPÖ Election Victory Causes Unease in Western Intelligence Agencies

The FPÖ's election victory in Austria is causing concern among Western intelligence services. Experts fear restrictions in international cooperation due to previous security gaps in the Austrian Office for the Protection of the Constitution and the FPÖ's proximity to Russia. In particular, the exchange of sensitive information could be affected if the FPÖ is in government.

October 17, 2024

Austrian Defence Minister Tanner and European Consensus on Continuation of UNIFIL Mission in Lebanon

The UNIFIL mission in Lebanon, which has been in operation since 1978, is to continue despite increasing attacks. The European troop contributors reaffirm their support to ensure stability and humanitarian aid.

October 16, 2024

Austrian Financial Market Authority Orders Forced Closure of Euram Bank

The Financial Market Authority (FMA) has withdrawn the business license of European American Investment Bank AG (Euram) in Vienna with immediate effect. This follows an extraordinary general meeting at which the bank failed to present a plausible plan for an orderly self-resolution. The bank should have either decided on a capital increase of 25 million euros or presented a credible liquidation strategy.

October 16, 2024

Stalemate after National Council Elections: Van der Bellen Calls for Revived Talks

Following the national elections in Austria, the country finds itself in a political impasse. President Alexander Van der Bellen declared in a speech that he would not give any party the task of forming a government at present due to the stalemate that has arisen. The FPÖ, which emerged from the election as the strongest force with 28.8%, is currently unable to find a coalition partner, as both the ÖVP and the other parties (SPÖ, NEOS, and Greens) refuse to cooperate with FPÖ leader Herbert Kickl.

October 15, 2024

Palestine Congress in Vienna Causes Controversy and Criticism

The Palestine Congress, which had already caused a great deal of controversy in the run-up to the event, was moved at short notice from Vienna-Rudolfsheim-Fünfhaus to Favoriten. The event will take place in a hall in Kudlichgasse shortly before the anniversary of the devastating Hamas attack on Israel.

October 5, 2024

Deficit Forecast for 2024 Rises to 3.3 %: Austria Facing Economic Challenges

The Ministry of Finance has raised its deficit forecast for the 2024 budget to 3.3% of GDP, which puts the deficit above the Maastricht limit of 3%. The reasons for this development include the sluggish economic recovery, the effects of the flood disaster, and the increase in the climate bonus. This represents a significant deterioration, as the forecast in March was still 2.9%.

October 3, 2024

Triumph of the FPÖ: Herbert Kickl in the Contest for the Chancellorship

The Freedom Party of Austria (FPÖ) celebrated a historic victory in the 2024 national elections with 29% of the vote, led by Herbert Kickl. The FPÖ leader, who speaks of an “Orbanization” of Austria, is demanding the chancellorship, but his chances of forming a government remain uncertain. Despite his success, Kickl has met with resistance from potential coalition partners, particularly the ÖVP.

October 2, 2024

Jewish Community in Austria Deeply Concerned about the FPÖ's Election Victory

The disturbing election victory of the right-wing populist FPÖ in the parliamentary elections in Austria has alarmed the Jewish community. Oskar Deutsch, President of the Jewish Community of Vienna (IKG), expressed his deep concern in a statement.

October 2, 2024

Austria at the Decision: National Council Election 2024 and the Political Parties at a Glance

On Sunday, September 29, 2024, Austria will decide on the political direction of the coming years in the National Council elections. In addition to the five established parties ÖVP, SPÖ, FPÖ, Grüne and NEOS, smaller groups such as the KPÖ Plus, the Bierpartei, the Madeleine Petrovic list and the “KEINE” list are also running. The election campaign is characterized by discussions about social justice, migration, security and Austria's role in the European Union.

September 26, 2024

Signa Insolvency: Controversial Loan from the Laura Private Foundation

The insolvency of Signa, under the leadership of René Benko, continues to cause a stir. Particularly controversial is a loan that the Laura Private Foundation, which Benko and his mother back, granted to Signa Holding six weeks before the insolvency filing in November 2023. Trustee in bankruptcy Christof Stapf considers the transaction detrimental to the holding company and seeks to have it set aside by the court and claim damages.

September 26, 2024

Strengthening Sino-Austrian Relations: Ambassador QI Mei Meets Graz Mayor Elke Kahr

The Chinese Ambassador to Austria, QI Mei, and the Mayor of Graz, Elke Kahr, met at Graz City Hall. This official visit underlines the importance of bilateral relations between China and Austria, particularly at local level and in terms of economic, cultural and tourism cooperation.

September 25, 2024

Global Peace Photo Award 2024: “Dreams of Childhood” Honored as Peace Photo of the Year

The Global Peace Photo Award ceremony took place in the Austrian Parliament. The peace photo of the year 2024, “Dreams of Childhood”, by photographer and multimedia artist Elisa Iannacone from the UK, was honored.

September 24, 2024

European Health Forum Gastein 2024: Health Policy in the Context of Democracy, Demography and Digitalization

The 27th European Health Forum Gastein (EHFG) is one of the most important health policy conferences in Europe. For four days, more than 1200 participants from science, civil society, industry and the public sector will meet to discuss current challenges in the field of health policy. The conference is dedicated to the complex interplay of the “3D” trends: democracy, demography and digitalization.

September 24, 2024

Magnus Brunner Becomes EU Migration Commissioner: A Challenge for the ÖVP and Europe

From the world of finance to migration – Austria's outgoing Finance Minister Magnus Brunner is taking on one of the toughest jobs in the European Union: EU Commissioner for Migration and Home Affairs. This decision has sparked both surprise and skepticism, especially within Austrian politics and the media.

September 19, 2024

Japan's Rohto Pharmaceutical Invests in Austrian Sigmapharm

In a move to enhance pharmaceutical production in Europe, Japan’s Rohto Pharmaceutical has entered into a strategic partnership with the Austrian Sigmapharm Group. The collaboration aims to expand the production and distribution of ophthalmic drugs and medical products across Europe, with Rohto Pharmaceutical investing nearly €30 million in research, development, production, and sales.

September 18, 2024

Voestalpine in the Midst of an Accounting Scandal and Weak Quarterly Results

Voestalpine AG, one of Europe's leading steel and technology groups, is currently facing a double crisis. In addition to a massive drop in profits in the first quarter of the business year 2024/25, the company is struggling with the consequences of an accounting scandal that spanned more than a decade and only became public in June 2024.

September 18, 2024

Record Rainfalls Caused Flood Disaster in Austria

Over the past few days, Austria has experienced extreme rainfall that has broken numerous rainfall records and led to widespread flooding. The federal states of Lower Austria, Upper Austria, and Vienna were particularly affected, with many weather stations recording several hundred millimeters of rain in just a few days.

September 17, 2024

Arab Diplomats Visit Burgenland to Promote Renewable Energies

In a major initiative to strengthen bilateral relations between Austria and the Arab world, the Austro-Arab Chamber of Commerce (AACC) together with Energie Burgenland welcomed a high-ranking delegation of Arab ambassadors and diplomats to Burgenland. The focus of the event was on progress in the field of renewable energies and sustainable development.

September 15, 2024

China Ambassador to Austria Qi Mei in the “Press Salon” of the Austrian Journalists' Club

China's Ambassador Qi Mei was a guest at the “Press Salon” event at the invitation of the Austrian Journalists' Club (ÖJC). In the presence of journalists from well-known media such as “Der Standard” and ORF, Qi Mei took the opportunity to talk about China's current economic and political developments as well as relations with Austria.

September 12, 2024

Gas Extraction in Upper Austria: Opportunities and Challenges for ADX Energy's Test Drillings

The planned natural gas extraction in Upper Austria is causing controversy. While the Australian company ADX Energy sees gas as a contribution to national energy independence, environmentalists warn of the ecological and climate policy consequences of new fossil fuel projects.

September 12, 2024

Vienna Receives Slovakian President: Deepening Relations and Discussion on Sanctions

Slovakian President Peter Pellegrini visited Austria as part of his official inaugural visit. It was his fourth bilateral trip to one of Slovakia's neighboring countries, having previously visited the Czech Republic, Poland and Hungary.

September 11, 2024

Vienna to Become a Center for Financial Technology: AFT 2024 International Conference

Vienna will once again become the international hub for innovative financial technologies in September 2024. From September 23 to 25, 2024, the sixth edition of the Advances in Financial Technologies (AFT) conference will take place at the Austrian National Bank (OeNB).

September 11, 2024

Foreign Currency Loans in Austria Fall to New Low in Q2 2024

The market for foreign currency loans in Austria continues to decline sharply. The Financial Market Authority (FMA) published a new survey for the second quarter of 2024, which shows a further significant decline in the outstanding volume of such loans.

September 11, 2024

Whistleblower System to Help Clarify the Signa Bankruptcy

The investigation into the insolvency of the Signa real estate empire is progressing. A new whistleblower system is now intended to help bring transparency to complex corporate structures through information from employees and creditors and to reveal previously undiscovered information.

September 11, 2024

Closing of the European Forum Alpbach 2024: Europe's Future under the Sign of the “Moment of Truth”

The European Forum Alpbach 2024 came to a successful conclusion with a lively discussion between high-ranking representatives of all Austrian parliamentary parties in front of around 500 participants. The final discussion marked the highlight of a two-week forum that once again served as an important platform for European and international dialog.

September 8, 2024

Technology Talks 2024: Vienna as a New Hotspot for Research and Innovation

On September 12 and 13, the MuseumsQuartier in Vienna will be transformed into a center for the latest developments in research, technology and innovation. The Technology Talks Austria 2024 will bring together over 700 experts from science, business and politics to discuss the challenges and opportunities of the so-called “triple transition” - a transformation that encompasses ecological sustainability, digitalization and social justice.

September 5, 2024

Russian Court Decision Complicates Raiffeisen Bank International Planned Sale of Subsidiary Bank

The planned exit of Raiffeisen Bank International AG (RBI) from Russia has suffered a significant setback. A Russian court has issued a temporary injunction blocking the sale of the Russian subsidiary AO Raiffeisenbank. This decision could significantly delay the Austrian bank's efforts to reduce its presence in Russia.

September 5, 2024

From Foreign Minister to Tiger Ambassador: Karin Kneissl's Unusual Career in Russia

Karin Kneissl, the former Austrian Foreign Minister, has taken on a new and, at first glance, unexpected role in Russia: She has been appointed official ambassador for the protection of the endangered Amur tiger. This extraordinary career move shows how deep her connection to Russia, and in particular to Vladimir Putin, has become. Her relationship with Russia and Putin has been at the center of international attention for years and has attracted both admiration and criticism.

September 5, 2024

Austria's Diplomats Meet Up: Ambassadors' Conference 2024 in Vienna

More than 100 Austrian ambassadors, permanent representatives, and consuls general from all over the world have gathered in Vienna for the Foreign Ministry's annual Ambassadors' Conference. The event, which lasts until September 5, offers diplomats a platform to discuss challenges in foreign policy. The focus is particularly on topics such as security, economic and cultural diplomacy as well as strengthening international dialog.

September 4, 2024

CIA Provided Crucial Clues to Attack Plans at Swift Concert in Vienna

The CIA has confirmed that it provided the decisive tip-off to prevent a possible attack on a Taylor Swift concert in Vienna. Information had been received about four people with links to the Islamic State (IS) terrorist militia who were planning an attack.

August 29, 2024

Controversy Over "Mosque Education 2.0": IGGÖ Criticizes the Lack of Recognition for their Reform Efforts

The Islamic Religious Community in Austria (IGGÖ) has expressed strong criticism of the recent public discourse surrounding the "Mosque Education 2.0" initiative announced by the Minister of Integration, Susanne Raab.

August 28, 2024

European Forum Alpbach Enters Second Week: A Look Back and a Look Forward

The European Forum Alpbach (EFA) is entering the second week of its high-caliber discussion rounds. Under the motto “Moment of Truth”, the focus is on Europe's challenges and opportunities. While the first few days of the forum have already set important accents, the coming week promises equally exciting insights and groundbreaking debates.

August 27, 2024

IGGÖ President Vural Makes Clear Position Against Extremism

In a powerful speech, Ümit Vural, President of the Islamic Religious Community in Austria (IGGÖ), called for a joint effort to combat extremism and strengthen social cohesion. In view of the increasing challenges posed by terrorist attacks, geopolitical conflicts and heated security debates in the run-up to the upcoming elections, Vural emphasized the responsibility and long-standing role of the IGGÖ as a state-recognized religious community in Austria.

August 27, 2024

Outrage About Tweet by Iranian Ambassador in Vienna: Call for Summons

A social media posting by the Iranian ambassador in Vienna, Abbas Bagherpour Ardekani, has caused a considerable political stir. In addition to calls for the Iranian ambassador to be summoned, there have also been calls for further diplomatic consequences.

August 25, 2024

UniCredit Bank Austria: Austrian Economy Remains in the Downturn - Hope for Recovery Only in 2025

The economic situation in Austria remains tense and a sustainable recovery does not appear to be in sight until 2025. The latest reports from UniCredit Bank Austria paint a gloomy picture for 2024. Despite some positive signs, particularly in the service sector, the economy is in a prolonged slump. Industry and the construction sector in particular continue to be under great pressure, which is weighing heavily on the overall situation in Austria.

August 22, 2024

Austria's Competition Watchdogs Criticize Concentration on Gas Market

The Federal Competition Authority (BWB) and the regulatory authority E-Control recently presented the second interim report of their joint Electricity & Gas Task Force. This investigation is a reaction to the developments in the Austrian energy markets, which are characterized by strongly fluctuating prices and high market concentration.

August 20, 2024

Austria's Olympic Splendor in Paris 2024: A Balance Between Tradition and Surprises

The 2024 Summer Olympics in Paris are history, and Austria can look back proudly on its sporting achievements. On Tuesday, the successful Olympic athletes were honored in the Vienna Hofburg by Federal President Alexander Van der Bellen.

August 18, 2024