Austrian News

Signa Development Selection and Signa Prime: Real Estate Giants on the Brink

The Supreme Court's (OGH) decision to reject the appeal on points of law by Signa Development Selection AG and a German investor has closed another chapter in the liquidation of René Benko's billion-euro real estate group. Previously, the restructuring plan for Signa Prime, another central company of the group, had already failed. The insolvency of the Signa Group represents one of the biggest economic crises in Austria's history.

December 30, 2024

Financial Fraud as a “Growth Industry”: Record Losses and New Scams According to the Austrian Financial Market Authority

The Financial Market Authority (FMA) is sounding the alarm: financial fraud has developed into a real “growth industry”. According to the authority's latest figures, the total loss reported by financial fraudsters in 2024 amounted to around 15.5 million euros - an increase compared to the previous year, when the figure was 12.8 million euros. The dramatic increase in crypto-based fraud cases is particularly worrying. According to the FMA, the majority of these fraud cases could indicate that illegal financial markets are increasingly attracting the attention of criminals.

December 23, 2024

Bankruptcy Proceedings Against Ostchem Holding GmbH: Ukrainian Oligarch Dmytro Firtash in Financial Difficulties

Bankruptcy proceedings were opened at the Salzburg Regional Court against Ostchem Holding GmbH, a company linked to a major oligarch in Ukraine. The Ukrainian entrepreneur Dmytro Firtash, considered one of Ukraine's most influential and wealthiest oligarchs, is the company's majority shareholder, which has increasingly run into financial difficulties in recent years.

December 23, 2024

The Marsalek Espionage Case: A Web of Intrigue and Agents

The espionage affair surrounding former Wirecard manager Jan Marsalek has developed into one of Europe's biggest secret service scandals. New revelations show how deep and widely ramified the network of the fugitive manager, who is said to be operating on behalf of Russian intelligence services, is. The case reveals not only a complex network of agents and connections but also an alarming security situation in Austria and beyond.

December 22, 2024

Further EU Infringement Proceedings Initiated Against Austria

The European Commission has initiated further infringement proceedings against Austria. The reason: is non-compliance with EU regulations on the recognition of professional qualifications. The Commission sees this as violating the rules intended to make it easier for freelancers and employees to work temporarily and occasionally in other Member States.

December 16, 2024

Polish Minister Katarzyna Kotula Visits Austria: Joint Impulses for European Equality Policy

The Polish Minister for Gender Equality, Katarzyna Kotula, visited Austria. The focus of her visit was a meeting with the Austrian Federal Minister for Women, Family, Youth and Integration, Susanne Raab. The talks focused on gender equality policies in Europe, particularly in Poland and Austria, as well as on anti-discrimination laws in both countries. The plans of the Polish EU Council Presidency, which Poland will assume from January 2025, were also discussed.

December 11, 2024

OMV Terminates Gas Supply Contract with Gazprom

OMV has terminated its long-term gas supply contract with the Russian energy group Gazprom with immediate effect. According to OMV, this was due to “fundamental breaches of contract” by Gazprom, in particular, because no gas deliveries have taken place since November 16, 2024. This decision represents a turning point in Austrian energy policy and marks the end of a business relationship that has lasted over 50 years.

December 11, 2024

Austria Halts Asylum Procedure for Syrians: Consequences and Reactions

One day after the fall of Syrian ruler Bashar al-Assad, Austria and many other European countries drastically revised their asylum policies for Syrian citizens. Federal Chancellor Karl Nehammer (ÖVP) instructed Interior Minister Gerhard Karner (ÖVP) to suspend all ongoing Syrian asylum procedures and to review existing grants of asylum. This also applies to family reunification, which will be temporarily halted. Germany, Italy, and Great Britain have also taken similar steps.

December 11, 2024

Firtash Remains in Vienna for the Time Being: Regional Court Stops Extradition to the USA

The long-running legal dispute over Ukrainian oligarch Dmytro Firtash's extradition to the USA has taken a new turn. The Vienna Regional Court ruled that the controversial businessman's extradition to the United States was inadmissible. However, this decision may not be the last word in the internationally sensational case, as the Vienna public prosecutor's office has already announced that it will appeal by December 16.

December 4, 2024

René Benko at the Center of International Investigations: Arrest Warrant from Italy for Real Estate Projects

An international warrant for the arrest of Austrian real estate entrepreneur René Benko, founder of the Signa empire, has triggered a wave of investigations extending from Italy to Austria and Germany. The accusations range from corruption and criminal association to violations of tax law. While Benko was questioned in Tyrol and remains at large, extensive investigations are underway in Italy, involving over 100 searches and the arrest of nine suspects.

December 3, 2024

Cultural Bridge between Austria and Japan: Schönbrunn Palace and Himeji Castle Enter Into Partnership

Two of the most important UNESCO World Heritage Sites in the world, Schönbrunn Palace in Vienna and Himeji Castle in Japan signed a partnership agreement. This cooperation aims to preserve cultural treasures, exchange knowledge, and promote sustainable tourism and cultural education. The signing ceremony took place in the magnificent White and Gold Rooms of Schönbrunn Palace and was attended by high-ranking representatives from both countries.

December 2, 2024

Islamic Religious Community in Austria on the Future of Imam Training

With the symposium “Imams in modern society: training paths and social responsibility”, the Islamic Religious Community in Austria (IGGÖ) initiated a discussion about the role of imams in Austria. The event aimed to lay the foundations for Austrian imam training that does justice to both the religious traditions of Muslim communities and the requirements of a pluralistic society.

December 2, 2024

New Institute in Vienna with Conference on Artificial Intelligence and the Future of Society

The luxury hotel SO/Vienna opened its doors for an event on the technological future: “AI & The Future: The Age of Machines” by a new think tank in Vienna, the Vienna Institute for Global Studies.

November 28, 2024

Abuse of Office and Saudi Deal for Ex-Mayor in Upper Austria

A controversial case of abuse of office and improper acceptance of gifts has shaken a municipality in the district of Vöcklabruck, Upper Austria. A former mayor of the Austrian People's Party (ÖVP) stood before the regional court in Wels, as he is said to have accepted payments from a Saudi Arabian prince over decades to enable the rezoning of grassland into building land.

November 28, 2024

Austrian Chancellor Nehammer Invites Donald Trump to Austria for Ukraine Peace Talks

In a telephone conversation with US President-elect Donald Trump, Austrian Chancellor Karl Nehammer congratulated him on his election victory and signaled Austria's willingness to act as a neutral venue for peace talks in the Ukraine conflict. The talks also covered energy security, economic and defense cooperation, and strengthening bilateral relations between Austria and the USA.

November 27, 2024

Focus on European and Global Economic Interdependencies: 21st Vienna Economic Forum 2024

High-ranking representatives from business and politics gathered at the House of Engineers in Vienna to take part in the 21st Vienna Economic Forum - Vienna Future Dialogue 2024. Under this year's motto “Regional economy as part of the European and global economy”, the forum was all about economic and political dialog. The event provided a platform for analyzing the challenges of the present and working together to develop paths for a sustainable future.

November 21, 2024

Vienna Stars as European Capital of Democracy 2024/25

Vienna was officially named the European Capital of Democracy 2024/25. The Year of Democracy, in which the city will implement a diverse program to promote democratic participation and co-determination, began at a festive event. Vienna is the second city after Barcelona to hold this title.

November 20, 2024

Austria and Liechtenstein to Chair the EU Strategy for the Alpine Region in 2025

The handover ceremony for the presidency of the EU Strategy for the Alpine Region (EUSALP) took place at Brdo Castle in Slovenia. From January 2025, Austria and Liechtenstein will jointly take over the leadership from Slovenia.

November 19, 2024

Celebrities and Journalists from Austria, Europe and America Leave X

The once important platform Twitter, now known as X, is experiencing a massive decline in prominent users. While international personalities such as Stephen King or media outlets such as the British Guardian have announced their departure, the exodus is also becoming visible in Austria. Numerous opinion leaders and journalists have closed their accounts under the hashtag #eXit.

November 17, 2024

Vienna's MA 35: Progress at the Dreaded Office, but Challenges Remain

Vienna's MA 35, responsible for immigration and citizenship, has long been regarded as a symbol of inefficient administration and endless waiting times. The City of Vienna wants to counteract this image with a comprehensive reform process. Initial successes have been achieved, but not all problems have been solved.

November 13, 2024

Against Forgetting Political Prisoners in Belarus: “Connection” at Playhouse Vienna

Belarusian artist Maryna Yakubovich presented her solo performance “Connection” at Schauspielhaus Wien. This one-woman play focuses on the courageous resistance against political oppression in Belarus and sheds light on the dramatic situation of the opposition. The performance occurred as part of the Artists Solidarity Program Europe (ASoP) of the Austrian Foreign Ministry.

November 13, 2024

Othmar Karas is the New President of the European Forum Alpbach

Othmar Karas, long-time ÖVP-EU politician and former Vice-President of the European Parliament, is the new President of the European Forum Alpbach (EFA). With the handover from Andreas Treichl, who successfully reoriented the Forum over the last four years, Karas takes over the leadership of one of the most important platforms for European dialogue on future issues. Othmar Karas has already announced his plans for an even more international and European forum.

November 10, 2024

Focus on Environmental Disasters: Austria and Italy Intensify Cooperation in Environmental Monitoring

At the Italian Embassy in Vienna, international experts and representatives from politics, science, and civil protection discussed innovative methods for monitoring environmental disasters. The event emphasized the urgency of cross-sectoral cooperation and the exchange of scientific findings to overcome global environmental crises.

November 10, 2024

Official Commemoration of November Pogroms Overshadowed by Protests Against Walter Rosenkranz

Vienna remembers the November pogroms of 1938: a moving light installation and memorial events at the Shoah Wall of Names commemorate the more than 65,000 Jewish victims in Austria. However, the official commemoration was overshadowed by controversy when National Council President Walter Rosenkranz (FPÖ) met with resistance.

November 10, 2024

Austria's National Bank Chief: Budget Coffers are Filling Up Again

Robert Holzmann, Governor of the Oesterreichische Nationalbank, sees the high inflation of recent years as a major challenge for Austrian savers. Now that salaries have risen and household budgets are being replenished, he nevertheless urges caution. For a sustainable economic upturn, he says, consumer and investor confidence is essential.

November 10, 2024

New EU Commissioner for Migration Magnus Brunner Approved by EU Parliament

The European Parliament has officially confirmed Magnus Brunner, the Austrian Minister of Finance (ÖVP), as the new EU Commissioner for Home Affairs and Migration. During the hearings, Brunner presented his vision for the migration portfolio and caused a stir with his support for the full inclusion of Bulgaria and Romania in the Schengen area. With this approach, Brunner departs from the previous ÖVP position and sends a clear signal for increased European cooperation in migration policy.

November 6, 2024

Intense Debates and Optimistic Solutions at the Vienna Migration Conference 2024

The annual Vienna Migration Conference (VMC), organized by the International Centre for Migration Policy Development (ICMPD), took place at Palais Liechtenstein and brought together more than 300 leading representatives from politics, academia, business, and civil society to debate current and future challenges in migration policy.

November 4, 2024

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