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Austria's Constitutional Protection Agency Warns of Chinese Economic Espionage

The Austrian Office for the Protection of the Constitution has issued an urgent warning about Chinese industrial espionage. Small and medium-sized enterprises and research centers are particularly at risk.

May 20, 2024

Brenner Transit Dispute: Austria and Italy Go to European Court

The long-running dispute over the anti-transit measures on the Brenner route between Austria and Italy continues to escalate: the European Commission has cleared the way for Italy to take Austria to the European Court of Justice (ECJ).

May 16, 2024

Raiffeisen Bank International Withdraws from Controversial STRABAG Transaction

Raiffeisen Bank International AG (RBI) has announced that it will no longer pursue the planned acquisition of shares in STRABAG SE. This decision was made public in an ad hoc announcement in which the bank stated that it had not received the necessary comfort in discussions with the relevant authorities to proceed with the transaction. RBI therefore decided to refrain from the transaction for reasons of prudence.

May 15, 2024

René Benko Business Scandal: Abu Dhabi's Ruling Family Demands Millions Back

The ruling family of Abu Dhabi, led by Crown Prince Mohamed bin Zayed al Nahyan, is demanding the return of 250 million euros from René Benko via the International Court of Arbitration (ICC) in Paris.

May 14, 2024

Medical Research Cooperation between Austria and France

An important framework agreement between Austria and France was signed at the French embassy, laying the foundations for closer scientific cooperation. The French Institut National de la Santé et de la Recherche Médicale (INSERM) and the Austrian Wolfgang Pauli Institute (WPI) will intensify the transnational research and knowledge exchange.

May 7, 2024

Commemoration and Diplomacy: Austria's Schallenberg, Italy's Tajani and Brazil's Vieira in Imola

In a moving ceremony in Imola, which marked the 30th anniversary of the deaths of Formula 1 icons Roland Ratzenberger and Ayrton Senna, thousands of fans, political heavyweights, and family members came together to commemorate the deceased racing drivers. Austrian Foreign Minister Alexander Schallenberg, who himself once witnessed the tragic events, played a central role in the celebrations, which combined emotional and diplomatic themes, together with Italian Foreign Minister Antonio Tajani and Brazilian Foreign Minister Mauro Vieira.

May 6, 2024

Vienna Conference Ended with Call for Regulation of Autonomous Weapons Systems

The call for stricter rules for autonomous weapons systems is growing louder, especially after the first international conference on this topic, which took place in Vienna from April 29 to 30, 2024. Alexander Schallenberg, the Austrian Foreign Minister, emphasized the urgency of establishing clear international rules for the use of autonomous weapons.

May 6, 2024

20 Years of EU Enlargement: Austria Looks at the Success Story of European Integration

Exactly 20 years ago, on May 1, 2004, a historic enlargement of the European Union came into force. Estonia, Latvia, Lithuania, Malta, Poland, Slovakia, Slovenia, the Czech Republic, Hungary, and Cyprus became member states, marking the beginning of a new chapter in the history of Europe. This fifth round of enlargement marked a milestone for the countries involved and a significant change for Austria, as Foreign Minister Alexander Schallenberg, the Austrian Federal Economic Chamber and the Austrian Society for European Politics emphasize.

May 5, 2024

RBI in a Balancing Act Between Sanction Risks and Solid Management

Raiffeisen Bank International (RBI) is currently caught between geopolitical tensions and its own business progress. Recent developments have led the bank to take cautious steps to avoid sanction risks on the one hand and to present its robust quarterly results on the other, which show that the bank remains strong even without the income from Russia and Belarus.

May 2, 2024

Republic of Austria Opposes Restructuring of Signa Development

The Republic of Austria has filed an appeal against Signa Development's fiduciary restructuring plan, leaving the future of the restructuring process of the real estate conglomerate founded by René Benko hanging in the balance. This legal action could lead to a complete reassessment of the restructuring strategy.

May 1, 2024

Vienna to Host the "TRATOLOW" Climate Conference for the Western Balkans and Turkey

In a crucial meeting in Vienna today, leading climate and environmental representatives from the Western Balkans, Turkey and the EU discussed strategies to tackle climate change. Organized by the Austrian Ministry for Climate Action, the EU Department for Climate Action and the Austrian Environment Agency, the conference focused on the TRATOLOW project, which aims to achieve a sustainable climate transition in these regions.

April 29, 2024

EU Commission Warns Austria About Outstanding Climate Plan

Austria is being criticized by the European Commission because it is the only EU country that has not yet submitted its National Energy and Climate Plan (NECP). The failure to meet the deadline has led to official infringement proceedings. This increases the pressure on the Austrian government to revise and present its strategies for achieving the climate targets by 2030.

April 29, 2024

Vienna Hosts Major International Conference on Autonomous Weapons Systems

The historic Hofburg Palace in Vienna will be the center of global attention as it hosts the international conference entitled "Humanity at the Crossroads: Autonomous Weapons Systems and the Challenge of Regulation." The Vienna Conference on Autonomous Weapons Systems will take place from April 29 to 30, 2024.

April 28, 2024

Future of Research in Austria: Leader in the European Union

In an unprecedented phase of development, Austria's research landscape has set out to achieve the highest research quota within the European Union. The year 2024 marks a turning point in which the country achieves a research quota of 3.34% of gross domestic product (GDP) - a record figure that puts Austria on the ambitious path to the top in Europe.

April 24, 2024

Flow-Through Capital Despite Sanctions: Russian Investments in Austria Continue to Flow

While international tensions and the war in Ukraine, which has been going on for more than two years, are putting a heavy strain on relations between Russia and the West, Austria remains a remarkably robust magnet for Russian investment. Contrary to expectations that the extensive international sanctions against Russia would curb capital flows, the latest data from the Austrian Ministry of Economic Affairs' investment control report shows a different reality: Russian investments in Austria rose by 14% to EUR 25.5 billion in the first half of 2022.

April 22, 2024

Climate Incentive Programs in the USA: A Magnet for Austrian and International Investors

At an information event in Austria, the U.S. Commercial Service and SelectUSA, together with the American Chamber of Commerce in Austria, provided important insights into the latest U.S. climate incentive programs. The event attracted a large number of Austrian and international investors who learned about the opportunities offered by the Inflation Reduction Act and the Bipartisan Infrastructure Law.

April 18, 2024

Raiffeisen Bank International Expects ECB Call to Accelerate Withdrawals from Russia

Raiffeisen Bank International (RBI) is facing increasing pressure from the European Central Bank (ECB) to reduce its business activities in Russia more rapidly. This follows a number of developments and the publication of an ad hoc announcement by the bank in which it is expected that the ECB will make an official request to accelerate the wind-down measures in the near future.

April 18, 2024

Group DF International and Hyundai Engineering in Vienna: New Industrial Park in Ukraine

In an ambitious move to aid Ukraine's post-war reconstruction, Group DF International, led by controversial Ukrainian oligarch Dmytro Firtash, and Hyundai Engineering Co. Ltd., have embarked on a major venture to establish a chemical industrial park in the city of Rivne, situated in Western Ukraine. This pivotal agreement was officially sealed in Vienna, setting the stage for what is poised to be one of the most substantial investment initiatives in the region.

April 15, 2024

Vienna Stock Exchange Experiences First Record Quarter Despite Global Uncertainties

The Vienna Stock Exchange closed the first quarter of 2024 with a remarkable increase in bond listings, although the economic environment continues to be characterized by high-interest rates, the ongoing war in Ukraine and the Middle East, and high inflation. Despite these challenges, the exchange recorded a record 3,000 new listings, the best start to a year in its history.

April 14, 2024

Transit Clash at the Alps: Italy's Salvini Against Austrian Bans

The increasingly explosive dispute over the Tyrolean anti-transit measures is escalating between Italy and Austria. Italy's Deputy Prime Minister and Transport Minister Matteo Salvini publicly accused the Austrian government of "arrogance" and criticized the European Commission for its "long-standing shameful inaction".

April 3, 2024

Seventh OPEC-China Energy Talks in Vienna: Joint Focus on Sustainable Future and Energy Cooperation

The seventh high-level meeting of the OPEC-China Energy Dialogue took place in the Austrian capital. The meeting was hosted by the Secretariat of the Organization of the Petroleum Exporting Countries (OPEC), with key representatives from both sides discussing their visions and plans for the future of energy cooperation and sustainable development.

April 2, 2024

Escalation in the Tariff Dispute: AUA Facing Massive Flight Cancellations at Easter

Austrian Airlines (AUA) is on the brink of an extensive strike, which is to begin on Maundy Thursday and last 36 hours. Negotiations between the trade union vida and AUA management have so far been unsuccessful, leading to the announcement that over 400 flights will be canceled during the peak travel period at Easter. Around 50,000 passengers will be affected by the cancellations, significantly disrupting the Easter plans of many travelers.

March 26, 2024

Serbian Investor Plans Entry into Austrian Addiko Bank

A new investor is showing interest in Addiko Bank, a financial institution that emerged from the former Hypo Alpe Adria Balkan banks. The Cypriot company Agri Europe Cyprus, which is attributed to Serbian businessman Miodrag Kostić, is planning to acquire a significant stake in the bank.

March 25, 2024

Trade Seminar in Vienna on the Latest Regulatory Developments in the UAE

Diplomacy, business, and finance representatives gathered in Vienna for a seminar dedicated to the latest regulatory developments in the United Arab Emirates (UAE). Organized by the Embassy of the UAE in cooperation with Crowe UAE and the Austrian Arab Chamber of Commerce (AACC), the seminar provided a platform for an exchange on innovations in tax, corporate, and immigration law in the UAE. The event received special support through the participation of experts from the UAE Ministry of Finance and the Austrian Chamber of Commerce.

March 24, 2024

Negotiations at AUA at a Standstill: Risk of Strike at Easter Increases

An impending strike at Austrian Airlines (AUA) is casting its shadow and threatening the upcoming Easter travel season. The negotiating parties are sticking to their positions regarding the collective agreements and an agreement seems a long way off.

March 24, 2024

Austrian Economic Chamber: Opportunities and Challenges for Austria in Global Trade Dynamics

Against the backdrop of an increasingly interconnected global economy and the challenges posed by geopolitical tensions, Mariana Kühnel, Deputy Secretary General of the Austrian Federal Economic Chamber (WKÖ), emphasized the critical role of international trade for the Austrian economy. On the occasion of the Market Access Day in Vienna, she spoke about the need to secure access to global markets and open the doors to international sales markets, especially for small and medium-sized enterprises (SMEs).

March 21, 2024

Francophonie Forum in Vienna: A Bridge Between Culture, Business and Sport

An event took place in Vienna that underlined the cultural and economic importance of the Francophonie. The Austrian Federal Economic Chamber (WKÖ), in close cooperation with the French Embassy in Austria and the French-Austrian Chamber of Commerce (CCFA), organized the forum "L'industrie du sport parle français" ("The sports industry speaks French").

March 21, 2024

New Dynamics on the Labor Market and with the Red-White-Red Card: Austria Relies on the Influx of Skilled Workers

At a meeting of the interministerial Skilled Workers Strategy Committee, decisive measures to speed up the procedures for the Red-White-Red Card were discussed. The aim is to combat the shortage of skilled workers in Austria through more efficient recruitment of internationally skilled workers and to increase the location's attractiveness.

March 19, 2024

Deepening Austrian-Kazakh Relations: Focus on Economic and Political Cooperation

At a time characterized by geopolitical tensions and economic challenges, Austria and Kazakhstan have reaffirmed their intention to raise bilateral relations to a new level. The working visit of Kazakh Deputy Prime Minister and Foreign Minister Murat Nurtleu to Vienna marks an important milestone in the cooperation between the two countries, with a particular focus on the economy, politics, and security.

March 18, 2024

European Gas Conference in Vienna Postponed due to Protests

The European Gas Conference planned for March 26-28 in Vienna is no longer on the international energy industry's calendar. Security concerns caused by announced protests forced the organizers to postpone the event indefinitely.

March 14, 2024

Inflation Outlook for Austria Shows Significant Improvement

The Austrian National Bank's (OeNB) latest inflation forecast gives cause for cautious optimism for the Austrian economy. Inflation has decreased and economic growth has also returned since the start of the year, albeit weakly.

March 13, 2024

Italy's Giorgia Meloni Advocates Development and Autonomy for South Tyrol

In a move to strengthen the autonomy and development of northern Italy, Italian Prime Minister Giorgia Meloni signed agreements with the autonomous provinces of Trento and Bolzano. The ceremonies, which took place in the respective provincial capitals, marked a decisive moment for the regions, which historically enjoyed a special autonomy within Italy.

March 12, 2024

Austria and Turkmenistan Sign Cooperation Agreement

In a step towards deepening their bilateral relations, Austria and Turkmenistan have signed a new cooperation agreement for the years 2024-2025. The meeting in Vienna between Austrian Foreign Minister Alexander Schallenberg and his Turkmen counterpart Rashid Meredov focused on topics of mutual interest, including political-diplomatic cooperation, trade and economic relations, energy issues, and cultural exchanges.

March 12, 2024

Raiffeisen Bank International Under Observation by U.S. Sanctions Authorities

Raiffeisen Bank International (RBI), a prominent financial institution based in Austria, is the focus of the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) due to its ongoing business relationship with Russia. OFAC has contacted the bank to request details of its transactions and processes related to Russia.

March 11, 2024

U.S. Ambassador Kennedy Will Lead Austrian Delegation to Major Investment Summit in the U.S.

In a major announcement from the US Embassy in Vienna, it has been revealed that US Ambassador Victoria Kennedy will lead a high-profile Austrian delegation to this year's SelectUSA Investment Summit. The event, which will take place from June 23-26, 2024 at the prestigious Gaylord National Resort & Convention Center in National Harbor, Maryland, is considered a key platform for promoting foreign direct investment in the United States.

March 10, 2024

Signa's Major Project "Lamarr" in Vienna Seeks New Owner

The prestigious "Lamarr" real estate project on the bustling Mariahilfer Strasse, a flagship property of the troubled Signa Group, is now officially on the market.

March 6, 2024

Austrian Technology at the Center of Gigantic Construction Projects in Dubai

The Austrian company Doka is continuing its international success story and will once again demonstrate its expertise in high-rise construction. The planned Azizi Tower in Dubai, which is to be completed within the next four years, aims to become the second tallest building in the world.

March 5, 2024

City of Vienna Warns of Nuclear Renaissance and Small Modular Reactors in Europe

In a recent statement, Vienna City Councillor for Climate Action Jürgen Czernohorszky, who is also Chairman of the Cities for Nuclear Free Europe (CNFE) initiative, is critical of Sweden's nuclear power plans, the situation, and the development of Small Modular Reactors in Europe.

March 4, 2024

Vienna Airport Expands Cargo Traffic with Asia

Vienna Airport is setting new standards in international air cargo traffic through significant cooperation agreements with Incheon Airport in South Korea and the renowned airline Korean Air. These strategic alliances mark a decisive step towards increasing capacities and efficiency in the cargo sector between Europe and Asia and further strengthening Vienna's position as a leading hub in the air cargo industry.

February 28, 2024

Chinese BYD Strengthens Presence in Austria

Chinese car manufacturers are becoming increasingly present in the European car market and are openly demonstrating their role. The Chinese company BYD proudly presents its cars and other products on the Austrian market.

February 28, 2024

Financial Turbulence and Internal Conflicts Shake Signa Group Severely

The Signa Group's financial crisis reached a new peak when creditors filed claims totaling EUR 6.3 billion against Signa Prime, of which only EUR 2.6 billion were recognized by the restructuring administrator Norbert Abel. The hearing at the Vienna Commercial Court revealed that the group's financial difficulties are deeper than previously thought, with a significant proportion of the claims in dispute.

February 26, 2024

Financial Market Authority Initiates Investigations Against Raiffeisen Bank International

The Austrian Financial Market Authority (FMA) has launched an investigation into Raiffeisen Bank International (RBI). The focus is on possible deficiencies in the implementation of money laundering prevention measures, as can be seen from the bank's annual report published today.

February 25, 2024

Decline in Frozen Russian Assets in Austria

The significant drop in the volume of frozen Russian assets in Austria, as observed over the past year, mirrors a broader trend seen in other countries, where the handling and status of these assets have been dynamic and subject to legal, political, and financial considerations.

February 21, 2024

Austria and USA Launch New Exchange Program for Young Professionals and Students

In a new step to deepen transatlantic relations, Austria and the United States have launched a new Working Holiday Program (WHP) that offers young people from both nations the opportunity to experience each other's culture, everyday life, and the working world.

February 21, 2024

Austria's Foreign Minister Schallenberg Criticizes Italy's Transit Lawsuit

Austria's Foreign Minister Alexander Schallenberg has sharply criticized Italy after the country decided to take legal action against Austria's Alpine transit regulations before the European Court of Justice (ECJ).

February 17, 2024

Michelin Guide Puts Austria's Cuisine Back on the Map

The MICHELIN Guide, one of the world's most renowned institutions for restaurant ratings, has announced that it will once again publish an Austria-wide selection of top restaurants from 2025.

February 15, 2024

Signa Group's Luxury Properties up for Sale: A Glimmer of Hope for the Redevelopment

Signa Prime Selection AG, a major player in the luxury real estate market, is currently facing financial difficulties that could now be alleviated by the planned sale of some of its most prestigious properties. Karl-Heinz Götze, the insolvency manager of the credit protection association KSV1870, sees this step as a crucial "piece of the puzzle" for an orderly resolution of Signa Prime's insolvency proceedings.

February 14, 2024

Vienna Airport Focuses on Expansion: 420-Million-Euro Terminal Expansion Project Launched

The foundation stone for a comprehensive terminal expansion has been laid at Vienna Airport Schwechat. With a budget of 420 million euros, the airport will not only become larger but also more modern and customer-friendly by 2027.

February 14, 2024

Austria's Army is Gearing Up: Large-Scale Investment in Wheeled Tanks, Helicopters and Aircraft

The Austrian Armed Forces is facing a significant expansion of its vehicle fleet and aircraft fleet. The Ministry of Defense under department head Klaudia Tanner had already planned and made several new purchases since 2021.

February 13, 2024

Austria Plans to Withdraw from Russian Gas Contracts

In a decisive step against continued energy dependence, Energy Minister Leonore Gewessler (Greens) announced that she would end the gas supply contracts between OMV and the Russian company Gazprom. The contracts, which run until 2040 and oblige Austria to purchase significant quantities, are under critical review. Gewessler commissioned the Economic Research Institute (WIFO) to carry out a detailed analysis of the economic consequences of termination and the risks of continued dependency.

February 12, 2024