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Vienna International Company News
Read the latest headlines about developments in international organizations, companies and institutions operating in Vienna, Austria
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
Austrian Politician and Doctor Pamela Rendi-Wagner in the Race for the Head of the ECDC
The former leader of the Austrian Social Democratic Party (SPÖ) and qualified doctor Pamela Rendi-Wagner is facing a potential new challenge in her career. She is on the shortlist for the position of head of the European Center for Disease Prevention and Control (ECDC), an important EU authority based in Stockholm.
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
Africa Day 2024: Austria Looks to Africa's Future Markets
This year's Africa Day was all about Africa's future markets and offered a platform to strengthen economic relations between Austrian and African companies. Organized by the Austrian Federal Economic Chamber (WKÖ), the event attracted more than 1,200 participants from Austria, over 30 African countries, and guests from Europe, Asia, and the USA.
February 5, 2024
Signa-Retail Company Lamarr Declares Bankruptcy
The highly anticipated Lamarr Kaufhaus project on Mariahilfer Straße in Vienna, set to include a flagship department store and hotel, has filed for bankruptcy. This development comes as a significant blow, as the project, originally slated for completion in 2025, has faced financial turmoil. The insolvency was confirmed by the Creditors' Protection Association KSV 1870 on Friday.
February 4, 2024
Saudi Arabia Allows Alcohol Sales to Foreign Diplomats for the First Time
In a significant change to its long-standing policy, Saudi Arabia has decided to allow the public sale of alcohol to "non-Muslim diplomats". This marks a historic departure from the country's strict alcohol ban.
January 25, 2024
Austrian Justice Minister Zadić Plans Reforms in Connection with the Signa Insolvency
The insolvency of the Signa real estate company has far-reaching consequences, which are now also prompting the Austrian Ministry of Justice under the leadership of Green Justice Minister Alma Zadić. In a five-point plan in response to Signa's insolvency, Zadić plans to significantly tighten the penalties for failing to submit balance sheets.
January 24, 2024
Promotion of Democracy in the Age of AI by the U.S. Embassy in Vienna
The U.S. Embassy in Austria, in cooperation with the Austrian Federal Ministry for European and International Affairs (BMEIA), recently hosted renowned AI ethics and policy expert Merve Hickok for an important dialog on global challenges. This initiative is part of the "U.S.-Austria Citizen Dialogue on Global Challenges".
January 22, 2024
"Africa! Africa!" Enchants Vienna with a Spectacular Show
"Africa! Africa!" has now also captivated audiences in Vienna after its impressive success in several Austrian cities. The premiere, which took place on January 19, 2024, in the St. Marx circus tent, was a feast for the senses and cultures that delighted the guests of honor and spectators alike.
January 22, 2024
Signa Prime and Development: Future Secured Despite Insolvency
The future of the two important branches of the Signa Group, Signa Prime and Signa Development, seems secure for the time being.
January 15, 2024
Austrian Banking Sector Focuses on Sustainability: OeKB > ESG Data Hub Established
In a remarkable step towards promoting sustainability in the financial sector, Oesterreichische Kontrollbank (OeKB) has successfully introduced the OeKB > ESG Data Hub. Around 80% of the domestic banking sector, including well-known institutions such as UniCredit Bank Austria, Raiffeisen-Sektor, Erste Bank, and Sparkassen as well as Oberbank, already use this central online platform.
January 11, 2024
Westbahn Maintains Service Between Vienna and Munich During GDL Strike
Despite the announced three-day strike by the German Train Drivers' Union (GDL), which will take place from Wednesday, January 10 to Friday, January 12, 2024, WESTbahn confirms that its train services to and from Rosenheim and Munich will continue to run as planned.
January 9, 2024
Political Thriller Around the Abramovich Villa in Austria
The sale of a villa on Lake Fuschl to Russian oligarch Roman Abramovich's family in Salzburg has been revealed to have disappeared. The property was acquired through an offshore letterbox company and a British trustee. The Green Party is now calling for the sale to be reversed, requiring a trust deed. The party is seeking clarification on how the sale can be reversed without the deed.
January 9, 2024
Vienna Stock Exchange Overcomes Challenges in 2023 with Record Bond Listings
The Vienna Stock Exchange experienced a challenging year in 2023, characterized by high interest rates, persistent inflation and geopolitical tensions affecting the European equity markets. Despite these unfavorable conditions, which impacted trading activity, the exchange achieved a record year for bond listings.
January 8, 2024
Financial Crisis at Signa: Bankruptcy Proceedings Initiated for Subsidiaries
The financial difficulties of Signa's flagship Signa Prime Selection lead to further negative developments within the group.
January 8, 2024
Signa Crisis: Call to Investors for Financial Support
Signa Holding, a prominent real estate company, is facing financial difficulties. Erhard Grossnigg, the Chief Restructuring Officer of the Signa subsidiaries Prime and Development, has sent a letter to investors urgently requesting additional funding.
January 4, 2024
UNOOSA Launches "Space Bridge" to Promote Global Space Dialogues
The United Nations Office for Outer Space Affairs (UNOOSA) has launched the "UNOOSA Space Bridge" under the leadership of Aarti Holla-Maini. This project was presented at the World Space Forum in Vienna and aims to strengthen global dialog to promote local action. The initiative aims to promote international expertise through targeted exchange programs and connect isolated areas of work.
January 2, 2024
Obituary of Gaston Glock: Austria's Most Famous Gunmaker
Renowned entrepreneur and engineer Gaston Glock, founder of the world-renowned gun company Glock, has passed away at the age of 94. Glock, who founded the company in 1963 in Deutsch-Wagram in Lower Austria, revolutionized the industry with his gun production and established his brand globally.
December 28, 2023
French-Austrian Cultural Exchange: Costa-Gavras Honors Vienna with an Inspiring Visit
Vienna was enriched by a visit from the renowned Franco-Greek director Costa-Gavras. Accompanied by his wife Michèle, the award-winning cineaste enjoyed a day full of cultural highlights in the Austrian capital. The visit concluded with a meeting between Costa-Gavras and leading representatives of the Austrian film at the French Embassy.
December 27, 2023
Emirati State Fund Mubadala Fails with Claim Against Signa Holding
The Abu Dhabi sovereign wealth fund, Mubadala, has failed with a significant claim against the insolvent Signa Holding. The request to claim a payment of 713 million euros was rejected in emergency arbitration proceedings.
December 21, 2023
Vienna Stock Exchange Expands Offering with Focus on ESG and Digitalization
The Vienna Stock Exchange has announced a significant expansion of its offering in the global market and Exchange Traded Funds (ETFs) segments with a focus on ESG (Environmental, Social, and Governance) and digitalization.
December 21, 2023
New Second Home Tax in Vienna in 2025
Vienna is implementing new measures to regulate second homes. From 2025, an annual tax will be introduced for people who have a secondary residence in Vienna but do not have their main residence there.
December 21, 2023
Russian Oligarch Oleg Deripaska Sells STRABAG Shares to Russian Corporation
The Russian oligarch and major shareholder of STRABAG, Oleg Deripaska, has initiated a sale of his considerable stake in the Austrian construction group to a Russian joint stock company.
December 19, 2023
Vienna Commercial Court Establishes Creditors' Committee for Signa Holding
The Austrian Signa Holding, founded in 2000 by René Benko, is currently facing major challenges. The Commercial Court of Vienna has set up a creditors' committee for the ongoing reorganization proceedings to examine the non-transparent structures of the Signa Group and to decide on the reorganization plan offered by Signa.
December 18, 2023
Ukraine Removes Raiffeisen Bank International from the List of "War Sponsors"
The Ukrainian government has temporarily removed Raiffeisen Bank International (RBI) from the controversial list of "war sponsors". This step follows intensive bilateral talks and consultations with representatives of the European Commission. RBI, which was previously criticized for its business activities in Russia and the recognition of the self-proclaimed Donetsk and Luhansk People's Republics by its Russian subsidiary, is now no longer suspected of supporting the Russian war of aggression.
December 17, 2023
Jan Marsalek's Deep Connections with Russian Intelligence Revealed
Jan Marsalek, once a high-ranking figure at Wirecard and now one of Europe's most wanted criminals, has been exposed as a long-time spy for Russia. Marsalek is reportedly currently in Dubai and is reorganizing Russian operations in Africa.
December 15, 2023
OMV's Borealis to Merge with Borouge in a 30 Billion Euro Deal
OMV's subsidiary Borealis is set to merge with the Abu Dhabi-based petrochemical company Borouge, creating a new global heavyweight in the chemical and plastic sector with an estimated value of 30 billion euros. This significant move marks a transformative step in the ongoing value creation and chemical growth strategy of both companies.
December 14, 2023
The Future of a Crumbling Empire: René Benko's Signa Group in Insolvency
The insolvency of the Signa Group, an Austrian company active in various sectors, including the real estate market, has far-reaching implications. Read more about the future of the Austrian flagship company!
December 6, 2023
Glock Ecotech Launches Sustainable Energy Project in Sweden
The Austrian company Glock ecotech has taken a significant step towards sustainable energy supply in Sweden. With the successful commissioning of its first electricity-to-heat power plant near Nyköping, the company now also offers an environmentally friendly energy option in the Scandinavian region.
December 5, 2023
Austro-Arab Chamber of Commerce Hosts Libyan Delegations for Industry and Digital Transformation Talks
In a series of significant events, the Austro-Arab Chamber of Commerce (AACC) in Vienna, Austria, played host to high-level delegations from Libya, focusing on industrial development and digital transformation.
December 5, 2023
Revolutionizing E-Mobility in Austria: Introduction of the E-Control Tariff Calculator for E-Charging Stations
In a new initiative to promote e-mobility, the Austrian regulatory authority E-Control has introduced a new comparison calculator for public e-charging points.
November 23, 2023
Vienna Stock Exchange Strengthens International Presence with Barclays as New Trading Member
The Vienna Stock Exchange announced a significant step in its international expansion with the addition of Barclays Bank Ireland PLC as a new trading member. This marks an important milestone in the history of the exchange by adding one of the world's leading banks to its trading circle.
November 21, 2023
Energy Transition and Sustainability: French Visit to the AMAG Aluminum Plant in Upper Austria
The French Ambassador to Austria, Gilles Pécout, visited the AMAG aluminum factory in Upper Austria. He was accompanied by the Honorary Consul Mr. Redlhammer and Mr. Chaumont from the Economic Service. During this visit, they were received by the Managing Director of AMAG, Gerald Mayer, and the company spokesman, Leopold Pöcksteiner. The meeting provided an opportunity to shed light on the company's operational activities, strengths, and challenges.
November 17, 2023
Uncovering of Money Laundering and Real Estate Fraud in Austria and Cyprus
New leaks have uncovered a complex network of opaque asset transfers centered around Russian oligarchs and Austrian real estate. According to the investigative project "Cyprus Confidential", Austrian real estate is particularly popular with wealthy Russians. Around 40 Cypriot companies own real estate in Vienna, often penthouses in expensive locations.
November 16, 2023
Wien Energie Builds a New Large Heat Pump for a Climate-Friendly District Heating Supply
Wien Energie has announced the construction of a new large-scale heat pump at the Spittelau waste incineration plant, which will increase the plant's efficiency by 13 percent and supply 16,000 households in Vienna with district heating from 2025. This third large-scale heat pump in Vienna is a significant step towards the city's climate targets, which aim to be climate-neutral by 2040.
November 16, 2023
Natural History Collections Document Loss of Biodiversity
Natural history collections are not only valuable cultural archives but also crucial research infrastructures that document the Earth's biodiversity and its loss. In a time of global change, these collections are becoming increasingly important.
November 15, 2023
OPEC Secretary General Al Ghais Advocates for Increased Oil Production Amidst Global Energy Transition
In a recent op-ed and public statement, OPEC Secretary General, His Excellency Haitham Al Ghais, presented a compelling argument for the necessity of oil in today's world, even as global energy transitions are underway.
November 13, 2023
China and OPEC Cement Economic Ties for a Sustainable Energy Future
In a landmark progression for global energy relations, China and the Organization of the Petroleum Exporting Countries (OPEC) have significantly deepened their partnership, moving from a historical ideological alliance to a robust economic collaboration. This shift is set to have far-reaching implications for market stability and the sustainable development of the global energy sector.
November 9, 2023
Signa in Upheaval: Rene Benko's Retreat and the Future of the Real Estate Giant
Significant changes have now taken place at the real estate and retail group Signa. Company founder Rene Benko is stepping down and handing over the reins to restructuring expert Arndt Geiwitz. This step follows pressure from investors and is intended to initiate a comprehensive restructuring of the group. Benko's removal from power was already apparent in the industry, but it has now been officially announced that Geiwitz will take over as Chairman of the Shareholders' Committee and the Advisory Board. However, the circumstances surrounding Benko's voting rights remain uncertain.
November 9, 2023
"Peace" Exhibition at the Jewish Museum Vienna: A Sign of Hope in Times of Conflict
In the heart of Vienna, the Jewish Museum Vienna, part of Wien Holding, is opening an exhibition dedicated entirely to peace - a bold statement at a time when the echo of war can be felt both in Israel and in Europe. Under the honorable patronage of Federal President Dr. Alexander Van der Bellen, the exhibition will be presented to the public at the Museum Judenplatz.
November 7, 2023
Rene Benko and the Future of the Signa Group: Silence Before the Storm?
The Austrian Signa Group once celebrated as a shining star in the real estate sky and a powerful player in the retail sector, is currently facing uncertain times and financial turbulence. Company founder Rene Benko, who has led the group from a non-operational position since 2013 and holds the majority of voting rights through his family foundations, is at the center of a heated debate about the group's future.
November 6, 2023
Vienna Pioneer for Circular Economy: Climate Lab as a Spark for Climate Transformation
In the heart of Vienna, more precisely at the Climate Lab in Vienna Spittelau, an innovative movement has emerged that has the potential to fundamentally change the way Austria's economy deals with its resources. Climate Protection Minister Leonore Gewessler and the top representatives of Austria's largest companies came together to drive forward a sustainable transformation of Austria as a business location, with the Climate Lab playing a key role.
November 5, 2023
Austria Backs Microelectronics: Three billion Euros Investment and AT&S Lighthouse Project
The Austrian government has made a firm commitment to support the microelectronics industry with three billion euros of investment over the coming years. These bold investments will help to promote the research and development of semiconductor companies in Austria and strengthen the foundations for digitalization, green energy transition, and sustainable growth.
November 2, 2023
Ukraine Will Block Gas Transit: Challenges and Opportunities for OMV and Europe
Ukraine's decision to stop transiting Russian natural gas to the West from 2025 poses a significant challenge for OMV and for several European countries. The announcement, made by the head of Ukrainian energy company Naftogaz, Olexiy Chernyshov, raises several questions about energy security and dependence on Russian gas.
October 29, 2023
APG Invests Nine Billion Euros in Austria's Electricity Grid
Austrian Power Grid (APG) has unveiled an ambitious €9 billion investment program designed to lay the foundation for a supply-secure energy transition in Austria. The company, a subsidiary of Verbund AG, thus plays a central role in the transformation of the Austrian energy supply system.
October 24, 2023
Wien Energie Strengthens Independence By Reducing Russian Gas
With the start of the heating season in Vienna, ushered in by a sudden drop in temperatures after an unusually warm start to October, the essential issue of energy supply security is once again coming to the fore. In light of ongoing geopolitical tensions, Wien Energie, Austria's largest energy supplier, has taken proactive measures to secure heating supplies for the coming winter while reducing dependence on Russian natural gas.
October 22, 2023