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Read the latest headlines about developments in international organizations, companies and institutions operating in Vienna, Austria
Wien Museum Sheds “New Light” on the City's Islamic Heritage
In a new summer academy entitled “Islamic Heritage in Vienna”, the Wien Museum is focusing on the city's often overlooked but significant Islamic heritage.
August 22, 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
OPEC Sees Oil and Electrification as an Inseparable Duo for the Future of Global Energy Supply
In the current debate about the future energy supply, electrification is often portrayed as the big opponent of oil. The increasing pressure to reduce CO2 emissions and make the energy supply more sustainable has led many to view the use of oil as obsolete. But Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), disagrees with this simplistic view and emphasizes the indispensable role that oil and its derivatives play in the global energy landscape.
August 20, 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
Vienna Airport Reports Strong Growth in the First Half of 2024
Flughafen Wien AG, the operator of the Vienna International Airport, presented impressive results for the first half of 2024. The company recorded significant growth in all key areas, including passenger numbers, revenue, and profit, thus continuing its successful growth course.
August 20, 2024
Alpbach: Between Tradition and the Future - the European Forum Alpbach 2024
The European Forum Alpbach (EFA) celebrated its 80th anniversary in 2024. It once again attracted over 4,000 participants to the small Tyrolean mountain village, which became the center of European discourse for two weeks. Under the general theme of “Moment of Truth”, this year's forum focused on the groundbreaking decisions that Europe must make in the face of multiple crises, from climate catastrophes to political tensions.
August 18, 2024
Austria Investing in the Future: Strengthening STEM Education and Massive Research Funding
Austria is setting standards in the education and research landscape to meet the challenges of the future. With two far-reaching initiatives, the government aims to combat the shortage of skilled workers in the STEM fields (mathematics, IT, natural sciences, and technology) as well as massively promote research and innovation in the country. These measures are intended not only to solve short-term problems but also to secure and strengthen Austria as a business location in the long term.
August 13, 2024
Finance Ministers from German-speaking Countries Adopt Lake Constance Declaration to Strengthen Competitiveness
Finance ministers from Germany, Austria, Switzerland, Liechtenstein, and Luxembourg met in picturesque Vorarlberg, Austria, to adopt the so-called "Lake Constance Declaration". This landmark declaration aims to strengthen Europe's competitiveness in a rapidly changing global economy while safeguarding the continent's prosperity and stability.
August 13, 2024
United Nations Finalize Convention Against Cybercrime with the Support of UNODC
After intensive negotiations and several years of work, the member states of the United Nations finalized a new international convention against cybercrime. This convention represents a historic step in the global fight against the growing threats in the digital space.
August 12, 2024
Richard "Mörtel" Lugner: Vienna Mourns the Loss of a Dazzling Entrepreneur and Society Star
Richard Lugner, known as "Mörtel", has died at the age of 91 in his villa in Döbling. As one of Austria's best-known entrepreneurs, Lugner shaped the cityscape of Vienna and the Austrian commercial landscape for decades.
August 12, 2024
Largest Insolvency in Styria: Fisker GmbH and its Effects
The insolvency of the Austrian Fisker subsidiary has far-reaching consequences for the Styrian economy. With a mountain of debt of almost four billion euros, it is the largest corporate bankruptcy of the year.
August 8, 2024
Taylor Swift Concerts in Vienna Canceled Due to Suspected Terrorism - What Fans Need to Know Now
The cancellation of the Taylor Swift concerts in Vienna has left many fans disappointed and perplexed. After two suspected terrorists were arrested who had possibly planned an attack on the upcoming concerts, the organizer Barracuda Music decided to cancel the events. Fans are now wondering what costs will be reimbursed and how to proceed.
August 8, 2024
Wirecard Trial: Further Charges Against Former Management Board Members
Four years after Wirecard's spectacular bankruptcy, the Munich public prosecutor's office has brought charges against two further former members of the Management Board. The focus is on the former CFO, Alexander von Knoop, and Susanne Steidl, responsible for product development.
August 7, 2024
Bank Merger in Carinthia and Burgenland: New Era for Anadi Bank and Bank Burgenland
Following the sale of Anadi Bank to the Grawe Banking Group last December, further details have now been announced. Bank Burgenland will take over 42,000 customers, ten branches, and an SME and real estate loan portfolio from Anadi Bank in September and will operate as Bank Burgenland Kärnten in the future.
August 4, 2024
AIRPOWER24: Europe's Largest Airshow Takes Off in Zeltweg
On September 6 and 7, 2024, AIRPOWER24, Europe's largest airshow, will take place at Hinterstoisser Air Base in Zeltweg, Styria. The event is accompanied by an extensive program and offers numerous highlights for aviation enthusiasts of all ages.
August 4, 2024
OMV CEO Stern: Independence from Russian Gas and Solid Business Development
The Austrian oil and gas group OMV has taken a significant step towards energy independence. CEO Alfred Stern declared at a press conference that OMV is no longer dependent on gas supplies from Russia. This announcement marks the end of a two-year strategic realignment aimed at diversifying gas sources and transportation routes.
July 31, 2024
New Silent Villas at Therme Laa: Luxury in the Weinviertel Region
Therme Laa an der Thaya, a well-known recreational destination in Lower Austria, reached a new milestone. With the ceremonial opening of the ten new “Silent Villas”, the thermal spa is expanding its offer with an exclusive retreat for adults. The ceremony was attended by numerous representatives from tourism, business, and politics, including Governor Johanna Mikl-Leitner, who emphasized the importance of this expansion for the region.
July 31, 2024
ECJ Confirms Legality of AUA Rescue Against RyanAir and Laudamotion
In a significant ruling, the European Court of Justice (ECJ) has confirmed the legality of €150 million in state aid to Austrian Airlines (AUA) during the COVID-19 pandemic. This ruling marks the conclusion of a legal dispute brought by the low-cost airlines Ryanair and Laudamotion against the approval of this aid by the EU Commission.
July 29, 2024
Salzburg Summit: Europe's Challenge in the Global Economy
The Salzburg Summit 2024 provided a platform for discussions on the pressing economic and political challenges facing Europe. One of the central debates revolved around the tense relationship with the major economic power China and the resulting impact on European competitiveness.
July 25, 2024
Signa Group in Crisis: Saudi Arabian Sovereign Wealth Fund Seeks Complete Takeover of Selfridges
The economic turbulence surrounding the Austrian Signa Group has taken a new turn: The Saudi sovereign wealth fund Public Investment Fund (PIF) is planning a complete takeover of the renowned British department store Selfridges. This announcement comes at a time when Signa, under the leadership of founder René Benko, is facing significant financial challenges.
July 25, 2024
Focus on Austria: EU Commission Launches Four Infringement Proceedings
The European Commission has today launched four new infringement proceedings against Austria as part of its monthly package of measures against Member States. The proceedings concern critical areas such as the environment, banking, and transport and underline the need to correctly implement European directives.
July 25, 2024
Imfarr: Another Austrian Real Estate Developer in Insolvency
The Viennese real estate developer Imfarr Beteiligungs GmbH has applied to the Vienna Commercial Court for restructuring proceedings without self-administration. The company's liabilities amount to around 604 million euros. This affects 18 employees and around 110 creditors.
July 23, 2024
False Accusations Against Federal Police Chief Takacs in Wirecard Case Must Be Revoked by FPÖ
Austrian domestic politics recently experienced a considerable shake-up due to false accusations by the FPÖ, which claimed that Federal Police Director Michael Takacs had met with the fugitive ex-Wirecard manager Jan Marsalek on several occasions. These accusations led to legal action by Takacs, which resulted in a retraction and a cease-and-desist declaration by the FPÖ.
July 21, 2024
Austrian National Bank Examined the Spread of Crypto Assets in Austria
Cryptocurrencies such as Bitcoin are widely known in Austria, but their actual distribution in private households remains modest. A recent study by the Austrian National Bank (OeNB) found that only 3% of the population own crypto assets. These few owners usually only hold small amounts, which rarely make up more than a third of their total financial assets.
July 16, 2024
Simpsons Cartoon Art: Unique Exhibition at the Caricature Museum Krems
To mark the 35th anniversary of the cult series “The Simpsons”, the Caricature Museum Krems is the first in Europe to present a special exhibition entitled “Here comes Bart! Simpsons Cartoon Art from the William Heeter and Kristi Correa Collection”.
July 16, 2024
Austria Among the World Leaders in Organic Viticulture
Austria is continuing its successful course in environmentally conscious viticulture and for the first time has more than 10,000 hectares of certified organic vineyards. The 10,432 hectares now correspond to around 24% of the country's total vineyard area, making Austria one of the global leaders in organic viticulture.
July 15, 2024
Austria Businesses Heading for a Record Year of Bankruptcies in 2024
Austria is facing a possible record year for corporate insolvencies in 2024. The current economic situation shows a significant increase in insolvencies, especially in the first half of the year.
July 15, 2024
Reorganization Proceedings of Signa Prime Selection Fail in Court for the Time Being
In a significant decision, the Vienna Higher Regional Court (OLG) upheld the appeal of the Finanzprokuratur against the trustee restructuring plan of Signa Prime Selection AG. The reorganization plan previously confirmed by the Commercial Court of Vienna was thus annulled.
July 8, 2024
Vienna Stock Exchange Reaches New All-Time High in First Half of 2024
The Vienna Stock Exchange recorded a remarkable upward trend in the first half of 2024, taking the ATX Total Return (including dividends) to a new all-time high. The leading national index surpassed its previous high of February 9, 2022 (8,251.98 points) several times and reached its most recent record of 8,566.58 points on May 21, 2024.
July 4, 2024
Vienna Once Again Named the World's Most Liveable City
Vienna has done it again: for the third time in a row, the Austrian capital has been named the most liveable city in the world by the British "Economist" group. In the annual "Global Liveability Ranking", Vienna beat 172 other cities to take the top spot once again.
June 27, 2024
Austria's Progressive Stance on Cyber Operations and International Law
The United Nations Office for Disarmament Affairs published a national declaration by Austria on the application of international law to the cyber activities of states. This declaration complements a list of more than 30 national positions and comprehensively addresses issues such as state sovereignty, non-interference and due diligence, diplomatic and consular law, international humanitarian law, and neutrality.
June 27, 2024
Leopold Museum Presents New Exhibition "German Expressionism"
The Leopold Museum in Vienna is opening a new focus exhibition entitled "German Expressionism". This exhibition brings together works by important artists such as Alexej von Jawlensky, Wassily Kandinsky, Ernst Ludwig Kirchner, Paula Modersohn-Becker, and Gabriele Münter and places them in an imaginary dialog with Austrian Expressionists.
June 26, 2024
Swiss Novartis Opens Fastest Cell Culture Facility in Tyrol
Novartis opened a state-of-the-art cell culture facility for the production of monoclonal antibodies in Schaftenau, Tyrol.
June 24, 2024
Signa Group Stabilizes After Insolvency: Former CFO Retires
Following the collapse of the real estate group Signa, the former CFO Manuel Pirolt sees the company stabilized and announces his resignation.
June 20, 2024
30 Years of the WKÖ Export Prize: Austrian Companies Honored for Top Performance
Austria's export industry has achieved impressive successes over the last 30 years. EU accession in 1994 played a key role in this, paving the way for a more than five-fold increase in goods exports. Despite challenging framework conditions, the 63,700 domestic export companies achieved a record value of 200 billion euros in goods exports and 83 billion euros in services exports last year.
June 18, 2024
Austrian Foreign Minister Schallenberg Receives Deputy Prime Minister of Kyrgyzstan
Austria's Foreign Minister Alexander Schallenberg received the Kyrgyz Deputy Prime Minister and Minister of Water Resources, Agriculture and Processing Industry, Bakyt Torobaev, in Vienna for the first time. Amid the ongoing Russian war of aggression against Ukraine, Schallenberg emphasized the need to deepen relations with the Central Asian states. The main focus of the meeting was on strengthening the bilateral partnership, particularly in the economic sphere.
June 16, 2024
Ukraine's Economic Potential: Analysis by the Vienna Institute for International Economic Studies
In a new comprehensive study by the Vienna Institute for International Economic Studies (wiiw) and the Bertelsmann Foundation, Ukraine is recognized as having enormous economic potential.
June 12, 2024
Russia Expels ORF Correspondent Maria Knips-Witting
In a surprising diplomatic escalation, Russia has withdrawn the accreditation of ORF correspondent Maria Knips-Witting and ordered her to leave the country as quickly as possible. This measure was described by the Russian side as a “forced measure” and explained as a reaction to the withdrawal of the accreditations of two Russian journalists from the state news agency TASS in Austria. Knips-Witting has been reporting from Moscow since January 2024.
June 11, 2024
Austria Promotes Key Projects for Renewable Energies in Central Asia
High-ranking representatives from Central Asia, Europe, and the Middle East as well as private investors are gathering in Vienna at the invitation of the World Bank to hold the International Energy Investment Forum. The event is being held in cooperation with the government of the Kyrgyz Republic and other international financial institutions such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
June 10, 2024
OPEC+ Extends Production Cuts Until 2025
Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met in Riyadh on the sidelines of the 37th OPEC and Non-OPEC Ministerial Meeting (ONOMM). During the meeting, the participating countries decided to extend the existing production cuts until the end of 2025.
June 2, 2024
Austria Signs Pact for Hydrogen Corridor
In a step towards a sustainable energy future, the energy ministers of Italy, Germany, and Austria have signed a joint declaration of intent to develop a hydrogen import corridor between the three countries.
May 30, 2024
Concordia Ball 2024: A Celebration of Freedom of the Press
On May 24, 2024, Vienna City Hall was transformed into the venue for the 124th Concordia Ball, at which the media industry, artists, and cultural figures as well as an international ball audience set an impressive example for freedom of the press. This year, the traditional ball, organized by the Concordia Press Club, was all about free journalism and diversity of opinion.
May 26, 2024
"Mozart at the Table": New Special Exhibition at Mozarthaus Vienna
Mozarthaus Vienna presents the special exhibition "Mozart at the Table" from May 24, 2024. This unique show offers fascinating insights into Mozart's private life and culinary experiences.
May 24, 2024
Supply Stop and Human Rights Allegations for OMV
OMV, Austria's leading energy company, is currently under immense pressure. Two developments could have a significant impact on the company and the Austrian energy market: the threat of Gazprom stopping gas supplies and serious allegations of involvement in war crimes against former OMV executives in Sudan.
May 22, 2024
Austrian Climate Ministry Supports Ukraine with Five Million Euros for the Reconstruction of Energy Infrastructure
The Austrian Federal Government has announced its support for Ukraine by releasing five million euros in aid to the Ukraine Energy Support Fund. This financial aid aims to promote the reconstruction of Ukraine's severely damaged energy infrastructure, which has been suffering from the devastating effects of the war for over two years.
May 22, 2024
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
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