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Read the latest headlines about developments in international organizations, companies and institutions operating in Vienna, Austria

Music Giants Rock the Cineplexx Cinemas: A Trend Excites Austria
Concert films and music biographies bring the biggest stars to the big screen, creating a very special cinematic experience. Among others, Coldplay's “Moon Music” and Whitney Houston's “Durban Concert” celebrated great success. These films not only offer high-resolution picture and sound quality but also allow fans to experience their favorite artists' concerts together without the inconvenience of a live event.
October 15, 2024

Vienna: The Best City Destination in Europe for Americans
Vienna has once again proven that it is undisputed as a world-class travel destination. Readers of the renowned luxury and lifestyle magazine “Condé Nast Traveler” voted the Austrian capital the best European travel destination in this year's “Readers' Choice Awards” 2024.
October 5, 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

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


Glock Ecotech Delivers Green Energy to Japan to Promote Sustainability

The Austrian company Glock Ecotech has secured an important project in Japan. As part of a partnership with the Japanese company Eishin Co., Ltd., Glock Ecotech supplies 18 modern Glock CHP 50 thermal power plants to Tokamachi in Niigata Prefecture. This major project will start in the first half of 2025 and marks an important step in Japan's efforts to reduce fossil fuels and become climate-neutral.
September 24, 2024


OPEC Celebrates 64 Years of Shaping the Global Oil Industry

The Organization of the Petroleum Exporting Countries (OPEC) marked a significant milestone this September as it celebrated its 64th anniversary. For more than six decades, OPEC has played a crucial role in stabilizing the global oil market, fostering international cooperation, and championing the sovereignty of oil-producing nations over their natural resources.
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

Subway Lines in Vienna Back in Operation after Flooding - Delays with U6
Following the massive flooding and flood protection measures in Vienna, subway services are slowly returning to normal. From Wednesday morning, September 18, 2024, the U2, U3, and U4 lines will be fully operational again. However, there are still restrictions on the U6, as the line between Längenfeldgasse and Niederhofstraße is impaired due to water ingress.
September 17, 2024


OSCE Economic and Environmental Forum 2024: Focus on Digitalization and Climate Protection

The 31st OSCE Economic and Environmental Forum at the Czernin Palace in Prague focused on the global challenges posed by digital transformation and climate change. Under the theme “Strengthening security and stability in the OSCE area through digital innovation”, the risks and opportunities arising from technological change and climate adaptation were discussed in depth. The forum brought together high-level representatives from governments, international organizations, academia, business, and civil society to debate innovative approaches and policy solutions.
September 17, 2024


IAEA Holds 68th General Assembly in Vienna

The 68th General Assembly of the International Atomic Energy Agency (IAEA) in Vienna has begun, providing an important platform for exchanges between member states on nuclear safety, non-proliferation, and sustainable development. In addition to discussing global issues of nuclear safety and climate change, numerous heads of state and government are taking the opportunity to hold bilateral talks.
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


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 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


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

UNOOSA and University of Bonn Renew Partnership to Promote Space-Based Disaster Relief
The United Nations Office for Outer Space Affairs (UNOOSA) and the University of Bonn have extended their partnership to intensify the use of space technology to tackle growing threats from natural and man-made disasters. The five-year agreement signed in Vienna aims to continue and expand the “Spaceborne Earth Observation Applications for Emergency Response and Disaster Risk Reduction” (SPEAR) project with a focus on Africa.
August 29, 2024

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