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Austrian Forum for Peace 2024: Insights and Outlook for a Peaceful Future
The Austrian Center for Peace (ACP) presented the results of the second Austrian Forum for Peace, which took place at Friedensburg Schlaining in early July.
July 29, 2024
Algeria, Slovakia and Austria Deepen Economic Relations
A working meeting was held at the Imperial Hotel Vienna, organized by the Algerian Embassy in Austria and Slovakia with the support of the Austro-Arab Chamber of Commerce (AACC).
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
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
North Korean Agents in Vienna: A Network of Espionage and Currency Procurement
Vienna, the capital of Austria, is not only known for its high quality of life and cultural diversity but also conceals a network of espionage and illegal activities that extends to North Korea. New revelations shed light on the covert operations of the Kim regime, which cleverly uses its presence in Vienna to procure foreign currency and gather knowledge for nuclear armament.
July 11, 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
Schwarzenegger's Climate Conference in Vienna: "Austrian World Summit" Calls for Concrete Measures
The "Austrian World Summit" (AWS) took place in Vienna for the eighth time. Host Arnold Schwarzenegger and several prominent guests emphasized the urgency of concrete climate protection measures. Around 700 international visitors, including high-ranking politicians and experts, gathered in the Vienna Hofburg to discuss the future of a clean energy supply and the fight against climate change.
June 20, 2024
Europa-Forum Wachau 2024: A Commitment to the Future of Europe
This year's Wachau European Forum, which traditionally takes place in Göttweig and Krems, opened with the title "Rebooting Europe". The forum focused on key topics such as innovation, research, and health to make Europe fit for the future.
June 20, 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
30 Years of the EU Referendum: A Success Story for Austria
On June 12, 1994, a groundbreaking referendum was held in Austria, in which two-thirds of the population voted in favor of joining the European Union. This decision laid the foundations for a new era of economic, political, and social integration of Austria in Europe. Since its official accession on January 1, 1995, the country has changed considerably and has since benefited from EU membership in many ways.
June 12, 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
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
Remembering the Past, Preserving the Future: Liberation Ceremonies in Mauthausen and Melk
In an impressive gathering, thousands of people commemorated the liberation of the Mauthausen concentration camp and its satellite camps to keep the lessons of history alive and fight against forgetting. International delegations, including high-ranking representatives from politics and society, gathered to underline the importance of law and justice and to honor the victims of National Socialism.
May 8, 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
Vienna National Defense Academy to Host Regional Strategy Course for the Western Balkans
The "Regional Strategic Leadership Course" is part of a larger initiative launched in 2018 to promote cooperation between the defense ministries of Austria, Albania, Bosnia and Herzegovina, Montenegro, North Macedonia, and Serbia.
April 30, 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
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
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
Vienna to Host Austria's Honorary Consular Conference 2024
The Austrian capital Vienna was the center for the Honorary Consular Conference 2024, attended by around 200 honorary consuls from all over the world. The meeting, which takes place from April 10 to 12, is the first of its kind since 2015 and serves as a platform for the exchange and further development of consular practice.
April 14, 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
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
Harmony and Dialogue at the Interreligious Iftar in Vienna
In an impressive demonstration of unity, Foreign Minister Alexander Schallenberg and the President of the Islamic Religious Community in Austria (IGGÖ), Ümit Vural, hosted an unprecedented interfaith iftar. The event, which took place in the historic Palais Niederösterreich, brought together representatives of different religious communities and personalities from politics, science, and diplomacy.
March 20, 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
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
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
"Shaping Europe together": EBÖ Launches Second Workshop in the Run-Up to the 2024 EU Elections
The European Movement Austria (EBÖ) is intensifying its efforts to actively involve companies and associations in shaping the future of Europe. Under the motto "Shaping Europe together", the second workshop in this series will take place on March 18, 2024, at the House of the European Union in Vienna. The aim is to give participants a comprehensive insight into EU policy and enable them to play a greater role.
February 20, 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
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
Austria United in Remembrance: Joint Remembrance on International Holocaust Remembrance Day
In an impressive sign of solidarity and remembrance, representatives of the Jewish Community, Roma, Austria's political leaders, and members of the democratic opposition came together in Vienna to commemorate the millions of victims of the Shoah.
January 30, 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
Jonas Kaufmann and Elisabeth Engelbrechtsmüller-Strauss Awarded the French Legion of Honor
The awards of the French Legion of Honor to Jonas Kaufmann and Elisabeth Engelbrechtsmüller-Strauss underline the importance of their artistic and business activities. Kaufmann's contribution to the world of opera and music and Engelbrechtsmüller-Strauss' successful management of an international technology group as well as her social commitment reflect France's appreciation of outstanding achievements in culture and business.
January 18, 2024
DHK New Year's Reception 2024: Business and Politics in Dialog
The traditional New Year's reception of the German Chamber of Commerce in Austria (DHK) took place in Graz, set against the historic backdrop of the auditorium of the Old University.
January 17, 2024
25th Savaball: A Celebration of Serbian Culture at the Vienna Hofburg
The 25th anniversary of the Savaball at the Vienna Hofburg will be a great celebration of Serbian culture and tradition. With high-caliber guests from politics and show business, international artists, and a social commitment, the ball promises to be a great celebration of Serbian culture and tradition.
January 17, 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
Karl von Habsburg Calls for Decisive Action in Speech on the Future of Europe
Karl von Habsburg, President of the Pan-European Movement Austria, used the annual "Speech on the Future of Europe" to address important European policy issues. The motto of the online matinee was "Courage to take responsibility".
January 11, 2024
Secret Meeting to Plan Mass Displacement in Germany: The Role of the Austrian Martin Sellner
A secret meeting held in a hotel near Potsdam last November brought together high-ranking AfD politicians, neo-Nazis and wealthy entrepreneurs. The meeting aimed to discuss a plan to expel millions of people from Germany. Among those present was Martin Sellner, a well-known far-right activist from Austria and former spokesperson for the Identitarian Movement Austria.
January 10, 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
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
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
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