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Vienna No Longer the Most Livable City in the World: Copenhagen Takes Top Spot
After three years, Vienna has lost its top position in the Economist Intelligence Unit (EIU) Global Liveability Index 2025 to Copenhagen. The Austrian capital now shares second place with Zurich. The main reason for Vienna's decline is a loss of points in the area of stability, influenced by foiled terrorist attacks.
Yesterday
Charges Against René Benko Loom Closer: New Lines of Investigation Revealed
In the far-reaching Signa affair, the first charges could soon be brought against the insolvent company founder René Benko. The Public Prosecutor's Office for Economic Affairs and Corruption (WKStA) has submitted an initial “proposal report” to the Ministry of Justice.
June 24, 2025
Vienna as Europe's AI Hub: Supercomputer Launched, Gigafactory in Sight
The Austrian capital is consolidating its position as a European hub for artificial intelligence (AI). With the imminent launch of AI Factory Austria (AI:AT) and its active bid to become one of Europe's AI gigafactories, Vienna is sending a strong signal for innovation and digital sovereignty.
June 24, 2025
ISTA and Google Forge Long-Term Research Partnership in Klosterneuburg
The Institute of Science and Technology Austria (ISTA) in Klosterneuburg and global technology giant Google have signed a far-reaching Master Sponsored Research Agreement to consolidate their existing collaboration and jointly advance innovative scientific research projects. This long-term partnership, which also includes financial support for research projects from Google, aims to further strengthen the ecosystem at the ISTA campus and open up new avenues in science.
June 24, 2025
Austria's Role in the Reconstruction of Ukraine: An Opportunity for Business and Long-Term Partnership
While the war in Ukraine continues to rage, attention is already turning to the aftermath: the massive reconstruction of the war-torn country. Austria, once the fifth-largest foreign investor in Ukraine, could play a decisive role in this process, not only to boost its economy but also to build a long-term partnership.
June 23, 2025
Signa Insolvency: Creditors Demand €11.7 Billion, Sale of Luxury Real Estate Underway
Following the collapse of the real estate group Signa, founded by René Benko, creditors have filed claims totaling €11.7 billion. The insolvency administrator of Signa Prime Selection AG (SPS), Norbert Abel, is working to sell the remaining assets to satisfy creditors.
June 2, 2025
Russian Court of Appeal Confirms Billion-Dollar Fine Against Raiffeisen Subsidiary
A Russian appeals court in St. Petersburg has confirmed the decision of a court of first instance, according to which the Russian subsidiary of Raiffeisen Bank International (RBI), AO Raiffeisenbank, must pay over two billion euros to the Cypriot company Rasperia Trading Limited. However, this could also mean two exemptions at the same time - and one of them in Austria.
April 24, 2025
ECB Cuts Key Interest Rate Again: Vienna Stock Exchange Reacts Cautiously
The European Central Bank (ECB) cut its key interest rate again, for the seventh time since June 2024. The deposit rate, a key reference value for banks and savers, was lowered by 0.25 percentage points to 2.25 percent. The measure had been expected, but its frequency and the tone of the ECB's communication make it clear that the situation is serious.
April 17, 2025
Austrian Securities Ownership Reaches New Heights
A recent survey reveals a significant increase in the number of Austrians investing in securities, highlighting a shift towards private pension planning amid economic challenges.
April 9, 2025
Taxes Rising, Deficit Growing: Austria Faces EU Criminal Proceedings
Austria is threatened with EU deficit proceedings - at 4.7 percent of GDP, the budget deficit is well above the Maastricht limit. To counteract this, the federal government is taking the first noticeable steps - above all, tax increases on tobacco, betting, e-vehicles, and court fees. However, experts warn that the road to budget consolidation is rocky and politically explosive.
April 1, 2025
Vienna Stock Exchange Reviews 2024 with Record-Breaking Developments and Strategic Initiatives
The year 2024 will go down in the history of the Vienna Stock Exchange as a year of upswing and trend-setting developments. After a rather subdued previous year, the Austrian capital market recorded impressive growth figures in several areas. Particularly noteworthy are the significant increase in share turnover, a new record for bond listings, and the implementation of strategic measures to further strengthen the Vienna Stock Exchange as an important financial center in Europe.
March 11, 2025
Austrian Leading Index Exceeds 10,000 Points for the First Time
The ATX Total Return, Austria’s leading index, reached a historic high, surpassing the 10,000-point mark for the first time and closing at 10,100.07 points.
March 10, 2025
Luxury Villa Becomes Wellness Hotel: Benko Family Leaves Estate in Igls
Following the insolvency of Signa and the imprisonment of company founder René Benko, his family is leaving the luxury villa in Igls. The property is to be converted into a wellness hotel. Meanwhile, a court ruling makes new headlines in the Benko case.
March 9, 2025
Austria's Real Estate Market Continues to Weaken: Hope for Recovery in 2025
Economic uncertainty, high interest rates, and strict lending guidelines also left their mark on the Austrian real estate market in 2024. While prices and transaction volumes fell in some federal states, Vienna recorded growth. Experts see opportunities for a recovery in the coming year.
March 5, 2025
Reclaiming Undisclosed Portfolio Commissions: Erste Bank and Sparkassen Reach Agreement with the VKI
Banks have collected so-called trailer fees when brokering fund products - without disclosing these payments to customers. However, according to the current legal situation, such “kick-back payments” are not permitted if they are not made transparent. After lengthy negotiations, the Association for Consumer Information (VKI) has now agreed with Erste Bank Österreich and the savings banks: Those affected can receive a refund.
February 25, 2025
Rise in Corporate Insolvencies in Austria Reaches New High
The tense economic situation led to a significant increase in corporate insolvencies in Austria in 2024. According to the latest data from Creditreform, around 6,700 company bankruptcies were recorded, an increase of 22% compared to the previous year.
February 24, 2025
Austria’s Researchers Stand out in Innovation and Commercialization of Scientific Discoveries
Austria's research community continues to stand out in Europe, excelling not only in fundamental scientific discoveries but also in successfully bringing innovations to market. A recent analysis by the European Research Council (ERC) highlights the ability of Austrian scientists to commercialize their patented inventions, often through licensing agreements or the establishment of startups.
February 23, 2025
Financial Police Operations at the Hahnenkamm Race Lead to Significant Fines
The annual Hahnenkamm race in Kitzbühel is not only a major sporting event but also a key economic driver for the region. Alongside the excitement on the slopes, Austrian authorities carry out strict regulatory checks to ensure compliance with tax and labor laws. This year, the Financial Police, part of the Office for Fraud Prevention, conducted extensive inspections targeting various businesses involved in the event.
February 23, 2025
Increase in Naturalizations in Austria in 2024
In 2024, Austria recorded a notable rise in naturalizations, with 21,891 individuals acquiring citizenship. This represents an increase of 9.8% compared to the previous year, reversing the decline observed in 2023.
February 19, 2025
German Election and AfD in the Wake of a Donation Scandal from Austria
The German parliamentary elections are approaching, and yet another donation scandal is rocking the Alternative for Germany (AfD). The focus is on millions of euros that are said to have flowed from Austria - in some cases in a questionable manner. While the Austrian authorities are investigating the suspicion of money laundering, the question arises as to what extent actors from the Alpine country are influencing the German election campaign.
February 19, 2025
Strengthening Cultural Education: New Collaborations Between Schools and Cultural Institutions
Cultural education plays a crucial role in shaping young minds, fostering creativity, and encouraging new ways of thinking. In Austria, the "culture connected" initiative is helping to bridge the gap between schools and the arts by supporting innovative collaborations between educational institutions and cultural organizations.
February 18, 2025
EAVISTA Takes Over card complete: Bank Austria and RBI Sell Their Shares
The Austrian credit card company card complete Service Bank AG has a new majority shareholder. UniCredit Bank Austria and Raiffeisen Bank International (RBI) have sold their shares in the company to EAVISTA Beteiligungsverwaltungs GmbH.
February 17, 2025
Austrian Customs Rescued Numerous Dogs and Cats from Smugglers
In 2024, Austrian customs officials rescued 138 dogs and cats from smugglers, marking a record high compared to previous years. The majority of these animals, often very young puppies and kittens, were discovered in poor conditions during routine border checks.
February 16, 2025
Safe Democracy Convention Held in Vienna
In an era where digital advancements shape every aspect of society, technology plays a crucial role in the future of democracy. To address both the challenges and opportunities presented by digital transformation, Vienna hosted the Safe Democracy Convention, a nationwide initiative bringing together cities, municipalities, businesses, and civil society.
February 13, 2025
AI Action Summit in Paris: Strengthening International Cooperation
The Artificial Intelligence Action Summit, held in Paris on February 10 and 11, brought together world leaders, policymakers, and experts to discuss the future of AI. As artificial intelligence continues to shape economies, industries, and societies worldwide, the summit aimed to establish a collaborative and ethical framework for its development. At the invitation of French President Emmanuel Macron, Austrian Chancellor Alexander Schallenberg and State Secretary for Digitalization Claudia Plakolm participated in the discussions.
February 12, 2025
Surge in Demand for Houses as Prices Decline Across Austrian Regions
Austria’s real estate market underwent a dynamic transformation in 2024, marked by a significant surge in the demand for single-family homes alongside fluctuating property prices across the country. While potential homeowners increasingly entered the market, drawn by improved financing conditions and relaxed credit regulations, regional price trends revealed a complex picture.
February 12, 2025
Raiffeisen Bank International: Profit Slump due to Provisions for Russia
Raiffeisen Bank International's consolidated profit decreased by over 50% in 2024 due to a €840 million provision from a Russian court ruling, which ordered the bank to pay EUR 2 billion in damages.
February 4, 2025
Bitpanda Receives EU-Wide MiCAR License and Plans Further Growth
The Viennese crypto platform Bitpanda is one of the first companies to receive the coveted MiCAR license. This license, issued by the German Federal Financial Supervisory Authority (BaFin), has been fully valid since January 2025 and enables crypto service providers to operate their business within the European Union under a uniform legal framework.
January 27, 2025
Racetrack Magna Racino: A New Owner and an Uncertain Future
The Magna Racino in Ebreichsdorf (Baden district) has once again changed ownership. As confirmed by the town's mayor, Wolfgang Kocevar (SPÖ) the horse racing track now belongs to Irish billionaire Luke Comer. Comer purchased the property from the Lürßen Group, which had owned it since 2020. While the purchase price and the new owner's plans remain undisclosed, the public and local authorities are eagerly awaiting further developments in the coming months.
January 16, 2025
Signa Insolvency: Ex-managers to be Liable for One Billion Euros
Insolvency administrator Norbert Abel is stepping up the pace in the case surrounding the spectacular insolvency of Signa Prime Selection AG: 13 months after filing for insolvency at the end of November 2023, letters of liability were sent to former members of the company's Management Board and Supervisory Board shortly before the turn of the year.
January 9, 2025
Signa Development Selection and Signa Prime: Real Estate Giants on the Brink
The Supreme Court's (OGH) decision to reject the appeal on points of law by Signa Development Selection AG and a German investor has closed another chapter in the liquidation of René Benko's billion-euro real estate group. Previously, the restructuring plan for Signa Prime, another central company of the group, had already failed. The insolvency of the Signa Group represents one of the biggest economic crises in Austria's history.
December 30, 2024
Financial Fraud as a “Growth Industry”: Record Losses and New Scams According to the Austrian Financial Market Authority
The Financial Market Authority (FMA) is sounding the alarm: financial fraud has developed into a real “growth industry”. According to the authority's latest figures, the total loss reported by financial fraudsters in 2024 amounted to around 15.5 million euros - an increase compared to the previous year, when the figure was 12.8 million euros. The dramatic increase in crypto-based fraud cases is particularly worrying. According to the FMA, the majority of these fraud cases could indicate that illegal financial markets are increasingly attracting the attention of criminals.
December 23, 2024
Bankruptcy Proceedings Against Ostchem Holding GmbH: Ukrainian Oligarch Dmytro Firtash in Financial Difficulties
Bankruptcy proceedings were opened at the Salzburg Regional Court against Ostchem Holding GmbH, a company linked to a major oligarch in Ukraine. The Ukrainian entrepreneur Dmytro Firtash, considered one of Ukraine's most influential and wealthiest oligarchs, is the company's majority shareholder, which has increasingly run into financial difficulties in recent years.
December 23, 2024
Poland and Austria Network in the Field of Fintech and Finance
The Polish Embassy in Vienna hosted the conference “Poland and Austria: cooperation and exchange of expertise. Fintech and finance” took place. The event brought together many experts, industry representatives, and decision-makers from Poland and Austria. The aim was to network the dynamically growing Polish fintech sector with the stable and well-regulated Austrian financial market and explore potential cooperation areas.
December 18, 2024
OMV Abandons Plans to Sell Exploration Business in New Zealand
Following an intensive review, the Executive Board of OMV Aktiengesellschaft has decided not to pursue the sale process for the exploration and production (E&P) business in New Zealand. OMV New Zealand Limited will, therefore, remain part of the partly state-owned energy company's E&P portfolio.
December 17, 2024
Igor Strehl Launches Dunaj Family Office Consulting in Vienna
With the founding of Dunaj Family Office Consulting 24/7 GmbH, Igor Strehl, an experienced expert in the field of financial and real estate management, is establishing a new player in the Austrian consulting landscape. The company, which specializes in investments, relocations, and property management, is positioning itself as a comprehensive service provider and trustworthy partner for private and institutional clients in Austria.
December 2, 2024
New Institute in Vienna with Conference on Artificial Intelligence and the Future of Society
The luxury hotel SO/Vienna opened its doors for an event on the technological future: “AI & The Future: The Age of Machines” by a new think tank in Vienna, the Vienna Institute for Global Studies.
November 28, 2024
Raiffeisen Bank International: Consolidated Profit Excluding Belarus, Russia at 856 Million Euros
Raiffeisen Bank International AG (RBI) is successfully continuing its strategy of reducing risks in challenging markets and was able to present a solid performance for the first nine months of this year despite the withdrawal from Russia and Belarus. Adjusted consolidated profit, which was calculated without contributions from these two countries, amounted to EUR 856 million. RBI thus remains stable, while at the same time implementing its withdrawal plan from the Russian business.
October 29, 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
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
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
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
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
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
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
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
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
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 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
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