Vienna International Professional Services Industry News

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

René Benko Remains in Pre-Trial Custody: Investigations Against Signa Founder Widen

The Regional Court for Criminal Matters in Vienna has extended the pre-trial detention of Austrian real estate entrepreneur René Benko by a further two months. The court cited the continuing danger of the offense as the reason for this.

April 7, 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

Signa Insolvency: Trustee in Bankruptcy Demands the Return of Gifts From Nathalie Benko

Real estate and trading mogul René Benko has been in custody in the Vienna-Josefstadt prison since January 24, 2025. Meanwhile, bankruptcy trustee Andreas Grabenweger is trying to shed light on the complex asset structures surrounding the Signa Group and uncover possible asset shifts.

March 24, 2025

Future of Benko Villa Igls Uncertain After All: City of Innsbruck Rejects Hotel Plans

The planned rededication of Villa Igls, once a renowned castle hotel and later the residence of the now-imprisoned real estate entrepreneur René Benko, has met with resistance from the city of Innsbruck. The Laura Private Foundation, whose sole benefactor is Benko's mother, was planning to use the building for tourism, but the city council has now clearly rejected these plans. At the same time, Benko remains in custody as the judiciary has made serious allegations against him.

March 12, 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

Vienna Plan 2035: Urban Development Without New Building Areas

The new Urban Development Plan 2035, known as the “Vienna Plan”, has been officially presented. It sets out the framework for the city's spatial development in the coming years and takes particular account of the forecast population growth. One decision in particular is surprising: No new large urban development areas are planned for the time being and the focus will be on sustainability and climate protection.

March 6, 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

Trump Appoints Real Estate Agent Arthur Graham Fisher as New US Ambassador to Austria

Before taking office, US President-elect Donald Trump announced the appointment of Arthur Graham Fisher as the new US ambassador to Austria. Fisher, a successful real estate agent from North Carolina, is primarily known for his work in the real estate industry and has no diplomatic experience. The appointment has therefore provoked mixed reactions.

March 3, 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

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

Citizens' Initiative Calls for an Austrian State Bitcoin Reserve

A new Citizens' initiative is causing a stir in Austria: A group of Bitcoin enthusiasts is calling for establishing a state Bitcoin reserve worth 2.3 billion euros. The initiators see this as a strategic hedge against inflation and an opportunity to achieve financial independence for the country. However, the project is not without controversy.

February 18, 2025

Oligarchs and Their Real Estate: How Effectively Is Austria Implementing the Russia Sanctions?

Almost three years after Russia's invasion of Ukraine, experts and politicians are puzzled as to how seriously Austria is implementing the EU sanctions against Russian oligarchs. Research shows that only nine properties have been frozen in this country, while other EU states are more transparent with their measures and enforce them more strictly.

February 17, 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

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

European Commission Sues Seven Member States Including Austria for Failure to Implement the NPL Directive

The European Commission has filed a complaint against Austria and six other EU Member States with the European Court of Justice (ECJ). The reason: these countries have not transposed the EU Non-Performing Loans (NPL) Directive into national law on time.

February 12, 2025

Construction Prices 2024 in Austria: Moderate Increase Despite Tense Situation in the Construction Industry

Construction prices in Austria rose moderately by 1.3% in 2024 compared to the previous year. This was announced by Statistics Austria in its latest report. While price increases eased over the year, the economic situation in the construction industry remains challenging. Residential construction in particular is suffering from high construction and financing costs, which could have a long-term impact on the labor market and future housing supply.

February 10, 2025

Increase in Business Insolvencies in Austria Amid Economic Challenges

Austria's business landscape saw a challenging year in 2024, with a significant increase in corporate insolvencies driven by economic factors such as rising inflation, recession, and the end of pandemic-related support. While businesses struggled, a notable rise in new company formations offered a mixed picture.

February 9, 2025

Labor Market in Austria 2024: Number of Vacancies Significantly Decreased

The Austrian labor market is facing an apparent contradiction: while companies are complaining about an acute shortage of skilled workers, vacancies fell significantly in 2024. Rising unemployment figures meet unfilled positions, and many industries are struggling with economic uncertainties. What is behind this development?

February 6, 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

Rene Benko Arrested: From “Wunderwuzzi” to the Protagonist of a Billion-Dollar Scandal

Rene Benko, once a celebrated real estate entrepreneur and founder of the Signa Group, was arrested at his villa in Innsbruck. The Public Prosecutor's Office for Economic Affairs and Corruption (WKStA) in Vienna justified the arrest warrant because of the risk of concealment and the commission of a crime. Benko is suspected of concealing assets and manipulating evidence. His arrest marks the climax of one of the biggest business scandals in Austrian history.

January 24, 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

Further EU Infringement Proceedings Initiated Against Austria

The European Commission has initiated further infringement proceedings against Austria. The reason: is non-compliance with EU regulations on the recognition of professional qualifications. The Commission sees this as violating the rules intended to make it easier for freelancers and employees to work temporarily and occasionally in other Member States.

December 16, 2024

René Benko at the Center of International Investigations: Arrest Warrant from Italy for Real Estate Projects

An international warrant for the arrest of Austrian real estate entrepreneur René Benko, founder of the Signa empire, has triggered a wave of investigations extending from Italy to Austria and Germany. The accusations range from corruption and criminal association to violations of tax law. While Benko was questioned in Tyrol and remains at large, extensive investigations are underway in Italy, involving over 100 searches and the arrest of nine suspects.

December 3, 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

New Bankruptcy in the Signa Group: Signa Development Icon GmbH Will not be Continued

The economic turbulence surrounding the Signa Group shows no sign of abating. The creditor protection association Creditreform announced that Signa Development Icon GmbH has filed for bankruptcy proceedings, which will not be continued in the future. "The Icon Vienna" houses prominent companies and diplomatic missions and is a subsidiary of the Signa Development Selection AG, which had previously filed for insolvency.

November 11, 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

OPEC Fund Intensifies Global Development Cooperation with New Financing Commitments

The OPEC Fund for International Development has announced significant financing commitments of around half a billion US dollars at the 2024 World Bank-IMF Annual Meetings to support climate action, food security, and infrastructure in various partner countries.

October 28, 2024

Insolvency of Viennese Real Estate Developer Lukas Neugebauer and his LNR Group

Another Austrian real estate company has been hit by insolvency. Bankruptcy proceedings have now been opened at the Vienna Commercial Court over the assets of Viennese real estate developer Lukas Neugebauer and his LNR Group. The bankruptcy affects both B&R Generalunternehmer GmbH and LNR Development GmbH, two central companies in Neugebauer's real estate conglomerate. The insolvency affects 32 creditors who have claims totaling 94 million euros. The creditors have until December 30, 2024, to assert their claims.

October 23, 2024

Austrian Financial Market Authority Orders Forced Closure of Euram Bank

The Financial Market Authority (FMA) has withdrawn the business license of European American Investment Bank AG (Euram) in Vienna with immediate effect. This follows an extraordinary general meeting at which the bank failed to present a plausible plan for an orderly self-resolution. The bank should have either decided on a capital increase of 25 million euros or presented a credible liquidation strategy.

October 16, 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

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

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

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