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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
Vienna Airport Focuses on Expansion: 420-Million-Euro Terminal Expansion Project Launched
The foundation stone for a comprehensive terminal expansion has been laid at Vienna Airport Schwechat. With a budget of 420 million euros, the airport will not only become larger but also more modern and customer-friendly by 2027.
February 14, 2024
Realignment and Expert Dialog: Austria's Path to Fair Competition
The new head of the Federal Competition Authority (BWB), Natalie Harsdorf-Borsch, has set herself the goal of taking stronger action against companies that abuse their market power. This focus marks a strategic reorientation of the BWB, which previously dealt primarily with price agreements and investigated fewer cases of abuse of market power.
January 28, 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
Russian Oligarch Oleg Deripaska Sells STRABAG Shares to Russian Corporation
The Russian oligarch and major shareholder of STRABAG, Oleg Deripaska, has initiated a sale of his considerable stake in the Austrian construction group to a Russian joint stock company.
December 19, 2023
Vienna Commercial Court Establishes Creditors' Committee for Signa Holding
The Austrian Signa Holding, founded in 2000 by René Benko, is currently facing major challenges. The Commercial Court of Vienna has set up a creditors' committee for the ongoing reorganization proceedings to examine the non-transparent structures of the Signa Group and to decide on the reorganization plan offered by Signa.
December 18, 2023
The Future of a Crumbling Empire: René Benko's Signa Group in Insolvency
The insolvency of the Signa Group, an Austrian company active in various sectors, including the real estate market, has far-reaching implications. Read more about the future of the Austrian flagship company!
December 6, 2023
Signa in Upheaval: Rene Benko's Retreat and the Future of the Real Estate Giant
Significant changes have now taken place at the real estate and retail group Signa. Company founder Rene Benko is stepping down and handing over the reins to restructuring expert Arndt Geiwitz. This step follows pressure from investors and is intended to initiate a comprehensive restructuring of the group. Benko's removal from power was already apparent in the industry, but it has now been officially announced that Geiwitz will take over as Chairman of the Shareholders' Committee and the Advisory Board. However, the circumstances surrounding Benko's voting rights remain uncertain.
November 9, 2023
Rene Benko and the Future of the Signa Group: Silence Before the Storm?
The Austrian Signa Group once celebrated as a shining star in the real estate sky and a powerful player in the retail sector, is currently facing uncertain times and financial turbulence. Company founder Rene Benko, who has led the group from a non-operational position since 2013 and holds the majority of voting rights through his family foundations, is at the center of a heated debate about the group's future.
November 6, 2023
Austria Backs Microelectronics: Three billion Euros Investment and AT&S Lighthouse Project
The Austrian government has made a firm commitment to support the microelectronics industry with three billion euros of investment over the coming years. These bold investments will help to promote the research and development of semiconductor companies in Austria and strengthen the foundations for digitalization, green energy transition, and sustainable growth.
November 2, 2023
How is the Salary Landscape in Austria: A Clue by the Stepstone Salary Report 2023?
Salary discussions are often taboo, yet they play a central role in the world of work and significantly influence the decisions of both employees and companies. The Stepstone Salary Report 2023 emerges as a crucial resource to shed light on salary structures and dynamics in Austria.
October 12, 2023
Construction Stop of "High Speed 2" in Northern England: Austrian Companies Affected
The surprising halt to the construction of part of the major British project, the "High Speed 2" (HS2) high-speed rail line, is causing discussion among the companies involved. Austrian companies in particular, which are involved in the rail project worth billions, could be affected.
October 5, 2023
Federation of Austrian Industries: New Divisional Managers in "Education & Society" and "International Relations & Markets
The Federation of Austrian Industries (IV) has announced personnel changes in two of its core areas. Gudrun Feucht and Igor Sekardi join in senior positions, supported by their previous roles at IV and their extensive expertise in their respective areas.
October 2, 2023
Austria Strengthens its Economic and Diplomatic Relations with Africa
Austria has increased its focus on its economic and diplomatic relations with Africa. The country's trade with sub-Saharan Africa amounted to 2.28 billion euros in 2022, or about 0.56 percent of Austria's total trade volume. Austrian exports to the region increased by 15.7 percent year-on-year to 1.33 billion euros. South Africa, Mali, and Nigeria were the main export markets. Read more about why Africa is important for Austria!
September 28, 2023
Real Estate Prices in Austria Increased: Housing Increasingly Less Affordable
The cost of residential real estate in Austria has risen dramatically in recent years, significantly affecting affordability for many households. According to a recent analysis conducted by UniCredit Bank Austria, residential property prices in the euro area have risen faster than incomes. Austria has been particularly affected by this development, where property prices have actually fallen by almost 40 percent compared with incomes.
August 31, 2023
Wealth of the Richest Austrians Grows Despite Global Trends
In its latest issue, the business magazine "trend" publishes its annual ranking of the "100 richest Austrians". In contrast to some global studies, which show a slight decline in the ownership of the super-rich, Austria shows a different development. The assets of the 100 wealthiest individuals and families increased by five percent to a total of around 210 billion euros.
July 11, 2023
Selling of Turmoel Fuel Business to the Polish Group Orlen
The Austrian-based Doppler mineral oil group has sold its Turmöl fuel business to the partly state-owned Orlen mineral oil group from Poland, Orlen announced. As a result, the Turmöl service stations are switching to a large international group.
July 4, 2023
OMV Gives Final Investment Decision for Gas Project in Romania
OMV announced the final investment decision by OMV Petrom, the largest integrated energy company in Southeast Europe, for the Neptune Deep natural gas production development project.
June 22, 2023
New Unitary Patent Paves the Way for Innovative Companies in Europe
As of June 1, 2023, a unitary patent (unitary patent) will be introduced that will be valid in most member states of the European Union. Austria already ranks eighth in the EU for future technologies.
June 1, 2023
Gazprom Austria Inventory is Now Being Auctioned Off
The Gazprom subsidiary in Austria has become insolvent, and now its assets are being auctioned off at the Aurena auction house. The offer includes 240 exhibits and the purchase of Russian business memorabilia.
May 22, 2023
Vienna Stock Exchange Reports High Profits for Third-Year Running
Vienna's stock exchange, Wiener Börse AG, has announced high profits for the third year in a row, despite the turbulent economic environment of 2022. Vienna's stock exchange plans to continue its focus on consistent market modeling and alignment with international standards and is calling on the government to act to take advantage of the capital market's potential as a powerful lever.
May 10, 2023
City Administrations in Focus: Vienna Conference on Human Resources
Demographic development, inflation, and international crises have an impact on all areas of our lives and bring new challenges for cities. Particularly in the area of human resources, cities must adapt to changing conditions and find new ways to attract and retain qualified personnel.
May 2, 2023
Tax Burden in Austria Still High According to OECD
According to a study conducted by the Organization for Economic Cooperation and Development (OECD), taxes and duties for Austrian employees continue to be high in international comparison.
April 25, 2023
First European Gaia-X Community Event in Vienna
The European Association for Data and Cloud (AISBL) of the European Gaia-X Initiative, in collaboration with Gaia-X Hub Austria, hosted the first European Market-X Community Event at the Aula of the Sciences in Vienna. At this event, Market-X brings together stakeholders from different industries to shape the digital future of Europe.
March 19, 2023
What is the Houskapreis? 13 Projects Nominated for the B&C Private Foundation Research Award
The nominated projects for the Houskapreis 2023, the research prize of the B&C Private Foundation, have been determined. But what is the renowned Austrian Houska Prize all about?
March 6, 2023
Raiffeisen Probed by U.S. Sanctions Authority
Raiffeisen Bank International, an Austrian lender that plays a critical role in the Russian economy, is under investigation by the US sanctions authority over its Russia-related business.
February 18, 2023
AACC and Vienna Economic Forum Signed a Memorandum of Understanding
A Memorandum of Understanding has been signed between the Austro-Arab Chamber of Commerce (AACC) and the Vienna Economic Forum (VEF) to enhance mutual relations and strengthen cooperation.
February 13, 2023
OPEC Fund Mobilizes $1 Billion for Development Financing
OPEC Fund for International Development mobilizes $1 billion for development finance with "groundbreaking" first SDG bond. The bond was priced based on the Sustainable Development Goals (SDG) bonds, for which Credit Agricole CIB served as the sole sustainability advisor.
January 22, 2023
Austrian Companies Remain Strong in Russia
Many Austrian companies are active in Eastern Europe, especially in the Balkans, Ukraine and Russia. Especially in Russia, the activity of Austrian companies has been very successful but is controversial due to the Russian attack on Ukraine. According to research by the Kyiv School of Economics (KSE), almost a year after the start of the Russian invasion of Ukraine, two-thirds of the previously present companies from Austria are still active in Russia.
January 18, 2023
German Chamber of Commerce in Austria Organized New Year's Reception 2023 in Graz
After two years of interruption, the traditional joint New Year's reception of the German Chamber of Commerce in Austria (DHK) could finally be held again. The cultivated atmosphere of the auditorium of the Old University of Graz provided the setting for the event, which was attended by around 200 representatives of the Styrian business community.
January 18, 2023
Abu Dhabi-based ADNOC Acquires OMV Shares from Sovereign Wealth Fund Mubadala
There is a change in the ownership structure of the Austrian oil and gas group OMV. Long-time core shareholder Mubadala, Abu Dhabi's sovereign wealth fund, sells its 24.9 percent stake in OMV to Abu Dhabi National Oil Company (ADNOC), also a state-owned company. The state holding company ÖBAG announced that it had been informed of the change in ownership.
December 23, 2022
Austria Awards State Prize for Innovation
The State Prize Innovation 2022 from the Austrian Ministry of Labor and Economy goes to the Lower Austrian company DSM Austria GmbH. With their innovation, they make an important contribution to the safe and healthy nutrition of animals and humans.
November 16, 2022
What is the Alps-Adriatic Economic Network?
Since 2007, the Network of Chambers of Commerce, Industry, Crafts, Agriculture and Economy of the New Alpe Adria (NAAN) has been working to deepen economic relations. It now comprises - with the new addition of Bolzano - ten chambers from Austria, Italy, Slovenia and Croatia. According to the Austrian Chamber of Commerce, with one million member businesses, NAAN is making rapid progress toward becoming an EU Alps-Adriatic macroregion. Read more to find out about the project.
November 7, 2022
Wien Energie Brings Special Energy Tariff for Small Businesses
Given the high energy costs, companies are also coming under pressure. In Vienna, a new tariff for small businesses will start in November, which offers a 12-month price guarantee and a discount for commitment. This new tariff is now officially promoted by City Councillor for Economic Affairs Peter Hanke.
November 1, 2022
French Investor Meridiam Establishes Joint Venture with Magenta Telekom for Glass Fiber Expansion in Austria
Magenta Telekom and French investor Meridiam have agreed to establish a strategic partnership for Austria's largest private fiber expansion initiative. By 2030, the companies will invest 1 billion Euros in the roll-out of more than 650,000 new high-speed Internet connections for households and businesses.
August 23, 2022
Subsidies for New Investments in Austrian Economy
The Austrian government has put in place an investment subsidy in order to support the Austrian economy during the Covid-19 crisis. Business investments will be subsidized with up to 14% of the eligible costs.
August 17, 2020
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