Streams of events appear increasingly today in various Web applications such as blogs, feeds, sensor data streams, geospatial information, on-line financial data, etc. Event Processing (EP) is concerned with timely detection of compound events within streams of simple events. State-of-the-art EP provides on-the-fly analysis of event streams, but cannot combine streams with background knowledge and cannot perform reasoning tasks. On the other hand, semantic tools can effectively handle background knowledge and perform reasoning thereon, but cannot deal with rapidly changing data provided by event streams.