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☆ A Gustav Klimt painting valued at up to $54 million was rediscovered after being missing for nearly a century
▼ + stars: | 2024-01-26 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Gustav Klimt's painting "Portrait of Fräulein Lieser" was rediscovered after nearly 100 years. The painting is set to be auctioned in April and is valued at up to $54 million. AdvertisementA long-lost painting by the Austrian modernist Gustav Klimt has been rediscovered after nearly a century. Related storiesAfter being exhibited globally, the portrait will be auctioned in Vienna in April, with an estimated value of up to €50 million, or around $54 million, the auction house said. According to the auction house, the painting appears to have been acquired by "a legal predecessor of the consignor in the 1960s and passed to the current owner in three inheritances."

Persons: Gustav Klimt's, —, Gustav Klimt, Klimt, It's, Adolf, Henriette Lieser, Klimt's Organizations: Service, Observer, Washington, Nazi Locations: Austrian, Vienna, Austria, Europe

☆ Klimt portrait missing for nearly a century could sell for $54 million
▼ + stars: | 2024-01-26 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +5 min

CNN —A portrait by Gustav Klimt that was unseen for almost a century is expected to fetch millions when it goes up for auction this spring. However, new research by the auction house suggests Justus’ wife, Lilly, hired him to paint one of their two daughters. A cape richly decorated with flowers is draped around her shoulders,” the auction house said. Its exact fate after 1925 is “unclear,” according to the auction house. The last portrait completed by Klimt became the most expensive artwork ever to sell at a European auction, when it fetched a staggering £85.3 million ($108.4 million) in London last year.

Persons: Gustav Klimt, Fräulein, ”, Roland Schlager, Klimt, Adolf, Justus Lieser, Margarethe Constance, Justus ’, Lilly, “, “ Adolf, Henriette Lieser, Claudia Mörth, Fächer ”, Paul G, Allen Organizations: CNN, Austrian, Getty, Washington, Nazi, Microsoft Locations: Vienna, Austrian, Austro, Washington, Austria, Central Europe, Switzerland, Germany, Britain, Hong Kong, London, Birch, ”

☆ Snowy Peaks, Rushing Rivers and Schnapps to Warm Your Soul
▼ + stars: | 2024-01-22 | by ( Aishvarya Kavi | ) www.nytimes.com time to read: +1 min

When winter arrives in western Austria and the sun disappears all too quickly behind the snow-capped Alps, you can stand in bare orchards and still taste the sun-ripened fruit that the trees once bore — just sip a glass of schnapps. For centuries, farmers in the Tyrol region have mashed, fermented and distilled apples, plums, apricots and other fruit into schnapps, a strong spirit enjoyed most commonly as a digestif. It is sometimes infused with local herbs and plants, like fruit from the Austrian stone pine. Not only does this elixir warm the soul; it also provides a strong dose of a deep local tradition. In Austria, especially in the mountains of Tyrol, “schnapps is both,” she said.

Persons: Ischgl, ”, Monika Unterholzner, “ schnapps Locations: Austria, Tyrol, schnapps, Tyrolean, “

More than 1 million people attended protests across Germany over the weekend, showing their opposition to a right-wing political party that most recently discussed the deportation of large numbers of foreign-born residents. The demonstrations against the Alternative for Germany, or AfD, party, have now continued into a second week nationwide. What Is the Alternative for Germany Party? The anti-immigrant, far-right party, founded in 2013 and now led by the German politician Alice Weidel, has been gaining polling ground. What Does Recent German Polling Show?

Persons: –, Martin Sellner, Olaf Scholz, Alice Weidel Organizations: People, Bundestag, Reuters, Deutsche Welle, Christian Democratic Union, Germany Party, News Locations: Germany, Munich, Berlin, Europe, France, Potsdam –, Austrian, German, Nazi, Germany's, Thuringia, Saxony, Brandenburg, U.S

BERLIN (AP) — A protest against the far right in the German city of Munich Sunday afternoon ended early due to safety concerns after approximately 100,000 people showed up, police said. The demonstration was one of dozens around the country this weekend that drew hundreds of thousands of people in total. Some members of the far-right Alternative for Germany party, or AfD, were present at the meeting. And Saturday protests in other German cities like Stuttgart, Nuremberg and Hannover drew tens of thousands of people. The large turnout around Germany showed how these protests are galvanizing popular opposition to the AfD in a new way.

Persons: Germany’s, Martin Sellner, Alice Weidel, Frank, Walter Steinmeier, ” Organizations: BERLIN, Germany, Hannover, Identitarian, Identitarian Movement, Austrian Locations: German, Munich, Cologne, Berlin, Hamburg, Stuttgart, Nuremberg, Germany, Brandenburg, Saxony, Thuringia

☆ Air Traffic Climbs at Israel's Tel Aviv Airport in 2023 but War Weighs
▼ + stars: | 2024-01-21 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

By Steven ScheerJERUSALEM (Reuters) - Air travel to and from Israel plunged in the last three months of 2023 amid the Israel-Hamas conflict, but the number of passengers travelling through Ben Gurion International Airport near Tel Aviv still rose 10% in 2023. The number of international travellers reached 21.1 million in 2023, up from 19.2 million in 2022, the Israel Airports Authority (IAA) said in a report on Sunday. But since then, traffic has plunged, culminating in a 78% drop in November and 71% dive in December, the IAA said. Ryanair was third with a 5.4% share, although its number of passengers dipped 12% in 2023. In 2023, 3 million tourists visited Israel, up from 2.7 million in 2022.

Persons: Steven Scheer JERUSALEM, Ben Gurion, Oz, Israel . Bar Oz, Steven Scheer, Bernadette Baum Organizations: Ben Gurion, Israel Airports Authority, Palestinian, Hamas, IAA, Al Israel Airlines, Ryanair, Israel ., Airlines, Lufthansa, Swiss, Tel Aviv . Air France Locations: Israel, Tel Aviv, Gaza, El Al, United States, York's JFK, France, Britain, Austrian, Aegean

The demonstrations came in the wake of a report that right-wing extremists recently met to discuss the deportation of millions of immigrants, including some with German citizenship. Some members of the far-right Alternative for Germany party, or AfD, were present at the meeting. Additional protests planned for Sunday in other major German cities, including Berlin, Munich and Cologne, are also expected to draw tens of thousands of people. What started out as relatively small gatherings have grown into protests that, in many cases, are drawing far more participants than organizers expected. The protests also build on growing anxiety over the last year about the AfD’s rising support among the German electorate.

Persons: Germany’s, Martin Sellner, Alice Weidel, Chancellor Olaf Scholz, ” Scholz, ” Friedrich Merz, ”, Thomas Tuchel Organizations: BERLIN, Germany, Police, Hannover, Identitarian, Identitarian Movement, Austrian, Germany’s Greens, “, Christian, Bayern Munich Locations: Germany, Frankfurt, Stuttgart, Nuremberg, Hamburg, Berlin, Munich, Cologne, Nazi, Bavaria, Hesse, Brandenburg, Saxony, Thuringia, Dresden, Tuebingen, Kiel

NEW YORK (AP) — Franz Welser-Möst is back on the Cleveland Orchestra's podium, concentrating again on music instead of his health. Political Cartoons View All 253 ImagesWelser-Möst had surgery Sept. 1 to remove a cancerous tumor from his bladder and came back to Cleveland to conduct the orchestra's season opener on Sept. 28. Both are very well now, so there’s every reason to be optimistic.”Welser-Möst has been Cleveland's music director since 2002-03 and has appointed 69 musicians, including 52 of the current 105 members. And in those days, of course, I was like: How on earth is he doing that?”Welser-Möst first conducted the Cleveland Orchestra in 1993 and became music director for the 2002-03 season. On the afternoon of his return concert on Jan. 11, he announced he will retire as music director at the end of 2026-27, his 25th season.

Persons: — Franz Welser, “, George Szell, ”, Verdi's, Möst, André Gremillet, Franz Leopold Maria Möst, Baron Andreas von Bennigsen, Herbert von Karajan, Karajan, Albert Moser, Vienna’s, “ I’d, wasn't, “ I’m, Clive Gillinson, he's, Beethoven's, Strauss, “ I’ve, Riccardo Muti, Gustavo Dudamel Organizations: Cleveland, Cleveland's Severance Music Center, Carnegie Hall, Vienna Philharmonic, Vienna State Opera, Salzburg Festival, Cleveland Orchestra’s, Berlin Philharmonic’s, Karajan, Cleveland Orchestra, Carnegie, ” Carnegie Hall, Chicago Symphony Orchestra, Los Angeles Philharmonic, New York Philharmonic, “ Locations: Austrian, Austria, New York, Naples, West Palm Beach , Florida, Cleveland, Vienna, Linz, Welser, Liechtenstein, Salzburg, Berlin, York, Weimar Republic, Weimar, Zurich, U.S

☆ Will My Next Trip Be by Train Instead of Plane?
▼ + stars: | 2024-01-18 | by ( Paige Mcclanahan | ) www.nytimes.com time to read: +1 min

Train lovers and travelers concerned about their carbon footprint have a lot to choose from this year — especially in Europe. While some European governments are mulling short-haul flight bans, many passengers are already opting for rail, where new connections are numerous. Nightjet, part of the Austrian federal railway, ÖBB, started running a sleeper train between Berlin and Paris in December, while the French rail operator, S.N.C.F., started overnight service between Paris and Aurillac, in south-central France, the same month. And the Italian rail operator Trenitalia has recently started running a weekly high-speed connection between Rome and the station serving the Pompeii archaeological park. Other new European connections include a sleeper service between Brussels and Prague, coming in late March, and an overnight train between Brussels and Bratislava, Slovakia, expected late this year or early next.

Persons: Trenitalia Organizations: Orient, Accor Locations: Europe, Austrian, ÖBB, Berlin, Paris, Aurillac, France, Vienna, Nice, Rome, Brussels, Prague, Bratislava, Slovakia, Barcelona, Madrid, Milan, Ljubljana, Slovenia, Italy, Palermo, Portofino, Siena

☆ Are you sure you have nothing to declare? Let Arnold Schwarzenegger and his pricey watch be a lesson to us all.
▼ + stars: | 2024-01-18 | by ( Monica Humphries | ) www.businessinsider.com time to read: +4 min

Arnold Schwarzenegger was detained at Munich's airport after bringing a watch he planned to gift. Schwarzenegger had not declared the item, which is required by Germany's customs authority. A luxury travel agent says this is an important rule to keep in mind if you're traveling with gifts. AdvertisementArnold Schwarzenegger was detained for more than two hours at Germany's Munich International Airport after failing to declare a luxury watch, CNN reported. Advertisement"The watch will likely still be auctioned tomorrow, and the Schwarzenegger Climate Initiative will properly report it, as all of Arnold's non-profits do," the source told BI.

Persons: Arnold Schwarzenegger, Schwarzenegger, —, Thomas Meister, Meister, Michael Trager Organizations: Service, Germany's, CNN, Germany's Central Customs Authority, EU, Austrian, Schwarzenegger, Initiative, Travelers, Customs Authority's, Customs Authority, TravelZork, Travel Edge Locations: California, Munich, Kitzbuhel, Austria, d3sign, Germany

☆ Markets getting ahead of themselves on rate cuts and risk being 'self-defeating,' ECB member says
▼ + stars: | 2024-01-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Markets are "getting ahead of themselves" with rate cut expectations, the president of the Dutch central bank, Klaas Knot, told CNBC Wednesday. But a lot needs to go well for that to happen," European Central Bank member Knot said, speaking at the World Economic Forum in Davos. "Underlying that projection is an interest rate path, assumed interest rate path, that contains significantly less easing than is currently embedded in market pricing. ECB officials have largely pushed back on market expectations for interest rate cuts starting as soon as the spring. Austrian central bank head Robert Holzmann, an ECB arch-hawk, told CNBC on Monday that there were threats to the inflationary picture that could mean rates do not move lower at all this year.

Persons: Klaas Knot, Knot, Robert Holzmann Organizations: CNBC, Central Bank, Economic, ECB Locations: Dutch, Davos, Austrian

CNN —Josef Fritzl, the infamous Austrian rapist and sex offender, is seeking to be transferred from prison to a nursing home due to his deteriorating health and a recent psychiatric assessment that deemed him to be no longer a danger to society, according to his lawyer. Fritzl’s lawyer Astrid Wagner told CNN that “expert opinion suggests that his illness has reached a point where the likelihood of committing serious offenses with significant consequences has diminished,” citing the assessment. Fritzl kept four of those children captive in the cellar with his daughter, while allowing the others to live upstairs with his wife. Wagner is hoping that Fritzl will be released into an open prison and subsequently a nursing home. A three-judge panel will now decide whether he should be conditionally released to a regular prison.

Persons: CNN — Josef Fritzl, Astrid Wagner, Fritzl, Wagner, ”, Ferdinand Schuster, Krems, Schuster Organizations: CNN, ” CNN Locations: Austria, Fritzl, Krems

☆ Mega rich renew call on global leaders at Davos to 'tax our extreme wealth'
▼ + stars: | 2024-01-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Austrian Marlene Engelhorn, who inherited from her family who owns the Germany's chemical giant BASF, poses with a placard reading "Tax the rich!" at the entrance of the Congress center on the opening of the annual meeting of the World Economic Forum (WEF) in Davos, on January 15, 2024. In an open letter to political leaders gathered at the annual World Economic Forum in Davos, Switzerland, the rich signatories said they wished to deliver a clear message: "Tax our extreme wealth." "We are surprised that you have failed to answer a simple question that we have been asking for three years: when will you tax extreme wealth?" But it will turn extreme and unproductive private wealth into an investment for our common democratic future."

Persons: Marlene Engelhorn, Fabrice COFFRINI, FABRICE COFFRINI, Abigail Disney, Simon Pegg, Valerie Rockefeller, Brian Cox, Logan Roy, Cox Organizations: BASF, Economic, Getty, Oxfam Locations: Davos, AFP, Switzerland, HBO's

☆ Opinion: The Mideast conflict on campus is too simplistic
▼ + stars: | 2024-01-17 | by ( Peter Rutland | ) edition.cnn.com time to read: +7 min

Many college students are taught that American society is the product of “settler colonialism” — a history of conquest and exploitation. In this simplistic framing, the plight of the Palestinians is just one more example of the familiar evils of settler colonialism. The Gaza war is better understood as a conflict between two competing nationalist projects than as a case of settler colonialism. There are a number of inconvenient historical truths that complicate the “settler colonialism” narrative. Another problem with the settler colonialism narrative is that it treats each side as a monolithic actor, playing the role of colonizer and victim, respectively.

Persons: Peter Rutland, Olivia Drake, Benjamin Netanyahu, Israel ”, ”, —, Israel, Raphael Lemkin, colonizer, Netanyahu, Abraham Organizations: Wesleyan University, Association for, Nationalities, CNN, Harvard, University of Pennsylvania, United, Palestine, Palestinian, Austrian, West Bank, Abraham Accords, United Arab, Arab League Locations: Russia, Europe, Eurasia, Israel, United States, Gaza, Israel’s, Americas, Palestine, Vienna, Vilnius, Lviv, Russian, Galicia, Egypt, Jordan, Bosnia, Northern Ireland, Saudi Arabia, United Arab Emirates, Bahrain, Morocco, Sudan, Palestinian, Iran, Turkey, Qatar, Cairo

☆ As others try to quash rate cut talk, European Central Bank's Centeno flags inflation progress
▼ + stars: | 2024-01-16 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Euro zone inflation is moving in the right direction, Portugal's central bank governor Mario Centeno said Tuesday, despite his peers on the European Central Bank Governing Council striking a more hawkish tone in recent days. "We target medium term inflation, we don't target February inflation, and the trajectory is very positive right now," Centeno told CNBC at the World Economic Forum in Davos, Switzerland. "I don't say that overshooting is a possibility, but we don't need to do more than is needed to bring inflation in the medium term to 2%. Since the end of 2022, all our forecasts to 2025 show a very well-anchored forecast for inflation in the medium term." Services inflation is falling faster than it went up and is on a particularly positive course, according to Centeno.

Persons: Mario Centeno, Centeno, Robert Holzmann, Holzmann, We've Organizations: European Central Bank Governing Council, CNBC, Economic, ECB Locations: Davos, Switzerland, Austrian

☆ ECB hawk Holzmann sees possibility of no rate cuts this year
▼ + stars: | 2024-01-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB hawk Holzmann sees possibility of no rate cuts this yearAustrian central bank governor, Robert Holzmann, discusses the interest rate outlook, risks to the European Central Bank's inflation forecast, and why he would "definitely bet" on no rate cut in the spring.

Persons: Robert Holzmann Organizations: ECB Locations: Austrian

☆ OMV CEO says Russia’s war in Ukraine reaffirms the need to diversify gas supplies
▼ + stars: | 2024-01-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOMV CEO says Russia’s war in Ukraine reaffirms the need to diversify gas suppliesSpeaking to CNBC at the World Economic Forum in Davos, Switzerland, Alfred Stern, CEO of Austrian energy major OMV, discusses the need to diversify gas supplies amid Russia’s ongoing war in Ukraine.

Persons: Alfred Stern Organizations: CNBC, Economic Locations: Ukraine, Davos, Switzerland

BERLIN (AP) — Thousands of people gathered in Germany on Sunday for demonstrations against the far right, among them Chancellor Olaf Scholz and his foreign minister, following a report that extremists recently met to discuss the deportation of millions of immigrants, including German citizens, if they took power. There were protests in Potsdam, just outside Berlin, and at the Brandenburg Gate in the German capital. The furor has prompted some calls for Germany to consider seeking to ban AfD, which has moved steadily to the right since its founding in 2013. AfD is currently second in national polls, behind the mainstream center-right opposition and ahead of the parties in the center-left Scholz 's unpopular coalition. Germany faces the European Parliament election in June and then state elections in September in three eastern regions where AfD is very strong.

Persons: Olaf Scholz, Scholz, Annalena Baerbock, Baerbock, ”, Martin Sellner, Mike Schubert Organizations: BERLIN, Identitarian, Germany, Identitarian Movement, Austrian, Potsdam Locations: Germany, Potsdam, Berlin, Duisburg, Brandenburg

☆ An heiress is seeking 50 strangers to help her give away her $27 million inheritance
▼ + stars: | 2024-01-13 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +3 min

Marlene Engelhorn, 31, is set to give away $27 million of her inheritance. She is recruiting 50 strangers to help her distribute the money to worthy causes in Austria. Advertisement"In Austria, the wealthiest one percent hoards up to 50 percent of the net wealth," Engelhorn said, per the Washington Post. Austria abolished inheritance and gift taxes in 2008, while the United States lacks a federal inheritance tax, with only some states imposing such taxes, the Washington Post reports. Wealth taxes are the least we can do to take responsibility.

Persons: Marlene Engelhorn, Friedrich Engelhorn, —, Traudl, Engelhorn, Engehorn Organizations: BASF, Service, Austrian, Good, Daily Mail, Millionaires, Washington Post Locations: Austria, Salzburg, Amsterdam, Washington, United States

☆ The most exciting new trains coming in 2024
▼ + stars: | 2024-01-04 | by ( Ben Jones | ) edition.cnn.com time to read: +13 min

CNN —Around the world, travelers are flocking back to trains, and demand is increasing across the board for high-speed trains, luxury “land cruises” and long-distance day and night trains. Here are some of the best new trains you’ll be able to take in 2024. Laurie Dieffembacq/Belga/AFP/Getty ImagesLinks between two of Europe’s most visited capitals have traditionally been pretty poor, with no direct trains since the 1990s. Ian Clarke/Alamy Stock PhotoFour continents, 13 countries, and seven luxury trains across 80 days – the ultimate experience for rail travel connoisseurs is due to depart in late 2024. BelmondOne of the world’s greatest luxury train journeys is returning to the rails in 2024 after a four-year gap.

Persons: Laurie Dieffembacq, Dimorestudio, Vita ”, Riva Aquarama, itineraries, Jeroen Berends, Gabriel Bouys, it’s, Jesus Hellin, That’s, Trenitalia, Luigi Ferraris, France –, Railbookers, Ian Clarke, we’ve, ”, Frank Marini, Alex Halada, There’s Organizations: CNN, Orient, Getty, ÖBB, Austrian Federal Railways, SNCF, Eurostar, National, Europa Press, French, Renfe, FS, Rocky Mountaineer, Royal, Orient Express, Oriental, ”, Oriental Express, Austrian Railways, Swiss Locations: Swiss, Venice, Paris, Berlin, AFP, Strasbourg, Frankfurt, Italy, Rome, Matera, Palermo, Sicily, Messina, Europe’s, Istanbul, Split, Brussels, Prague, Europe, Dutch, Dresden, Belgian, Roman, Naples, Madrid, Spain, France, Spanish, Barcelona, Lyon, Marseille, Canada, Central Europe, India, South Africa, Eastern, Vancouver, Malaysia, Singapore, Malaysia’s, Kuala Lumpur, Langkawi, Penang, Bangkok, Vienna, Innsbruck, Hamburg, Switzerland, Germany, Zürich, Gornergrat Bahn, Zermatt, Gornergrat, Riffelalp

☆ Far-right parties eye gains in next year's EU parliament elections
▼ + stars: | 2023-12-03 | by ( Alvise Armellini | ) www.reuters.com time to read: +3 min

ROME, Dec 3 (Reuters) - European far-right parties met in Italy on Sunday vowing to reshape the European Union after next year's European Parliament elections, toughening the bloc's approach on immigration and softening its climate policies to protect jobs and industry. Parties from around a dozen countries gathered in Florence, galvanised by last month's general elections in the Netherlands, which handed a surprise win to Geert Wilders' anti-immigration Freedom Party (PVV). The far-right Identity and Democracy (ID) group is now the sixth-largest in the EU assembly, also behind liberal, green and conservative groups, but current polling data place it in fourth position. Salvini, who has failed to include in his alliance Prime Minister Giorgia Meloni and her poll-leading Brothers of Italy party, fronted a previous unsuccessful push in 2019 for a far-right breakthrough in EU elections. Wilders hailed Salvini, leader of the League party, as an inspiration and his "number one Italian friend."

Persons: Geert Wilders, Matteo Salvini, Salvini, Giorgia Meloni, Wilders, Tino Chrupalla, Jordan Bardella, righters, Chrupalla, Harald Vilimsky, Vladimir Putin, Chizu Organizations: European Union, Party, League, Marine, Austrian Freedom Party, Thomson Locations: Italy, European, Florence, galvanised, Netherlands, Europe, Germany, Africa, Austrian, Russia, Ukraine, Israel

☆ Benko's complex web at Signa - from Chrysler building to Berlin landmark
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +6 min

SIGNA PRIME/PROPERTY PORTFOLIOAccording to Signa, Prime is the group's largest company in its real estate division, valued at around 20.4 billion euros ($22.23 billion). Since 2019 Signa Holding has also been a co-owner of New York's iconic Chrysler Building. TRADING/RETAIL COMPANIESBenko has bundled his trading interests under the divisions Signa Retail and Signa Premium. In Switzerland, Benko's trading investments are bundled into Signa Retail Selection AG, which filed for bankruptcy protection on Wednesday. In 2018, Signa Holding bought around 24% stake in Austrian daily newspapers "Krone" and "Kurier" from Funke media group.

Persons: Lisi Niesner, Rene Benko, Ernst Tanner, Hans Peter Haselsteiner, Torsten Toeller, Arthur Eugster, SIGNA, Signa, Otto Wagner, Benko's, Klaus, Michael Kuehne, Kuehne, Hamburg's, Chirathivat, Benko, Frasers, Kaufhof, Karstadt, Galeria, Alexandra Schwarz, Goerlich, Mattias Inverardi, Victoria Farr, Emma, Rachel More, Elisa Martinuzzi, Tomasz Janowski Organizations: Signa, REUTERS, Chrysler, Bank Austria, Femina, Chrysler Building, . Central Group, Globus, Selfridges, Central Group, Funke, Thomson Locations: Berlin, Germany, New, Britain's Selfridges, Innsbruck, Swiss, Vienna, Hamburg, KaDeWe, Oberpollinger, Munich, Vienna's, Tyrol, Essen, Duesseldorf, London, Switzerland

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBRUSSELS, Nov 30 (Reuters) - Meta Platforms' (META.O) paid no-ads subscription service, which it rolled out in Europe this month, breaches EU consumer laws, Europe's largest consumer group said on Thursday as it took its grievance to consumer protection authorities. Meta has said it launched the paid no-ads subscription service, which applies to Facebook and Instagram, to comply with EU rules requiring companies to give users a choice on whether their data can be collected and used for targeted ads. It also took issue with the "very high subscription fee for ad-free services" which could deter users. The ad-free service cost 9.99 euros ($10.96) monthly for Web users and 12.99 euros for iOS and Android users. Meta has said these prices are in line with Google's (GOOGL.O) YouTube and Spotify's (SPOT.N) premium services and with Netflix (NFLX.O).

Persons: Dado Ruvic, NOYB, Meta, BEUC, Ursula Pachl, Pachl, Foo Yun Chee, Matthew Lewis Organizations: Meta, REUTERS, Rights, European Consumer Organisation, CPC, Facebook, EU, YouTube, Netflix, Thomson Locations: Rights BRUSSELS, Europe, Austrian, Brussels

☆ UK's Frasers plans to buy SportScheck assets out of administration
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

'SportScheck' store is seen closed due to the coronavirus disease (COVID-19) pandemic in Munich, Germany, February 5, 2021. REUTERS/Michaela Rehle/File Photo Acquire Licensing RightsNov 30 (Reuters) - British sports and fashion group Frasers (FRAS.L) said on Thursday it will seek to buy SportScheck's business and assets out of administration after the German sporting goods retailer filed for insolvency. Signa on Wednesday filed for self-administered reorganisation proceedings, and media reports followed on Thursday that SportScheck would also file for insolvency. Frasers confirmed SportScheck's administration in its statement and said it exercised its rights under its agreement with Signa to withdraw from the deal. However, the London-listed group said it intends to work with SportScheck's appointed administrator to purchase its business and assets.

Persons: Michaela Rehle, Frasers, Signa, SportScheck, SportScheck's, Sri Hari, Krishna Chandra Organizations: REUTERS, SportScheck, Retail, Sports, Sri, Thomson Locations: Munich, Germany, London, SportScheck, Bengaluru

☆ What one Swiss bank's troubles can tell us about market vulnerabilities — and social media
▼ + stars: | 2023-11-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A pedestrian sheltering under an umbrella passes a Julius Baer Group Ltd. branch in Zurich, Switzerland, on Tuesday, July 13, 2021. The share price of Julius Baer plummeted after the Swiss private bank disclosed 606 million Swiss francs ($692.7 million) of loan exposure to a single conglomerate client. The 606 million Swiss franc exposure to one client — via three loans to different entities within a European conglomerate — is collateralized by commercial real estate and luxury retail, the company revealed. The bank last week booked provisions of 70 million Swiss francs to cover the risk of a single borrower in its private loan book. The European Central Bank recently examined the commercial real estate sector and the provisioning methods and capital buffers of European banks.

Persons: Julius Baer, Signa, Julius Baer's CET1, DBRS Morningstar, Vitaline Yeterian, Elisabeth Rudman, Julius Baer's Organizations: Julius Baer Group, Austrian, DBRS, CNBC, European Central Bank, Swiss Locations: Zurich, Switzerland, Swiss

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