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Italian artist picked in €1.25m ECB makeover

The European Central Bank said on Monday it has commissioned new works from three leading contemporary artists to adorn its spectacular new headquarters in Frankfurt.

Italian artist picked in €1.25m ECB makeover
Italian sculptor Giuseppe Penone is one of three artists who will help adorn the ECB's new headquarters: Photo: Giuseppe Penone Yoshkazu Tsuno/AFP

Italian sculptor Giuseppe Penone, Bulgarian installation artist Nedko Solakov and British conceptual artist Liam Gillick "are the winners of the ECB's international competition for site-specific artworks at its new premises," the central bank announced in a statement.

The artists will create artworks for three different locations at the new premises – a twin-tower glass skyscraper by Vienna-based architects Coop Himmelb(l)au – in the east of Frankfurt.

The overall budget for three works is €1.25 million ($1.6 million), the statement added.

The competition was launched in February, with a selection committee of internationally renowned art experts drawing up a list of artists from across
the EU.

In total, 59 artists from the 28 member states were nominated.

The shortlisted artists were then asked to submit a proposal and the jury then selected the best proposal for each of the three locations.

"The jury has chosen three impressive works, representing European art at its best. We hope they will inspire, spark discussions and shift perspectives," said jury chief and ECB executive board member Benoit Coeure.

The three works are to be inaugurated in the autumn of 2015.

The ECB has been housed in a skyscraper in downturn Frankfurt since it was created in 1998. Work began on its new headquarters in the historic Grossmarkthalle (wholesale market) in the east of the city in 2008, and it is now nearly completion.

The new building is expected to be officially inaugurated early next year.

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BANK

Deutsche Bank to pay $130m to settle US bribery probes

Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced on Friday.

Deutsche Bank to pay $130m to settle US bribery probes
A woman walks past the offices of Deutsche Bank in London. Photo: Tolga Akmen / AFP
The bribery case relates to illegal payments and to false reporting of those sums on the bank's books and records between 2009 and 2016, the Department of Justice said in a press release.
   
The bank “knowingly and wilfully” kept false records after employees conspired with a Saudi consultant to facilitate bribe payments of over $1 million to a decision maker, the DOJ said.
   
In another case, the bank paid more than $3 million “without invoices” to an Abu Dhabi consultant “who lacked qualifications… other than his family relationship with the client decision maker,” the DOJ said.
   
In addition to criminal fines and payments of ill-gotten gains, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.
 
   
In the commodities fraud case, Deutsche Bank metals traders in New York, Singapore and London between 2008 and 2013 placed fake trade orders to profit by deceiving other market participants, the DOJ said.
   
The agreement took into account Deutsche Bank's cooperation with the probes, DOJ said.
   
“Deutsche Bank engaged in a criminal scheme to conceal payments to so-called consultants worldwide who served as conduits for bribes to foreign officials and others so that they could unfairly obtain and retain lucrative business projects,” said Acting US Attorney Seth D. DuCharme of the Eastern District of New York.
   
“This office will continue to hold responsible financial institutions that operate in the United States and engage in practices to facilitate criminal activity in order to increase their bottom line.”
   
“We take responsibility for these past actions, which took place between 2008 and 2017,” said Deutsche Bank spokesperson Dan Hunter, adding that the company has taken “significant remedial actions” including hiring staff and upgrading technology to address the shortcomings.
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