The Most Valuable Monuments In Europe

By Mark Johanson | August 23 2012 11:29 AM

Photo: wikicommons

No. 5 Italy

Arrivals: 46.1 million Major Draws: ancient civilizations, café culture, fashion

Photo: wikicommons

No. 9 Spain

With 22 days of annual leave plus 12 public holidays, Spaniards get a total of 34 paid days off.

Photo: wikicommons

Detroit carmakers to seek big union concessions: report

The three big Detroit automakers will seek unprecedented concessions from the United Auto Workers union (UAW) in contract negotiations, The Wall Street Journal reported in its online edition on Thursday, citing auto executives.

General Motors Corp., Ford Motor Co. and DaimlerChrysler AG's Chrysler Group are looking to close a gap in labor costs of $10 billion a year compared with their leaner Asian rivals, according to the report.

None of the three automakers or the UAW was immediately available for comment.

One industry executive told the Journal the three companies are resolved to move jobs overseas if they cannot reduce their U.S. labor costs.

In the past they have agreed to costly labor contracts, but this time the carmakers are united in believing they have no choice but to close the cost gap, according to the report.

The crucial round of contract talks with the UAW begins next month. A four-year deal on wages and benefits expires in September.

Photo: REUTERS

No. 7 United Kingdom

Arrivals: 29.3 million Major Draws: cities, culture, business, historical sites

Photo: wikicommons

No. 6 The Prado Museum, Madrid

The Prado Museum is worth €59.262 billion ($74.409 billion).

Photo: wikicommons

Bankruptcy fears mount at GM

General Motors has substantial doubt about its ability to continue as a going concern if it fails to stem its losses and generate cash, and it may be forced to file for bankruptcy, the automaker said on Thursday.

GM has requested up to $30 billion of government loans to survive the industry downturn.

Shares of GM were down nearly 7 percent at $2.05 in light trading before the market opened.

(Reporting by Franklin Paul; Editing by Lisa Von Ahn)

It lights up the Parisian sky and graces postcards, key chains and holiday photos, but new figures show that the Eiffel Tower is more than just an iconic tourist attraction -- it's the most valuable monument in Europe.

In fact, it's so valuable that its worth is six times the Tower of London's value and more than 40 times the value of Stonehenge. The puddled iron lattice beacon on the Champ de Mars is valued at a staggering €434.660 billion ($545.759 billion), according to a new study by Italy's Monza and Brianza Chamber of Commerce.

The study's authors note that the tower's artistic and cultural heritage is a major economic attractor, and based their findings, which are not based on the iconic tower's tangible assets but rather on its image, brand and visibility. The authors cross-referenced 10 different parameters from various analysts and statistics bodies to arrive at their results. The reputational value was then calculated on economic, cultural and business factors such as visitor flow, the number of employees in the tourism sector and the value of the territory.

The 1,050-foot-tall "Iron Lady" is not just the most valued monument in Europe, it's also the most visited, with eight million tourists annually. Built as the entrance arc for the 1889 World's Fair, now, over a century later, the study puts the Eiffel Tower's worth at the equivalent of 25 percent of France's GDP.

Italy's il Giornale paper, however, questioned if it was really worth as much as the study claims.

"Are we sure it's worth more than the Colusseum and Duomo combined? If the answer is 'no,' the logical conclusion is that in Italy we don't know how to make as much as we should out of the vast artistic and cultural heritage we possess."

Italy's Panorama magazine was equally critical: "Is this a surprising, outrageous and incredible assessment? Far from it ... We are confronted with the stark reality that our country no longer has confidence in itself, that it has lost its memory."

For a complete look at the most valuable monuments in Europe, according to the Italian study, press "Start."