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Paul Almeida: My European Favourites in 5 – 4 – 3 – 2 – 1!
Salzburg, Austria by Paul Almeida
Salzburg is one of my favourite mid-sized cities in Europe and Austria’s fourth largest city, with only about 150,000 residents. Geographically, it lies at the foot of the Eastern Alps, close to the German border and is bisected by the Salzach River. The compact old town, with medieval and baroque architecture is classified as a UNESCO World Heritage Site and is easy to explore on foot. Salzburg is visited annually by millions of tourists from around the world and our Azorcan tour groups often list it as a favourite stop.
Salzburg, Austria
5 FUN FACTS
Salzburg literally means “Salt Fortress.” The reigning Prince-Archbishops, the city and the region became wealthy mainly from the salt mines in the area, trade and some gold mining. Don’t miss the opportunity to visit a salt mine in the area to learn more about the extraction of the “white gold.”
The 11th century Hohensalzburg is one of the largest and best preserved medieval fortresses in Europe. You can walk up the path to the fortress or you can take the Festungsbahn funicular railway located just off the Kapitelplatz. From the fortress, you can enjoy some of the best views of the city and the surrounding area.
Composer Wolfgang Amadeus Mozart was born on January 27, 1756 in Salzburg, and you can visit his birthplace which is also a museum. You can’t miss the bright yellow building at No. 9 Getreidegasse with “Mozart’s Gebursthaus” in gold letters on the façade. The Getreidegasse is a pedestrian street with shops and restaurants. The ornamental wrought iron signs on the building facades harken back to medieval times. The Schlosserei Wieber shop on the Getreidegasse is a traditional metalworking shop that also continues to make these signs. The city celebrates Mozart Week festival in January around his birthday. A friend once joked that “Mozart was my favourite composer, now he’s my favourite decomposer.”
Hohensalzburg Fortress, Mozart’s Gebursthaus and the metal signs on the Getreidegasse
The famous Salzburg Festival, established in 1920 and which features some of Mozart’s works, is held each summer for five weeks starting in late July. With approximately two hundred drama, concert, and opera events and a quarter of a million visitors, it is a huge undertaking and an important driver of the local economy. The festival celebrated its 200th anniversary in 2020 but unfortunately plans had to be scaled back due to the corona virus pandemic.
The Rodgers and Hammerstein musical, “The Sound of Music,” about the Von Trapp family was set in Salzburg and movie fans love to search out film locations in the city.
Some of the most popular places to seek out are St. Peter’s cemetery, the Mirabell Palace and gardens with the Pegasus fountain, the Horse Pond, the Residence Square with it’s baroque fountain, Schloss Leopoldskron and the Nonnberg Abbey. The Rock Riding School, which was initially built to be a cathedral but was changed to a riding school by the Prince-Archbishop, later became Salzburg’s favourite concert venue. This is where the real Von Trapp family won the 1936 Salzburg Music Festival. There are other film locations located in the surrounding areas and there are tours that focus on the Von Trapp’s and the movie.
Mirabell Gardens, Makartsteg Bridge and the view of the old town from the Mochsberg
4 POINTS OF INTEREST
A walking tour of Salzburg usually starts at the Mirabell Palace gardens. The Palace was built by a Prince-Archbishop in 1606 and has a grand marble hall that is popular for weddings. The view from the palace’s gardens to the Hohensalzburg fortress in the summer when the geometrically laid flowers are in bloom is amazing. The Grand Fountain in the centre of the garden with four mythological statues representing the elements (Fire, Air, Earth, Water), the Dwarf Garden, and the Pegasus Fountain are popular photo stops. The best way to cross the Salzach river to the old town from the Mirabell gardens is the pedestrian Makartsteg Bridge which is usually adorned with numerous “love locks.” The locks are inscribed with the lovers initials, attached to the fencing and the key thrown into the Salzach.
As you cross the river to the old town (Altstadt), go to the right and you will find the Monchsberg lift which takes you up to the Museum of Modern Art (Museum der Moderne). The café at the museum is a great place to have a cappuccino and cheese strudel as you admire the view of the old town. The Monchsberg, which was named after the Benedictine monks, is one of five mountains or hills in Salzburg. The Monchsberg plateau has a hiking path through the forest that you can take and enjoy scenic views all the way to the Hohensalzburg fortress. The city has a mountain inspector’s office (Bergputzer) to check the mountain for possible falling rocks. In 1669, an avalanche of rock landed on the city below and killed over 200 people.
On the University Square (Universitatplatz), you will find the Grünmarkt or green
Market that goes back to the 18th century. The farmers market still has vendors selling fruit, vegetables, cheeses, meats, breads and pastries. It’s a great place to sample local products, or grab a quick lunch or a pretzel. The Kollegienkirche or University church dominates the square, and there are several historic buildings surrounding the lively square.
Pretzel kiosk on University Square, Residence Square and the Salzburg Cathedral>
A short walk from the University Square will take you past the Alter Markt square with the St. Florian Fountain and into the expansive Residence Square (Residenzplatz). The square has a magnificent baroque fountain decorated with four horses snorting water, giants, dolphins and a triton. Here is where you can find horse drawn carriages to enjoy the city centre at a leisurely pace. The Residence museum on the square is a testament to the immense wealth and political power of the Prince-Archbishop’s of Salzburg. The lavish state rooms and painting collection make it a top attraction. The 17th century baroque Salzburg Cathedral or Dom on the square is connected to the Residence. The Cathedral has religious relics of St. Rupert, an impressive pipe organ, plus an ornate ceiling and dome. The baptismal font is the same one used to baptize Mozart.
3 INTERESTING ACTIVITIES
To fully understand the significance of salt to the fortunes of Salzburg take a short trip to the Salzbergwerk Dürrnberg, which is located on the Dürrnberg above the town of Hallein. After supplying you with miner’s overalls, you will go by rail deep into the mountain where you will walk through the tunnels, go down two long slides and take a raft trip across an underground salt lake. The very informative tour explains the history of the mine from the age of the Celts to modern mining methods. After the tour be sure to visit the SALINA Celtic village to see how life was 2,600 years ago.
The Red Bull Hanger 7 at the Salzburg Airport is an impressive glass structure that houses the Flying Bulls historical airplane and helicopter fleet plus a collection of Formula 1 race cars. Austrian Red Bull founder and billionaire Dietrich Mateschitz is the owner of the hanger and the collection. If you like cars or planes, this is a must stop when you visit Salzburg or have a layover at the airport.
Going into the Salt Mine, a Red Bull concept race car and inside the Hanger 7
The imposing 900 year old medieval Hohenwerfen Castle, surrounded by the Berchtesgaden Alps, is located about 40 km south of Salzburg and overlooks the town of Werfen. A funicular takes you from the parking area up to the castle’s interior courtyard. The castle has an extensive weapons exhibit. The main event is a birds of prey demonstration from the Salzburg Falconry Center in the exterior courtyard with falcons, kites, vultures, and eagles. Some of these birds are huge and have no problem walking amongst the spectators. Be sure to check the daily times of the demonstrations in advance.
The impressive Hohenwerfen Castle, the courtyard and a large eagle
2 LOCAL DISHES TO ORDER
Tafelspitz is a popular Austrian dish of veal and vegetables that is simmered slowly. The broth is served separately as a first course then the veal and root vegetables are accompanied by apple-horsradish and chives.
Salzburger Nockerl was invented in Salzburg in the 17th century. Nockerl are vanilla flavoured dumplings dusted with powdered sugar and served with fruit jams or sauces. The warm dumplings arrive in three mounds to represent the three hills that surround Salzburg.
A Salzburger Nockerl, the Augustiner Brewery and their beer gardens
1 BEVERAGE TO ENJOY
There are eleven breweries in Salzburg, and the city is known as Austria’s beer capital. The Stiegl brewery has been privately owned since 1492. The Stieglkeller, located below the Hohensalzburg fortress, is a restaurant and beer garden that offers great views of the old town.
Established in 1621, the Augustiner Brau brewery and tavern is the biggest in Austria with indoor seating and a beer garden. In addition to great beer, you can purchase traditional dishes from food stands located inside the hall or the brewery.
Salzburg is a university town and has a lively café, beer garden and nightlife scene.
In addition to Mozart Week and the Salzburg Music Festival locals celebrate Fasching, Easter and harvest festivals. Salzburg’s Christmas markets are very popular and some shops in the old town specialize in Christmas.
Paul Almeida is the President of Azorcan Global Sport, School and Sightseeing tours and his company has taken thousands of people to Europe on custom group tours since 1994.
Visit azorcan.net to see all our custom group tour possibilities and to see our signature sport, sightseeing and sport fan tours individuals can now join.
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Images compliments of Paul Almeida and Azorcan Tours.
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By Ian Bickis in Toronto
Royal Bank of Canada is taking measures to prepare for a more uncertain year ahead, but results from the past quarter still show gains in key areas like loans and new client additions.
The bank, which on Tuesday announced it had reached a deal to buy HSBC Bank Canada for $13.5 billion, said Wednesday it was raising its dividend for the last time until the deal is closed, while also announcing a two per cent discount on dividend reinvestments to help boost its balance sheet.
Given the potential slowdown ahead, the bank also set aside $381 million for potentially bad loans, compared with a reversal of $227 million last year, which offset gains elsewhere in the quarter to leave earnings of $3.88 billion just $10 million shy from a year earlier.
The actions on loan provisions and dividend discounts come as elevated housing and energy prices, geopolitical instability, and rising interest rates put pressure on growth, affect asset valuations and adds to market volatility, said RBC chief executive Dave McKay.
“We maintain our cautious stance on the outlook for economic growth,” he said on an analyst call.
“Although higher interest rates are needed to preserve long term economic stability, the lagging impact of monetary policy, combined with strong employment and significant liquidity in the system, has likely delayed what may end up being a brief and moderate recession.”
While rising rates put pressure on the economy, RBC is especially well positioned to benefit from them as the net interest margins on its sizable deposit base grows.
The bank said it saw net income in personal and commercial banking grow five per cent from a year ago to $2.14 billion, mostly due to those higher margins along with average volume growth of 10 per cent in loans, and wealth management also got a boost from higher net interest income and loan volume growth.
The boost from rising interest margins come as a benefit of RBC’s scale, which it continues to push to increase, both through the HSBC Canada acquisition, and more organic growth.
HSBC Canada gives the potential for RBC to add some 800,000 clients if it goes through as expected in late 2023, while this year the bank added 400,000 clients, and expects its client referral deal with the Canadian division of India’s ICICI Bank to direct some 50,000 more customers as immigration levels reach record highs.
The bank is well-positioned to add more clients, and deposits, next year to provide lower-cost funding for its loans, said McKay.
“We believe our largely deposit-funded balance sheet will be a key driver of profitability in a rising rate environment,” he said.
The bank’s capital markets business shows the clearest indications of volatility, with net income of $617 million down 33 per cent from a year earlier, but up 29 per cent from the third quarter.
Revenue totalled $12.57 billion, up from $12.38 billion a year earlier.
The quarter showed strong loan growth and no signs of a credit spike for RBC, said Scotiabank analyst Meny Grauman in a note, but he wondered about what the bank’s move on the discounted dividend reinvestment plan (DRIP) shows for the bank’s capital outlook, given the expected tougher economic conditions next year.
“In that context a defensive move on the DRIP raises questions about downside risks,” said Grauman.
He said the bank’s better-than-expected earnings, which came in at an adjusted $2.78 per diluted share for the quarter compared with a consensus of $2.68, according to Refinitiv, was from higher revenues and smaller loan provisions than expected.
Bank expenses however, which were up 9.5 per cent for the quarter compared with last year on higher staffing costs and some acquisition-related increase, came in higher than expected.
RBC said it will now pay a quarterly dividend of $1.32 per share, an increase of four cents.
For its full financial year, RBC said it earned $15.81 billion or $11.06 per diluted share on $48.99 billion in revenue compared with a record profit of $16.05 billion or $11.06 per diluted share on $49.69 billion in revenue in the same period last year.
This report by The Canadian Press was first published Nov. 30, 2022.
Companies in this story: (TSX:RY)
By Nojoud Al Mallees in Ottawa
The Bank of Canada lost $522 million in the third quarter of this year, marking the first loss in its 87-year history.
In the central bank’s latest quarterly financial report, it says revenue from interest on its assets did not keep pace with interest charges on deposits at the bank, which have grown amid rapidly rising interest rates.
The Bank of Canada’s aggressive interest rate hikes this year have raised the cost of interest charges it pays on settlement balances deposited in the accounts of big banks.
That’s while the income the central bank receives from government bonds it holds remains fixed.
The Bank of Canada dramatically expanded its assets during the pandemic as part of its government bond purchasing program. Also known as quantitative easing, the policy was part of the central bank’s efforts to stimulate the economy.
That expansion in assets is now costing the central bank, as it paid for the government bonds with the creation of settlement balances.
Speaking before the House of Commons finance committee last week, Bank of Canada governor Tiff Macklem addressed the expected losses.
He said losses don’t affect the central bank’s ability to conduct monetary policy.
He noted the size and duration of the losses will depend on the path of interest rates and the evolution of the economy.
“Following a period of losses, the Bank of Canada will return to positive net earnings,” he said.
The Bank of Canada is looking to the federal government for a solution to balance its books.
While there are a few options available, some economists say the problem before the central bank is largely an accounting one rather than a monetary policy concern.
This report by The Canadian Press was first published Nov. 29, 2022.
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