Erin Burnett meets ‘Luce' in Rome
Erin Burnett meets 'Luce' in Rome
While the world awaits the results of the papal conclave, CNN's Erin Burnett encounters 'Luce,' a cartoon mascot symbolizing a pilgrimage to St. Peter's Square.
00:49 - Source: CNN
Vertical World News 15 videos
Erin Burnett meets 'Luce' in Rome
While the world awaits the results of the papal conclave, CNN's Erin Burnett encounters 'Luce,' a cartoon mascot symbolizing a pilgrimage to St. Peter's Square.
00:49 - Source: CNN
CNN correspondent in Pakistan describes India's attack
CNN's Nic Robertson reports live with details of first reactions from Pakistan's capital, Islamabad, shortly after India launched a military operation against the country just after midnight, Wednesday local time.
01:00 - Source: CNN
Explosions heard, India launches attack against Pakistan
India says it's launched a military operation against Pakistan, citing 'terrorist infrastructure' in both Pakistan and Pakistan-administered Kashmir, in a major escalation of tensions between the two neighbors. In video shared by Reuters, multiple loud explosions could be heard in the city of Muzaffarabad.
00:32 - Source: CNN
Carney says he asked Trump to stop '51st State' threats
Canadian Prime Minister Mark Carney told reporters following his meeting with President Trump at the White House he asked Trump to stop threatening to annex Canada. During the meeting, Carney told Trump in the Oval Office that Canada 'won't be for sale ever.'
01:04 - Source: CNN
Germany formally appoints new chancellor, Friedrich Merz
Germany's Friedrich Merz has formally become chancellor at the second attempt, hours after an unprecedented defeat signaled deep discontent within his coalition. In a hastily organized session Tuesday, 325 lawmakers voted to approve his appointment — more than the 316 he required.
00:41 - Source: CNN
Catholic group distributing dossier ahead of conclave
CNN's Chris Lamb reports on a dossier that is being distributed in Vatican City ahead of the conclave, by a conservative catholic group that some say is trying to influence the election of the new pope.
01:50 - Source: CNN
Could China outlast the US in a trade war?
President Donald Trump started a trade war with China, and now, Beijing and the people it governs are bracing for economic pressure. CNN's Kristie Lu Stout tells us how resilient China is in the tariffs battle.
01:38 - Source: CNN
Dalai Lama succession drama
During a visit to Tibet, CNN's Steven Jiang visited Potala Palace - the former winter residence of the Dalai Lamas for centuries until 1959, when the current Dalai Lama fled the region after a failed uprising against Beijing.
01:01 - Source: CNN
Tibet's first and only bullet train
CNN's Steven Jiang reports from the only bullet train service in Tibet, connecting the region's capital of Lhasa to the eastern Tibetan city of Nyingchi. The train is seen as Beijing's attempt to integrate the remote region with the rest of China.
01:31 - Source: CNN
Could Tibetan kids lose their native tongue?
01:37 - Source: CNN
Fareed's take on Trump's executive order record
Fareed Zakaria breaks down President Donald Trump's first 100 days executive order record and compares it to that of former President Franklin D. Roosevelt.
00:58 - Source: CNN
Drivers dodge flames as wildfires rage in Israel
Drivers on Highway 1 near Jerusalem were forced to flee their cars, leaving them abandoned on the highway as more than 100 teams across Israel fight wildfires on multiple fronts, authorities said.
00:49 - Source: CNN
Why China doesn't need the US auto market
If there is one thing to be learned from Auto Shanghai - China's largest automobile show - it's that China has dozens of car brands that can rival Western ones. BYD surpassed Tesla's profits, but other EVs like those made by Zeekr, Xiaomi and Chery are quickly joining the race. CNN's Marc Stewart took a rare test drive of Zeekr's new 7GT.
00:44 - Source: CNN
Car rammed into crowd at Vancouver festival
A car rammed into a crowd in Vancouver shortly after 8pm Saturday night during a festival celebrating Filipino heritage, killing at least nine people. Officials are still investigating the incident but do not suspect it to be an act of terrorism.
01:11 - Source: CNN
Massive explosion at Iranian port kills dozens
Over two dozen people have been killed and hundreds injured in a huge explosion at the port of Bandar Abbas in southwestern Iran, according to Iranian state media citing the country's interior ministry.
00:29 - Source: CNN
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Washington Post
25 minutes ago
- Washington Post
How the Vatican manages money and where Pope Leo XIV might find more
VATICAN CITY — The world's smallest country has a big budget problem. The Vatican doesn't tax its residents or issue bonds. It primarily finances the Catholic Church's central government through donations that have been plunging, ticket sales for the Vatican Museums, as well as income from investments and an underperforming real estate portfolio.
Associated Press
33 minutes ago
- Associated Press
How the Vatican manages money and where Pope Leo XIV might find more
Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] VATICAN CITY (AP) — The world's smallest country has a big budget problem. The Vatican doesn't tax its residents or issue bonds. It primarily finances the Catholic Church's central government through donations that have been plunging, ticket sales for the Vatican Museums, as well as income from investments and an underperforming real estate portfolio. The last year the Holy See published a consolidated budget, in 2022, it projected 770 million euros ($878 million), with the bulk paying for embassies around the world and Vatican media operations. In recent years, it hasn't been able to cover costs. That leaves Pope Leo XIV facing challenges to drum up the funds needed to pull his city-state out of the red. Withering donations Anyone can donate money to the Vatican, but the regular sources come in two main forms. Canon law requires bishops around the world to pay an annual fee, with amounts varying and at bishops' discretion 'according to the resources of their dioceses.' U.S. bishops contributed over one-third of the $22 million (19.3 million euros) collected annually under the provision from 2021-2023, according to Vatican data. The other main source of annual donations is more well-known to ordinary Catholics: Peter's Pence, a special collection usually taken on the last Sunday of June. From 2021-2023, individual Catholics in the U.S. gave an average $27 million (23.7 million euros) to Peter's Pence, more than half the global total. American generosity hasn't prevented overall Peter's Pence contributions from cratering. After hitting a high of $101 million (88.6 million euros) in 2006, contributions hovered around $75 million (66.8 million euros) during the 2010's then tanked to $47 million (41.2 million euros) during the first year of the COVID-19 pandemic, when many churches were closed. Donations remained low in the following years, amid revelations of the Vatican's bungled investment in a London property, a former Harrod's warehouse that it hoped to develop into luxury apartments. The scandal and ensuing trial confirmed that the vast majority of Peter's Pence contributions had funded the Holy See's budgetary shortfalls, not papal charity initiatives as many parishioners had been led to believe. Peter's Pence donations rose slightly in 2023 and Vatican officials expect more growth going forward, in part because there has traditionally been a bump immediately after papal elections. New donors The Vatican bank and the city state's governorate, which controls the museums, also make annual contributions to the pope. As recently as a decade ago, the bank gave the pope around 55 million euros ($62.7 million) a year to help with the budget. But the amounts have dwindled; the bank gave nothing specifically to the pope in 2023, despite registering a net profit of 30 million euros ($34.2 million), according to its financial statements. The governorate's giving has likewise dropped off. Some Vatican officials ask how the Holy See can credibly ask donors to be more generous when its own institutions are holding back. Leo will need to attract donations from outside the U.S., no small task given the different culture of philanthropy, said the Rev. Robert Gahl, director of the Church Management Program at Catholic University of America's business school. He noted that in Europe there is much less of a tradition (and tax advantage) of individual philanthropy, with corporations and government entities doing most of the donating or allocating designated tax dollars. Even more important is leaving behind the 'mendicant mentality' of fundraising to address a particular problem, and instead encouraging Catholics to invest in the church as a project, he said. Speaking right after Leo's installation ceremony in St. Peter's Square, which drew around 200,000 people, Gahl asked: 'Don't you think there were a lot of people there that would have loved to contribute to that and to the pontificate?' In the U.S., donation baskets are passed around at every Sunday Mass. Not so at the Vatican. Untapped real estate The Vatican has 4,249 properties in Italy and 1,200 more in London, Paris, Geneva and Lausanne, Switzerland. Only about one-fifth are rented at fair market value, according to the annual report from the APSA patrimony office, which manages them. Some 70% generate no income because they house Vatican or other church offices; the remaining 10% are rented at reduced rents to Vatican employees. In 2023, these properties only generated 35 million euros ($39.9 million) in profit. Financial analysts have long identified such undervalued real estate as a source of potential revenue. But Ward Fitzgerald, the president of the U.S.-based Papal Foundation, which finances papal charities, said the Vatican should also be willing to sell properties, especially those too expensive to maintain. Many bishops are wrestling with similar downsizing questions as the number of church-going Catholics in parts of the U.S. and Europe shrinks and once-full churches stand empty. Toward that end, the Vatican recently sold the property housing its embassy in Tokyo's high-end Sanbancho neighborhood, near the Imperial Palace, to a developer building a 13-story apartment complex, according to the Kensetsu News trade journal. Yet there has long been institutional reluctance to part with even money-losing properties. Witness the Vatican announcement in 2021 that the cash-strapped Fatebenefratelli Catholic hospital in Rome, run by a religious order, would not be sold. Pope Francis simultaneously created a Vatican fundraising foundation to keep it and other Catholic hospitals afloat. 'They have to come to grips with the fact that they own so much real estate that is not serving the mission of the church,' said Fitzgerald, who built a career in real estate private equity. ___ AP reporter Mari Yamaguchi in Tokyo contributed. ___ Associated Press religion coverage receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
Bloomberg
an hour ago
- Bloomberg
Starmer's Tilt Left to Appease Labour Rebels Exposes Tensions
Keir Starmer has spent most of his time as prime minister warning about Britain's dire finances and pushing divisive spending cuts. Nearing the first anniversary of Labour's big victory, the prime minister appears to be pivoting to loosen his grip on the public purse. With his Labour Party plummeting in the polls and its lawmakers increasingly restive in the face of a surge by the populist right, Starmer's government is poised to unwind some of its early decisions. It will instead shift the emphasis to potentially growth-boosting increases in expenditure.
