logo
Potassium mining project in Brazil's Amazon rainforest divides Indigenous tribe

Potassium mining project in Brazil's Amazon rainforest divides Indigenous tribe

LAGO DO SOARES, Brazil (AP) — Indigenous leader Filipe Gabriel Mura stands before Soares Lake in Brazil's Amazon, looking out at the amber waters that are surrounded by a jagged shoreline that has been home for centuries to Indigenous people known as Mura.
'It's the most beautiful sunset,' said Mura. 'I doubt there's another like it in the world.'
Mura and others from the tribe fear that the pristine beauty of the place may soon change. Hidden from view dozens of miles below ground, the region holds one of the largest reserves of potash, a mineral that includes potassium, on the planet. Now, Brazil Potash Corp., a Toronto-based mining company listed in the New York Stock Exchange, is set to start tapping the mineral, which is used to make fertilizer and is a key to Brazil's booming agribusiness.
As can happen when mammoth projects are planned in Indigenous communities, Brazil Potash's plans are sparking fears of environmental impact and creating divisions. Opponents fear that mining will expose the tribe to harmful pollution and hurt tribal unity, while supoorters think it will raise their standard of living.
The project, expected to soon break ground, has an estimated cost of $2.5 billion. It is planned near the mouth of the Madeira River, which flows into the Amazon River. The build-out will include two shafts reaching a depth of 920 meters (3,018 feet) below ground—the equivalent to a 300-story building. One shaft will be to transport workers and the ore they mine while the other will be for ventilation.
Above ground, the project includes a processing plant, an area for solid waste storage, a 13-kilometer (8 miles) road and a port connecting to the Madeira River. The estimate production is 9.2 million tons of potash ore annually, which would meet 17% of Brazil's current demand, according to the company. The project received licensing by Amazonas Environmental Protection Institute, a state-level agency. However, it faces lawsuits from the Office of the Attorney General for a lack of proper consultation with the Mura and potential environmental risks, such as soil and water contamination, as the plant will be in a region prone to seasonal flooding.
'We risk losing our culture if the state denies our existence and that of our ancestors to pave the way for mining. I am honored to represent a people determined not to be erased,' said Mura, the tribal leader.
Key Mura villages don't have government recognition
In colonial times, the Mura were nearly driven to extinction while resisting non-Indigenous settlers. Today, the population is about 13,000 spread across this stretch of the Madeira River, a maze of smaller rivers, lakes and headwaters.
Soares, a small village, is the closest to the planned mining site while nearby Urucurituba, another small village, is where the port will be built. Neither village has been officially recognized as an Indigenous territory, despite a formal request by the tribe in 2003. Historical records show the tribe has inhabited the area for at least 200 years. Brazilian law prohibits mining on Indigenous land.
In a statement to The Associated Press, Brazil's Indigenous bureau, known as FUNAI, said that the recognition process was underway but couldn't provide more details on when or if the territorial designation may be made.
FUNAI added that there was strong evidence that Soares and Urucurituba are Indigenous lands and that the project could bring deforestation, noise and air pollution, changes in aquatic fauna and other environmental impacts.
Brazil Potash says it has consulted the Mura people and that the majority support the project. In a filing with the U.S. Securities and Exchange Commission, the company said 90% of representatives from 34 out of 36 nearby villages voted. However, Brazil's Attorney General's Office, which is tasked with defending Indigenous rights, argues the consultation process was flawed. It secured a court order prohibiting company representatives from entering Mura territory.
In a statement to the AP, Brazil Potash said it does not comment on ongoing lawsuits and declined to respond to emailed questions.
Some Mura see a chance to raise their standard of living
Aldinelson Moraes Pavão, 53, a leader of the Mura Indigenous Council who lives near the projected port, says the mining is a way out poverty and a way to preserve their culture.
'We're going to get schools and health grants. Professionals will be hired to work here. We are hopeful,' said Pavão.
Another leader, Marcelo Lopes, a father of nine, says that the crops and fishing yields are no longer enough to sustain his Urucurituba village. Life has become more difficult thanks to drought, wildfires and the resulting smoke.
'Many times, we're left begging. It's humiliating, especially now that we have this treasure,' Lopes said.
In the lawsuit, the Attorney General's Office says the internal division is one of the project's first consequences. The suit alleges that the mining company acquired plots in the project area through deception, threats and coercion. It also highlights what it says are flaws in the licensing process.
The project has potential risks and government support
One environmental risk is the handling of rock salt, a byproduct of the mining called brine. The company says there will be two sites next to brine ponds to collect surface water, and thus contaminated water will be contained. According to the Attorney General, the site will be in a flood-prone area vulnerable to seasonal rising and falling river levels.
Geologist Cisnea Basílio says that while the location is attractive because the mining can happen at relatively shallow depths, that comes with inherent risks. She warns that the underground mining carries the potential to crumble the surface, swallowing nearby villages.
'Accidents happen even in developed countries,' she said.
The federal government supports the project as vital for the economy. Brazil is one of world's largest importers of potash. The leading suppliers include Russia, Belarus and Israel, raising concerns that armed conflicts may cut supply or lead prices to skyrocket, which happened after Russia began its invasion of Ukraine in 2022.
In the agribusiness sector, Brazil Potash has secured a transportation agreement with giant Amaggi conglomerate, which holds 362,000 hectares (894,000 acres) of productive area, almost five times the size of New York City. The plan is to transport the mineral in large barges through major Amazon Rivers to reach Mato Grosso State, Brazil's largest soybean producer.
Internal disagreements have led to alienation
Divisions over the project have become so deep that the tribal members are no longer meeting together, or taking collective decisions.
On Feb. 19, 34 villages in favor of mining gathered at the Mura Indigenous Council's headquarters in Autazes. Amid cultural celebrations, they delivered hopeful speeches, anticipating prosperity from the mining.
The next day, opponents met a few kilometers (miles) away, in Moyray village, and decided to break with the council, which was created over 30 years ago to represent the tribe. Instead, they created the Indigenous Organization for Mura Resistance of Autazes.
'I feel sad,' Vavá Izague dos Santos, 48, a member of the new organization, said of the internal division. 'We always walked together, stood together in the Indigenous struggle.'
___
___

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

MediPharm Labs' Board Continues Value Destruction for Shareholders with Sale of Hope Facility
MediPharm Labs' Board Continues Value Destruction for Shareholders with Sale of Hope Facility

Associated Press

time36 minutes ago

  • Associated Press

MediPharm Labs' Board Continues Value Destruction for Shareholders with Sale of Hope Facility

Complete Incompetence at the Board Level Results in Fire Sale of Treasured MediPharm Asset, the Hope Facility, to a Competitor Hope Facility was One of Canada's Best Cultivation Assets Before it was Acquired by MediPharm, Grossly Mismanaged, and Ultimately Shut Down in 2024 MediPharm Labs' Board is Pursuing its Worst Deal Yet: A Highly Dilutive NO CASH Sale of the Remaining Company Apollo has a Concrete and Achievable Plan to Drive MediPharm's Share Price from Nearly $0.06 to Over $1.00, Restoring Value to its Loyal Shareholders SHAREHOLDERS ARE URGED TO VOTE THEGOLDCARD 'FOR' APOLLO CAPITAL'S SIX DIRECTOR NOMINEES AND NOT VOTE MEDIPHARM's GREEN CARD TORONTO, June 06, 2025 (GLOBE NEWSWIRE) -- Apollo Technology Capital Corporation ('Apollo Capital'), one of MediPharm Labs' ('MediPharm') largest investors, warns MediPharm shareholders that the Company's current leadership is continuing its pursuit of value destructive M&A, with the ultimate goal of a non-cash dilutive sale of the entire company. A sale of the Company which would trigger over $5M in change of control and other payments to current management. 'It's a travesty for shareholders to have what is believed to be a $12M asset sold for just $4.5M, likely netting shareholders less than $4M after fees and expenses. Worse still, the acquirer will wisely use the facility to produce cannabis for export that will directly compete with MediPharm in Europe,' says Regan McGee of Apollo Capital. 'Yesterday's fire sale announcement makes it crystal clear that MediPharm's Board has no actual value creation strategy, just a desire to sell off MediPharm's assets at shareholders' expense to keep paying themselves at 500% above market norms. Is MediPharm pursuing growth facilities as a strategy or not? Is the Napanee facility the next fire sale we will see to a competitor?' questions Regan McGee of Apollo Capital. Apollo expects the scaling of MediPharm's Napanee facility to cost shareholders significantly more than what the buyer of the Hope Facility will spend to achieve real profitability. Apollo expects the scaling of MediPharm's Napanee facility to cost between $3 million and $5 million and take 12 to 18 months to generate revenue. Apollo notes MediPharm's management team does not have cultivation experience, which could result in millions of investment dollars needed before it provides a return, if ever. The Hope Facility, formerly known as CannaFarms, was built by the highly respected Laflamme family to be one of the first licensed facilities in Canada. As exceptional visionaries, the Laflamme family built a world-class facility at immense personal cost to service patients in need, including military veterans. After nearly a decade of strong operational success as a positive driver for the community, MediPharm leadership not only failed to realize the value of its acquisition, but handed its assets to a competitor for well below market value. This sale is a tragic outcome for MediPharm shareholders. CEO David Pidduck has sold off MediPharm's Hope. Apollo Capital asks: Apollo Capital has invested significant capital into MediPharm and nominated highly qualified director candidates who can drive the urgent change needed and propel share price over $1.00. For more information, see our strategic five-pillar plan at Apollo urges shareholders to save their investments and vote the GOLD CARD by June 13, 2025. Shareholders are urged to NOT sign or return the green proxy cards sent by the Company. Contacts For Shareholders: Carson Proxy North American Toll-Free Phone: 1-800-530-5189 Local or Text Message: 416-751-2066 (collect calls accepted) E: [email protected] For Media: [email protected] This solicitation is being made by and on behalf of the Concerned Shareholder, who, as of the date of this Circular, beneficially owns or controls, directly and indirectly through its wholly-owned subsidiary, Nobul Technologies Inc., 12,491,500 common shares of the Company ('Common Shares'), representing approximately 3% of the total Common Shares issued and outstanding, and not by the management of the Company ('Management'). Legal Disclosures Information in Support of Public Broadcast Exemption under Canadian Law In connection with the annual general and special meeting (the 'Annual Meeting') of shareholders of MediPharm, Apollo Capital has filed an amended and restated dissident information circular dated May 15, 2025 (the 'Circular'), as amended and supplemented by an addendum to the Circular subsequently filed by the Concerned Stakeholder dated June 4, 2025 (the 'Addendum' and together with the Circular, the 'Amended Circular'), each in compliance with applicable corporate and securities laws. The Concerned Stakeholder has provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4) of NI 51-102 – Continuous Disclosure Obligations ('NI 51-102') and the corresponding exemption under the Business Corporations Act (Ontario), and has filed the Amended Circular, available under MediPharm's profile on SEDAR+ at The Amended Circular contains disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6) of NI 51-102 in respect of the Concerned Stakeholder's director nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Amended Circular is hereby incorporated by reference into this press release and is available under MediPharm's profile on SEDAR+ at The registered office of the Company is 151 John Street, Barrie, Ontario, Canada L4N 2L1. SHAREHOLDERS OF MEDIPHARM ARE URGED TO READ THE AMENDED CIRCULAR CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and shareholders are able to obtain free copies of the Amended Circular and any amendments or supplements thereto and further proxy circulars at no charge under MediPharm's profile on SEDAR+ at In addition, shareholders are also able to obtain free copies of the Amended Circular and other relevant documents by contacting the Concerned Stakeholder's proxy solicitor, Carson Proxy Advisors Ltd. ('Carson Proxy') at 1-800-530-5189, local (collect outside North America): 416-751-2066 or by email at [email protected]. Proxies may be revoked in accordance with subsection 110(4) of the Business Corporations Act (Ontario) by a registered shareholder of Company shares: (a) by completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the accompanying form of proxy; (b) by depositing an instrument in writing executed by the shareholder or by the shareholder's attorney authorized in writing; (c) by transmitting by telephonic or electronic means a revocation that is signed by electronic signature in accordance with applicable law, as the case may be: (i) at the registered office of the Company at any time up to and including the last business day preceding the day the Annual Meeting or any adjournment or postponement of the Annual Meeting is to be held, or (ii) with the chair of the Annual Meeting on the day of the Annual Meeting or any adjournment or postponement of the Annual Meeting; or (d) in any other manner permitted by law. In addition, proxies may be revoked by a non-registered holder of Company shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered holder by its intermediary. It should be noted that revocation of proxies or voting instructions by a non-registered holder can take several days or even longer to complete and, accordingly, any such revocation should be completed well in advance of the deadline prescribed in the form of proxy or voting instruction form to ensure it is given effect in respect of the Annual Meeting. The costs incurred in the preparation and mailing of any circular or proxy solicitation by the Concerned Stakeholder and any other participants named herein will be borne directly and indirectly by Apollo Capital. However, to the extent permitted under applicable law, Apollo Capital intends to seek reimbursement from the Company of all expenses incurred in connection with the solicitation of proxies for the election of its director nominees at the Annual Meeting. This press release and any solicitation made by the Concerned Stakeholder is, or will be, as applicable, made by such parties, and not by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of the Concerned Stakeholder who will not be specifically remunerated therefor. In addition, the Concerned Stakeholder may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf. Apollo Capital has entered into an agreement with Carson Proxy for solicitation and advisory services in connection with the solicitation of proxies by the Concerned Stakeholder for the Annual Meeting, for which Carson Proxy will receive a fee from Apollo Capital not to exceed $250,000, together with reimbursement for reasonable and out-of-pocket expenses. Apollo Capital has also engaged Gasthalter & Co. LP ('G&Co') to act as communications consultant to provide the Concerned Stakeholder with certain communications, public relations and related services, for which G&Co will receive, from Apollo Capital, a minimum fee of US$75,000 in addition to a performance fee of US$250,000 in the event that the Concerned Stakeholder's nominees make up a majority of the board of directors of MediPharm (the 'Board') following the Annual Meeting, plus excess fees, related costs and expenses. Anteris Advisors, LLC ('Anteris') has also been retained by Apollo Capital to act as strategic consultant to provide the Concerned Stakeholder with certain activism strategy, material creation and strategic communications services, for which Anteris will receive, from Apollo Capital, a minimum fee of US$100,000 in addition to a success fee of US$100,000 in the event that one or more of the Concerned Stakeholder's nominees are appointed or elected to the Board following the Annual Meeting or as a result of any settlement or arrangement, plus excess fees, related costs and expenses. No member of the Concerned Stakeholder nor any of their respective associates or affiliates has or has had any material interest, direct or indirect, in any transaction since the beginning of the Company's last completed financial year or in any proposed transaction that has materially affected or will or would materially affect the Company or any of the Company's affiliates. No member of the Concerned Stakeholder nor any of their respective associates or affiliates has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Annual Meeting, other than setting the number of directors and the election of directors to the Board. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward‐looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the words 'anticipate,' 'believe,' 'expect,' 'estimate,' 'plan,' and similar expressions are generally intended to identify forward‐looking statements. These statements are based on current expectations of the Concerned Stakeholder and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. All forward-looking statements contained herein are made only as of the date hereof and the Concerned Stakeholder disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Concerned Stakeholder hereafter becomes aware, except as required by applicable law. Hashtags: #ShareholderActivism #CorporateGovernance #InvestorProtection #Investor Alert #Investor Fraud #FinancialRegulation #CorporateCrime #FinancialCrime #HomelandSecurity #DHS #OpioidCrisis #OpioidEpidemic #OpioidLitigation #OpioidVictims #BMO #DEA #ONDCP

Here's why the Scottish Mortgage share price is back at 1,000p
Here's why the Scottish Mortgage share price is back at 1,000p

Yahoo

time39 minutes ago

  • Yahoo

Here's why the Scottish Mortgage share price is back at 1,000p

The Scottish Mortgage Investment Trust (LSE: SMT) share price has risen to £10 again in recent days. This means it's up nearly 50% over the past two years, and 23% since early April. Here, I want to look at what might have fuelled the recent turnaround, and whether it could continue. Scottish Mortgage's focus on disruptive companies more often than not leads it to the tech-packed US stock market, particularly the Nasdaq. Around 61% of the FTSE 100 investment trust's portfolio is in US stocks. Therefore, a recovery in share prices across the pond has underpinned Scottish Mortgage's short-term performance. The Nasdaq is now 28% higher than its April trough. That said, there have also been some notable jumps in a few key holdings. Latin American e-commerce giant MercadoLibre hit an all-time high in early June, as did audio streaming platform Spotify. Indeed, Spotify stock is now up 805% since the start of 2023! While the trust has been selling some Nvidia shares recently, it's still a significant holding (around 2.3% of the portfolio). And the AI chip king has also been on a hot streak, surging 51% since the April sell-off. It should also be noted that the FTSE 100 itself is now just a whisker away from a 52-week high — and therefore a new record. One key theme that Scottish Mortgage has invested in heavily is the digitalisation of global finance. It has called this one of 'the world's most transformative trends'. Key holdings here include MercadoLibre and Nu Holdings (Nubank) in Latin America, Affirm and Stripe (unlisted) in the US, and Sea Limited and Ant Group (unlisted) in Asia. Sea is up 61% this year, while Affirm has rebounded 62% since early April. Somewhat rarely for the trust, it does have a couple of UK-based fintechs in the portfolio. These are money transfer app Wise and neobank Revolut, which is private. The Wise share price jumped close to a record high this week after the firm posted strong annual results. Wise also said it intends to transfer its primary listing to the US, which will allow it to work towards inclusion in major US indexes. Whether the trust keeps rising in the near term is largely dependant on what the US market does. We know Trump's tariffs are hurting the global economy, so this is a risk to American corporate earnings and the value of Scottish Mortgage's portfolio. Investors in the trust need to be prepared to ride out sometimes stomach-churning periods of volatility. On the flip side, the global IPO market is warming back up again (though not in London, unfortunately). Revolut is reportedly preparing for a public listing that could value the company at over $45bn, while Ant Group might list in Hong Kong later this year. These massive IPOs could help boost Scottish Mortgage's net asset value (NAV), assuming they're well-received by investors. It would also help relieve worries about the true value of its unlisted assets. Either way though, I still think Scottish Mortgage shares are worth considering. They're currently trading at an 10.8% discount to NAV, which I think is attractive given the long-term growth potential of the portfolio. The post Here's why the Scottish Mortgage share price is back at 1,000p appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Ben McPoland has positions in MercadoLibre, Nu Holdings, Nvidia, and Scottish Mortgage Investment Trust Plc. The Motley Fool UK has recommended MercadoLibre, Nu Holdings, Nvidia, Sea Limited, and Wise Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

How the Vatican manages money and where Pope Leo XIV might find more
How the Vatican manages money and where Pope Leo XIV might find more

San Francisco Chronicle​

timean hour ago

  • San Francisco Chronicle​

How the Vatican manages money and where Pope Leo XIV might find more

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. ___

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store