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an hour ago
- Politics
Pope marks 50th anniversary of Cold War-era deal on security and human rights
ROME -- ROME (AP) — Pope Leo XIV on Wednesday called for a renewed commitment to diplomacy to resolve conflicts as he marked the 50th anniversary of the Helsinki Accords, the landmark Cold War-era agreement that ushered in a new era of security and human rights. At the end of his general audience, history's first American pope said that Aug. 1 marks the anniversary of the conclusion of the 35-nation summit in Finland that resulted in the Helsinki Final Act, which years later helped give birth to the Organization for Security and Cooperation in Europe. Renewing his appeal for peace in the world, Leo said: 'Today, more than ever, it is imperative to cherish the spirit of Helsinki, persevere in dialogue, strengthen cooperation and make diplomacy the preferred way to prevent and resolve conflicts.' At the height of the Cold War detente in the 1970s, Finnish President Urho Kekkonen hosted a U.S.-Soviet summit where U.S. President Gerald Ford, Soviet leader Leonid Brezhnev and others signed a watershed commitment to peace, East-West contacts, European security and human rights. Leo said the agreement had 'inaugurated a new geopolitical season, favoring a rapprochement between East and West. It marked a renewed interest in human rights with particular attention to religious freedom, considered one of the fundamentals of the nascent architecture of cooperation from Vancouver to Vladivostok.' With Russia's war raging in Ukraine, Leo recalled that the Holy See had sent a delegation to the Finnish summit headed by future secretary of state Archbishop Agostino Casaroli, best known for promoting and pursuing a policy of Ostpolitik, or openness and dialogue with Eastern Europe. In other comments Wednesday, Leo also expressed horror at the 'brutal' attack on a Catholic Church in eastern Congo by rebels backed by the Islamic State. At least 38 people, including 15 women and nine children, were killed in the church as they worshipped during a prayer vigil last weekend. 'While I entrust the victims to God's loving mercy, I pray for the wounded and for Christians who around the world continue to suffer violence and persecution, exhorting all those with responsibility at the local and international level to collaborate to prevent similar tragedies,' he said. Wednesday's general audience marked the resumption of Leo's weekly encounter with the faithful following a weeks-long summer break. St. Peter's Square was particularly full, given the arrival of tens of thousands of pilgrims in town for a weeklong Holy Year celebration for young Catholics.
CNBC
2 hours ago
- Business
- CNBC
Novo Nordisk's stock plunge isn't surprising. Why companies clear the deck for new CEOs
Novo Nordisk shares nosedived on the day its new chief executive, Maziar Mike Doustdar, was appointed. But that shouldn't have come as a surprise to investors. Minutes before the news of Doustdar's appointment on Tuesday, the Danish pharmaceutical giant reported a profit warning, slashing its operating profit growth by around a third to the new normal of 10% to 16%. It also forecast slower-than-expected top-line growth. The company appears to have attempted to clear the deck for its new CEO, but far from being a unique strategy to reset expectations with investors, it has now become a "pretty common practice," according to Michael Field, Europe market strategist at Morningstar. Field said that companies do this to "give the new CEO a chance to succeed and hit the ground running, without having to deal with quarterly profit warnings for a year or more after they join." "If they can 'kitchen sink' earnings around the CEO appointment, then the new CEO should be quickly able to show improvement in the business, which is good for everyone involved, and of course, the share price," he added. Other Stoxx Europe 600 index companies have exhibited similar strategies. A tried-and-tested technique For instance, on June 9, Swedish medical device maker Elekta announced the appointment of its new CEO, Jakob Just-Bomholt. The following day, the company released the results of a "proactive" review to "improve the quality" of its orderbook, which showed that it was about 4.9 billion Swedish krona ($503.7 million) short of its previous estimate. The stock fell 4.7% — the biggest drop since April's U.S. tariff-related volatility. "A new CEO was announced yesterday, but the investor update on Tuesday brought some further surprises that one might normally have expected to be announced at a later date," said JPMorgan analyst David Adlington on June 10. "We note that one option for the new CEO to generate renewed investor interest could be to rebase the guidance." IT software and service company Tietoevry did the same on July 21. Endre Rangnes, who had been interim CEO since May, was officially confirmed as chief executive and President. The following day, the Finnish technology company reported its interim half-year report, which said organic growth would go into reverse by 4%. "While we can recognize our strengths and achievements, we have not succeeded in delivering adequate financial performance and have suffered from lack of growth over an extended period of time," Rangnes said in his second communique to investors as chief executive. The stock dropped 13% on the day. The automaker Renault also pulled off the tried-and-tested technique on July 15. Instead of making a dedicated alarmist filing, the company lowered its profit forecast for the year during its scheduled half-year results. It did, however, announce Duncan Minto as interim chief executive officer five minutes before its earnings. In Renault's case, the automaker had announced its new strategy only a month earlier under its former chief executive Luca de Meo, who abruptly exited the company to lead ailing luxury goods maker Kering . Renault's stock, which had already been bruised by the shock exit of its former CEO a month earlier, fell another 18.5%. The stock market is littered with many such examples of chief executive appointments that are immediately surrounded by profit warnings. "The CEO themselves may advocate for this as a condition of them joining," Morningstar's Field said. "Instead of uncovering mess after mess, the new CEO may simply ask the board to fully evaluate the business ailments beforehand and allow them a fresh start." 'Every situation is different' Yet, investors have been unable to model the behavior and look past efforts by companies to reset. Why? "Mainly because every business situation is different," Field said. "There are no hard and fast rules, which makes it tough for investors to know how much bad news has already come out, or when there is more to come." The case for "buying the dip" in the stock price on such supposedly predictive behavior from companies has also been challenging. "If a CEO is really clearing the deck, then there is likely a lot of bad news already priced in to the shares as a result," Field said. "That said, every situation is different, and investors really need to assess if a change of leadership can actually fix the business or if there are structural issues that will continue to lead to worsening results." Woes with Novo Nordisk's share price are well understood among investors. The stock had declined by more than 60% since its all-time high in June 2024 on disappointing topline growth of its blockbuster weight loss drugs. Perhaps the reset in guidance from Novo was warranted, since investors punished its U.S. competitor Eli Lilly too, sending its shares lower by 5.6%.
Hindustan Times
2 hours ago
- Politics
- Hindustan Times
Pope Leo XIV calls for renewed diplomacy on 50th anniversary of Helsinki Accords
Pope Leo XIV on Wednesday called for a renewed commitment to diplomacy to resolve conflicts as he marked the 50th anniversary of the Helsinki Accords, the landmark Cold War-era agreement that ushered in a new era of security and human rights. "While I entrust the victims to God's loving mercy, I pray for the wounded and for Christians who around the world continue to suffer violence and persecution," the Pope said.(AP File) At the end of his general audience, history's first American pope said that Aug. 1 marks the anniversary of the conclusion of the 35-nation summit in Finland that resulted in the Helsinki Final Act, which years later helped give birth to the Organization for Security and Cooperation in Europe. Renewing his appeal for peace in the world, Leo said: 'Today, more than ever, it is imperative to cherish the spirit of Helsinki, persevere in dialogue, strengthen cooperation and make diplomacy the preferred way to prevent and resolve conflicts.' At the height of the Cold War detente in the 1970s, Finnish President Urho Kekkonen hosted a U.S.-Soviet summit where U.S. President Gerald Ford, Soviet leader Leonid Brezhnev and others signed a watershed commitment to peace, East-West contacts, European security and human rights. Leo said the agreement had 'inaugurated a new geopolitical season, favoring a rapprochement between East and West. It marked a renewed interest in human rights with particular attention to religious freedom, considered one of the fundamentals of the nascent architecture of cooperation from Vancouver to Vladivostok.' With Russia's war raging in Ukraine, Leo recalled that the Holy See had sent a delegation to the Finnish summit headed by future secretary of state Archbishop Agostino Casaroli, best known for promoting and pursuing a policy of Ostpolitik, or openness and dialogue with Eastern Europe. In other comments Wednesday, Leo also expressed horror at the 'brutal' attack on a Catholic Church in eastern Congo by rebels backed by the Islamic State. At least 38 people, including 15 women and nine children, were killed in the church as they worshipped during a prayer vigil last weekend. 'While I entrust the victims to God's loving mercy, I pray for the wounded and for Christians who around the world continue to suffer violence and persecution, exhorting all those with responsibility at the local and international level to collaborate to prevent similar tragedies,' he said. Wednesday's general audience marked the resumption of Leo's weekly encounter with the faithful following a weeks-long summer break. St. Peter's Square was particularly full, given the arrival of tens of thousands of pilgrims in town for a weeklong Holy Year celebration for young Catholics.
News18
5 hours ago
- Politics
- News18
Pope marks 50th anniversary of Cold War-era deal on security, human rights
Rome, Jul 30 (AP) Pope Leo XIV on Wednesday called for a renewed commitment to diplomacy to resolve conflicts as he marked the 50th anniversary of the Helsinki Accords, the landmark Cold War-era agreement that ushered in a new era of security and human rights. At the end of his general audience, history's first American pope said that August 1 marks the anniversary of the conclusion of the 35-nation summit in Finland that resulted in the Helsinki Final Act, which years later helped give birth to the Organisation for Security and Cooperation in Europe. Renewing his appeal for peace in the world, Leo said: 'Today, more than ever, it is imperative to cherish the spirit of Helsinki, persevere in dialogue, strengthen cooperation and make diplomacy the preferred way to prevent and resolve conflicts." At the height of the Cold War detente in the 1970s, Finnish President Urho Kekkonen hosted a US-Soviet summit where US President Gerald Ford, Soviet leader Leonid Brezhnev and others signed a watershed commitment to peace, East-West contacts, European security and human rights. Leo said the agreement had 'inaugurated a new geopolitical season, favouring a rapprochement between East and West. It marked a renewed interest in human rights with particular attention to religious freedom, considered one of the fundamentals of the nascent architecture of cooperation from Vancouver to Vladivostok." With Russia's war raging in Ukraine, Leo recalled that the Holy See had sent a delegation to the Finnish summit headed by future secretary of state Archbishop Agostino Casaroli, best known for promoting and pursuing a policy of Ostpolitik, or openness and dialogue with Eastern Europe. 'While I entrust the victims to God's loving mercy, I pray for the wounded and for Christians who around the world continue to suffer violence and persecution, exhorting all those with responsibility at the local and international level to collaborate to prevent similar tragedies," he said. Wednesday's general audience marked the resumption of Leo's weekly encounter with the faithful following a weeks-long summer break. St Peter's Square was particularly full, given the arrival of tens of thousands of pilgrims in town for a weeklong Holy Year celebration for young Catholics. (AP) NPK NPK (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 30, 2025, 16:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hamilton Spectator
6 hours ago
- Politics
- Hamilton Spectator
Pope marks 50th anniversary of Cold War-era deal on security and human rights
ROME (AP) — Pope Leo XIV on Wednesday called for a renewed commitment to diplomacy to resolve conflicts as he marked the 50th anniversary of the Helsinki Accords, the landmark Cold War-era agreement that ushered in a new era of security and human rights. At the end of his general audience, history's first American pope said that Aug. 1 marks the anniversary of the conclusion of the 35-nation summit in Finland that resulted in the Helsinki Final Act, which years later helped give birth to the Organization for Security and Cooperation in Europe. Renewing his appeal for peace in the world, Leo said: 'Today, more than ever, it is imperative to cherish the spirit of Helsinki, persevere in dialogue, strengthen cooperation and make diplomacy the preferred way to prevent and resolve conflicts.' At the height of the Cold War detente in the 1970s, Finnish President Urho Kekkonen hosted a U.S.-Soviet summit where U.S. President Gerald Ford, Soviet leader Leonid Brezhnev and others signed a watershed commitment to peace, East-West contacts, European security and human rights. Leo said the agreement had 'inaugurated a new geopolitical season, favoring a rapprochement between East and West. It marked a renewed interest in human rights with particular attention to religious freedom, considered one of the fundamentals of the nascent architecture of cooperation from Vancouver to Vladivostok.' With Russia's war raging in Ukraine, Leo recalled that the Holy See had sent a delegation to the Finnish summit headed by future secretary of state Archbishop Agostino Casaroli, best known for promoting and pursuing a policy of Ostpolitik, or openness and dialogue with Eastern Europe. In other comments Wednesday, Leo also expressed horror at the 'brutal' attack on a Catholic Church in eastern Congo by rebels backed by the Islamic State. At least 38 people, including 15 women and nine children, were killed in the church as they worshipped during a prayer vigil last weekend. 'While I entrust the victims to God's loving mercy, I pray for the wounded and for Christians who around the world continue to suffer violence and persecution, exhorting all those with responsibility at the local and international level to collaborate to prevent similar tragedies,' he said. Wednesday's general audience marked the resumption of Leo's weekly encounter with the faithful following a weeks-long summer break. St. Peter's Square was particularly full, given the arrival of tens of thousands of pilgrims in town for a weeklong Holy Year celebration for young Catholics . ___ 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. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
