Pope Leo XIV marks feast day as Vatican launches campaign to help erase its $57-68 million deficit
Leo celebrated Mass in St. Peter's Basilica, marking the Feast of Saints Peter and Paul, during which he gave the pallium woolen stole to 54 new archbishops. He thanked donors who have contributed to the church, using the language of the publicity campaign to say their financial support was a sign of union with his young pontificate.
In churches around the world, Masses on the June 29 feast day often include a special collection for Peter's Pence, a fund which both underwrites the operations of the central government of the Catholic Church and pays for the pope's personal acts of charity.
With a promotional video, poster, QR code and website soliciting donations via credit card, PayPal, bank transfer and post office transfer, the Vatican is betting this year that an American-style fundraising pitch under the Chicago-born Leo will do more to help keep the Holy See bureaucracy afloat and erase its 50 million to 60 million euro ($57-68 million) structural deficit.
The video features footage of Leo's emotional first moments as pope, when he stepped out onto the loggia of St. Peter's Basilica and later choked up as he received the fisherman's ring of the papacy. With an evocative soundtrack in the background, the video superimposes a message, available in several languages, urging donations to Leo via the Peter's Pence collection.
"With your donation to Peter's Pence, you support the steps of the Holy Father," it says. "Help him proclaim the Gospel to the world and extend a hand to our brothers and sisters in need. Support the steps of Pope Leo XIV. Donate to Peter's Pence."
At the end of his noon blessing Sunday, Leo used the same language about his first steps to say the Peter's Pence fund is "a sign of communion with the pope and participation with his Apostolic Ministry."
"From the heart, I thank those who with their gifts are supporting my first steps as the successor of St. Peter," he said.
The fund has been the source of scandal in recent years, amid revelations that the Vatican's secretariat of state mismanaged its holdings through bad investments, incompetent management and waste. The recent trial over the Vatican's bungled investment in a London property 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.
Between the revelations and the COVID-19 pandemic, which closed churches and canceled out the traditional pass-the-basket collection on June 29, Peter's Pence donations fell to 43.5 million euros in 2022 — a low not seen since 1986 — that was nevertheless offset the same year by other investment income and revenue to the fund.
Donations rose to 48.4 million euros (about $56.7 million) in 2023 and hit 54.3 million euros (nearly $63.6 million) last year, according to the Peter's Pence annual report issued last week. But the fund incurred expenses of 75.4 million euros ($88.3 million) in 2024, continuing the trend in which the fund is exhausting itself as it covers the Holy See's budgetary shortfalls.
On top of the budget deficit, the Vatican is also facing a 1 billion euro (about $1.17 billion) shortfall in its pension fund that Pope Francis, in the months before he died, warned was unable in the medium term to fulfill its obligations.
Unlike countries, the Holy See doesn't issue bonds or impose income tax on its residents to run its operations, relying instead on donations, investments and revenue generated by the Vatican Museums, and sales of stamps, coins, publications and other initiatives.
For years, the United States has been the greatest source of donations to Peter's Pence, with US Catholics contributing around a quarter of the total each year.
Vatican officials are hoping that under Leo's pontificate, with new financial controls in place and an American math major running the Holy See, donors will be reassured that their money won't be misspent or mismanaged.
"This is a concrete way to support the Holy Father in his mission of service to the universal Church," the Vatican's economy ministry said in a press release last week announcing the annual collection and new promotional materials surrounding it. "Peter's Pence is a gesture of communion and participation in the Pope's mission to proclaim the Gospel, promote peace, and spread Christian charity."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
12 hours ago
- Korea Herald
Ukraine scrambling for clarity as US downplays halt to arms shipments
KYIV, Ukraine (AFP) — US officials on Wednesday downplayed a White House announcement that Washington was pausing some weapons shipments to Ukraine, after the war-battered country was caught off-guard and appealed for clarity. Ukraine is contending with some of Russia's largest missile and drone attacks of the three-year war, and a halt to the provision of munitions — especially for air defense — would be a significant blow to Kyiv. "The Department of Defense continues to provide the president with robust options regarding military aid to Ukraine, consistent with his goal of bringing this tragic war to an end," Pentagon spokesperson Sean Parnell told journalists Wednesday. State Department spokeswoman Tammy Bruce meanwhile told reporters that "this is not a cessation of us assisting Ukraine or of providing weapons. This is one event, and one situation, and we'll discuss what else comes up in the future." The White House had said Tuesday that it is halting some key weapons shipments to Ukraine that were promised under the Biden administration, without providing details on which weapons programs were affected. It said the decision was taken after a review of US defense needs and of its military assistance to foreign countries. Moscow reveled in the decision, saying that it could bring the end of the war closer. Politico and other US media reported that missiles for Patriot air defense systems, precision artillery and Hellfire missiles are among the items being held back. But the State Department's Bruce said Wednesday that "the president has also indicated his remaining commitment regarding Patriot missiles," Bruce said, referring to an air defense system that has played a key role in defending against Russian attacks. Kyiv has long feared halts to US aid after Donald Trump returned to the White House in January, having criticized the tens of billions of dollars in support and weapons sent by his predecessor, Joe Biden. Ukrainian President Volodymyr Zelenskyy said in an evening address that Kyiv and Washington were clarifying details on supplies. "Continued American support for Ukraine, for our defense, for our people is in our common interest," he said. The Ukrainian foreign ministry summoned John Ginkel, the deputy chief of mission at the US embassy in Kyiv, in a rare diplomatic move that is usually reserved for foes and rivals, not vital allies, indicative of the uncertainty about what the cuts would mean for Kyiv. Under Biden, Washington spearheaded Western support for Ukraine, with Congress having approved more than $100 billion in aid, including $43 billion in weaponry. Trump instead has pushed the two sides into peace talks, including in phone calls with Russian President Vladimir Putin — who rejected pleas for a ceasefire and demanded that Ukraine cede more territory if it wants Moscow to halt its invasion, which was launched in 2022. Trump has refused to announce new aid packages and Kyiv has been corralling Washington's European allies to step up their support. Kyiv remains "seriously dependent" on US arms supplies, a high-ranking source in the Ukrainian military told Agence France-Presse. "Europe is doing its best, but it will be difficult for us without American ammunition," the source added. A May report by the Center for Strategic and International Studies said that Europe "had only made limited progress" in strengthening its defense industries. But it said that "continued US aid remains extremely important for Ukraine's long-term effectiveness on the battlefield." In Moscow, the Kremlin said that reducing weapons deliveries to Kyiv would help end the conflict. "The fewer the number of weapons that are delivered to Ukraine, the closer the end of the special military operation," Kremlin spokesman Dmitry Peskov told reporters in response to a question by AFP, using Russia's term for its more than three-year-long offensive. Russia ramped up attacks on Ukraine in June, launching nearly twice as many missiles and more than 30 percent more drones than in May, according to an AFP analysis of Ukrainian air force data. Kyiv was in June subjected to at least four fatal attacks that left more than 40 people dead. Its residents are worried that a cessation of US aid would leave the capital even more vulnerable. "We had gotten used to seeing America as a country of values, a country that defends democracy," Igor Stambol, a Kyiv resident, told AFP. "But there is hope that they will remember their values," the 36-year-old added.
Korea Herald
a day ago
- Korea Herald
U.S. Cities Demonstrate Dominant Appeal in Global Tourism Rankings, Led by New York in Top 4
Yanolja Research Announces Inaugural 'Global Tourism City Attractiveness Index' SEOUL, South Korea, July 2, 2025 /PRNewswire/ -- Yanolja Research, a global research institute specializing in the travel and tourism industry, today announced the inaugural "Yanolja Attractiveness Index" at the '2025 Global Tourism City Attractiveness Evaluation' seminar. This new index objectively evaluates the appeal of major tourism cities worldwide, distinctly from the perspective of global travelers. Developed jointly by Yanolja Research, Purdue University's CHRIBA Institute in the U.S., and Kyung Hee University's H&T Analytics Center in Seoul, Korea, the index evaluated the attractiveness of 191 tourism cities using global social media data in 14 languages, provided by Brandwatch in the UK. In the 2025 evaluation, Osaka, Japan, rose two ranks from its 3rd place in 2024 to secure the top spot overall, with Kyoto ranking 3rd. Notably, U.S. cities showcased exceptional strength, with New York leading the American contingent by securing a remarkable 4th place globally. Unparalleled Strength of U.S. Cities in Global Tourism The 2025 Yanolja Attractiveness Index highlights the profound and diverse appeal of the United States as a global tourism powerhouse. A significant number of U.S. cities received high evaluations, demonstrating their consistent draw for international travelers across a wide range of experiences. New York led the way at 4th place globally, reinforcing its enduring appeal as a premier destination known for its cultural dynamism and iconic skyline. Washington, D.C. followed at 13th, celebrated for its historical landmarks and national significance, while Los Angeles claimed the 14th position, praised as a global hub for entertainment, creativity, and diversity. Chicago secured 17th place, earning recognition for its architectural grandeur and rich cultural offerings, and Boston, ranked 21st, continued to charm visitors with its blend of American history and modern vibrancy. San Francisco followed at 24th, admired for its unique character, tech innovation, and scenic beauty, while Miami came in at 27th, well-known for its eclectic mix of Latin culture, beaches, and nightlife. Las Vegas maintained its status as a global entertainment capital at 36th, and Seattle, with its thriving tech scene and natural surroundings, secured the 47th position. Rounding out the top 50, Orlando placed 48th, continuing to attract families and theme park enthusiasts from around the world. Beyond the top 50, other American cities continued to make a strong showing. New Orleans ranked 56th, lauded for its vibrant music, food, and festival scene, while Honolulu secured the 100th spot, remaining a sought-after destination for travelers seeking tropical beauty and island experiences. The widespread presence of U.S. cities across the rankings reaffirms the country's diverse appeal and its enduring strength in the global tourism landscape. New Metric Evaluates Tourism Cities Through 'Affection' and 'Cognition' Unlike traditional "tourism competitiveness" evaluations that focus on supply-side factors like transportation, accommodation infrastructure, and policy, the "Yanolja Attractiveness Index" prioritizes measuring a tourism city's "appeal" from the perspective of actual travel consumers. To achieve this, it uses two core pillars: "Tourism City Attractiveness," which indicates how positively a specific tourism city is viewed, and "Tourism City Reputation," which reflects how widely known and discussed it is. Based on these two pillars, Yanolja Research conducted a comprehensive evaluation by segmenting a tourism city's attractiveness into four key dimensions: Urban Aesthetics and Natural Scenery, Culture and History, Experiential Tourism Contents, Hospitality. Global Tourism City Attractiveness: Diverse Leaders Emerge In the 2025 overall rankings, while Japan's Osaka (1st) and Kyoto (3rd) demonstrated strong performance, the global landscape showed diverse regional strengths. Asian cities, including Seoul (5th), Bangkok (7th) and Chiang Mai (20th) from Asia, continued their significant progress. European tourism cities such as Paris (2nd), London (6th), and Rome (8th) continued to exhibit strong brand power, although some traditional favorites like Madrid (29th) and Barcelona (25th) experienced shifts, reflecting evolving global tourism preferences. Expert Opinions Commenting on the research findings, Dr. SooCheong Jang, Professor at Purdue University, stated, "The 'Yanolja Attractiveness Index' is the first attempt to analyze a tourism city's 'appeal' factors through the actual voices of tourists, going beyond infrastructure-centric evaluations. The robust performance of cities across diverse regions, including the U.S., Japan, and other Asian nations, demonstrates how dynamically tourist preferences are changing. Moving forward, for tourism cities to lead the global market, discovering and communicating their unique charm will be a core strategy." Professor Kyu-wan Choi of Kyung Hee University's College of Hotel and Tourism Management added, "Osaka's ascent to #1 proves the power of diverse and engaging experiential content. The robust presence of numerous U.S. cities in the top tiers, alongside other global leaders, showcases the powerful effect of combining unique cultural offerings with modern amenities and natural beauty. Now is the time for strategic consideration to connect this opportunity to sustainable growth and further enhance the unique appeal of each region." Yanolja Research plans to regularly announce the "Yanolja Attractiveness Index" annually to track global tourism trends and changes in tourism city competitiveness. Detailed results and analysis of the Global Tourism City Attractiveness Index, released on July 2, can be found on the official Yanolja Research website:
Korea Herald
2 days ago
- Korea Herald
US says could reach trade deal with India, casts doubt on Japan
WASHINGTON (Reuters) — The United States could reach a trade deal with India that would help American companies compete in the South Asian country and leave it facing far lower tariffs, US President Donald Trump said Tuesday, while casting doubt on a possible deal with Japan. Trump told reporters aboard Air Force One that he believed India was ready to lower barriers for US companies, which could pave the way for an agreement staving off the 26 percent rate he announced on April 2, before pausing it until July 9. "Right now, India doesn't accept anybody in. I think India is going to do that, if they do that, we're going to have a deal for less, much less tariffs," he said. Earlier, Treasury Secretary Scott Bessent told Fox News that the US and India are nearing a deal that would lower tariffs on American imports to the South Asian country and help India avoid levies from rising sharply next week. "We are very close with India," Bessent told Fox News in response to a question about progress on trade negotiations. Indian officials extended a visit to Washington last week through Monday to try to reach agreement on a trade deal with the Trump administration and address lingering concerns on both sides, Indian government sources told Reuters. A White House official familiar with the talks said the administration plans to prioritize securing trade deals with countries including India ahead of Japan in the days leading up to the July 9 deadline. India is one of more than a dozen countries actively negotiating with the Trump administration to try to avoid a steep spike in tariff rates on July 9, when a 90-day tariff pause ends. India could see its new "reciprocal" tariff rate rise to 27 percent from the current 10 percent. The US-India talks have hit roadblocks over disagreements on import duties for auto components, steel and farm goods, ahead of Trump's deadline to impose reciprocal tariffs. "We are in the middle — hopefully more than the middle — of a very intricate trade negotiation," Indian Foreign Minister Subrahmanyam Jaishankar told an event in New York on Monday. "Obviously, my hope would be that we bring it to a successful conclusion. I cannot guarantee it, because there's another party to that discussion," said Jaishankar, who is in the US for a meeting of the China-focused Quad grouping. He added that there "will have to be give and take" and the two sides will have to find middle ground. Bessent told Fox News that different countries have different agendas for trade deals, including Japan, which Trump complained about on Monday and again on Tuesday. Trump said he was not thinking of extending the July 9 deadline and would simply send letters notifying countries of the tariff rate they would face. "We've dealt with Japan. I'm not sure we're going to make a deal. I doubt it," Trump told reporters aboard Air Force One as he returned to Washington from a trip to Florida. Trump suggested he could impose a tariff of 30 percent or 35 percent on imports from Japan — well above the 24 percent tariff rate he announced on April 2 and then paused until July 9. He said Japan was refusing to accept US-grown rice, a demand made by Washington that he described as "an easy one," while selling millions of cars in the United States. "So what I'm going to do, is I'll write them a letter saying we thank you very much, and we know you can't do the kind of things that we need, and therefore you pay a 30 percent, 35 percent or whatever the numbers that we determine," he said. So far, only Britain has negotiated a limited trade deal with the Trump administration, accepting a 10 percent US tariff on many goods, including autos, in exchange for special access for aircraft engines and British beef.
