Cash-strapped Vatican unveils fundraising video centred on Pope Leo
VATICAN CITY (Reuters) -The Vatican on Wednesday unveiled a fundraising video centred on newly elected Pope Leo, urging the faithful to support his mission amid a serious financial crisis for the Catholic Church.
The slick one-minute video was shown on giant screens in St. Peter's Square to crowds waiting for the pope's weekly audience, and spread on social media and the internet by Vatican news outlets.
It starts with footage of the white smoke that announced Leo's election on May 8, followed by his first words as pope, "Peace be with you all", and images of cheering crowds, all accompanied by gentle piano music.
The video urges people to donate to Peter's Pence - a papal fund used to support church activities and charity work which, according to latest available records, received 48.4 million euros ($55.66 million) in donations in 2023.
The pope's home nation, the United States, accounted for the biggest share, equal to just over 28% of the total, but expenses far outstripped offerings, with the fund disbursing 103 million euros in the year, the Vatican said.
"With your donation to Peter's Pence, you offer tangible support as the Holy Father takes his first steps as Pope. Help him proclaim the Gospel to the world and extend a hand to our brothers and sisters in need," the video says.
Although the Vatican has not published a full budget report since 2022, the last set of accounts, approved in mid-2024, included an 83-million-euro ($94-million) shortfall, two knowledgeable sources told Reuters.
The shortfall in the pension fund was estimated to total around 631 million euros by the Vatican's finance czar in 2022. There has been no official update to this figure, but several insiders told Reuters they believe it has ballooned.
($1 = 0.8695 euros)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 hours ago
- Yahoo
Thai finance minister to travel to US for trade talks
BANGKOK (Reuters) -Thai Finance Minister Pichai Chunhavajira said on Monday that he will travel to the United States later in the day for trade talks to be held over the next two days. He said on a local news programme that he hoped U.S. tariffs levied on Thailand will not be higher than those imposed on other countries. "I hope that no matter how much, it won't be more than anyone else's," Pichai said. Thailand faces U.S. tariffs of 36% if it fails to negotiate a reduction before a moratorium expires on July 9. A tariff of 10% has been set for most nations while the moratorium is in place. Earlier this month, Thai commerce minister Pichai Naripthaphan said talks between the two countries could lead to good terms on tariffs, and possibly settle on a rate as low as 10%. Thailand has said it hopes the negotiations will be extended beyond the expiry of the tariff pause next month. 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
CNBC
4 hours ago
- CNBC
China's manufacturing activity contracts for a third month amid deflation woes
China's manufacturing activity contracted for a third straight month in June, an official survey showed on Monday, fueling hopes for more stimulus to cushion the impact of ongoing trade disruptions. The official purchasing managers' index (PMI) improved slightly to 49.7 in June from 49.5 in May but stayed below the 50-benchmark separating expansion from contraction. That figure was in line with analysts' forecast of 49.7 in a Reuters poll. The non-manufacturing PMI, which includes services and construction, rose to 50.5 from 50.3 in May. Chinese manufacturers have been grappling with a deepening price war amid a supply glut and sluggish consumer demand, exacerbated by higher U.S. tariffs that dwarfed its exports to the world's largest consumption market. The country's shipments to the U.S. plunged 34.5% in May from a year ago and over 21% in April, as exporters pivoted to alternative markets to avoid an eye-watering triple-digit tariff that had kicked in briefly before it was rolled back mid-May. Chinese Premier Li Qiang said in an address at a key economic forum in Tianjin last week that Beijing was stepping up efforts to boost domestic demand in what would make China a "consumption powerhouse." Consumer prices have also been mired in deflation this year, falling 0.1% in May from a year earlier. A gauge on the wholesale prices, or producer price index, saw the biggest drop since July 2023 in May, deepening a deflation that has imperiled the manufacturing sector for over two years. Chinese industrial firms' profits plunged 9.1% in May, their sharpest drop in seven months. On Friday, China's commerce ministry said Beijing had reached an agreement with Washington on further details of the existing trade framework, noting that China would review and approve eligible applications for export of controlled items, while the U.S. would correspondingly cancel a series of restrictive measures against China. While the statement was viewed as an encouraging sign that the bilateral trade talks are progressing, economists cautioned that the lack of details had left much in doubt, including what criteria Beijing will use to evaluate the application for exporting rare earth magnets. "It underscores how tough and detailed trade talks can be," said Wendy Cutler, vice president at Asia Society Policy Institute, with the latest development signaling both sides are working to ensure the preliminary deal agreed upon in Geneva gets implemented "in good faith." In a separate statement over the weekend, the commerce ministry reiterated its opposition against other countries seeking tariff relief with the U.S. in any deal that would compromise China's interests. "If such a situation occurs, China will not accept it and will take resolute countermeasures to safeguard its legitimate rights and interests," the statement said. A private survey on China's manufacturing activity conducted by Caixin Media and S&P Global is due on Tuesday, which is expected to improve slightly to 49 in June from 48.3 in the previous month, according to a Reuters poll.
New York Post
7 hours ago
- New York Post
One NY Republican has a massive edge in possible primary to face Gov. Kathy Hochul: poll
Upstate Rep. Elise Stefanik has a massive edge over other Republicans in a hypothetical party primary to take on Gov. Kathy Hochul next year, a new poll found. Some 64% of Republicans would support Stefanik — while only 8% would back Hudson Valley Rep. Michael Lawler, the survey of 1,108 likely Republican voters conducted by the firm co/efficient found. Another 6% polled said they'd support Nassau County Executive Bruce Blakeman in a hypothetical matchup, while 22% are undecided or back another candidate ahead of the 2026 gubernatorial race. Advertisement 4 A new poll found that 64% of Republican voters in New York state would back Rep. Elise Stefanik in the Republican primary for governor. AP Photo/Jose Luis Magana 'Among the most likely contenders Congresswoman Elise Stefanik is widely known AND widely loved,' co/efficient pollster Ryan Munce said. 'Over the last several years, Stefanik has become a fixture in both statewide and nationwide politics and is the face of change for New York State.' Still, Munce was surprised that Stefanik amassed a 56- percentage point lead over Lawler, a popular lawmaker and also a rising star in the GOP. Advertisement 'If I had my chips on the table, I thought Lawler would be in the mid-20s percent,' Munce told The Post. 'Typically, this early in an election cycle, a significant percentage of voters are still undecided and waiting to see who else may join the race,' the pollster added. 'Today in New York, that is not the case. Minds are made up and Elise Stefanik looks all but guaranteed to be the Republicans' choice to become the next Governor of New York.' Stefanik, Lawler and Blakeman are eyeing a run for governor against the Democratic incumbent but no formal campaigns have kicked off — yet. 4 Rep. Mike Lawler finished a distance second in the poll. REUTERS/Eduardo Munoz Advertisement Stefanik, first elected to the House in 2014, has more widespread name recognition and popularity among Republican voters than Lawler or Blakeman, according to the poll. For example, 64% of Republicans had a favorable view of Stefanik, 11% an unfavorable view and 24% had no opinion or did not know her. By comparison, 25% of Republicans had a favorable view of Lawler, 9% an unfavorable view but a whopping 66% were unsure or never heard of him, the poll showed. Blakeman was viewed favorably by 17% of Republicans, unfavorably by 11% and 72% were unsure or never heard of him, according to the survey. Advertisement 4 Nassau County Executive Bruce Blakeman recieved 6% in the gubernatorial poll. Heather Khalifa for the NY Post Munce attributed some of Stefanik's edge to the fact she is chairwoman of the House Republican Leadership and has a higher national profile because she has served in GOP House leadership for a number of years. She was also nominated to be President Trump's US Ambassador to the United Nations — but the president withdrew the selection earlier this year over concerns he needed her vote in Congress as the GOP holds only a razor-thin majority in the House. Stefanik also had a prominent role grilling Ivy League college presidents over anti-Israel campus protests and antisemitism. 4 Another recent poll found that Lawler had a better chance at beating Gov. Hochul in the general election. Aidin Bharti/Office of Governor Trump suggested he was leaning toward giving Stefanik his blessing last month when he posted to TruthSocial an unsolicited endorsement of Lawler's re-election campaign for Congress — even though the lawmaker hasn't announced his intentions for 2026. Lawler took a jaunt upstate two weeks ago, making stops in six counties and meeting with over a dozen county GOP committee chairs, as well as elected officials and other party faithful. Advertisement Several of the local Republican leaders who met with Lawler said they would be happy to back him should he choose to go up against Hochul next year. One survey by Harper Polling claimed that Lawler — who represents the battleground 17th House District that takes in Rockland, Putnam and and portions of Westchester and Dutchess counties — would have a better shot at defeating Hochul than Stefanik, whose 21st District in the North Country borders both Vermont and Canada. Lawler's camp, when informed of the GOP primary poll, said Sunday the congressman is the stronger candidate in the general election. 'The real race is against Kathy Hochul and the data universally shows that Mike Lawler is the only Republican who can defeat her and actually get elected governor,' Lawler campaign spokesman Chris Russell said. Advertisement Lawler, first elected to Congress in 2022, has been a vocal critic of the controversial congestion pricing toll to enter Manhattan and has fought to increase the state and local tax deduction on federal returns for New Yorkers that was capped during Trump's first term as president. Munce anticipates that Stefanik, Lawler or a generic Republican would poll well against Kathy Hochul, given the governor's underwhelming public approval ratings in surveys. The co/efficient survey was conducted from June 18-20 via mobile texts and landline interviews and has a margin of error of plus or minus 3.76% points.
