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Reuters
15 hours ago
- Business
- Reuters
Vatican-backed report seeks financial reform to avert decades of lost development
LONDON, June 20(Reuters) - A commission launched by the late Pope Francis has outlined financial reforms it says could help to avert decades of lost development in poor countries that face onerous repayments as global public debts reach record levels. The Jubilee Commission report is published ahead of the once-a-decade United Nations Financing for Development Conference that takes place in Seville, Spain, later in June. The environment for this jubilee-year campaign could hardly be more different from the last - 25 years ago - that yielded billions in historic debt forgiveness. Mariana Mazzucato, a University College London professor and member of the commission, said today's debt crisis was symptomatic of "a broken investment model". "The solution has to be public investment strategies that build productive capacity, domestic value added and sustainable fiscal space," she said. The report recommends measures including more debt suspension initiatives and steps to ensure money from institutions, such as the International Monetary Fund and the World Bank, does not end up flowing from countries to private creditors. It also urges legal changes in London and New York - the jurisdictions for most bond contracts - to disincentivise creditors from refusing to take part during debt restructurings. After the debt forgiveness that followed the previous jubilee campaign, many developing countries, freed of their existing debt, turned to more expensive private lending, and China's lending ballooned. As a result, countries including Sri Lanka, Zambia and Ghana slid into default. A wave of sovereign defaults unleashed by the COVID-19 pandemic - and exacerbated by the pressure of Russia's invasion of Ukraine and a global rate-hiking cycle that boosted borrowing costs - largely crested last year. But the commission said dozens of countries are still squeezing spending to repay debt - with long-term implications for development and social cohesion. Average interest costs for developing countries as a share of tax revenues has almost doubled since 2014, while 3.3 billion people - and more than half of Africans - live in countries that spend more on debt service than health. The system, the commission's leaders said, traps countries in a cycle in which private lenders send cash when times are good - but quickly shut off access when global risk re-emerges. When lenders of last resort, such as the IMF, send money, the commission said that money often goes towards repaying creditors to avoid default. Martin Guzman, commission co-chair and Argentina's ex-Economy minister, said that created a problem for both creditors and debtors. "They don't come to the table with the right conditions for engaging timely and sustainable restructurings, and that aggravates the development crisis," he said.
Daily Mail
2 days ago
- Entertainment
- Daily Mail
Lee Ryan to become a father for the SIXTH time! Blue star announces his wife Verity Paris' pregnancy as he jokes 'oops we did it again'
Blue star Lee Ryan has announced he is set to become a dad for the sixth time. The singer, 42, revealed that his wife Verity Paris is expecting their fourth child together, while he is already father to two other children. Lee shared the happy news on his TikTok page, as he shared a photo of himself cradling his wife's bump with the playful caption: 'Oops we did it again. 'Baby number 4 on the way to add to our lovely little family! Another vibe to join the tribe we are truly grateful ps…. Check out little Elton John by the piano!" Lee and Verity enjoyed a lavish wedding ceremony in Seville last October - two years after their secret legal ceremony in Gibraltar. He moved to Spain three years ago to start a family with Verity, 33, and the couple said 'I do' at a registry office in 2022. After missing out a big wedding day with their family and friends due to the pandemic restrictions, the couple celebrated their nuptials with a fairytale wedding in Seville on 7 October, with all his Blue bandmates in attendance. Describing the special day to OK!, Lee admitted he cried at several points during the day, saying it 'felt like a dream'. The couple's three children all played roles in the ceremony, with their three-year-old and two-year-old daughters being flower girls and Lee walked down the aisle carrying their newborn son to a string quartet playing Time by Hans Zimmer. He moved to Spain three years ago to start a family with Verity, 33, and the couple said 'I do' at a registry office in 2022 Gushing about his wife, he admitted he knew she was the one on their second date and that 'she saved my life', while describing the moment he saw her in her dress, 'it took my breath away'. Lee detailed how they incorporated different religions and spiritual elements for the service and had their first dance to John Legend's Never Break. Speaking about having his fellow Blue members Simon Webbe, Duncan James and Antony Costa by his side, he said: 'It was great to have Simon, Duncan and Antony there. 'I don't have any actual brothers – but they are my brothers. Through thick and thin, all four of us. We've had many ups and downs over the years and it's only the four of us who really know what it's like. It's a bond that's lasted 24 years now.' He added that Simon even gave an impromptu performance of No Worries, but joked he didn't allow any of them to do speeches as 'they know too much'. Antony's daughters Savannah Rosa and Paloma Valentina and Simon's two little girls Cyan and Riya were also flower girls, with three-month-old Riya being the youngest member of the bridal party. Lee explained he and Verity are breaking up their honeymoon into three small city breaks to Venice, Paris and Budapest over the next 12 months. Recalling how they first met, he said: 'We first saw each other at a Christmas lights switch on when I was promoting and Verity was a performer, and we met backstage. 'A few weeks later, we went on our first date and we bonded over our love of food – sushi, on that occasion. The first time I knew she was the one was on our second date. We picked a Christmas tree and danced around my living room to John Legend.' He added they work so well together because 'I'm a nutty Gemini and she's a Libra who balances me out' and also praised her for having 'a lot of patience'. He went on: 'We are both creative and we write songs together and share a love of music and performing. Verity understands my life, and that I have to go and work for us to have this life together. But I love coming home. She saved my life. My wife saved my life, I know that for sure.' When the couple first tied the knot two years ago, Lee told The Sun: 'I met someone finally who loves and supports me in everything I do. 'Verity is a beautiful, strong and loving woman who I treasure, and I'm a lucky man to have such a wonderful mother for my child, and now wife in her. 'I've never been more calm and grounded and I have Verity to thank for that. I'm the happiest I've ever been in my life because of the wonderful family life I now have.' As well as his three children with Verity, Lee is also dad to daughter Bluebell, 15, who he shares with ex Jessica Keevil, and son Rayn, 14, whose mother is his ex-fiancée, Samantha Miller. The couple moved to a beachfront apartment in the Costa del Sol in 2020 with the duo admitting that they now have a 'better quality of life' and 'new lease of life'. Lee admitted that after 20 years of living in London he now loves scenic walks along the coastline and 'sea air'. The singer revealed that they took out Spanish residency before Brexit and that their daughter will have 'dual passports' with the couple excited for her to speak Spanish. Lee and Verity were first linked back in January 2020 before enjoying a loved-up holiday together in February 2022. Verity - whose real name is Verity Morley - is an Ariana Grande impersonator who starred on the X Factor in 2009. Lee, who was known as somewhat as a lothario on Celebrity Big Brother and Celebs Go Dating, previously reflected on his failed relationships and low points of his life. He told the Daily Mail in 2019: 'I shouldn't have lost the family life I had with my ex-fiance, Sammi, and our little boy, Rayn. He's ten now and we're really close again. 'But I neglected the relationship so it's only relatively recently that he's been able to see functioning co-parenting, something my mum and dad never achieve.' He added back then: 'I don't know if I'll settle down for a long time. I love the early months of a relationship and then I start concentrating on my career again. 'I also have a daughter, Bluebell, who's 11. These are key ages for my kids so I'm working as hard as I know how to make memories with each of them that will last. They're my priority for the next few years.' It comes just a year after Lee narrowly dodged jail after his racially aggravated assault on a black British Airways flight attendant whom he told: 'I want your chocolate children'. He was handed a 12-month suspended prison sentence in September last year following his arrest for behaving in an 'intimidating' and 'crazy' manner during a flight from Glasgow to London City Airport in July 2022. Lee was ordered to pay £2,500 compensation to Leah Gordon for attacking and behaving in an abusive way towards her plus £750 to her colleague within three months, having earlier pleaded guilty to being drunk on the aircraft, for which he was handed a four-month jail term to run concurrently. He had been described as 'slurring his words and staggering around' after downing an entire bottle of port in a lounge at Glasgow Airport before his flight. After he was refused more alcohol on the plane and told to return to his seat, Lee had approached Leah from behind, saying he needed a kiss from her before he got off the plane. He made comments about her looks, calling her a 'chocolate cookie' before grabbing her wrists. Police footage showed Lee 'snarling' and swearing at officers, while video of the arrest played in court showed him crying on the floor and repeatedly saying 'I've done nothing wrong'. He was also warned several times by PC Bryett to stop trying to bite him. Leah told Ealing Magistrates' Court that Lee initially called her 'beautiful' and put his sunglasses on her face. She said: 'He was making comments about my complexion, "you're my chocolate darling, my chocolate cookie, and I'm going to have your chocolate children".' Leah said Ryan later approached her from behind, saying: 'Before I get off this plane I need a kiss from you.' After telling him to 'stay away', she said he grabbed both her wrists before passengers intervened. She said: 'He was towering over me, like he was leaning in to give me a kiss. He said to me "I want your chocolate children". 'I was intimidated, I felt a bit embarrassed like I wasn't doing my duty properly. To get comments about my colour whether intentional or not, it was just unacceptable and so derogatory. I just felt like it wasn't fair and I shouldn't have to put up with it. I don't go to work to be assaulted or harassed.' Luke Bowyer, prosecuting told the court: 'You've got a celebrity who believes he is entitled to harassing a woman.' Lee, who was tearful in the dock before giving evidence, told the court his actions were merely 'playful' and denied use of the word chocolate was racist. He said he drank a whole bottle of port and ate cheese in the BA lounge after the flight was delayed and recalled 'annoying' a passenger next to him by asking what book he was reading, with no recollection of what occurred after that. He told police officers in an interview, read to the court: 'I wish I could ring her up and apologise and offer her some Blue tickets for the next tour.' The pop star went on: 'I'm sorry. My band member is black, I'm not racist, I've had black girlfriends, mixed-race girlfriends. It was banter, just drunk banter I suppose, there was no malice or intention to upset anyone.' Lee added: 'I didn't mean to cause any distress to anyone or be racist, it was just a poor choice of words I suppose.' He also claimed to have said 'chocolate chip cookie', adding: 'They're white, there was no malice in them [the comments]. He added: 'I am sorry that I touched her, but that's all I did, touch her lightly, by her admission.' The bench at Ealing Magistrates' Court found the 'racially aggravated element was proved', with chair Mr Badral saying: 'We believe the language was demeaning and derogatory. We cannot accept the choice of the wording was simple banter.' Passing sentence at Isleworth Crown Court, His Honour Judge Nicholas Wood told Lee that he was fortunate to avoid an immediate custodial sentence - adding that the term was being suspended because of the remorse he had shown and because of the singer's psychological condition. The judge told Lee: 'You caused more than minor psychological distress to Ms Gordon. It was your decision and your decision alone to get drunk.' He added: 'You brought shame on yourself for this. I think you are aware of that.' 'The language you used may be acceptable in the entertainment industry, but it has no place on an aircraft being directed by cabin crew.' Judge Wood added that while the incident only lasted 10 or 15 minutes: 'It seemed like a lifetime for everybody on that plane.' But explaining his reasons for not handing Lee a custodial sentence, the judge said he was swayed by a number of psychological reports which detailed the singer's mental condition. These showed that he has been diagnosed with Autistic Spectrum Disorder; Post Traumatic Stress Disorder; Dyslexia; ADHD and also struggles with alcohol abuse. A psychologist also claimed that Lee was prone to risky behaviour and also had a lack of insight about how to deal with 'personal dynamics.' Judge Nicholas Wood told Lee that he was fortunate to avoid an immediate custodial sentence - adding that the term was being suspended because of the remorse he had shown and because of the singer's psychological condition (pictured in 2019) Judge Wood said: 'If he [Lee] didn't have these [disorders] he would have been better able to interpret the situation that he should not have boarded a plan drunkenly. 'Suffering from these impairments and disorders has reduced your culpability.' The judge said that he had also handed Lee a suspended sentence because he believed that the incident had 'brought him to his senses.' He added: 'I believe that no further offending is likely to take place from you, this has brought you to your senses. It's a shame that it was in such serious circumstances and that you caused such grief to those on the plane.' While he added that he also took into account Lee's domestic situation and that he had a third child on the way, which also led to him imposing a suspended sentence. 2003: BANNED FROM DRIVING AFTER DRINK-DRIVING Ryan was banned from driving and fined £2,250 after drink-driving. Ryan was fined £500 at Guildford Magistrates' Court for an assault on a taxi driver in Oxted, Surrey. AUGUST 2010: CHARGED WITH ASSAULTING HIS NOW EX-FIANCEE Ryan was charged with assaulting his now ex-fiancee Samantha Miller - the mother of his son Rayn - after allegedly hitting her as they drove through London. The charge was withdrawn that month at his partner's request. MAY 2014: BANNED FROM DRIVING FOR TWO YEARS AFTER FAILING TO PROVIDE A SPECIMEN FOR TEST Ryan was handed a £3,325 fine and banned from the roads for two years after failing to provide a specimen and causing £120 of criminal damage. APRIL 2015: SINGER DECLARES HIMSELF BANKRUPT The singer officially filed papers in Central London County Court in 2015. AUGUST 2019: RYAN SPEAKS ABOUT STRUGGLES WITH ALCOHOL Ryan spoke of his alcohol struggles and described himself as having been a 'good alcoholic' for ten years. AUGUST 2020: BANNED FROM DRIVING FOR SIX MONTHS AFTER SPEEDING TWICE Ryan was banned from driving for six months after being caught speeding in Sheffield in May 2019 and Eltham in South East London in August 2019. Ryan denied claims he is transphobic or homophobic after he became embroiled in a vicious spat with a drag queen Layla Zee Susan on Instagram. AUGUST 2021: BANNED FROM DRIVING FOR 12 MONTHS Ryan was disqualified from driving for 12 months and fined £660 as he appeared at Peterborough Magistrates' Court via remote link from Spain. He was charged with breaking a 60mph limit twice on an A-road in August 2020. These charges were dismissed because the prosecution offered no evidence due to there being no means of proving who was driving. But Ryan went on trial for two counts of failing to give information relating to the identification of the driver when required, and was found guilty. Lee Bee Ltd was placed into voluntary liquidation due to owing the amount, including an estimated £15,000 to HMRC and £50,000 to Metro Bank.
Yahoo
2 days ago
- Sport
- Yahoo
🚨 Official: Olga Carmona swaps Real Madrid for PSG
Paris Saint-Germain have announced the signing of Olga Carmona. The international defender has signed for three seasons, until 2028. Carmona, born in Seville in 2000, began her career at Sevilla FC, rising to the First Division and then moved to Real Madrid in 2020. Advertisement She stood out with the Madrid club, becoming captain and being recognized as one of the best young players in the league in 2021. Internationally, in Spain, her decisive goal in the 2023 World Cup final with the Spanish national team is still remembered, achieving the first world title for Spain. Carmona has also won the Nations League in 2024, establishing herself as a key figure in Spanish football. This article was translated into English by Artificial Intelligence. You can read the original version in 🇪🇸 here. 📸 Florencia Tan Jun - 2024 Getty Images
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Travel + Leisure
4 days ago
- Travel + Leisure
I'm a Travel Photographer and This European Destination Is One of My Favorite Scenic Spots for Its Stunning Architecture
As a travel photographer, I'm most often drawn to places steeped in culture and history. I find these things give depth, meaning, and context to my images, and a view of the world beyond surface-level aesthetics. I'm especially fascinated by the rich legacy of Al-Andalus, the nearly 800-year period of Islamic rule on the Iberian Peninsula. In what is now Spain, this began around the year 700 and lasted until 1492, when King Ferdinand II and Queen Isabella I unified the nation as a Catholic monarchy. From left: Palacio de las Dueñas; Mosque-Cathedral of Córdoba. In what is today known as Andalusia, particularly Seville and Córdoba, these Muslim and Christian influences intertwine, often within the same four walls. I wanted to document how architecture can serve as a dialogue between civilizations. My goal was not just to capture beautiful images but also to explore the layers of cultural exchange that define this region. Córdoba was once the capital of the Umayyad dynasty in Spain. At Mosque-Cathedral of Córdoba, which was built in the late 700s, I was attracted to the distinctive red and white stripes, an important element of Umayyad design. The building was converted into a Catholic church in 1236. I wanted to document how architecture can serve as a dialogue between civilizations. My goal was not just to capture beautiful images but also to explore the layers of cultural exchange that define this region. I also found a particular moment quite moving, watching a woman climb the stairs, as it made me wonder about all the people, over many, many years, who had climbed these same steps to pray, whether as followers of Islam or Christianity. I also thought about how so many landmarks here have survived for centuries, even as the immediate surroundings have evolved over time. The layers of history in Palacio de las Dueñas, in Seville, also intrigued me. Owned by the aristocratic Alba family since 1612, it was turned into an apartment building in the late 1800s; one of Spain's most beloved poets, Antonio Machado, was born there in 1875. In the 20th century, the Albas turned it back into a home, where celebrities like Jacqueline Kennedy and Grace Kelly visited. From left: Royal Alcázar of Seville; Iglesia de Santa Catalina. Originally developed in the early 10th century as a Moorish fortress, the Royal Alcázar of Seville was transformed over the years into a sprawling palace by both Muslim dynasties and Christian monarchs. Today, it is still a residence for the Spanish royal family when they visit the city. Iglesia de Santa Catalina, a Sevillian church, was mainly constructed in the 14th century, on the site of a former mosque. I admired the Islamic influences that can still be seen, like the brickwork, the horseshoe arches at the entrance, and the roof lantern that echoes the shape of a minaret. A version of this story first appeared in the July 2025 issue of Travel + Leisure under the headline "Stories in Stone ."
The Guardian
5 days ago
- Business
- The Guardian
Starmer urged to attend UN summit and back plans to tackle global debt crisis
More than 80 charity leaders and campaigners have written to Keir Starmer urging him to attend a UN global development conference and back plans to reduce the debt payments made by poor countries. World leaders including the French president, Emmanuel Macron, and the Canadian prime minister, Mark Carney, and the European Commission president, Ursula von der Leyen, are expected at the Financing for Development conference – known as FfD4 - in Seville later this month. The campaigners claim that in negotiations between participating countries, the UK, together with others including the US, has blocked proposals for a new UN intergovernmental process to tackle the debt crisis in the global south. Signatories to the letter include the heads of Christian Aid, Oxfam GB, Save the Children UK, ActionAid and Unicef UK. 'We are deeply concerned about the UK's position to systematically block any significant reform of the debt architecture within the FfD4 negotiations thus far. This approach risks putting this government on the wrong side of history and risks further damaging the UK's reputation as a development partner,' it says. The development minister Jenny Chapman has insisted the UK will continue to take a lead on international development, despite slashing the aid budget to fund higher defence spending. Under its party manifesto, Labour pledged to 'repair relationships with developing countries and to restore the UK's role on the international development stage'. Romilly Greenhill, the chief executive of the aid umbrella group Bond, which coordinated the letter, said: 'Following the shortsighted decision to cut the UK aid budget, this government has a responsibility to step up and take decisive action on debt.' She added: 'The UK must stand in solidarity with countries hardest hit by the unjust debt crisis. Supporting their calls is vital – not just for the global majority, but for a fairer, more stable future for everyone.' Patrick Watt, the chief executive of Christian Aid, said: 'The UK cannot build real partnerships with the global south while blocking the very reforms those countries are calling for. At FfD4, the government has a choice: stand in solidarity with countries facing debt and climate crises, or cling to outdated power structures that continue to extract more than they give.' The letter calls on Starmer to 'ensure that the UK government demonstrates that it is ready to lead on debt on the global stage' by supporting the idea of a UN process. 'This is urgently needed for agreeing just, timely, and lasting debt relief and preventing future debt crises,' the letter adds. With the UK a common jurisdiction for the contracts that govern sovereign debt, the government is also being urged to pass legislation to force private sector creditors to bear their fair share of any debt relief programmes. The letter to Starmer says: 'Reforming UK debt legislation and supporting global financial reform costs the UK taxpayer nothing, all that is required is your willingness to lead.' The World Bank estimates more than half of low-income countries are either already in debt distress or at high risk of it, and its chief economist has warned that outside Asia, the developing world risks becoming 'a development-free zone'. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Countries struggling to meet their debt obligations can already apply for relief through a process known as the common framework, which is administered by the International Monetary Fund, but critics complain that it can take years. A UK government spokesperson said: 'We remain deeply committed to supporting developing countries to tackle unsustainable debt and continue to work with them to address both the immediate challenges, and the underlying drivers. 'We look forward to working through a full spectrum of development finance issues, alongside our partners at the conference in Seville later this month.' They spokesperson added that the UK would be represented by a minister at the meeting. Global efforts to tackle poverty have taken a significant blow from the deep cuts in overseas aid budgets made by Donald Trump's administration, which has all but dismantled its aid agency, USAID.
