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Irish Examiner
14-06-2025
- Business
- Irish Examiner
Inside the Vatican Bank's €5.7bn fund and its push for ethical investing
From offices just off St Peter's Square in the Vatican, Jean-Baptiste Douville de Franssu, a former executive at the money-management firm Invesco, and Gian Franco Mammì watch over €5.7bn at one of the world's most exclusive banks. It's a pittance compared with the trillions shuffled around by the Goliaths in London or New York. But the stockpile of assets and portfolio investments is serving the higher purpose of putting a small dent in the financial strains that have squeezed the Catholic Church for years. The Institute for Works of Religion, or the Vatican Bank as it's known, provides traditional banking services and oversees investments for institutions tied to the church. Last year, it continued to draw in new cash, increasing its assets under management to a 10-year high, and is seeking to build on the record by showing it can continue to beat its benchmarks even by sticking to investments in line with the ethics of the faith. 'Financial markets have no mercy,' de Franssu, the IOR's president, said in an interview. 'If IOR doesn't deliver what it is expected from IOR, we will be in serious trouble.' The bank's profits rose about 7% to €32.8m in 2024, according to figures released this week. Those earnings, which are used to pay dividends to the church, won't make up for the hole left in the Vatican's budget due to declining worldwide donations, administrative costs, and retirement bills. But it indicates the bank is making some strides toward shedding the reputation for mismanagement and secrecy that resulted in several public scandals surrounding investment losses, criminal probes and clandestine love affairs. De Franssu and Mammì — a more than three-decade employee who has been director general since 2015 — said Pope Leo XIV has indicated that he intends to continue the process started by Pope Francis to clean up the institution that effectively serves as the family office for the world's largest faith. De Franssu was brought in in 2014 after three decades of scandals, from the Banco Ambrosiano failure in the 1980s to the freezing of €23m by Italian prosecutors in 2010, which tarnished the IOR's image and prompted Pope Francis to make financial transparency a priority. Pope Leo XIV spreads holy water as he celebrates a Mass for the Jubilee of New Religious Associations on Pentecost Day in St. Peter's Square at the Vatican, Sunday, June 8, 2025. (AP Photo/Andrew Medichini) Since then, it has begun publishing annual reports and revamped its management structure, ceding more oversight to lay people like de Franssu. It also adopted regulations aimed at bringing the bank into compliance with international financial standards, which led to the closure of thousands of accounts. The IOR has also hired from investment banks including Citigroup and Intesa Sanpaolo. Over the past three and five years, 10 of its 13 flagship investment funds outranked a majority of their peers, according to the report released Wednesday, and its executives are hopeful that the first American pope will encourage more US institutions affiliated with the church to shift their money to Rome. 'We have shown you can beat benchmarks with purely ethical investments,' Mammì said in the interview. 'If you want to speculate — if you want to reach that additional 2% in return — I suggest you go elsewhere.' While the IOR is not part of the Holy See's core annual budget, it is one of the key institutions in the financial management of the Vatican. It shares responsibility with the Administration of the Patrimony of the Apostolic See for the management of the Holy See's real estate and movable assets. For 2024, the IOR board proposed a €13.8m dividend to the Commission of Cardinals, which uses it to pay for activities linked to religion and charity or as a contribution to the Holy See's coffers. In the last few years, the dividends have been lower than they were before 2014, which Mammì said reflects the bank's efforts to better control its finances. While the Holy See as a whole hasn't published a full budget report since 2022, the last set of accounts for year 2024 included a deficit of about €70m, according to Italian daily Repubblica. 'Our job as managers is to invest, make a profit, hand out a dividend,' Mammì said. 'It is up to the cardinals to decide how to re-direct the money.' - Bloomberg Suspicious financial activity down Reports of suspicious financial activity in the Vatican fell by a third in 2024, the Vatican Bank's internal watchdog report said in April, though 79 reports were still made and two bank accounts holding a combined €2.12m were frozen. A view of St. Peter's Square during a Mass celebrated by Pope Leo XIV for the Jubilee of New Religious Associations on Pentecost Day at the Vatican, Sunday, June 8, 2025. (AP Photo/Andrew Medichini) The decrease in suspicious activity reports was a sign that the Vatican "has maintained a high standard in its action of preventing and countering money laundering during 2024", Carmelo Barbagallo, the Vatican's Financial Supervision and Information Authority president, said in a new annual report. Eleven of the 79 reported cases were referred to Vatican authorities for possible prosecution, the report said, adding that so far there had been no indictments. The Vatican's Financial Supervision and Information Authority Beyond the two frozen accounts, three transactions totalling €1.06m were also suspended, the report said. The Vatican Bank, known formally as the Institute for the Works of Religion (IOR), was established in 1942 by Pope Pius XII and is used by Vatican agencies, church organisations, bishops and religious orders around the world. It is a privately held institution located inside Vatican City run by a professional bank CEO who reports directly to a committee of cardinals, and ultimately to the Pope. It offers currency exchange services and interest-bearing accounts and has an investment portfolio. It has no branches outside Vatican City and it operates as an offshore institution outside EU rules. There are no shareholders and no policy-making functions. A supervisory council of lay experts was established in 1989 in a reorganisation of the bank, following an Italian banking scandal. In 2011, the Vatican enacted laws to bring it in line with international standards on financial transparency in the biggest action ever taken by the Holy See to meet demands for more financial openness. It established an internal watchdog, known as the Financial Information Authority (FIA), to check compliance with international financial law. The European financial watchdog Moneyval last issued a report about the Vatican's financial supervision in May 2024, which said the Vatican had improved its international banking and financial compliance measures. Pope Francis also changed Vatican law so that bishops and cardinals accused of financial mishandling would be judged by a lay court that hears criminal cases and not by a panel of prelates. The Vatican has since prosecuted and convicted a senior cleric, Cardinal Angelo Becciu, for misappropriation of funds in a case centred around the purchase of a high-end building in central London. Becciu denies wrongdoing and remains free pending an appeal. - Reuters
Time of India
12-06-2025
- Entertainment
- Time of India
Exclusive! Jackson Wang eats Vada Pav, Pani Puri and plays cricket in Mumbai: I want to soak in the culture and connect with Mumbaikars
Jackson Wang in Mumbai : Photos by: Prathamesh Bandekar After a whirlwind 12-hour flight, musician Jackson Wang wasn't prepared for a surprise massive welcome to Mumbai. Landing in the city on Tuesday morning, by noon he was already immersed in its vibrant culture. From playing cricket on Juhu beach to savoring Mumbai's iconic vada pav and paani puri, Jackson explored the city with Bombay Times. 'I just landed into this massive big production ceremony. I wasn't prepared for it, ' the 31-year-old quips. 'Dahi Puri is my favourite' During an exclusive photoshoot with Bombay Times, Jackson tried Mumbai's street food - Vada Pav and Paani Puri. 'Although it was a little spicy, I really like it. That thing they put in the middle, the mashed potatoes, I really love that. However, my favourite was the Dahi Puri,' he tells us. Not stopping there, he squeezed fresh sugarcane juice on the bustling streets of Bandra, causing quite a stir—fans nearby were literally swooning at the sight. Next stop was finding the perfect ethnic kurta for him, which he picked in ten minutes. "I will wear the Kurta on my way back home. And I will love to wear it in China, I think it will be a hit," he says. Jackson later took a leisurely stroll on Juhu beach, where he was swiftly roped in by a group of youngsters for a game of cricket. Initially nervous, as he was playing cricket after a long time, the LMLY hitmaker got so grooved, that he did hit a few balls and even bowled a few. 'Playing cricket reminded me of my high school days. I had so much fun,' he shares with a nostalgic smile. Jackson Wang eating street food: Photos by: Prathamesh Bandekar 'Mumbai was the place I really wanted to come' This marks Jackson's second sojourn to India—the first being in 2023 for a concert. 'I feel every time when I visit a place it's always been about following a schedule. This time, I just wanted to travel as a human, explore off the beaten path, dive deep into the local market. Mumbai was the place I really wanted to come to,' he adds. His previous trip was star-studded, with Bollywood's Hrithik Roshan graciously hosting him for dinner. Rumours swirl about another meeting on the horizon. On that, Jackson remarks, 'He is a superstar. If he is free, I would love to catch up. But honestly, I just want to go everywhere, soak in the culture, and truly connect with the locals.' He also adds, "The last time when I performed in India, the energy from Mumbai was another level. Everyone was partying like there is no tomorrow. They were having more fun than me. One of the most meaningful and memorable experience today, aside from all these delicious food, was me being able to meet my community. I met a few such people today and it felt good." Jackson Wang in Mumbai: Photos by: Prathamesh Bandekar 'As an artist, you're supposed to express what happens to you' Speaking about his music, Jackson emphasizes his hands-on approach: 'I direct and write everything myself.' His upcoming album, Magic Man 2 , is yet another bold concept from the artist. 'There's no 'inspiration' per se. It's based on what I've experienced. As an artist, you're supposed to express what happens to you. This album is incredibly personal; it's about how you deal with emotions," he shares, adding, "I was brought into the entertainment industry at such an early age of 19. I didn't have experience in society or the industry. I just followed, shut up and listened to everyone. But through 10 years, I experienced so much of the dark side and the curveballs of how reality and humanity is." 'I was blown away by Diljit's performance' His latest track Buck features Indian singer Diljit Dosanjh, whom Jackson met at Coachella nearly four years ago. 'I performed right before him, and after my set, I watched his performance—I was blown away. I thought, 'I really want to work with him one day.' Then, two or three years later, I made a song and thought, 'Hey, Diljit would kill this.' So I invited him, and luckily, he said yes.' Sharing a fun tidbit from their collaboration, Jackson laughs, 'When we met on set, he told me he had screenshotted a picture of me six months before I invited him because he liked my earrings. I guess it was just meant to happen." Jackson Wang in Mumbai: Photos by: Prathamesh Bandekar 'Was awestruck by Hrithik's Ek Pal Ka Jeena' Jackson also expresses deep admiration for Indian music and dance. 'Last time in India, Hrithik showed me his Ek Pal ka Jeena video, and I was awestruck. Indian music videos are next level—the dance isn't just dancing anymore. It's movement and emotion, expressing something beyond words." He gushes, 'I also love the movie RRR—the dance sequences are breathtaking. I've even watched The White Tiger and loved it's uncliched ending. " On a parting note, as his Mumbai exploration has just begun, the Pretty Please singer is looking forward to see another side of the city. "I want to witness and see another side of Mumbai," he concludes.
Belfast Telegraph
07-06-2025
- Sport
- Belfast Telegraph
Ballymoney exit Irish Cup after narrow loss to Bangor despite Ireland call-up's inspirational display
Ballymoney's Aaron Tennant celebrated his Ireland call-up on Saturday with a thumping performance against Bangor at Ward Park, but it wasn't enough to keep his team in the IBA Irish Cup. The Provincial side may have squeezed home – by only three shots – against their Premier League rivals Limavady in the First Round, but this time, they agonisingly bowed out of the sport's top knock-out tournament, beaten by two shots in a gripping tie.
Spectator
21-05-2025
- Spectator
Can anything solve Britain's prisons crisis?
While we were inspecting HMP Elmley on the Isle of Sheppey, a commotion broke out on one of the wings. 'What's up?' one of my team asked the nearest prison officer. 'Bloke who's getting out tomorrow has just been told he's being shipped to Rochester jail.' The man was manhandled towards a prison van. 'If I was him, I'd kick off too,' the officer added quietly. That week things were so desperate in the south of England that the prisoner was being forced to spend one night in a jail 20 miles away so that new arrivals could be squeezed in that afternoon. Jails were 99 per cent full and governors were under instructions to make every possible place available. This is the context in which the former justice secretary David Gauke publishes his report on sentencing this week. Ministers hope he will find a way to reduce the prison population from current historic highs. That would give the most overcrowded jails, such as Elmley, Leeds and Bristol, breathing space to deal with the other problems they face. Recently published statistics showed a 13 per cent increase in assaults on staff and seven murders in the past year. Self-harm among prisoners has reached a new high – particularly in women's prisons. Ever-increasing levels of violence and recent high-profile assaults by notable prisoners at Frankland and Belmarsh have led ministers to announce that some prison officers will soon be issued with Tasers. In the three public-sector young offender institutions, consistently the most violent prisons in the country, the use of pepper spray on children has been authorised. The government has also commissioned a review into the use of body armour following pressure from the Prison Officers' Association. At HM Inspectorate of Prisons, we continue to report that many prisoners are locked in their cells for up to 22 hours a day.
Rhyl Journal
14-05-2025
- Entertainment
- Rhyl Journal
ITV Emmerdale and Coronation Street icon reveals retirement
John Whiston, who was Managing Director of Continuing Drama and Head of ITV in the North, has revealed he will be stepping down. The soap boss oversaw both Coronation Street and Emmerdale. He will step down at the end of the month, with Iain MacLeod and Matt Cleary taking over. On his retirement, the ITV soap icon said: 'I've always said I've got the best job in TV. I used to say it privately in case ITV stopped paying me. 'It has been nothing short of an honour, as well as a blast, to work on the soaps this last decade or so. "We've had joy, we've had fun and we've had seasons in the sun. We've also had misery and mayhem, we've had motorway crashes, tram crashes and floods. 'And we've had stories which have squeezed your heart till tears came out of your eyes. We've covered pretty much anything and everything that people have to face in their own lives. And we've done that with care and humanity. A post shared by Coronation Street (@coronationstreet) 'With the appointment of Iain MacLeod as Creative Director and Matt Cleary as Chief Operating Officer and with fantastic stories in place for the move to five episodes a week next January, and a never-before-seen mega mash-up between the two shows, the future for our ITV Soaps is set fair. 'So it's the right time to leave and for me just to say thank you… to colleagues, to ITV and to our loyal, appreciative audience.' During his time at ITV, Whiston has overseen a number of other shows, including A Touch of Frost, Heartbeat, Lewis and Vera. Whiston's retirement comes just after the announcement of the first-ever crossover between the ITV soaps Emmerdale and Coronation Street. Get ready for the drama to double! We're SO excited to announce that Coronation Street and Emmerdale will be producing a special hour-long crossover episode 🎉 Read more here: Recommended reading: The hour-long crossover episode will air in January 2026, with characters from the Yorkshire town and Weatherfield coming together for the first time. ITV said: "The producers, scriptwriters and production teams have conceived an ingenious way of linking the two universes, but with characters then returning to the soaps they are renowned for inhabiting in Manchester and Yorkshire. "The episode will be self-contained, but the consequences of the high-stakes drama will have repercussions for both communities and see them linked forever as familiar faces depart and exciting new characters arrive into both soaps."
