Vatican Bank risks blacklist for weak money laundering controls December 8, 2013 THE VATICAN’S bank could this week be blacklisted by the international finance community after investigators found poor anti-money laundering controls in place. The 71-year old lender is being probed by Moneyval, the Council of Europe’s watchdog which monitors standards in finance. If the watchdog rules against the Institute for the Works of Religion, as the [...]
Vatican bank reveals profit October 1, 2013 THE VATICAN bank, dogged for decades by scandals and opaque dealings, published the first annual report in its 125-year history yesterday. The report, audited by KPMG, covered 2012, a tumultuous year that saw its former president ousted in a boardroom battle. The bank reported a net profit of €86.6m (£72.3m), more than four times greater [...]
Virgin annual report for Vatican bank October 1, 2013 The Vatican's bank has published its first-ever annual report today, showing earnings in 2012 were €86.6m (£72.3m) – four times higher than in 2011. The report comes as the bank, which was founded in 1942, tries to distance itself from a rather murky past – in a bid to become more transparent, as part of Pope Francis' reform [...]
What the other papers say this morning – 9 August 2013 August 8, 2013 FINANCIAL TIMES Norway’s oil fund plans to turn active Norway’s $760bn (£489bn) oil fund, the world’s largest sovereign wealth fund, is stepping up its efforts to be a more active investor by appointing a corporate governance advisory board. Having quadrupled in size in the past eight years, the vehicle is seeking to play a bigger [...]
What the other papers say this morning – 22 July 2013 July 21, 2013 FINANCIAL TIMES Deutsche Bank set to shrink Deutsche Bank plans to shrink its vast balance sheet by as much as a fifth in order to comply with incoming stricter rules for financial soundness. In a big strategic step by Germany’s largest lender by assets, Deutsche is expected to tell investors that it aims to achieve [...]
“I’m too frail to carry on” – pope resignation shocks the world February 11, 2013 POPE Benedict XVI announced yesterday he will step down as head of the Catholic Church at the end of this month, becoming the first pontiff to abdicate from the role since the 15th century. The 85-year-old Pope told his cardinals that he no longer had the mental or physical strength to fulfil his papal duties, [...]
Catholic shock as Pope plans to step down February 11, 2013 THE POPE’S closest advisers were left reeling yesterday after the 85-year-old pontiff revealed he would step down from the position in just over two weeks, blaming age and declining health for his decision. In an unexpected speech to senior cardinals Pope Benedict XVI said: “I have come to the certainty that my strengths, due to [...]
Pope Benedict saw why the capitalist system is virtuous February 11, 2013 THOSE who study Pope Benedict, who announced his retirement yesterday, have been impressed by his humanity and by his understanding of human nature. Statements he has made on the economy, written in his own hand, reflect that. The Pope, for example, did not see the problems that led to the financial crisis as solvable by [...]
What the other papers say this morning January 3, 2013 FINANCIAL TIMES F&C’s Bramson lines up target Edward Bramson, the activist investor who is executive chairman of F&C Asset Management, is preparing to take on another midsized UK public company. He has launched a second Guernsey vehicle, backed by Soros Fund Management, that will sit alongside Sherborne Investors Guernsey A, the fund through which Mr [...]
What the other papers say this morning August 13, 2012 FINANCIAL TIMES Emails tell of EADS payments fears Senior EADS executives were alerted five years ago about questionable payments made to Cayman Island bank accounts and lavish gifts given to the Saudi Arabian royal family and military by a British subsidiary that is now the subject of a criminal probe by the UK’s Serious Fraud [...]