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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Headlines

    Posted By Global Banking and Finance Review

    Posted on June 18, 2025

    Featured image for article about Headlines

    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)

    (Reporting by Alvise Armellini and Yara Nardi, editing by Ed Osmond)

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