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Vatican sets up investment committee after scandal

AFP

Vatican investments will from now on be scrutinised by an in-house committee on the orders of Pope Francis, following a scandal over the controversial purchase of a luxury London property.

The committee will be headed by Irish-American cardinal Kevin Joseph Farrell and be made up of four “high-profile professionals” appointed for a five-year term, the Vatican’s press office said Tuesday.

Francis laid down the terms for the committee’s creation in a new constitution which came into effect on Sunday in a much-anticipated shake-up of the Vatican’s powerful governing body, the Curia.

The members are directors or specialists at investment companies in Britain, Germany and Norway, as well as at a higher education college in the United States.

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According to the constitution, they will have to “ensure the ethical nature of the Holy See’s equity investments, in accordance with the Church’s social doctrine and according to the criteria of profitability, suitability, and moderate riskiness”.

The Vatican has been rocked by a scandal centred around the costly purchase of a prestigious building in London as part of the Holy See’s investment activities.

At the end of January, the Vatican confirmed that it had sold the 17,000 square metre (175,000 square foot) building at 60 Sloane Square, in the upmarket Chelsea district, at a large loss. 

Since July 2021, 10 people — including a once-powerful cardinal — have been on trial in the tiny city state accused of fraud, embezzlement, abuse of power, money laundering, corruption and extortion.

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International

Joe Biden finishes prostate cancer radiotherapy at Penn Medicine

Former U.S. President Joe Biden completed his prostate cancer radiotherapy on Monday, a condition he has been managing since 2023.

The 82-year-old touched a ceremonial bell at Penn Medicine in Pennsylvania after his final session, according to a video posted on Instagram by his daughter, Ashley Biden. She expressed gratitude to the doctors and nurses for the care her father received during his treatment.

A spokesperson for Biden told ABC News that it is currently unclear whether the former president will need to continue radiotherapy.

Biden’s prostate cancer was detected during a routine check-up. According to his medical team, it was a localized, slow-growing tumor. At the time of diagnosis, doctors indicated a positive prognosis with no signs of metastasis.

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Central America

White House targets Nicaragua over human rights and labor violations

The White House is considering imposing new tariffs of up to 100% on Nicaragua or removing the country from the benefits of the CAFTA-DR free trade agreement, the Office of the United States Trade Representative (USTR) reported Monday.

The USTR determined that Nicaragua’s policies under the Ortega-Murillo regime regarding violations of labor and human rights, as well as the dismantling of the rule of law, are “unreasonable” and constitute a burden on commerce.

The resolution follows an investigation that began on December 10, 2024, when the USTR, based on recommendations from the Section 301 Committee and other advisory bodies, started reviewing the practices of Nicaragua’s government. The process included a public hearing and more than 160 comments and testimonies, including evidence of severe human rights abuses that have been forwarded to the U.S. State Department for evaluation and follow-up.

The report published Monday extensively documents how Nicaragua’s authoritarian practices — including the repression of fundamental freedoms — create a high-risk environment for U.S. businesses and investments.

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International

Zelenskyy: Meeting with Trump “Positive” Despite Rejected Missile Request

Ukrainian President Volodymyr Zelenskyy described his reportedly tense meeting with U.S. President Donald Trump last week as “positive,” despite failing to secure Tomahawk missiles for Ukraine. He emphasized what he said was the continued U.S. interest in economic cooperation with Kyiv.

Zelenskyy said Trump backed away from the possibility of sending long-range missiles to Ukraine after a phone call with Russian President Vladimir Putin, held just hours before the U.S. and Ukrainian leaders met on Friday.

“In my view, he doesn’t want an escalation with the Russians until he meets with them,” Zelenskyy told reporters Sunday. His remarks were embargoed until Monday morning.

Ukraine is seeking to purchase 25 Patriot air defense systems from U.S. manufacturers using frozen Russian assets and assistance from partners. However, Zelenskyy noted that acquiring all of them will take time due to long production lines. He said he discussed with Trump potential support to accelerate procurement, possibly through European partners.

According to Zelenskyy, Trump stated during their meeting that Russian President Vladimir Putin’s sweeping demands — that Ukraine cede the entire eastern regions of Donetsk and Luhansk — remain unchanged.

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Zelenskyy was diplomatic when describing his encounter with Trump, though reports suggest he faced pressure to accept Putin’s terms — a strategy Trump has reportedly maintained since the tense Oval Office confrontation on February 28, when the Ukrainian leader was publicly scolded for not being “grateful enough” for U.S. aid.

Still, Zelenskyy said that since Trump ultimately supported maintaining the current front line, the overall message was “positive” for Ukraine.

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