Pope Leo XIV delivered a call to stop the exploitation and marginalisation of the poor, as well as highlighting his concerns about the war in Ukraine, at his inaugural mass on Sunday.
Ten days after he became the first US head of the world's 1.4 billion Catholics, about 200,000 people gathered to see his inaugural mass in St Peter's Square, according to the Vatican.
The mass was also attended by dignitaries including US Vice President JD Vance and Ukrainian President Volodymyr Zelenskyy.
“In this our time, we still see too much discord, too many wounds caused by hatred, violence, prejudice, the fear of difference, and an economic paradigm that exploits the Earth's resources and marginalises the poorest,” Pope Leo said.
In a prayer afterwards, he noted the continuing efforts to end the war in Ukraine, before holding a private audience with Mr Zelenskyy and his wife.
“The martyred Ukraine is waiting for negotiations for a just and lasting peace to finally happen,” Pope Leo said.
Well-wishers waved US and Peruvian flags, with people from both countries claiming him as the first pope from their nations. Born in Chicago, the pontiff, 69, spent many years as a missionary in Peru and also has Peruvian citizenship.
Robert Prevost, a relative unknown on the world stage who only became a cardinal two years ago, was elected pope on May 8 after a short conclave of cardinals that lasted barely 24 hours.
He succeeded Francis, an Argentine, who died on April 21 after leading the Church for 12 often turbulent years during which he battled with traditionalists and championed the poor and marginalised.
The pontiff was pictured shaking hands with Mr Zelenskyy who also thanked the Vatican for “its readiness to become a platform for direct negotiations between Ukraine and Russia”.
Last week, Pope Leo offered the Vatican as a venue for potential peace talks after Russian President Vladimir Putin did not take up Mr Zelenskyy's offer to meet in Turkey.
Pope Leo did not meet the US vice president.
Mr Vance met the late Pope Francis the day before he died last month, and queued up to shake Pope Leo's hand on Sunday along with the other dignitaries.
Before becoming pope, Leo reposted on his personal X account criticism of US President Donald Trump's administration over its approach to migration.
But Mr Vance insisted on Sunday that the US was “very proud of him”.
Mr Vance did however meet Mr Zelenskyy for the first time since the chaotic meeting at the White House in February.
“We discussed the talks in Istanbul, where the Russians sent a low-level delegation with no decision-making powers,” Mr Zelensky wrote on Telegram following the meeting.
“We also touched on the need for sanctions against Russia, bilateral trade, defence co-operation, the situation on the battlefield and the future exchange of prisoners,” Mr Zelenskyy added.
US Secretary of State Marco Rubio and Mr Zelenskyy's aide Andriy Yermak were also present at the meeting, where the two sides discussed steps towards a just and lasting peace in Ukraine.
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Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
Planes grounded by coronavirus
British Airways: Cancels all direct flights to and from mainland China
Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30
Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong
Ai Seoul: Suspended all flights to China
Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March
Indonesia's Lion Air: Suspending all flights to China from February
South Korea's Asiana Airlines, Jeju Air and Jin Air: Suspend all flights
Scoreline
Swansea 2
Grimes 20' (pen), Celina, 29'
Man City 3
Silva 69', Nordfeldt 78' (og), Aguero 88'
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
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What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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The biog
Name: Samar Frost
Born: Abu Dhabi
Hobbies: Singing, music and socialising with friends
Favourite singer: Adele
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Killing of Qassem Suleimani
Killing of Qassem Suleimani
COMPANY PROFILE
Name: Kumulus Water
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Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
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Mohammed bin Zayed Majlis
Zayed Sustainability Prize
MISSION: IMPOSSIBLE – FINAL RECKONING
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Zayed Sustainability Prize
The five pillars of Islam
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
