As the financial-services industry works to digest the Labor Department’s new fiduciary-duty rule—requiring advisers making recommendations on retirement accounts to act in their clients’ best interests—financial advisers have many questions about how the new standard will affect the way they do business.

Read more at The Wall Street Journal.

The Vatican suspended an audit of its finances by PricewaterhouseCoopers (PwC), a decision sources said was taken to determine if there were irregularities in the contract.

Read more at Reuters.

 

AS HE unveiled an extensive shake-up of the Vatican’s financial structures on July 9th, Cardinal George Pell said Pope Francis would soon name an auditor-general, free to “go everywhere and anywhere” in the walled city-state to root out pecuniary lapses. The appointment of the new official would help the Vatican work towards “transcendency”, the cardinal added, before correcting himself to say “transparency”.

Read more at the Economist

By Josephine McKenna

VATICAN CITY

First, Rush Limbaugh and Glenn Beck labeled Pope Francis a Marxist. Now, The Economist is accusing him of following Vladimir Lenin.

The respected financial magazine accused the pope of following the founder of Soviet communism in adopting an “ultra radical line” on capitalism.

In a blog entry titled “Francis, capitalism and war: The pope’s divisions,” the British weekly questioned aspects of a wide-ranging interview the pontiff recently gave to the Spanish daily La Vanguardia.

Read more at the National Catholic Reporter

By Carol Glatz

VATICAN CITY (CNS) — When Pope Francis condemns a “cult of money” and the “dictatorship” of a faceless economy, he isn’t trying to damper entrepreneurial spirit or shutter business.

What entrepreneurs and leaders need, he has emphasized, is having a proper relationship with wealth — that their money serve, not enslave.

Given the pope’s call for a more ethical economy of inclusion, the Pontifical Council for Justice and Peace, Catholic Relief Services and the University of Notre Dame’s Mendoza College of Business held a two-day conference in mid-June to look at how financial markets could respond.

Read more at the Catholic New Service

By Allister Heath

There can be no doubt that Pope Francis is a devoted and selfless man who has dedicated his life to serving others. A phenomenal theologian, he abhors war and poverty and is an inspiration to hundreds of millions of believers; he has gained widespread respect even among those who disagree with the Roman Catholic church’s teachings.

So it is with great sadness that I must take exception to the Pope’s views on economics and business. His hostility to capitalism, shared by the Church of England, is tragically misplaced. He has repeatedly savaged free markets, most recently at a Vatican conference this week, and aligned himself with the views of Thomas Piketty, the far-Left intellectual who obsesses about inequality and advocates crippling taxes on income and wealth.

Read more at the Telegraph

How many voters know that former Florida Gov. Jeb Bush is a Roman Catholic? Or that Texas Sen. Ted Cruz is a Southern Baptist, not a Latino Catholic? Or that Florida Sen. Marco Rubio worships at both a Catholic parish and an evangelical church?

More importantly, does it matter?

Actually, it does in today’s Republican Party, where a number of factors have forged a new religious identity that supersedes familiar old categories.

Read more at the Washington Post

by 

The West has made some remarkable steps forward culturally in the past several generations, as, for instance, in the areas of civil rights (the unborn being a notable exception), race relations, and cooperation among Christians of different traditions. We shouldn’t indulge a false nostalgia that overlooks this progress. That being said, you can visit almost any major city in the free world today and find evidence of cultural decay on a host of fronts: malls dripping with images of sensuality and hedonism; girls from respectable, law abiding families dropped off at school dressed like prostitutes; boys sitting beside them in class able to pull up a world of pornography on their smartphones and often doing so; chronically high divorce rates; a plummeting number of homes with the biological father present; commercials telling you, implicitly or explicitly, to Obey Your Thirst; recreational drug abuse—on and on we could go.

Read more at Acton Institute

By Francis X. Rocca

VATICAN CITY (CNS) — Pope Francis said the world economic system inevitably promotes military conflict as a way to enrich the most powerful nations.

He also condemned religious fundamentalism, defended the controversial record of Pope Pius XII and said he does not worry about his personal security because, “at my age I don’t have much to lose.”

Pope Francis’ words appeared in a wide-ranging interview published June 12 in the Spanish daily La Vanguardia.

Read more at the Catholic News Service

By Carol Glatz

VATICAN CITY

Pope Francis named a slate of new members to the Vatican’s financial watchdog agency, replacing an all-Italian panel with members from Italy, Switzerland, Singapore and the United States.

Cardinal Pietro Parolin, Vatican secretary of state, also promoted Tommaso Di Ruzza, an Italian, to be the agency’s “ad interim” vice-director. A former official at the Pontifical Council for Justice and Peace, Di Ruzza had been an assistant at the financial authority, which is directed by Rene Brulhart.

Read more at National Catholic Reporter