Pope Creates New Commission of Inquiry for Finance

Eni-Enel Stake Sales Weighed by Italy Finance Chief to Cut Debt

On the one-month anniversary of his election, Francis named eight cardinals to help him govern the universal church and study an overall reform of the Vatican bureaucracy. The Holy See has been criticized for having offices with overlapping functions which nevertheless operate as individual fiefdoms that don’t communicate with one another. Last month, he named a commission of inquiry into the scandal-plagued Vatican bank, whose top two managers resigned amid a widening money-laundering probe by Italian magistrates and a related scandal involving a 20 million euro ($26 million) money-smuggling plot allegedly engineered by a Vatican monsignor. Friday’s commission into the economic and administrative organization of the Holy See will report to Francis but it will also collaborate with the “Group of Eight” cardinals named in April, the document said. The first meeting is in October.

GE profit, revenue drop on finance unit weakness

We are considering this, Saccomanni said of possible sales today in a Bloomberg Television interview with Ryan Chilcote from Moscow. These companies are profitable and are giving dividends to the budget, so we have to consider also the possibility to use this as collateral for debt reduction schemes we are considering. There are a number of ideas that we are now taking into account, he said. He didnt clarify his intention regarding collateral. The Italian government, led by Prime Minister Enrico Letta, is turning its attention to the $2.7 trillion debt after reining in the deficit after almost two years of austerity. The debt load has weighed on confidence throughout the European financial crisis and Italys two-year recession, with foreign ownership of Italian debt declining to 34.6 percent in April from 35.1 percent in May 2012.

Royal Baby Watch: The Great Kate Wait

$0.35 est. Jack De Gan, Harbor Advisory, breaks down General Electric’s second quarter results and discusses where the company is likely to find challenges and growth prospects. GE said its order book, an indicator of how much work it has received from customers, was up 4 percent globally and 20 percent in the U.S., a jump that surprised investors. “This is as close as GE comes to a positive surprise as possible,” said Tim Ghriskey of Solaris Asset Management, which owns GE shares. GE Capital’s revenue fell 3 percent from the same period last year, and its earnings dropped 9 percent.


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