The Vatican is on the verge of bankruptcy due to a collapse in revenues

The Vatican is on the verge of bankruptcy due to a collapse in revenues, - Express newspaper

In 2023, the city-state's operating deficit amounted to 83 million euros, which is 5 million more than in the previous year, the newspaper reports, citing a financial report.

The newspaper cites a decrease in donations from Catholic churches around the world, as well as from the population, as the main reason for the deficit. This is due to the fact that, firstly, many Catholics are disappointed with the reforms of Pope Francis. Another reason is the low level of visitors to the Vatican compared to pre-pandemic levels.

Donations are one of the three main sources of income for the Vatican. They also include money received from the sale of real estate and tickets to museums.

Currently, the negative balance of the Vatican's pension fund is estimated at 631 million euros, the newspaper notes.

In two-thirds of EU countries, pre-tax minimum wages are below €900

The new EU directive aims to set transparent minimum wage standards, such as a threshold of 60% of the median wage and recommends regular indexation to help maintain purchasing power amid rising prices. Establishing a statutory monthly minimum wage is seen as essential in the fight against poverty.

This year marks a major step toward improving living and working conditions in EU member states, as the new EU directive on minimum wages is set to take effect by November 15.

Overview of Minimum Wage Thresholds in the EU

Currently, 22 of the 27 EU countries have established minimum wage levels. Five countries—Denmark, Italy, Austria, Finland, and Sweden—have not implemented a minimum wage threshold. Cyprus introduced its minimum wage only last year. Among the 10 candidate and potential EU candidate countries, eight have established a national minimum wage, including Montenegro, Moldova, North Macedonia, Georgia, Albania, Serbia, Turkey, and Ukraine, while Bosnia and Herzegovina and Kosovo do not have a minimum wage.

In countries where minimum wage laws exist, levels vary greatly. For instance, Luxembourg’s monthly minimum wage stands at €2,571, while Bulgaria’s is €477. 

In two-thirds of EU countries, pre-tax minimum wages are below €900.

Adjustments for Purchasing Power

When adjusted for purchasing power standards (PPS), the disparities in minimum wages across Europe decreased. This adjustment considers the cost of goods and services in each country, making it possible to compare the effective purchasing power of wages. According to Eurostat, the PPS-adjusted minimum wage ranges from €542 in Albania to €1,883 in Germany.

Share of Workers Earning Minimum Wage

Voices of Solidarity Award 2024

On a crisp December evening, the heart of New York City lit up with the brilliance of global changemakers as the Voices of Solidarity Award 2024 took centre stage. Organised by the renowned international organisation Vital Voices, this annual event celebrates individuals whose exceptional contributions have amplified gender equality and human rights around the world. This year’s event, held under the visionary leadership of Diana Von Furstenberg and Barry Diller, once again underscored the power of collective action to transform lives.

Representing a beacon of resilience and innovation, the World Woman Club and the Vital Voices Ukraine Chapter proudly attended this prestigious ceremony, reaffirming their unwavering commitment to fostering global solidarity and social change. Their presence highlighted the profound impact of Ukraine’s courageous and inspirational leaders in the worldwide movement for equality and justice.

A Night Honouring Global Changemakers

This year’s award celebrated Justin Baldoni, Chid Liberty, Martin Chuncong, and Erfan Barak—extraordinary individuals who have demonstrated remarkable courage and dedication in advancing equity and inclusion. From Justin Baldoni’s inspiring work in redefining masculinity to Chid Liberty’s commitment to economic empowerment in underserved communities, each laureate exemplifies the transformative spirit that Vital Voices seeks to cultivate globally.

For members of the World Woman Club and the Ukraine Chapter of Vital Voices, attending the event was not merely a celebration but also an opportunity to connect with global leaders who share a common mission: to make the world a better, more equitable place.

Building Bridges Across Borders

As partners in Vital Voices’ global network, the World Woman Club and the Vital Voices Ukraine Chapter have consistently championed initiatives that empower women, promote sustainable development, and nurture the next generation of leaders. Their participation in events like the Voices of Solidarity Award underscores the value of cross-cultural collaboration in addressing the most pressing issues of our time.

In a statement, representatives of the Ukrainian delegation expressed their gratitude for being part of this impactful global partnership:

“We are incredibly proud to stand with Vital Voices in celebrating those who lead with purpose and heart. Together, we can amplify solidarity, foster innovation, and inspire a future where everyone has the opportunity to thrive.”

The Path Forward

As the night drew to a close, the energy in the room was palpable—an enduring reminder of what can be achieved when voices unite for a common cause. For the World Woman Club and Vital Voices Ukraine Chapter, the event was more than an evening of recognition; it was a call to action to continue their vital work in supporting women and communities around the world.

Their participation exemplifies how partnerships within the Vital Voices network create ripples of change, empowering leaders from diverse backgrounds to rise, innovate, and lead. As members of this transformative movement, they remain committed to driving progress and making the world a fairer and brighter place for generations to come.

Together with Vital Voices, they affirm their mission: solidarity is the foundation of strength, and strength is the pathway to change.

For 25 years, the Startup World Cup Championship has celebrated entrepreneurial spirit

Celebrating Excellence: The Achievements of the Startup World Cup Championship

The Startup World Cup Championship, organized by the International Business Academy Consortium, has become a beacon for entrepreneurial excellence worldwide. Founded by Olga and Andrey Azarov, this prestigious event has evolved into a global platform for fostering innovation, connecting ecosystems, and redefining educational standards to align with real-world success.

A Legacy of Impact Over 25 Years

For 25 years, the Startup World Cup Championship has celebrated entrepreneurial spirit, with tens of thousands of young and seasoned entrepreneurs participating. These competitions have transformed the perception of education by emphasizing its practicality and applicability, equipping participants with the skills needed to achieve measurable success in their ventures. The event’s commitment to nurturing entrepreneurial talent has significantly influenced education systems, encouraging them to prioritize innovation, adaptability, and results-driven learning.

A Global Platform for Innovation

The Startup World Cup is more than a competition—it is a global stage where entrepreneurs pitch groundbreaking ideas to investors, form strategic partnerships, and gain exposure to markets worldwide. With regional qualifiers spanning continents, the event unites the startup ecosystem under one roof. Its 25th-anniversary championship will be hosted in the Maldives, offering participants and stakeholders an unparalleled opportunity to connect in a unique and inspiring setting.

Highlights of the Championship

• Global Participation: Entrepreneurs from diverse industries and countries have had the opportunity to share their visions and innovations.
• Investor Engagement: By connecting startups with high-profile investors, the championship fosters meaningful collaborations that accelerate growth.
• Educational Value: Beyond pitching, participants engage in workshops, mentorships, and networking opportunities, ensuring their ideas are backed by strategic insights and practical knowledge.
• Recognition and Growth: Winners gain global recognition, funding opportunities, and mentorship to scale their businesses.

The 25th Anniversary: A Landmark Celebration

The jubilee edition in 2025 promises to be a landmark event, combining the tropical allure of the Maldives with the championship’s legacy of fostering innovation. It is set to attract industry leaders, investors, and innovators, making it an unmissable opportunity for networking, collaboration, and inspiration.

Looking Ahead

The Startup World Cup Championship stands as a testament to the transformative power of entrepreneurial vision. It has proven that with the right platform, mentorship, and resources, ideas can turn into impactful realities. As it enters its 25th year, the championship continues to uphold its mission of enabling entrepreneurs to build a brighter, more innovative future.

For more information, visit the official website: Startup World Cup

Watch the official promotional video: YouTube