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Amazonian Church discusses new rite, finance, and participation of women

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Amazonian Church discusses new rite, finance, and participation of women

SÃO PAULO – Five years after the Amazon Synod, members of the region’s church gathered in Manaus, Brazil, in order to discuss ways to implement the changes suggested in 2019 during the meeting in Rome.

The need to increase the women’s participation in ecclesial life and alternatives for the Church’s financial challenges in the Amazon were among the most pressing themes debated by the participants between Aug. 19-22.

The meeting was led by Brazil’ Bishops’ Conference’s Special Episcopal Commission for the Amazon (CEA) and was attended by members of the Pan-Amazon Ecclesial Network (REPAM) and of the Amazonian Ecclesial Conference (CEAMA).

The message released by the participants of the encounter on Aug. 22 demonstrates the local churches’ biggest concerns and how they expect the Church to deal with them.

“We structured the discussion and the themes of the letter according to the reality of several Amazonian communities,” Bishop Raimundo Vanthuy Neto of São Gabriel da Cachoeira told Crux.

The document establishes six commitments assumed during the event regarding the Church’s challenges to keep evangelizing the Amazonian communities.

The first one concerns the formation of Catholics in the region. The participants agreed to establish a committee to accompany the education of priests, to keep promoting dialogue between Catholic universities and seminaries, and to allow the exchange between schools and experiences of education of lay people.

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The following commitment encompasses ministries. The Amazonian Church will elaborate a document reflecting on the needed ministries in the region and will institute ministries of ecclesial leaders.

The document also mentions the debates regarding the common house. The Amazonian Church will establish a Pastoral Ministry of the Common House and the Ministry of the Care for the Common House.

“There was much debate about the participation of the Church in the United Nations Convention on Climate Change [known as COP 30], which will happen in Belém next year. There’s an urgent need to stop deforestation in the region in the face of a continuous climatic crisis,” Vanthuy Neto said.

After a long and severe drought in the Amazon in 2023, the level of the rivers are falling again this year, and the air quality is unprecedentedly low in different Amazonian areas.

“The climate crises that have been occurring in the Amazon over the past years are a sign that human actions are destroying the biome. The last administration [headed by President Jair Bolsonaro] was responsible for loosening control over the Amazon,” Sister Laura Manso, a member of the Amazonian Ecclesial Conference, told Crux.

According to Manso, CEAMA will also have its second plenary assembly, something that will happen between Aug. 23-26. At least 72 participants are waited to come from seven bishops’ conferences and nine countries.

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“It’s up to CEAMA to work on such changes and suggest ways of implementing them and make them real,” she said.

One of CEAMA’s current challenges is to identify and develop what would be the Amazonian rite, something that was also discussed during the Synod and by Pope Francis in his Querida Amazonia, the apostolic exhortation released after the meeting in 2019.

Vanthuy Neto said it’s not up to the local Church to “invent” a rite, but to reflect on the already existing adaptations that are a regular part of the celebrations in different Amazonian communities.

“In several regions, Indigenous groups use a kind of clay bowl instead of a thurible, and burn their usual resins inside of it. Those are examples of cultural and identity elements of such peoples. So, we won’t create anything, we’ll just build a new rite according to already existing practices,” the bishop said.

The Amazonian rite will determine that celebrations and sacraments may be performed in the native groups’ languages, he explained.

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“There are several cultural traits that are shared by many Amazonian Indigenous groups, despite the multiplicity of cultures in the region,” Vanthuy Neto said.

A group of anthropologists, priests, and missionaries has been working on the new rite, the bishop explained, but added the committee still has much work to do.

“Only after the establishment of a new rite can we send a letter to the Vatican and ask their permission to experiment it. It will be a long process,” Vanthuy Neto said, and he can’t estimate how long it will take to finish.

The Amazonian Catholics who attended the event also talked about the women’s roles in ecclesial communities all over the Amazonian territory. That subject generated a heated discussion during the Synod five years ago, and now many Catholics have been demanding that women can become deacons.

“The ordination of women deacons – and of married people as priests – still causes heated debates in the region, but it was a need expressed by the Amazonian communities. There’s a chronic lack of people in the region and the pastoral work must go on,” Bishop Flavio Giovenale of Cruzeiro do Sul, Acre state, told Crux.

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Study committees have been working on the subject and the result of their analysis will be disclosed next year.

Giovenale said the encounter promoted the debate of very concrete problems, including the continuous financial challenges of the Amazon Churches.

“When I assumed the diocese it was in huge debt. All I’ve been doing is to pay for the incoming interests. But the costs keep growing,” he said.

Fuel and some foods have a considerably higher price in regions like Cruzeiro do Sul, due to the lack of infrastructure that elevates transportation costs.

“Distances between communities and churches are vast. We spend a lot of money on gasoline,” Giovenale said.

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In the event, the local Church agreed to work on the creation of a fund for donations for the Amazon Church. The participants also decided to build a team of experts in preparing projects to be submitted to international institutions that can fund their activities.

“Many dioceses in the region are not prepared to deal with such dynamics. A group will study how that team can be formed,” the bishop added.

The encounter’s final document mentions the need to be courageous and accompany the Amazonian people in its struggle for their rights.

“The Holy Spirit sustains our identity as a Church that is side by side with the people, and struggles with the people for their rights,” the letter read.

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Paramount ally RedBird says using Middle East money to help buy Warner Bros. could be a good idea

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Paramount ally RedBird says using Middle East money to help buy Warner Bros. could be a good idea

  • Last year, Paramount said it would use $24 billion in funding from Saudi Arabia, Abu Dhabi, and Qatar to help buy WBD.
  • Now that Paramount has won that deal, it won’t say whether that’s still the plan.
  • A key Paramount backer suggests that Gulf money would be a good thing for this deal.

We still don’t know if Paramount intends to use billions of dollars from Gulf states like Saudi Arabia to help it buy Warner Bros. Discovery.

But if Paramount does end up doing that, it wouldn’t be a bad thing, says a key Paramount backer.

That update comes via Gerry Cardinale, who heads up RedBird Capital Partners, the private equity company that helped finance Larry and David Ellison’s acquisition of Paramount last year and is doing the same with their WBD deal now.

In a podcast with Puck’s Matt Belloni published Wednesday night, Cardinale wouldn’t comment directly on Paramount’s previously disclosed plans to use $24 billion from sovereign wealth funds controlled by Saudi Arabia, Abu Dhabi, and Qatar to help buy WBD.

Instead, he reiterated Paramount’s current messaging on the deal’s financing: The $47 billion in equity Paramount will use to buy WBD will be “backstopped” by the Ellison family and RedBird — meaning they are ultimately on the hook to pay up. The rest of the $81 billion deal will be financed with debt.

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Cardinale also acknowledged what Paramount has disclosed in its current disclosure documents: It intends to sell portions of that $47 billion commitment to other investors: “We haven’t syndicated anything at this time,” he said. “We do expect to syndicate with strategic, domestic, and foreign investors. But at the end of the day, that alchemy shouldn’t matter because it’ll be done in the right way.”

And when asked about concerns about Middle Eastern countries owning part of a media conglomerate that includes assets like CNN, Cardinale suggested that could be a plus.

“I think we want to be a global company,” he said. “You look at what’s going on right now geopolitically. What’s going on right now geopolitically out of the Middle East wouldn’t be, the positives of that would not be happening without some of those sovereigns that you’re referring to.”

He continued:

“The world is changing. We can stick our head in the sand and pretend it’s not, or we can embrace globalization and the derivative benefits both geopolitically and otherwise that come from that. Content generation coming out of Hollywood is one of America’s greatest exports.
I firmly embrace the global nature and orientation that we bring to this from a capital standpoint, from a footprint standpoint, etc. At the end of the day, I do understand some of the concerns that you’ve raised, but that will work itself out between signing and closing because at the end of the day, worst-case scenario, Ellison and RedBird are 100% of this thing.”

All of which suggests to me that Paramount still intends to use money from Gulf-based sovereign wealth funds to buy WBD.

What I don’t understand is why the company won’t say that out loud. Does that mean it’s still negotiating with potential investors? Or that it’s reticent to disclose outside investors, for whatever reason, until it has to? A Paramount rep declined to comment.

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Crypto bill hits new impasse, raising doubts over its future

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Crypto bill hits new impasse, raising doubts over its future
Talks on landmark crypto legislation have hit a new impasse after banks said they could not back a compromise pushed by the White House, a development that cast doubt on whether the bill will pass this year and sparked criticism from President Donald Trump ​who accused lenders of trying to undermine it.
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Stamford Finance Students Wow Judges, Take Home Trophy in Regional CFA Competition – UConn Today

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Stamford Finance Students Wow Judges, Take Home Trophy in Regional CFA Competition – UConn Today

A tenacious team of finance majors, who sacrificed most of their winter break to prepare for the CFA Institute Research Challenge, took first place in that regional competition last week.

Students Hunter Baillargeon, Dylan Fischetto, Richard Opper, Philip Ochocinski and Rushit Chauhan were tasked with researching and analyzing a major utility company, and then producing a 10-page report about whether to buy, hold, or sell its stock. They chose to sell.

One of the CFA judges said both the team’s report and presentation were among the best he had seen in many years.

“As a team, we were thrilled our hard work paid off and our many hours of work allowed us to achieve what we did,’’ Baillargeon said. “What we accomplished couldn’t have been done without working with such a cohesive and collective unit.’’

“From a technical perspective, I realize how valuable true analysis is and the importance of looking where others don’t for a differentiated approach,’’ Baillargeon said.

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The first round of competition featured 24 college teams from the Stamford-Hartford-Providence region. The Stamford team, composed of seniors all of whom all participate in UConn’s Student Managed Fund program, received its first-place award Feb. 26 in a ceremony in Hartford. The team will advance to the East Coast competition later this month.

Stamford Finance Program is Robust

“The Stamford team’s advancement in this competition reflects not only the students’ exceptional talent and work ethic, but also the rigor and applied focus of the UConn finance curriculum,’’ said professor Yiming Qian, head of the Finance Department.

“Our Stamford campus hosts approximately 200 financial management majors. The Stamford program is a vital part of the School and continues to demonstrate outstanding strength,” she said.

Professors Steve Wilson and Jeff Bianchi, who combined have 75 years of experience in the investment industry, were the team’s advisers and were supported by academic director Katherine Pancak.

Wilson said the task of analyzing a utility is particularly complex because of the company’s structure and the regulatory environment in which it operates.

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“I believe the Stamford team stood out because of the depth of their research, and willingness to take a bold stand, including the decision to ‘go out on a limb’ and recommend selling the stock,’’ he said. “They didn’t ‘play it safe.’’’

“This clean-sweep was a true team effort. They were tireless throughout, and sleepless too often, but they never wavered from their desire to always dig deeper and uncover any information that would strengthen our investment case,’’ he said. “What a phenomenal job they did!’’

Competition in Hong Kong Is Ultimate Goal

The Stamford team will compete against Loyola, Canisius, Sacred Heart; Seton Hall, Villanova, St. Michaels, Western New England, University of Maine, Fordham and Penn State next. In total, some 8,000 students are expected to participate in various competitions worldwide, culminating in a championship round in Hong Kong in May.

Wilson said the financial industry is always welcoming of new talent. And when one of the judges told him that the Stamford team produced some of the best work that he’d seen in years, Wilson felt tremendous pride for the students.

“Finance is an open playing field. In investments, the best idea wins,’’ he said.

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Baillargeon said he will always appreciate the whole team’s dedication.

“What I’ll remember most is the help of our advisers and our cohesive, close-knit team where everyone pulled their weight,’’ Baillargeon said. “We put in long hours, did a tremendous amount of research, and collaborated well together. I hope when I enter the workforce I get to work with a team as committed as this one is.’’

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