Na svom blogu Monday Vatican Andrea Gagliarducci ovaj tjedan analizira značenje ovogodišnje Sinoda o obitelji za pontifikat pape Franje, pa ga čitateljima preporučujem ovdje. Ipak, mene je zanimalo kako i zašto je došlo do ovakvog raspleta, pa prenosimo dijelove koji se odnose na događaje od Koncila, preko pape Benedikta do današnjeg pontifikata. Oni koji razvijaju ovu raspravu nisu vođeni teologijom, nego sociologijom. Polazna točka im nije Božja objava nego pokušaj razumijevanja kako Objava odgovara današnjim vremenima. Ovakav pristup je počeo još za vrijeme Drugog vatikanskog koncila. Kardinal Paul Poupard, jedan od izvrsnih poznavatelja vatikanskih prilika još od 50-ih godina ispričao je kako su neke od najvažnijih deklaracija Koncila započele s čitanjem znakova vremena, a ne iz njihovih teoloških korijena, što je do tada bilo uobičajeno, a takav pristup je bio revolucionaran. Ipak, najvažniji dokumenti Koncila su još uvijek bili popraćeni visokom razinom teološke rasprave, koja je na kraju i poboljšala nastale dokumente. Ali, nakon Koncila je uslijedilo dramatično razdoblje prijema Koncila u Crkvu, a često se smatralo da su Znakovi vremena sada postali smjernice po kojima treba mjeriti crkvene dokumente i uvoditi ih u praksu. Ukratko, stvarnost je postala mjerilo svega, uključujući i evanđeoske ideale. Teologija oslobođenja na primjer je ishod ovakve dvosmislenosti, jer stavlja siromašne, a ne Krista, u središte Evanđelja. Problem s kojim se Crkva suočavala u ovom razdoblju je bilo kako obrnuti ovu paradigmu, pa je nastojala vratiti se na njezine teološke korijene, nastojanje koje nije uvijek bilo uspješno. Benedikt XVI. se možda i najviše trudio oko toga, a njegovi napori se mogu vidjeti, na primjer, u pripremnim radovima za konferenciju u Aparecidi 2007., čiji je završni dokument postala referentna točka za papu Franju. Općenito gledajući, Benedikt XVI. sav svoj rad temeljio na cilju postizanja zajedničkih temelja i teoloških korijena u svim aktivnostima Crkve.Unatoč činjenici da postoje linije kontinuiteta između Benedikta XVI. i pape Franje, dvojica papa ipak imaju drugačiju viziju Crkve. Benedikt XVI. je htio jasnu i pročišćenu Crkvu, oslobođenu od moralizma i sekularizma, iako malu brojem. On ju je tijekom posjeta Češkoj 2009.-e opisao kao “kreativnu manjinu” koja bi bila sposobna, snagom Evanđelja, govoriti društvu i oblikovati ga. S druge strane, čini se da Papa Franjo preferira inkluzivnu Crkvu, pa nije toliko zabrinut za čistoću misli. Crkva pape Franje uzima u obzir sociološke podataka i pokušava naći pastoralna rješenja koja se u njih uklapaju. Takav je osjećaj vidljiv u enciklici “Laudato Si” koja je, na kraju, sažetak socijalnog nauka Crkve prožet jakim pragmatizmom, dok joj je moralno rasuđivanje snažno povezano s konkretnim primjerima ljudskog ponašanja. To se ujedno osjećaja i u apostolskoj pobudnici “Evangelii Gaudium” koja sadrži jednu od Papinih omiljenih formula: “Stvarnost je više od ideje“ Ako je ovo papin cilj za Crkvu, onda neku veliku strukturnu revoluciju u organizaciji Crkve ne treba ni očekivati, budući da papa jednostavno o tome ne brine previše, a smatra je samo donekle korisnom za organizaciju i poslanje Crkve. Ne očekuje se ni doktrinarna revolucija, jer su društvena pitanja važnija, pa je tako i teologija ostavljena na cjedilu. Nije slučajno da je Kongregacija za nauk vjere, koja je u bivšim vremenima nosila naziv “La Suprema“, sada izostavljena iz bilo kojeg projekta reforme – a postoje i glasine da će ta struktura biti razmontirana.Na kraju, što možemo očekivati od pontifikata pape Franje? Možda, na unutarnjoj razini, više stresa zbog unutarnjeg ustroja dikasterija, a izvana, veći fokus na pastoralnim pitanjima.No, s toliko očekivanja, postoji opasnost od efekta “Humanae Vitae“, enciklike Pavla VI. o kontroli rađanja i kontracepciji izdane 1968. godine koja je uzrokovala toliko podjela unutar Crkve, da nakon nje papa više nije objavio nijednu encikliku.Podjela je bila posljedica medijske kampanje, pametno orkestrirane kako bi javnost bila obaviještena da su papini savjetnici otvoreni za prihvaćanje kontracepcije. Tako i danas postoji rizik da će mediji podizati očekivanja za neke promjene koje se nikada neće realizirati. Papa Franjo, čini se, pokušava biti mudar u svom odnosu s medijima. Iako im ne vjeruje, želi s njima dominirati. Posvećenost komunikaciji s medijima je ipak jedan lajt motiv njegovog pontifikata. Rezultat je da se ovaj pontifikat fokusira na dnevna relevantna pitanja, a ne na proglašenje nekih dubokih poruka. Hoće li ovakva strategija biti pobjednička, pokazat će nam vrijeme.
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MONDAY, AUGUST 10, 2015TODAY'S TOP HEADLINES | ||||||||||||||||||||
M & A Alibaba to Buy 20% Stake in Electronics RetailerINVESTMENT BANKING U.S. banks in War for Talent Among Rate TradersPRIVATE EQUITY BT Pension Fund Bets 1 Billion Pounds on Private EquityHEDGE FUNDS Activist Investors' Secret Ally: Big Mutual FundsVENTURE CAPITAL Investors Find Ways to Indirectly Profit From Valuable Start-UpsLEGAL/REGULATORY China Reaches Milestone in Deregulation Push | ||||||||||||||||||||
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BY AMIE TSANG
S.E.C. READY TO MAKE A SPLASH The Securities and Exchange Commission is pursuing high-profile cases while fending off criticism that it is not aggressive enough in forcing wrongdoers to admit liability,Alexandra Stevenson and Matthew Goldstein report in DealBook. It is poised to file charges soon in an investigation that combines insider trading with cybersecurity, according to people briefed on the investigation, but not authorized to speak publicly. The case centers on whether overseas hackers broke into the networks of American companies to secure inside information about corporate deals, later passing on that information to traders.
It is pushing ahead with another case that involves trading activity in theshares of Dean Foods by the golfer Phil Mickelson and the professional sports gambler William T. Walters, according to several others briefed on these investigations but not authorized to speak about them. It is also pursuing a major investigation into Wall Street's hiring of China's elite, which could be brought within months. The scrutiny has mounted from all sides as the once-steady stream ofblockbuster cases has disappeared and the S.E.C. has adapted to its role as the market regulator under the Dodd-Frank financial overhaul. Progress on insider trading cases has slowed as federal prosecutors'efforts have been stymied by a recent appellate court ruling that has made it harder to mount cases because the burden of proof has been raised. Settlements have been slowed by disagreements between the agency's Republican and Democratic commissioners. The S.E.C. has also come under fire from Senator Elizabeth Warren, Democrat of Massachusetts, who faulted Mary Jo White, the S.E.C. chairwoman, for not being quicker to enforce her own policy change of requiring parties that settle to admit liability and wrongdoing. At the same time, the United States Chamber of Commerce and some law professors have attacked the agency's use of administrative courts, where S.E.C.-appointed judges hear the cases.
BERKSHIRE HATHAWAY IS SAID TO BE CLOSE TO LARGEST-EVER ACQUISITION Warren E. Buffett has spoken before about the Berkshire Hathaway cash pile reserved for big deals, his "elephant gun," and his itchy trigger finger. The billionaire appears to be ready to fire that gun, Michael J. de la Merced reports in DealBook. Berkshire Hathaway is near a deal to buy the metal parts manufacturer Precision Castparts, a person briefed on the matter said. An agreement is expected as soon as this week.
The deal would probably be worth more than $30 billion, based on Precision Castparts' market value of about $27 billion. It would be the largest takeover in Mr. Buffett's investing career. Precision Castparts, based in Portland, Ore., is a 62-year-old company that makes turbine airfoils, valves, bolts and nuts for airplanes. It does not have the name recognition of H.J.Heinz, but it fits in solidly with Berkshire's other acquisitions, including the chemical maker Lubrizol and the industrial manufacturer Marmon. It is familiar to Mr. Buffett and his team, because Berkshire already owns a roughly 3 percent stake in the company. It was past time, by Mr. Buffett's reckoning, for Berkshire to strike another big deal. The conglomerate has been sitting on nearly $67 billion in cash as of June 30, drawn in large part from its vast insurance empire. "In effect, the world is Berkshire's oyster," Mr. Buffett wrote in his most recent annual letter to Berkshire shareholders. The Wall Street Journal, which first reported the talks, notes that this demonstrates the conglomerate's focus on acquisitions, rather than stock investing or the insurance business, as a way to drive earnings up.
PUERTO RICO'S CRISIS HITS THE LITTLE GUY Puerto Rico sold its bonds far and wide, to everyone from wealthy Midwesterners to New York hedge funds, but more than 20 percent of the government debt is owned locally. As values have plunged, some of the most intense pain is being felt by tens of thousands of Puerto Ricans who bet much of their savings on the bonds, Michael Corkery reports in DealBook. With a local government desperate to borrow money, banks collecting fees for selling the bonds, and brokers encouraging residents to buy them, ordinary Puerto Ricans came to shoulder a large share of the island's debt. Even some of the riskier debt, which previous administrations had struggled to sell to investors in the rest of the United States, found a home in ordinary Puerto Ricans' accounts, according to former finance officials.
A big source of demand was bond funds that were required to have two-thirds of their holdings in Puerto Rican investments, including government bonds and other locally issued debt. They were an easy sell at banks like UBS and Banco Popular of Puerto Rico because they were exempt from local taxes. One UBS Puerto Rico fund has about 45 percent of its holdings in pension bonds, according to fund documents. Today, the bonds trade for as little as 18 cents on the dollar. It wasn't just residents. The island's credit unions also loaded up on bonds as local regulators allowed small lenders to take more risks with their investments. As a result, credit unions went from owning zero Puerto Rico bonds to holding about $1.1 billion worth today. A government spokeswoman says many locally owned bonds are insured, which could limit losses, but individual investors have also seen big hits to their retirement portfolios just as taxes have gone up and business has slowed. Some Puerto Ricans have filed a class-action lawsuit against UBS in Federal District Court in New York claiming the bank steered them into the funds because of the high fees the brokers were earning. The lawsuit notes that even as UBS brokers were being paid by investors to buy the bonds for their investment accounts, the bank's investment bankers were being paid by the government to sell the bonds.
ON THE AGENDA Kraft Heinz reports second-quarter results and follows up with a conference call at 8 a.m. Stanley Fischer, vice chairman of the Federal Reserve, will appear on Bloomberg Television at 7:15 a.m. Alan Greenspan, former Federal Reserve chairman, is a guest on Bloomberg Television at 7:30 a.m.
THE ACTIVIST HEDGE FUND AND AMERICAN EXPRESSValueAct Capital Management, an activist hedge fund, has taken a significant stake in American Express, Michael J. de la Merced reports in DealBook. Shares of American Express jumped more than 6 percent afterBloomberg News reported that ValueAct had assembled a position worth about $1 billion.
American Express has faced several setbacks in the last year. Its revenue has fallen short of expectations and it lost a longstanding partnership with Costco. It also had to rearrange its leadership after the death of Edward P. Gilligan, its president and heir apparent. While ValueAct's position is significant, its holding would still rank it below American Express's top 10 shareholders, but it would be the latest prominent challenge for it after pushing for change at Microsoft.
Contact amie.tsang@nytimes.com
MERGERS & ACQUISITIONS »
Alibaba to Buy 20% Stake in Electronics Retailer Alibaba said it would pay 28.3 billion renminbi, or about $4.6 billion, to take a stake in Suning, a Chinese consumer electronics retailer.
Pearson Set to Offload Economist Stake for 400 Million PoundsPearson is expected to announce the sale of its stake in the publisher of The Economist magazine as early as this week for about £400 million, The Financial Times reports, citing people close to the matter.
CRH Ready to Add to $6.5 billion binge on Lafarge and Holcim Assets The Irish building materials group is still on the lookout for more acquisitions even as it prepares to integrate the $6.5 billion in assets it has acquired from Lafarge and Holcim.
Japan's Sumitomo Life in M&A Discussions With SymetraSumitomo Life Insurance is in discussions with companies that include the United States life insurance firm Symetra Financial, though no agreements have been reached, The Wall Street Journal reports, citing a company spokesman.
Shaken Media Sector Should Rethink M.&A. Big media companies face major unknowns, like the pace of cord-cutting and drop in advertising money, so companies should team up, Miriam Gottfried argues.
INVESTMENT BANKING »
U.S. banks in War for Talent Among Rate Traders Senior rates staff at U.S. and European banks are on course to receive average increases in total pay this year of about 10 percent as rates revenues rise along with mounting expectation that the Federal Reserve will raise interest rates.
Bank of Communications Said to Let HSBC Name Vice ChairmanBank of Communications plans to let HSBC name a vice chairman to its board as the Chinese lender overhauls its ownership to give private capital a bigger role, Bloomberg News reports, citing people with knowledge of the matter.
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PRIVATE EQUITY »
BT Pension Fund Bets 1 Billion Pounds on Private Equity Britain's largest private pension program has handed £1 billion to the asset manager Hermes to invest in private equity with a mandate to avoid leveraged buyouts.
Start-Up Raises $150 Million for Emerging Market Financial Technology Apis Partners, a young private equity house focused on investing in financial services across Africa and South Asia, has shown how backers of private equity are increasingly attracted to funds that are devoted to specific sectors and untapped markets.
HEDGE FUNDS »
Activist Investors' Secret Ally: Big Mutual Funds Activist investors are prevailing more than ever in their battles to force change at large United States companies, in many cases because of support from big investors who traditionally have stayed quiet.
VENTURE CAPITAL »
Investors Find Ways to Indirectly Profit From Valuable Start-Ups Companies without deep pockets and connections are coming up with roundabout ways to get a piece of the action.
Neil Shen Discusses China's Stock Market "If the valuations come down, that is good for us," says the head of China operations for the Silicon Valley venture capital outfit Sequoia Capital. " The expectations of entrepreneurs were too high."
LEGAL/REGULATORY »
China Reaches Milestone in Deregulation Push Chinese lenders sold certificates of deposit to the public at unregulated interest rates for the first time in the second quarter, the central bank has said, reaching a milestone in the government's push to let market forces set the price of money.
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