Community college grads out-earn bachelor’s degree holders






Berevan Omer graduated on a Friday in February with an associate’s degree from Nashville State Community College and started work the following Monday as a computer-networking engineer at a local television station, making about $ 50,000 a year.


That’s 15% higher than the average starting salary for graduates — not only from community colleges, but for bachelor’s degree holders from four-year universities.






“I have a buddy who got a four-year bachelor’s degree in accounting who’s making $ 10 an hour,” Omer says. “I’m making two and a-half times more than he is.”


Omer, who is 24, is one of many newly minted graduates of community colleges defying history and stereotypes by proving that a bachelor’s degree is not, as widely believed, the only ticket to a middle-class income.


Nearly 30% of Americans with associate’s degrees now make more than those with bachelor’s degrees, according to Georgetown University’s Center on Education and the Workforce. In fact, other recent research in several states shows that, on average, community college graduates right out of school make more than graduates of four-year universities.


The average wage for graduates of community colleges in Tennessee, for instance, is $ 38,948 — more than $ 1,300 higher than the average salaries for graduates of the state’s four-year institutions.


In Virginia, recent graduates of occupational and technical degree programs at its community colleges make an average of $ 40,000. That’s almost $ 2,500 more than recent bachelor’s degree recipients.


“There is that perception that the bachelor’s degree is the default, and, quite frankly, before we started this work showing the value of a technical associate’s degree, I would have said that, too,” says Mark Schneider, vice president of the American Institutes for Research, which helped collect the earning numbers for some states.


And while by mid-career, many bachelor’s degree recipients have caught up in earnings to community college grads, “the other factor that has to be taken into account is that getting a four-year degree can be much more expensive than getting a two-year degree,” Schneider says.


A two-year community college degree, at present full rates, costs about $ 6,262, according to the College Board. A bachelor’s degree from a four-year, private residential university goes for $ 158,072.


The increase in wages for community college grads is being driven by a high demand for people with so-called “middle-skills” that often require no more than an associate’s degree, such as lab technicians, teachers in early childhood programs, computer engineers, draftsmen, radiation therapists, paralegals, and machinists.


With a two-year community college degree, air traffic controllers can make $ 113,547, radiation therapists $ 76,627, dental hygienists $ 70,408, nuclear medicine technologists $ 69,638, nuclear technicians $ 68,037, registered nurses $ 65,853, and fashion designers $ 63,170, CareerBuilder.com reported in January.


“You come out with skills that people want immediately and not just theory,” Omer says.


The Georgetown center estimates that 29 million jobs paying middle class wages today require only an associate’s, and not a bachelor’s, degree.


“I would not suggest anyone look down their nose at the associate’s degree,” says Jeff Strohl, director of research at the Georgetown center.


“People see those programs as tracking into something that’s dead end,” Strohl says. “It’s very clear that that perception does not hold up.”


The bad news is that not enough associate’s degree holders are being produced.


Only 10% of American workers have the sub-baccalaureate degrees needed for middle-skills jobs, compared with 24% of Canadians and 19% of Japanese, the Organization for Economic Cooperation and Development reports.


Over the last 20 years, the number of graduates with associate’s degrees in the United States has increased by barely 3%. And while the Obama administration has pushed community colleges to increase their numbers, enrollment at these schools fell 3.1% this year, the National Student Clearinghouse Research Center reports. Graduation rates also remain abysmally low.


Meanwhile, many people with bachelor’s degrees are working in fields other than the ones in which they majored, according to a new report by the Center for College Affordability and Productivity.


“We have a lot of bartenders and taxi drivers with bachelor’s degrees,” says Christopher Denhart, one of the report’s coauthors.


Still, the salary advantage for associate’s degree holders narrows over time, as bachelor’s degree recipients eventually catch up, says Schneider.


Although these figures vary widely by profession, associate’s degree recipients, on average, end up making about $ 500,000 more over their careers than people with only high school diplomas, but $ 500,000 less than people with bachelor’s degrees, the Georgetown center calculates.


As for Omer, he’s already working toward a bachelor’s degree.


“Down the road a little further, I may want to become a director or a manager,” he says. “A bachelor’s degree will get me to that point.”


This story was produced by The Hechinger Report, a nonprofit, nonpartisan education-news outlet based at Teachers College, Columbia University. It’s one of a series of reports about workforce development and higher education.


View this article on CNNMoney


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Stock index futures signal mixed open

LONDON (Reuters) - Stock index futures pointed to a mixed Wall Street open on Wednesday, with futures for the S&P 500 and Nasdaq 100 indexes slipping 0.1 percent, while futures for the Dow Jones rose 0.1 percent by 0933 GMT.


U.S. durables goods and homes data due out at 1330 and 1500 GMT respectively should provide further clues on the health of the world's largest economy.


The Pentagon program chief for the F-35 warplane slammed its commercial partners Lockheed Martin and Pratt & Whitney on Wednesday, accusing them of trying to "squeeze every nickel" out of the U.S. government and failing to see the long-term benefits of the project.


Pratt & Whitney is 99 percent sure the fan blade problem that grounded the Pentagon's 51 new F-35 fighter jets was not caused by high-cycle fatigue, which could force a costly design change, according to two sources familiar with an investigation by the enginemaker.


Airbus parent EADS predicted higher profit this year on the heels of stronger than expected 2012 earnings and a clampdown on costs, with the development of its A350 jet remaining the biggest wild card in its bid to match rival Boeing .


Partner Communications , Israel's second-largest mobile phone operator, reported weaker-than-expected quarterly profit and said it could have weak earnings throughout 2013 due to fierce competition that has slashed calling rates.


The pan-European FTSEurofirst 300 index <.fteu3> was up 0.1 percent at 1,151.69 points by 1010 GMT on Wednesday while the euro zone's Euro STOXX 50 index <.stoxx50e> also advanced 0.1 percent, although concerns over Italy's political stalemate were likely to cap gains.


The Dow Jones industrial average <.dji> gained 115.96 points, or 0.84 percent, to 13,900.13 at the close on Tuesday. The Standard & Poor's 500 Index <.spx> rose 9.09 points, or 0.61 percent, to 1,496.94. The Nasdaq Composite Index <.ixic> advanced 13.40 points, or 0.43 percent, to close at 3,129.65.


(Reporting by Sudip Kar-Gupta; Editing by Susan Fenton)



Read More..

AP source: Tom Brady gets 3-year extension


Tom Brady will be a Patriot until he is 40 years old.


Brady agreed to a three-year contract extension with New England on Monday, a person familiar with the contract told The Associated Press. The extension is worth about $27 million and will free up nearly $15 million in salary cap room for the team, which has several younger players it needs to re-sign or negotiate new deals with.


The person spoke on condition of anonymity because the extension has not been announced.


Sports Illustrated first reported the extension.


The 35-year-old two-time league MVP was signed through 2014, and has said he wants to play at least five more years.


A three-time Super Bowl champion, Brady will make far less in those three seasons than the going rate for star quarterbacks. Brady currently has a four-year, $72 million deal with $48 million guaranteed.


Drew Brees and Peyton Manning are the NFL's highest-paid quarterbacks, at an average of $20 million and $18 million a year, respectively.


Brady has made it clear he wants to finish his career with the Patriots, whom he led to Super Bowl wins for the 2001, 2003 and 2004 seasons, and losses in the big game after the 2007 and 2011 seasons. By taking less money in the extension and redoing his current contract, he's hopeful New England can surround him with the parts to win more titles.


Among the Patriots' free agents are top receiver Wes Welker and his backup, Julian Edelman; right tackle Sebastian Vollmer; cornerback Aqib Talib; and running back Danny Woodhead.


Brady has been the most successful quarterback of his era, of course, as well as one of the NFL's best leaders. His skill at running the no-huddle offense is unsurpassed, and he's easily adapted to the different offensive schemes New England has concentrated on through his 13 pro seasons.


The Patriots have gone from run-oriented in Brady's early days to a deep passing team with Randy Moss to an offense dominated by throws to tight ends, running backs and slot receivers.


Brady holds the NFL record for touchdown passes in a season with 50 in 2007, when the Patriots went 18-0 before losing the Super Bowl to the Giants. He has thrown for at least 28 touchdowns seven times and led the league three times.


Last season, Brady had 34 TD passes and eight interceptions as the Patriots went 12-4, leading the league with 557 points, 76 more than runner-up Denver.


Read More..

Vatican 'Gay lobby'? Probably not






STORY HIGHLIGHTS


  • Benedict XVI not stepping down under pressure from 'gay lobby,' Allen says

  • Allen: Benedict is a man who prefers the life of the mind to the nuts and bolts of government

  • However, he says, much of the pope's time has been spent putting out fires




Editor's note: John L. Allen Jr. is CNN's senior Vatican analyst and senior correspondent for the National Catholic Reporter.


(CNN) -- Suffice it to say that of all possible storylines to emerge, heading into the election of a new pope, sensational charges of a shadowy "gay lobby" (possibly linked to blackmail), whose occult influence may have been behind the resignation of Benedict XVI, would be right at the bottom of the Vatican's wish list.


Proof of the Vatican's irritation came with a blistering statement Saturday complaining of "unverified, unverifiable or completely false news stories," even suggesting the media is trying to influence the papal election.


Two basic questions have to be asked about all this. First, is there really a secret dossier about a network of people inside the Vatican who are linked by their sexual orientation, as Italian newspaper reports have alleged? Second, is this really why Benedict XVI quit?



John L. Allen Jr.

John L. Allen Jr.



The best answers, respectively, are "maybe" and "probably not."


It's a matter of record that at the peak of last year's massive Vatican leaks crisis, Benedict XVI created a commission of three cardinals to investigate the leaks. They submitted an eyes-only report to the pope in mid-December, which has not been made public.


It's impossible to confirm whether that report looked into the possibility that people protecting secrets about their sex lives were involved with the leaks, but frankly, it would be surprising if it didn't.


There are certainly compelling reasons to consider the hypothesis. In 2007, a Vatican official was caught by an Italian TV network on hidden camera arranging a date through a gay-oriented chat room, and then taking the young man back to his Vatican apartment. In 2010, a papal ceremonial officer was caught on a wiretap arranging liaisons through a Nigerian member of a Vatican choir. Both episodes played out in full public view, and gave the Vatican a black eye.









Pope Benedict XVI































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In that context, it would be a little odd if the cardinals didn't at least consider the possibility that insiders leading a double life might be vulnerable to pressure to betray the pope's confidence. That would apply not just to sex, but also potential conflicts of other sorts too, such as financial interests.


Vatican officials have said Benedict may authorize giving the report to the 116 cardinals who will elect his successor, so they can factor it into their deliberations. The most immediate fallout is that the affair is likely to strengthen the conviction among many cardinals that the next pope has to lead a serious house-cleaning inside the Vatican's bureaucracy.


It seems a stretch, however, to suggest this is the real reason Benedict is leaving. For the most part, one should probably take the pope at his word, that old age and fatigue are the motives for his decision.


That said, it's hard not to suspect that the meltdowns and controversies that have dogged Benedict XVI for the last eight years are in the background of why he's so tired. In 2009, at the height of another frenzy surrounding the lifting of the excommunication of a Holocaust-denying traditionalist bishop, Benedict dispatched a plaintive letter to the bishops of the world, voicing hurt for the way he'd been attacked and apologizing for the Vatican's mishandling of the situation.


Even if Benedict didn't resign because of any specific crisis, including this latest one, such anguish must have taken its toll. Benedict is a teaching pope, a man who prefers the life of the mind to the nuts and bolts of government, yet an enormous share of his time and energy has been consumed trying to put out internal fires.


It's hard to know why Benedict XVI is stepping off the stage, but I doubt it is because of a "gay lobby."


Follow us on Twitter @CNNOpinion.


Join us on Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of John L. Allen Jr.






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German Economy Min says no alternative to Italy reforms






BERLIN (Reuters) – German Economy Minister Philipp Roesler said on Tuesday he could have imagined a better outcome for pro-reform parties in Italian elections and added that the euro zone’s third largest economy needed to continue to implement reforms.


“There is no alternative to the structural reforms that are already underway and which include consolidating the budget and boosting competitiveness,” Roesler said in a statement, adding that all parties in the country needed to help stabilize the heavily indebted state.






Italy faces political deadlock after a stunning election that saw the anti-establishment 5-Star Movement of comic Beppe Grillo become the strongest party in the country but left no group with a clear majority in parliament.


(Reporting by Michelle Martin, editing by Gareth Jones)


Economy News Headlines – Yahoo! News





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King of Prussia Dentists Eliminate the Need for Dentures in a Single Day






KING OF PRUSSIA, PA–(Marketwire – Feb 26, 2013) – The team of King of Prussia dental implant doctors at By Design Dental Implant Center offer patients an alternative to dentures and a solution for missing teeth. Their All-on-4™ procedure uses four dental implants to give patients new permanent teeth.


The All-on-4™ procedure utilizes four titanium anchor points to secure a full new row of teeth. These new teeth look, feel, and function like the patients’ previous natural teeth.






First performed in Europe, the All-on-4™ procedure is now FDA-approved with a high success rate, eliminating the need for dentures. By Design Dental Implant Center is fully equipped with the latest technology the field has to offer, including 3D CAT scanning and CAD/CAM modeling.


According to the dentists at By Design Dental Implant Center, individuals who have dentures, teeth that are in disrepair, missing teeth, loose teeth, or no teeth at all are candidates for the All-on-4™ procedure. Unlike traditional methods of dental implants, the structure of the patient’s jawbone does not affect candidacy. Due to the advanced technology of the procedure and the fact that All-on-4™ requires no bone grafting, the dentists are able to perform successful implants on a wide variety of bone types.


According to the dentists at By Design Dental Implant Center, the benefits of the implant supported dentures include:


  • Saving the patient time

  • Saving the patient money

  • Offering a less painful alternative to traditional implants

The All-on-4™ procedure is completed in a single day, whereas traditional dental implant procedures can take up to a year. The All-on-4™ procedure is also less expensive because the dentists use four implants as opposed to the six or eight required with other methods. Since there is not as much surgical work and no bone grafting required, All-on-4™ patients experience less postoperative pain.


By Design Dental Implant Center’s on-site lab helps the dentists build customized teeth for each patient in a single day. Dr. Robert Mogyoros, the practice’s implant surgeon, says the procedure involves some tooth extractions and placement of titanium tooth anchors to begin with. Then, records are taken of what changes were made in the patients mouth. “We eventually finish up with the prosthodontist subtly adjusting the bite on the teeth provided by the lab. Patients leave the office with a wonderful new set of teeth and start smiling again.”


The patients that visit By Design Dental Implant Center for the All-on-4™ procedure say the experience is life-changing. Patients who never thought they would have teeth again can leave the practice with teeth in one day.


About By Design Dental Implant Center
By Design Dental Implant Center is comprised of a team of experienced specialists working under one roof to ensure quality patient care. Dr. Robert Mogyoros serves as the practice’s implant surgeon and Dr. John J. Thaler II serves as the practice’s prosthodontist. The doctors are available for interview upon request.


Marketwire News Archive – Yahoo! Finance





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Stock index futures point to small rebound

LONDON (Reuters) - U.S. stock index futures pointed to a slightly higher open on Wall Street on Tuesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 up 0.3-0.4 percent at 0916 GMT.


U.S. stocks had suffered their biggest drop since November on Monday after later results pointed to a strong showing in Italian elections by groups opposed to the country's economic reforms. That triggered worry that Europe's debt problems could once again destabilize the global economy.


European markets were playing catchup with that move in early trade on Tuesday, falling sharply as a result.


Standard & Poor's releases its S&P Case/Shiller Home Price Index for December at 1400 GMT, expected to show a rise of 0.5 percent versus a 0.6 percent rise in the previous month.


One hour later, the Conference Board's February consumer confidence was forecast to come in at 61.0 compared with 58.6 in January.


Also at 1500 GMT, new home sales data for January were seen at 381,000 annualized units, compared with 369,000 in December.


Ben Bernanke delivers the first of two days of congressional testimony on the Federal Reserve's semi-annual monetary policy report. Investors will examine Bernanke's words before the Senate Banking Committee closely for any sign he is growing nervous that the potential costs of the U.S. central bank's bond buying might soon outweigh its benefits.


Goldman Sachs Group Inc will begin its annual job cutting process as early as this week, sources familiar with the matter said on Monday, with its equities-trading business bracing for bigger cuts than fixed-income trading.


JPMorgan Chase chief executive Jamie Dimon leads his new team of managers in an annual day of presentations to Wall Street about the outlook for businesses operated by the biggest U.S. bank. The firm named a new head of auto finance on Monday.


Intel Corp has agreed to make chips on behalf of Altera ALTR.O, a significant step toward opening its prized manufacturing technology to customers on a larger scale, potentially including Apple .


Fuelled by a 48 percent rise in fourth-quarter earnings, the top executive of securities firm Stifel Financial Corp's defended his aggressive acquisition spree on Monday.


Retailer Home Depot is expected to post a $0.14 rise in quarterly earnings per share, seen at of $0.64, one day after rival Lowe's reported better-than-expected profit and boosted its outlook for revenue this year.


The Dow Jones industrial average <.dji> dropped 216.40 points, or 1.55 percent, to 13,784.17 on Monday. The Standard & Poor's 500 Index <.spx> lost 27.75 points, or 1.83 percent, to 1,487.85. The Nasdaq Composite Index <.ixic> fell 45.57 points, or 1.44 percent, to 3,116.25.


(Reporting by Francesco Canepa; editing by Patrick Graham)



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A fickle format that produces the right winner


MARANA, Ariz. (AP) — For such a fickle format, the Match Play Championship sure does seem to produce the right winner.


Matt Kuchar had reason to pack a full suitcase for the high desert of Arizona based on his record in this tournament. He is the only player to reach the quarterfinals each of the last three years, and he wound up losing to the eventual champion the previous two times.


Sunday he went the distance to capture his first World Golf Championship.


Kuchar became only the second player in the 15-year history of the Match Play to win without ever seeing the 18th hole except in a practice round, or when the courtesy van ferrying him in after winning a match drove past the closing hole on the way to the clubhouse.


He played 96 holes in six rounds and only trailed after four of them.


He built a 4-up lead over Hunter Mahan in the championship match and held off a fierce rally on the back nine at Dove Mountain to close him out, 2 and 1, and add his name to an impressive list of winners.


"Match play I find to be such an amazing, unique format, so much fun to play and so much pressure," Kuchar said. "It seems like each hole there's so much momentum riding and so much pressure on every hole. To come out on top after six matches of playing the top 64 guys in the world, it's an incredible feeling."


One reason the PGA Championship abandoned match play in 1958 was that the field was cut in half after each round, giving the crowd fewer players to watch. And it was miserable for television when the biggest stars were eliminated.


That much hasn't changed.


Tiger Woods left on Thursday for the second year in a row, and the only reason he lasted that long was because of a snowstorm on Wednesday. He lost in the first round, as did Rory McIlroy, the No. 1 player in the world. By the weekend, the highest seed remaining was Masters champion Bubba Watson.


But a closer look will show that this tournament is won by some of the best in match play.


Kuchar's record improved to 15-3.


His last win came at the expense of Mahan, who had won 11 straight matches in this event — 12 overall dating to his singles win in the 2011 Presidents Cup — and had a staggering streak of 169 holes without trailing.


The previous four winners were Luke Donald, Ian Poulter, Geoff Ogilvy and Woods, all of them considered the best in the head-to-head game that many believe to be the purest form of golf.


Donald has a 17-8 record in this tournament alone, which doesn't speak to his prowess in the Ryder Cup. Poulter had a 19-3-2 record in match play worldwide the last three years, though he wound up losing twice in one day on Sunday — to Mahan in the semifinals, and to Jason Day in a consolation match.


Ogilvy was disheartened at failing to qualify this year, and it's easy to see why. He has a 20-5 record at the Match Play, with two wins and three trips to the championship match. Ogilvy has never lost in singles in the Presidents Cup, with two of those wins over Steve Stricker.


Woods, of course, needs no introduction when it comes to Match Play. He won six straight USGA titles as an amateur, and even with a recent slump at Dove Mountain — he has failed to get out of the second round since he won in 2008 — his overall record in this format as a pro is 48-15-2.


Mahan had to take down Poulter in the semifinal, and it was no picnic. Mahan twice hit tough chips to within 6 feet to win a hole, and he chipped in from 70 feet behind the 12th green to grab a 3-up lead and coast in against the Englishman, who was off his game in that match. As tough as Poulter is in match play, Mahan knew that Kuchar would be just as difficult in his own way.


"It was definitely a different vibe, for sure," Mahan said. "Kooch and I had more conversation on the first hole than I did with Poulter all day. But that's the difference between the two guys. There's nothing wrong with it either way. Poults is very steely out there. He motivates himself in a different way than Kooch does."


Poulter and Mahan learned an old lesson the hard way. There is no good time in this tournament to have a bad day. Some players can get away with one in the early rounds, but not late in the bracket when those who are left got there for a reason.


When Mahan hit a weak pitch up the slope on No. 4 and made bogey, he paid for it more ways than one. It was the first time he trailed in any match since the sixth hole of the opening round last year. And he trailed Kuchar, who doesn't make many mistakes.


Kuchar built a 4-up lead at the turn on the strength of two good birdies and two bad bogeys from Mahan, but the defending champion fought back. He won the next two holes, both into a fierce, cold wind, which the cut deficit in half and gave Mahan loads of momentum. And then he hit an 8-iron into 10 feet on the par-3 12th.


That's where the match turned in Kuchar's favor. He followed with an 8-iron to just inside 15 feet, still a difficult putt.


"The shot was certainly good, but the putt was really crucial, and when that went in, I felt like I was still in control of the match," Kuchar said. "Had that putt not gone in, it would have been only a 1-up lead, and I think the match was in anybody's hands at that point."


Mahan kept fighting and trailed by one hole when they got to the 17th, and an exciting back nine ended with a thud. Both hit into the fairway bunker on 17, but Mahan's ball was slightly sunk in the sand, and his approach never came close to reaching the green. Instead, it rolled through a patch of desert until it lodged in a bush. Mahan took four shots to reach the green and conceded the match.


Kuchar won for the fifth time in his career, pocketing just over $3.2 million for his last two titles — the WGC and The Players Championship. He moved to No. 8 in the world and is sure to be looked up on as a contender in the majors this year.


And now, no one will be deceived by Kuchar's easy smile and happy-go-lucky nature when they return to Dove Mountain next year.


"He does it differently," Mahan said. "He's more like a fuzzier, Peter Jacobsen kind of guy who likes to talk. He's super competitive, there's no doubt about it. He plays golf to win, and he works hard at it."


Read More..

Vatican 'Gay lobby'? Probably not






STORY HIGHLIGHTS


  • Benedict XVI not stepping down under pressure from 'gay lobby,' Allen says

  • Allen: Benedict is a man who prefers the life of the mind to the nuts and bolts of government

  • However, he says, much of the pope's time has been spent putting out fires




Editor's note: John L. Allen Jr. is CNN's senior Vatican analyst and senior correspondent for the National Catholic Reporter.


(CNN) -- Suffice it to say that of all possible storylines to emerge, heading into the election of a new pope, sensational charges of a shadowy "gay lobby" (possibly linked to blackmail), whose occult influence may have been behind the resignation of Benedict XVI, would be right at the bottom of the Vatican's wish list.


Proof of the Vatican's irritation came with a blistering statement Saturday complaining of "unverified, unverifiable or completely false news stories," even suggesting the media is trying to influence the papal election.


Two basic questions have to be asked about all this. First, is there really a secret dossier about a network of people inside the Vatican who are linked by their sexual orientation, as Italian newspaper reports have alleged? Second, is this really why Benedict XVI quit?



John L. Allen Jr.

John L. Allen Jr.



The best answers, respectively, are "maybe" and "probably not."


It's a matter of record that at the peak of last year's massive Vatican leaks crisis, Benedict XVI created a commission of three cardinals to investigate the leaks. They submitted an eyes-only report to the pope in mid-December, which has not been made public.


It's impossible to confirm whether that report looked into the possibility that people protecting secrets about their sex lives were involved with the leaks, but frankly, it would be surprising if it didn't.


There are certainly compelling reasons to consider the hypothesis. In 2007, a Vatican official was caught by an Italian TV network on hidden camera arranging a date through a gay-oriented chat room, and then taking the young man back to his Vatican apartment. In 2010, a papal ceremonial officer was caught on a wiretap arranging liaisons through a Nigerian member of a Vatican choir. Both episodes played out in full public view, and gave the Vatican a black eye.









Pope Benedict XVI































HIDE CAPTION





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In that context, it would be a little odd if the cardinals didn't at least consider the possibility that insiders leading a double life might be vulnerable to pressure to betray the pope's confidence. That would apply not just to sex, but also potential conflicts of other sorts too, such as financial interests.


Vatican officials have said Benedict may authorize giving the report to the 116 cardinals who will elect his successor, so they can factor it into their deliberations. The most immediate fallout is that the affair is likely to strengthen the conviction among many cardinals that the next pope has to lead a serious house-cleaning inside the Vatican's bureaucracy.


It seems a stretch, however, to suggest this is the real reason Benedict is leaving. For the most part, one should probably take the pope at his word, that old age and fatigue are the motives for his decision.


That said, it's hard not to suspect that the meltdowns and controversies that have dogged Benedict XVI for the last eight years are in the background of why he's so tired. In 2009, at the height of another frenzy surrounding the lifting of the excommunication of a Holocaust-denying traditionalist bishop, Benedict dispatched a plaintive letter to the bishops of the world, voicing hurt for the way he'd been attacked and apologizing for the Vatican's mishandling of the situation.


Even if Benedict didn't resign because of any specific crisis, including this latest one, such anguish must have taken its toll. Benedict is a teaching pope, a man who prefers the life of the mind to the nuts and bolts of government, yet an enormous share of his time and energy has been consumed trying to put out internal fires.


It's hard to know why Benedict XVI is stepping off the stage, but I doubt it is because of a "gay lobby."


Follow us on Twitter @CNNOpinion.


Join us on Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of John L. Allen Jr.






Read More..

Egypt’s Citadel sees higher revenues from weak currency






DUBAI (Reuters) – Egypt‘s Citadel Capital hopes to raise $ 300 million from divesting non-core assets within three years, its chairman said, predicting that some of its businesses would benefit from an export boom because of the weak Egyptian pound.


The pound has tumbled about 8 percent to record lows against the U.S. dollar since late December, when the central bank softened its defence of the currency, which is under pressure because of the country’s political and economic turmoil.






Citadel, one of Africa’s largest investment firms managing $ 9.5 billion worth of assets, has stakes in companies which export over $ 300 million a year across different businesses, including food, founder and chairman Ahmed Heikal said in an interview on Monday.


“Currency devaluation is affecting our business positively. If you are investing in an exporter or import substitute, then you’ll benefit,” Heikal said.


“We expect that (exports) will be increased substantially rather than go down.”


Since the ouster of authoritarian president Hosni Mubarak in early 2011, Egypt’s transition to democracy has been plagued by conflict between Islamist and secular forces, disrupting the economy and leading to capital flight.


“We took a view a long time ago that Egypt will go into tough conditions. Since we saw it coming, we positioned our portfolio to have investments that will be least affected, if not positively affected, by what’s happening,” Heikal said.


“The management of the transitional period in Egypt aggravated things and made them worse. The economy is now being negatively affected in a faster way than we expected.”


ASSET SALES


As part of its strategy to focus on core businesses, Citadel plans to sell its stakes in eight firms and focus on five industries: energy, transportation and logistics, agriculture and consumer foods, mining, and cement manufacturing.


The company will sell its stakes in an “orderly manner” and may take up to three years, depending on market conditions, Heikal said.


“Given the restrictions that are there in the region on capital, we need to focus and grow only a select number of our companies. Those five sectors offer the best risk/return for shareholders.”


The company expects to raise $ 300 million from the sale of non-core portfolio companies worth a total of $ 1 billion.


Citadel narrowed its third-quarter net loss by 13.4 percent from a year earlier to $ 22 million.


The company has said it sees great opportunities in Africa, given growth in population, the supply of natural resources and improving governance in target countries such as Mozambique, Ethiopia and Kenya.


Economy News Headlines – Yahoo! News





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