Aug 16, 2018

Vatican responds to priest abuse scandal with "shame and sorrow"

Photo: Filippo Monteforte/AFP via Getty Images

Two days after a report revealed allegations that more than 300 Catholic priests in Pennsylvania had sexually abused over 1,000 children, the Vatican released a statement condemning the priests' actions saying, "There are two words that can express the feelings faced with these horrible crimes: shame and sorrow," according to Fox News.

Why it matters: Pressure on the Pope to respond had been escalating since the Pennsylvania grand jury's report was released on Tuesday. The Vatican's statement said that they take the report "with great seriousness." It adds, "[t]he abuses described in the report are criminal and morally reprehensible. Those acts were betrayals of trust that robbed survivors of their dignity and their faith."

Go deeper

Jeff Tracy

3 mins ago - Economy & Business

BodyArmor takes aim at Gatorade's sports drink dominance

Illustration: Eniola Odetunde/Axios

BodyArmor is making noise in the sports drink market, announcing seven new athlete partnerships last week, including Christian McCaffrey, Sabrina Ionescu and Ronald Acuña Jr.

Why it matters: It wants to market itself as a worthy challenger to the throne that Gatorade has occupied for nearly six decades.

Go deeper (2 min. read)

Dion Rabouin

32 mins ago - Economy & Business

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Go deeper (1 min. read)

Sara Fischer

2 hours ago - Economy & Business

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.