Wall Street Journal 20130213.pdf

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WEDNESDAY, FEBRUARY 13, 2013

New Barclays:

Tête-à-Tête for Carnival Queen Merkel

Tighter Focus,

Fewer Bankers

B Y M AX C OLCHESTER

A ND M ARGOT P ATRICK

which just a year ago were

being touted as a major

growth driver by Mr. Dia-

mond.

The decision is part of a

wider strategy overhaul

aimed at cutting costs and re-

building the bank’s tattered

reputation.

Barclays will focus future

investment on its U.K., U.S.

and African operations.

Some 1,800 jobs will be

sliced from Barclays’s invest-

ment bank this year. The bank

also will trim unprofitable re-

tail operations in Europe,

where some 30% of branches

will be shut down, Mr. Jen-

kins said.

The overall job cuts make

up less than 4% of Barclays’

total work force.

By cutting costs, the bank

is hoping to increase its divi-

dend payouts, targeting a pay-

out ratio of 30% “over time.”

The current ratio is around

Please turn to page 22

Finance

PLC

wantstomoveonfromRob-

ert Diamond.

In its latest effort to break

with the legacy of its former

chief executive, the British

bank Tuesday presented a

three-year strategy that will

see the scandal-plagued

lender cut 3,700 jobs and rein

in some of Mr. Diamond’s

boldest expansion plans.

“Barclays is chang-

ing…there will be no going

back to the old way of doing

things,” current Chief Execu-

tive Antony Jenkins said

while standing on a white

stage in a hall several kilome-

ters from the group’s London

headquarters. “It is time to

move on.”

During a carefully choreo-

graphed performance, Mr.

Jenkins, who assumed the top

job after Mr. Diamond quit

LONDON—

Barclays

G-7 nations swear off

currency wars........................... 3

Senior UBS executive heads

for the exit............................... 19

Santander CEO’s pardon

partially annulled................. 22

U.S. regulators widen Libor-

rigging probe.......................... 26

Heard: Barclays’s

unconvincing makeover.... 32

Barclays following the bank’s

admission to trying to rig in-

terest rates, painted a vision

of a socially conscious lender

focused on long-term growth

and increased dividends.

“I am determined that no

one should be able to ques-

tion our intent or our com-

mitment to the path that I

have set out,” he said.

To boost returns, the bank

will scale back its European

and Asian equities businesses,

Reuters

German Chancellor Angela Merkel will be a big attraction at this weekend’s carnival parade in Nice.

Here a worker carries the head of her giant effigy as preparations for the 129th annual carnival got

under way in the chic coastal town in southern France on Tuesday.

North Korea Test Heightens Nuclear Fears

Inside

B Y E VAN R AMSTAD

ings and bombastic buildup,

North Korea exploded the de-

vice—its third test in a weap-

ons program that dates back

to the 1960s—shortly before

noon local time inside the

same mountain it used to det-

onate its previous nuclear ex-

plosives in 2006 and 2009.

The U.N. Security Council

strongly condemned the blast,

calling it a “clear threat to in-

ternational peace and secu-

rity.”

With the blast, North Ko-

rea presented the Obama ad-

ministration and a new group

of leaders in South Korea,

China and Japan with the

same challenge that it has

posed to their predecessors

for decades: how to handle a

regime that has put its own

survival and military strength

ahead of the wealth and

health of its people.

North Korea followed the

same pattern before Tues-

day’s test as in the past, en-

gaging first in the firing of

long-range rockets in recent

months that drew interna-

tional criticism and United

Nations penalties, then using

those penalties as justifica-

tion for undertaking the more

provocative step of a nuclear

explosion.

In turn, neighboring coun-

tries, the U.S. and others took

the same steps seen after the

North’s previous nuclear tests.

Please turn to page 10

SEOUL—The U.S., China

and other nations condemned

North Korea’s explosion of a

nuclear device on Tuesday,

but Pyongyang showed no

sign that withering interna-

tional criticism would blunt

its determination to advance

its weapons program.

After three weeks of warn-

Why soccer stars like

Cristiano Ronaldo vow

to cut the high jinks

Sport .................... 30

China’s growing problem

with Pyongyang ..................... 10

Opinion: North Korea on the

home stretch............................. 16

2 | Wednesday, February 13, 2013

THE WALL STREET JOURNAL.

PAGE TWO

What’s News—

iii

Business & Finance

n U.K., German and French

ef-

forts to stop multinationals from

using legal loopholes to shift prof-

its to low-tax countries could get

more backing from an OECD re-

port prepared for the G-20. 4

n Japan’s premier called

for big

companies to raise employee

wages in a bid to break the cycle

of pessimism that has hampered

growth, in a new twist to his cam-

paign to end deflation. 11

n OPEC warned

that expectations

of growth in non-OPEC oil supply

this year, seen as essential to

meeting global oil demand in the

long term, face significant stum-

bling blocks. 13

n Italian police arrested

Finmec-

canica’s CEO as part of a bribery

investigation related to the 2010

sale of helicopters to India by a

unit of the defense contractor. 19

n Top UBS executive

Carsten

Kengeter, who oversaw a period of

instability and big losses at the

firm’s investment bank, is set to

resign. 19

n The U.S. has been

bolstering

purveyors of luxury goods, even

as attention has been focused on

growth in China. 19

n T. Rowe Price said

it wouldn’t

support Michael Dell’s proposal to

take Dell Inc. private at the cur-

rent offer price. 20

COLORFUL GREETING: Police hold egg- and paint-spattered shields as Goodyear Tire & Rubber workers protest Tuesday at the company’s French headquarters in

the Paris suburb of Rueil-Malmaison. The tire maker said it would close a factory in the town of Amiens, putting more than 1,100 out of work. Article on page 20.

to its shareholders and called the

proxy fight with an investor a

“silly sideshow.” 22

n The most explosive rally

Japanese stocks in years is setting

the stage for Japanese companies

to cash in through more IPOs. 25

iii

World-Wide

of replenishing Europe’s deserted

pews in a state of uncertainty. 5

n Indonesia passed

a bill that

gives the government new powers

to cut off lines of terrorist financ-

ing, including by freezing bank ac-

counts and seizing assets. 12

n A merger of

AMR and US Air-

ways could close the latest chap-

ter of consolidation that has stabi-

lized the U.S. airline industry. 21

n Obama is expected

to prod U.S.

lawmakers to take steps to spur

the economy in a State of the

Union address that is also set to

include immigration, gun control,

climate change and education. 6

n A brewery on

the death strip

that once bordered the Berlin Wall

is being converted to a hub for

startup companies, highlighting

Berlin’s efforts to stoke its bur-

geoning technology industry. 23

n A swimming complex

in Kabul

offers the slim slice of Afghani-

stan’s population who can afford

it the brief opportunity to imagine

they aren’t living in a war zone. 12

n Investigators are examining

whether the formation of micro-

scopic structures inside the Boe-

ing Dreamliner’s lithium-ion bat-

teries played a role in twin

incidents that prompted the fleet

to be grounded. 21

n France’s president laid

the

groundwork for lowering growth

forecasts as the state auditor

warned Paris will likely miss this

year’s deficit targets. 4

n The number of

Chinese tourists

traveling to Japan over the Lunar

New Year holiday is set to plum-

met more than 50% from a year

earlier amid heightened tension

between the two countries. 11

n The U.S. approved

Cnooc’s

$15.1 billion purchase of Canadian

oil-sands operator Nexen, clearing

the last big hurdle to China’s larg-

est overseas acquisition. 24

n Turkey said

an explosion on its

border with Syria that killed 14

people on Monday was a terrorist

attack. 13

n Apple CEO Tim Cook defended

the company’s distribution of cash

n Pope Benedict XVI’s plans

resign this month leaves his goal

ONLINE TODAY

Most Read in Europe

A New Barclays?

europe.wsj.com/uk

‘We intend to

change what

Barclays does... and

have set out clear

commitments.’

Barclays Chief Executive Antony

Jenkins announces changes to the U.K.

bank to help improve its reputation.

U.K. Forecast

Question of the Day

What sport do you think

should have been

eliminated from the

Olympics schedule?

Vote at europe.wsj.com/polls

Previous Results

Where should the next

pope be chosen from?

$%&!,&!"#()-$%&

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THE WALL STREET JOURNAL.

Wednesday, February 13, 2013 | 3

NEWS

G-7 Pledges to Avoid

Global Currency War

LONDON—A statement from the

Group of Seven

softened his comments on foreign-

exchange rates following the release

of the statement. “We should ensure

currencies are not used as instru-

ments for competitiveness gaps that

are not real, but simply monetary,”

Mr. Hollande said Tuesday.

That contrasts with a speech last

week, in which the French president

said the euro zone should have a

foreign-exchange rate policy to en-

sure rates reflect the real economy,

and the euro should not be left to

fluctuate depending on markets.

Developing countries will com-

plain at the Moscow G-20 meeting

about the moves by countries such

as the U.S., Japan and the U.K. that

have made their currencies weaker,

the official added, but said the G-20

won’t single out individual countries

for criticism.

“There will be more talk than

usual about currencies at this meet-

ing,” he said. “But at the end, the

communiqué won’t look much dif-

ferent than previous ones. Singling

out specific members as currency

manipulators won’t happen.”

—Takashi Nakamichi,

Ainsley Thomson,

William Kemble-Diaz,

William Horobin

and William L. Watts

contributed to this article.

leading economies

on Tuesday attempted to head off a

potentially destabilizing round of

currency devaluations, but com-

ments aimed at elaborating on it

left currency traders puzzled.

By Paul Hannon ,

Costas Paris

and Jason Douglas

In the statement, the group,

which comprises the U.S., Japan,

Germany, France, Italy, Canada and

the U.K., reaffirmed its commitment

to let market forces determine ex-

change rates, and said central-bank

policy will be focused solely on do-

mestic objectives.

Members of the broader

Heard: Currency Wars May Claim

Confidence Casualty..........................….32

Japan’s Finance Minister Taro Aso spoke after Tuesday’s G-7 statement.

Group

of 20

finance ministers meet Friday

and Saturday in Moscow, where cur-

rencies will be discussed.

The question of currency devalu-

ations is an awkward one for indus-

trialized nations, many of which

have embarked on monetary policies

designed to boost their economies

that have the side effect of lessen-

ing the value of their currencies.

The U.S. Federal Reserve’s bond-

buying policy has previously

sparked world-wide concern given

its impact on the dollar.

The G-7 statement followed com-

ments in recent months from Japa-

nese Prime Minister Shinzo Abe and

his aides suggesting they were tar-

geting a specific exchange rate. This

rhetoric, and a sharp drop in the

yen, have sparked warnings from

Latin America to Europe about a

looming currency war in which na-

tions devalue their currencies to

boost exports.

In the statement, the G-7 indi-

cated that their central banks

weren’t attempting to weaken their

respective currencies when they en-

gaged in monetary stimulus, but

simply were trying to support flag-

ging domestic demand.

“We reaffirm that our fiscal and

monetary policies have been and

will remain oriented towards meet-

ing our respective domestic objec-

tives using domestic instruments,

and that we will not target exchange

rates,” G-7 finance ministers and

central-bank governors said in a

statement published by the U.K.

treasury.

The U.K. currently holds the ro-

tating presidency of the G-7.

“This statement is about the G-7

showing consensus on exchange

rates,” said a spokesman for the

U.K. treasury. “We’re using the G-7

as a forum to show consensus and

unity on the issue.”

Speaking shortly after the G-7

currency statement’s release, Ja-

pan’s finance minister said the

wording showed that other mem-

bers of the group understand that

Tokyo isn’t trying to manipulate the

yen’s exchange rates to the advan-

tage of Japanese exporters.

“There have been opinions that

our measures against a deflation-in-

duced economic downturn are

aimed at moving exchange rates,”

Taro Aso told reporters. “But that is

not the case, and the rest of the na-

tions [in the G-7] have properly, cor-

rectly understood this. In that

sense, the latest [statement] is

meaningful.”

In a sign that tensions between

G-7 members have eased somewhat,

French President François Hollande

4 | Wednesday, February 13, 2013

THE WALL STREET JOURNAL.

EUROPE NEWS

Hollande

Hints at

Low Growth

Fo r e c a s t

A Different Sort of Political Race

B Y W ILLIAM H OROBIN

PARIS—President François Hol-

lande laid the groundwork Tuesday

for lowering France’s growth fore-

casts as the state auditor warned

the country will likely miss this

year’s deficit targets, leaving the So-

cialist with a policy dilemma as he

battles to rein in public finances.

France, the second-largest econ-

omy in the euro zone after Germany,

has so far escaped recession and the

depths of crisis seen in Southern Eu-

rope. But the country has posted lit-

tle to no growth since April 2011. Un-

employment is above 10% and rising.

“It’s pointless to present targets

if they can’t be met,” Mr. Hollande

said after a meeting with Luxem-

bourg Prime Minister Jean-Claude

Juncker. The French president said

the government will “change [the

growth forecasts] in the coming

days if necessary.”

Mr. Hollande’s comments follow

the publication of a report by

France’s state auditor, the Cour des

Comptes, that said the deficit-reduc-

tion targets were at significant risk

because of the slowdown. The audi-

tor said the government has de-

pended too much on raising taxes in

trying to balance its budget and

needed to focus more on spending

cuts. Taxes currently account for over

75% of the effort to bring the deficit

down this year, the auditor said.

“After three years of using tax-

revenue increases massively, the ab-

solute priority can only be to in-

crease efforts already begun to

control spending,” said Didier Mi-

gaud, the head of the audit body.

Mr. Migaud, who like the presi-

dent is a Socialist, said the govern-

ment plans to redress the balance

between taxes and spending cuts

beyond 2013. For the moment, it

hasn’t made it clear how it will do

this, Mr. Migaud said.

The French government’s current

plan to cut the budget deficit to 3%

of gross domestic product this year

is based on an economic-growth

forecast of 0.8%. But economists

now expect little to no growth this

year, and the International Mone-

tary Fund has further cut its fore-

cast to a 0.3% expansion from 0.4%.

Weaker growth makes the defi-

cit-reduction target harder to reach

as tax revenues fall, welfare spend-

ing rises and government spending

becomes larger relative to a smaller

economy. The auditor estimates that

if GDP growth is 0.3% next year, the

deficit would be 0.25 of a point

higher than forecast, at 3.25%.

Mr. Hollande has built credibility

with European peers and investors by

sticking doggedly to his deficit-reduc-

tion targets since coming to power in

May last year. That has pushed him

into unpopular tax increases, but in-

vestors have been willing to lend

money to France at record-low rates

in recent months.

The French government is unwill-

ing to endanger such credibility. But

Mr. Hollande is loath to make further

cuts or tax increases after campaign-

ing for election a year ago on a prom-

ise to infuse the euro zone with

growth policies and tone down the

focus on austerity. “We should do ev-

erything so that we have a serious

budget in 2013...but we must also

have a will to preserve [economic]

activity,” Mr. Hollande said.

Agence France-Presse/Getty Images

U.K. parliamentarians Mike Crockart, left, and Lord St. John of Bletso participate in the annual charity parliamentary pancake race, which involves running while

tossing and catching a pancake, in London on Shrove Tuesday, popularly known as Pancake Day. The event was staged to raise funds for charity.

OECD Urges Global Overhaul

Of Corporate-Tax Structures

B Y P AUL H ANNON

would use Britain’s chairmanship of

the Group of Eight nations to coun-

ter tax avoidance and ensure that

companies “pay their fair share.”

With governments in Europe and

elsewhere desperate to increase

their revenues to help cut high bud-

get deficits and debts, the strategies

that companies operating in differ-

ent countries use to minimize their

tax bills have come into heightened

focus.

That poses a threat to the ability

of governments to tax any company,

the OECD warned, because the per-

ception that large multinational

companies can avoid paying their

fair share will more broadly erode

compliance with tax rules.

businesses operate, both because

they are “grounded in an economic

environment characterized by a

lower degree of economic integra-

tion across borders” and because

the nature of cross-border transac-

tions has changed, the OECD said.

The existing system for taxing

businesses that operate across bor-

ders is complex and based on some

3,000 tax treaties between coun-

tries. It is founded on an attempt to

avoid “double taxation,” or a situa-

tion where companies are taxed

twice on their income, once in the

country where the revenue is gener-

ated and again when it is deposited

at the company’s regional headquar-

ters.

the best opportunity to effect real

change to the taxation of multina-

tional businesses.”

“The proposal will truly test the

political will to effect change,” Mr.

Jones said. “History has demon-

strated that agreements between

nations with competing interests

and internal pressures can take a

long time and in many cases ulti-

mately fail, with issues of taxation

and tax sovereignty often proving to

be among the more sensitive mat-

ters for nations to agree on.”

The OECD said there are indica-

tions from flows of foreign direct

investment that some countries may

play a significant role in the strate-

gies used by companies to shift

profits. Relative to the size of their

economies, it noted, the Nether-

lands, Luxembourg, Austria and

Hungary attract large flows of for-

eign investment and invest heavily

overseas, but largely through bodies

known as Special Purpose Entities

that have “no or few employees, lit-

tle or no physical presence in the

host economy, whose assets and lia-

bilities represent investments in or

from other countries, and whose

core business consists of group fi-

nancing or holding activities.” It

noted that in 2012, Barbados, Ber-

muda and the British Virgin Islands

attracted a larger share of global

foreign direct investment than Ger-

many or Japan, and accounted for a

larger share of foreign investments

than Germany.

LONDON—A report prepared for

this week’s meeting of G-20 coun-

tries could add backing to efforts by

the U.K., German and French govern-

ments to stop big multinational com-

panies from using legal loopholes to

shift profits to low-tax countries.

An internationally agreed, com-

prehensive overhaul of rules is

needed if governments are to be able

to continue to tax companies with-

out resorting to unilateral action

that would damage investment and

economic growth, the Organization

for Economic Cooperation and De-

velopment said in a report issued

Tuesday.

The OECD’s report, prepared for

a meeting of finance ministers from

the Group of 20 largest economies

in Moscow set for Friday and Satur-

day, contended that while corpo-

rate-tax revenues haven’t fallen in

recent years, there is evidence that

the practice of recording profits in

low-tax jurisdictions rather than

where revenue is actually gener-

ated—a practice known as profit

shifting—is increasing.

The U.K. has witnessed mounting

public anger over alleged tax avoid-

ance by multinational companies

such as U.S.-based

The U.K. has witnessed mounting public anger over

alleged tax avoidance by multinational companies.

The OECD said it would be im-

possible, and potentially damaging,

for individual governments to act

alone to prevent profit shifting.

“Unilateral and uncoordinated

actions by governments responding

in isolation could result in the risk

of double—and possibly multiple—

taxation for business,” the OECD

said. “This would have a negative

impact on investment, and thus on

growth and employment globally.”

Corporate-tax regimes haven’t

responded to changes in the way

Pascal Saint-Amans, director of

the OECD’s Center for Tax Policy

and Administration, said that on the

assumption that G-20 finance minis-

ters endorse the OECD report, a

draft action plan could be produced

in time for a July meeting of the

same group, and changes to tax

rules could begin by early 2015.

Ben Jones, a tax expert at inter-

national law firm Eversheds, said

the OECD’s proposal for a global

agreement on new tax rules “is rev-

olutionary and potentially presents

Starbucks

Corp.,

online retailer

Amazon.com

Inc. and

Internet search company

Inc.

Prime Minister David Cameron

pledged at the World Economic Fo-

rum in Davos last month that he

Google

THE WALL STREET JOURNAL.

Wednesday, February 13, 2013 | 5

EUROPE NEWS

Pope’s Exit Clouds Continental Mission

Planned Departure Will Saddle Pontiff ’s Successor With Task of Reversing Catholicism’s Decline Across Europe

B Y S TACY M EICHTRY

A ND J OHN D . S TOLL

Vast Constituency | Most cardinals are European, but the church has sought to reach out

VATICAN CITY—Pope Benedict

XVI’s plan to resign this month

leaves the pope’s longtime goal of

replenishing Europe’s deserted pews

in a state of uncertainty.

Pope Benedict’s efforts to revive

Roman Catholicism in Europe hinged

on a key argument from the start of

his pontificate: Christianity is in de-

cline across the Continent, he said,

because religious faith has been

pushed to the margins of public life.

The pope aimed to reverse this

trend by taking his message on the

road in countries such as Germany,

France, Spain and Italy where many

people are nominally Catholic, but

fewer actually practice.

In speeches before massive

crowds, the pontiff took European

leaders to task for allegedly en-

croaching on religious freedoms,

such as the right to display Christian

symbols in public schools. He called

on Catholics to defend their church

customs publicly. The pontiff also

launched a new Vatican department

tasked with finding ways to re-evan-

gelize Europe and other regions

where secular trends were spread-

ing, such as in the Americas.

The pope’s withdrawal, however,

saddles his successor with the mam-

moth task of galvanizing support for

the church’s “new evangelization,”

the mission of luring lapsed Catho-

lics back to the fold. Vatican ana-

lysts say there is little doubt the

next pope will pick up where Pope

Benedict left off, because secular

trends tugging at the church’s foun-

dations in Europe are perceived as a

threat to the entire global flock.

“It’s a safe bet that new evangeli-

zation will be a theme of the new

papacy. The whole church is on

board in seeing the desire and need

to do it,” said Jeremy Driscoll, a pro-

fessor of theology and liturgy at the

Pontificio Ateneo Sant’Anselmo in

Rome.

Mr. Driscoll, who attended a

world-wide conference on new evan-

gelism that Pope Benedict recently

convened in Rome, said church lead-

ers feel “a real sense of alarm” over

Catholicism’s decline in Europe.

Europe has long been the sick

man of Roman Catholicism’s global

flock. While European streets are

lined with Christian architecture and

history, many here now regard reli-

gious faith as a private matter.

Europe is the only region in the

world where Catholicism is contract-

ing. The number of Catholics fell

0.01% in 2010, according to the latest

official church statistics, compared

with growth of 0.21% in Africa and

0.07% in the Americas. With more

than a billion Catholics in the world,

those seemingly small changes are

actually significant.

There are also signs that practic-

ing Catholics face an even steeper

decline. The rate of baptisms in Eu-

rope has fallen 6% over the past six

years. Europe’s Catholic priesthood

shed 905 clerics in 2010, compared

with an increase of 761 in Africa, ac-

cording to the Catholic Church’s Sta-

tistical Yearbook.

This decline has been accentu-

ated by the Continent’s economic

downturn, which makes it harder for

cash-strapped families to have lots

of children in the Catholic mold,

some analysts say. Catholic politi-

cians in Italy, which holds a national

vote this month, have said they want

to introduce financial relief for big

Italy

50.3

U.S.

74.5

Mexico

96.3

Philippines

75.9

NUMBER

OF CATHOLICS, 2010

in millions

Brazil

133.7

150

100

Note: Only countries with Catholic populations greater than 1 million are shown.

Voting Catholic cardinals by continent

The new pope will be elected by cardinals from around the world. Cardinals 80 years old and older don’t vote.

Europe

Latin America

North America

Africa

Asia

Oceania

1 (–1)

62 (+4 from 2005)

19 (–2)

14 (no change)

11 (nc)

Religious aliation world-wide, 2010

Agnostics:

0.68

Buddhists:

0.49

Jews:

0.01

Christians*: 2.26 billion

Muslims: 1.55

Hindus: 0.95

*Catholics represent roughly 50% of all Christians

Ethnoreligionists: 0.24

Atheists: 0.14

Source: Pew Research Center (map); Vatican (cardinal breakdown 2013); Catholic News (cardinal breakdown 2005);

Todd M. Johnson and Brian J. Grim, eds. World Religion Database (religions world-wide)

The Wall Street Journal

families.

In France, where secularism has

long dictated that religious belief

shouldn’t play a role in public dis-

course, measures have been taken to

restrict public displays of religious

faith.

galized gay marriage years ago.

There are pockets of Europe,

however, where the pope’s strategy

appears to be producing results.

In a recent opinion written for

Catholic newspaper The Tablet, Fre-

drik Heiding, a Swedish Jesuit who

lectures north of Stockholm, said the

Catholic Church is showing signs of

life in heavily secular Scandinavia,

where church attendance is reput-

edly among the lowest in the world.

Mr. Heiding estimates there are

282,000 registered Catholics in

Scandinavia, and 31 priests prepar-

ing for the vocation. This represents

a “small and steady—but not dra-

matic—increase.”

Mr. Heiding said Catholicism has

benefited here because “religion is

nowadays part of the public sphere,

whereas it was almost taboo only

two decades ago.”

He said there have been a series

of initiatives under way to cultivate

interest. One is the inauguration in

2010 of the Newman Institute in

Uppsala, the first Catholic university

in Sweden since the 16th century

Protest Reformation.

Pope Had Surgery

For Pacemaker

Europe’s Catholic

priesthood shed 905

clerics in 2010, compared

with a rise of 761 in

Africa, the church’s

Statistical Yearbook said.

ROME—Pope Benedict XVI was

fitted with a pacemaker before his

election in 2005 and recently under-

went surgery to recharge it, a Vati-

can spokesman said Tuesday, add-

ing that the procedure had “no

impact” in the pontiff’s decision to

resign.

Pope Benedict’s use of the pace-

maker was unknown until Tuesday,

when Italian financial daily Il Sole

24 Ore published an article on it.

Asked about the report during a

daily briefing, Vatican spokesman

Rev. Federico Lombardi said it was

“correct,” adding that the pope un-

derwent a “routine” procedure a few

months ago involving the pace-

maker. It “has been there for a

while,” he added.

On Monday, the 85-year-old pope

told a group of cardinals that he

planned to resign at the end of the

month because he could no long

bear the strains of Roman Catholi-

cism’s highest office, amid his ad-

vanced age and increasing frailty.

Vatican officials said the pope

wasn’t suffering from any illnesses.

Father Lombardi on Tuesday reit-

erated that “no specific illnesses”

led the pope to resign, adding that

the move was prompted by the

gradual “weakening and aging of

the pope.”

The pacemaker, Father Lombardi

said, “didn’t have any weight in the

decision” to step down.

In 2004, the government of then-

President Nicolas Sarkozy banned

religious symbols, such as crucifixes

and Muslim headscarves, from

schools and other public spaces. His

successor, President François Hol-

lande, is pushing to legalize gay

marriage, which the Catholic Church

strongly opposes. Spain, once a

stronghold of Catholic tradition, le-

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