Pirelli Board Looks to Reduce Chinese Owner Sinochem's Stake
By and Alberto Brambilla
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Pirelli & C. SpA may push main investor Sinochem to cut its stake in the Italian tiremaker as its board of directors looks to distance the company from China.
The Pirelli board will meet Wednesday to discuss Chinese conglomerate Sinochem's 37% shareholding, following a request by Italian regulators, according to people familiar with the matter, who asked not to be named discussing a private matter.
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Business Upturn
9 hours ago
- Business Upturn
Global Times: A new era of shared development and cultural exchange with China: Colombian Ambassador to China
Beijing, China, June 14, 2025 (GLOBE NEWSWIRE) — In an era marked by unprecedented global transformations, the world stands at a critical crossroads, grappling with deepening deficits in peace, development, security, and governance. As humanity faces unparalleled challenges during this tumultuous period, Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, has put forth a solemn call to action through the Global Development Initiative (GDI), the Global Security Initiative (GSI), and the Global Civilization Initiative (GCI). The three pivotal initiatives address the pressing issues of our time, offering viable pathways and robust support for the building of a global community with a shared future. Rooted in the rich historical experiences of the CPC's century-long struggle and infused with the wisdom of China's traditional culture, these initiatives are expected to unite the world in the pursuit of common progress and stability. To offer a deep understanding of the three global initiatives, and elaborate on their significance on a global scale, the Global Times is launching a series of articles. China and Colombia signed a cooperation plan on jointly building the Silk Road Economic Belt and the 21st-Century Maritime Silk Road on May 14. The year 2025 marks the 45th anniversary of the establishment of diplomatic relations between China and Colombia. Since the establishment of diplomatic relations 45 years ago, the two countries have witnessed the steady growth of economic and trade ties with tangible results. China is now Colombia's second-largest trading partner, while Colombia ranks as China's fifth-largest trading partner in Latin America. Colombia's agricultural products, ranging from coffee to cut flowers, are becoming increasingly popular in the Chinese market. In this issue, Global Times reporters Xu Liuliu and Liu Yang (GT) spoke with Colombian Ambassador to China, Sergio Cabrera Cardenas (Cabrera), about bilateral cooperation and exchanges, as well as his insights on the GDI, the GCI, and the GSI. GT: Colombian President Gustavo Petro was in Beijing for the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum in May. On May 14, Colombia officially joined the building of the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, a milestone decision in Colombia's diplomatic history. Why did Colombia make such a decision? How will the two sides expand trade through mechanisms such as cross-border e-commerce and free trade agreements? Cabrera: Colombia's accession to the Belt and Road Initiative (BRI) has been a long process that began around six years ago during the previous government. Although the previous government initiated some studies, it decided not to join. When President Gustavo Francisco Petro took office, he quickly sent copies of the memorandum to the different ministries and institutions that were somehow related to the commitments that were going to be made. It has been a two-year study process, as it is natural, in any case, that there were many people interested in strengthening the bilateral relationship with China through the BRI decision. Colombia is a country strongly influenced by the US, a country that has been its natural ally, as the US is the country with which Colombia has the most trade, so both the influence of the North and that of the business sector was a brake on the possibility of signing this agreement, but fortunately, thanks to the relationship between the Colombian Foreign Ministry and the Chinese Foreign Ministry, all the adjustments were made and the agreement was signed, and we are very satisfied to say that we were able to sign this agreement. [Signing the agreement] was a challenge for me. That is, since I arrived at the embassy, I was resolved that, whatever it took, we had to find the way to sign it, and at this moment I believe that the people who are better versed with what has been signed, are very satisfied, as this cooperation is crystallizing in projects, with the plan to start studying different initiatives and projects to move forward little by little. We are acting on taking the first step of a great march, and I think that it will strengthen e-commerce, physical commerce, education, culture, industry, and agriculture. Everything will benefit greatly from the signing of this memorandum. GT: Since being proposed in 2021, the GDI has been continuously substantialized, its implementation mechanisms increasingly refined, and practical cooperation under its framework has gradually taken shape, thereby offering China's solution to bridging the development gap in Global South countries as well as building a better world together. May I ask, what is your view on the content of the GDI? Cabrera: As for the GDI, I think this is a very important step that China has taken through President Xi Jinping, as it is an important initiative that considers the future in many aspects. China has a lot to teach the world. China is a country that has managed to strengthen, enrich, and build itself in the last 50 years. It has taken many people out of poverty, while developing industry and its technology. It is a great example for the rest of the world and especially for us Latin Americans and Colombians. The GDI , as I understand, it is the opportunity to exchange experiences and seek to walk toward the same objective, a global objective through which we can live together in peace and help each other to develop. GT: How do you view the role of the GCI in promoting cultural and people-to-people exchanges, cultural integration, and mutual understanding between China and Colombia? Cabrera: I have always thought that art, literature, and culture are not only tools but vehicles for development to get to know each other. In recent years, the cultural exchanges between Colombia and China have grown and in the future, we hope there will be many more exchanges because we have many things in common. Although we are two very different countries, we have the same love for the same literature, music, dance, and art. We like the same things and each one civilization approaches each passion uniquely. I believe that the arrival of cultural samples from another country enriches the country that receives it. Culture is important, but art is more important, as art generates emotions and feelings in any of its manifestations, such as in painting, in poetry, and in music. It makes people want to look for goodness and peace, so I think it is very important to strengthen the mechanisms of cultural and artistic cooperation between Colombia and China. GT: Security is a prerequisite for development, and humanity is an indivisible security community. The GSI aims to eradicate the root causes of international conflicts, improve global security governance, and urge the international community to join hands in injecting more stability and certainty into an unstable and changing era, so as to achieve lasting world peace and development. Under the current challenges and issues faced by the international community, how do you view the important significance of the GSI for today's world? Cabrera: I have grew up in a bipolar world in my youth, and not so long ago, we lived through the Cold War between the Soviet Union and the US. Today the world is more open, and there are many more possibilities. China, as such an important power, has entered the scene. It seems very important to me that in the search for world security, the US is not the world's policeman; the one who is going to fix the world's problems. The world is full of US military bases, which I don't think are of much use, because the world is still very imbalanced, so I think that the entry of China as a factor that contributes to reach a consensus on the interests of the peoples of the world in the search for world peace will be very important. I think it [GSI] is one of the most important initiatives that China has at this moment and toward the future. GT: How would you evaluate the China-CELAC Forum as an important platform for equal dialogue and mutually beneficial cooperation between China and Latin America? In an external environment where unilateralism is on the rise, how can China and Latin America strengthen multilateral cooperation to uphold free trade? Cabrera: The forum is an important organization for our Latin American and Caribbean region, and the union of these countries in CELAC has led to important advances and developments, and of course, the relationship between CELAC and China is very important because China is the country that is currently most interested in developing our region. It is the country that is most willing to invest in our region and that is why this forum, which just concluded, was so important, and that is why the conclusions of the forum are aligned with seeking to implement projects to help the development of the region and of each one of our countries. GT: As you say, this year marks the 45th anniversary of the establishment of diplomatic relations between China and Colombia. Ambassador, how do you evaluate the achievements of both countries in the last 45 years and the current development of bilateral relations? Cabrera: Cooperation between Colombia and China has been, and continues to be very important, and will be very important in the future. China has participated in the construction of many large Colombian projects, perhaps even the largest, such as the construction of the subway, the regional trans, and some highways. China is also somehow involved in the construction of the largest hydroelectric dam in Colombia. There are many Chinese projects related to the fight against global warming. It also provides technology transfer, with projects of communications, such as Chinese tech company Huawei. There are around 120 Chinese companies that are working in Colombia and they are helping greatly in the construction of infrastructure communications, health, and education. Aside from the signing of the adhesion to the BRI opens new possibilities, because China is generously offering opportunities for infrastructure construction and this is a moment in which our country needs to develop, needs to make big investments. There are not many interested in helping us, but China is interested in helping us. The BRI is helping countries develop big form of infrastructure with projects that benefit the people. GT: How do you see the prospects for cooperation between the two countries in cultural fields such as literature and tourism? How do you plan to promote cultural exchanges between the two countries in these sectors? Cabrera: We have talked about the importance of strengthening cultural exchanges, and we have immediate and long-term plans. This year is the 45th anniversary of the establishment of diplomatic relations between Colombia and China, so we have already carried out some activities. Books by Colombian authors have been published and translated into Chinese, as we have great writers like García Márquez and Álvaro Mutis. In addition, we also have many singers such as Shakira, which was known among the Chinese youth. I know that Shakira is interested in coming to China, and the embassy has a plan to take advantage of this year. We are also going to bring poets for meetings in China. Other projects include the film festival and every time the directors will come. We are also in talks to make a large sample of our art photography, contemporary, art and also ancient heritage. We are planning for the symphony orchestra of Colombia to return again at the end of the year, in order to celebrate the 45th years of the establishment of diplomatic relations with a great concert by the symphony orchestra of Colombia. This story first appeared in Global Times: Company: Global TimesContact Person: Anna Li Email: [email protected] Website: City: Beijing Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
USA Today
11 hours ago
- USA Today
DiCosmo's Italian Ice turns 110: The story behind a small business with a big legacy
DiCosmo's Italian Ice turns 110: The story behind a small business with a big legacy Show Caption Hide Caption Caesar salad, invented in Mexico by Italian immigrants, is still pleasing palates after 100 years Caesar salad has something to celebrate: It's turning 100. In the U.S., 35% of U.S. restaurants have Caesar salad on their menus. (Scripps News) Scripps News On Wednesday, June 4, the family celebrated more than a century's worth of success. DiCosmo's Italian Ice will give one small free Italian ice away to one customer for 110 days, until Sept. 22. More than a century ago, southern Italian immigrants Giovanni and Caterina DiCosmo decided to offer a taste of their homeland in their new community of Elizabeth, New Jersey, when they started selling lemon Italian ice, a take on granita, which is a Sicilian frozen treat. They knew it would help their neighbors cool down during the particularly hot summer of 1915. What they didn't know was that 110 years later, their great-granddaughter Eileen DiCosmo O'Connor would keep their legacy alive just south in the city of Metuchen. DiCosmo's Italian Ice opened its seasonal shop five years ago, a sister store to the Elizabeth location. On Wednesday, June 4, the Metuchen store celebrated the brand's storied, 110-year history with $1.10 small cups of Italian ice. It was also the first day that DiCosmo's Italian Ice will give one small free Italian ice away to a different customer each day for 110 days, until Sept. 22. For a chance to win, customers should follow DiCosmo's Italian Ice on Facebook or Instagram, or subscribe to email updates on its website. Each day, the shop will randomly select one of the followers or subscribers. 'I'm surprised that this little seasonal business selling this niche item has endured,' said O'Connor, the fourth-generation co-owner of DiCosmo's Italian Ice. 'I'm really proud. I know we have a great product and we wouldn't be here without our customers. I appreciate that for generations, they keep wanting more.' More summer sweet treats: McDonald's new McFlurry is based on a campfire snack treat. See availability Despite the many decades that have passed since the DiCosmos first created a recipe simply using fresh-squeezed lemon juice, sugar and water, the way that the shop makes the Italian ice today is the same as it was 110 years ago. So are the ingredients. DiCosmo's Italian Ice uses real fruit, including local strawberries, peaches and apples when they're in season. By using real fruit, corn syrup and extra sugar are not needed, so the ice isn't overly sweet. Only five gallons are made at a time, and only eight flavors are offered at any time — always kept at a precise temperature and with minimal exposure to air — so ice never sits for more than 48 hours. 'When ice sits, the ice crystals grow and has a different mouthfeel,' said O'Connor. 'Because it's fresh, the ice crystals stay small and has that melt-in-your-mouth burst in flavor.' The original lemon flavor, as well as the pina colada, mango and cherry flavors, are always available. The other four slots are filled by rotating flavors based on the season. Flavors have included lime mint, dragon fruit pineapple, strawberry guava and lavender haze, in honor of when a Taylor Swift tribute artist performed in the borough. The Metuchen shop is open seasonally based on the weather, which means that it sometimes opens early if there's a warm week in April or stays open through October if it's a hot fall. The Elizabeth shop was recently sold to new owners, although the DiCosmos shared their recipes and methods with them. It will open on a to-be-announced date. After DiCosmo's Italian Ice founders Giovanni and Caterina DiCosmo retired in the 1900s, they passed the business down to their son, Alfred, and his wife Agnes, a talented cook. She developed additional flavors for the shop, while Alfred, a welder, mechanized the hand crank machines to reduce the manufacturing time and increase production. They passed it on to their son, John, and his wife Nancy, who transformed the business from a small seasonal hobby into a modern business with extended hours and modernized manufacturing. O'Connor, their daughter, now co-runs the shop alongside her husband Mike O'Connor. She hopes that one day, the fifth generation of her family will continue the DiCosmo's Italian Ice tradition. 'I hope that one of my kids takes the shop over one day,' O'Connor said. 'There are 14 grandchildren, so if not mine, then maybe some of the cousins.' Go: 20 New St., Metuchen, New Jersey, 732-243-9328, Jenna Intersimone has been a staff member at the USA TODAY NETWORK New Jersey since 2014. To get unlimited access to her stories about food, drink and fun, please subscribe or activate your digital account today. You can also follow her on Instagram at @seejennaeat and on Twitter at @JIntersimone.
Yahoo
12 hours ago
- Yahoo
China Just Froze a $35 Billion U.S. Merger -- And Investors Should Pay Attention
The $35 billion merger between Synopsys (SNPS) and Ansys has hit a significant roadblock as China's antitrust regulator postponed its final approval following renewed U.S. export controls. The proposed tie-up, which had already advanced to the final review stage by China's State Administration for Market Regulation, now faces uncertainty after the Trump administration expanded restrictions on semiconductor design software and other sensitive technologies to China. According to sources cited by the Financial Times, the delay is directly tied to Washington's latest move in late May to restrict sales of chip design toolsaffecting companies like Synopsyswithout special licenses. Warning! GuruFocus has detected 3 Warning Sign with GME. The timing of the setback comes just days after U.S. and Chinese officials reached a tentative truce in London to ease broader trade friction. However, the agreement appears fragile, with Beijing's curbs on critical mineral exports triggering further U.S. clampdowns. As a result, licenses for certain suppliers have been revoked, and a broader licensing regime has been reinstated. For Synopsys and Ansys, these geopolitical shifts now threaten to derail a merger that had already cleared regulatory hurdles in all other jurisdictions except China. Neither company, nor the Chinese regulator, has publicly commented on the reported delay. On the domestic front, the U.S. Federal Trade Commission last month required the divestiture of certain assets to alleviate antitrust concerns tied to the deal. Synopsys CEO has indicated that regulatory approval has been secured globallywith China as the sole outlier. Investors are watching closely as the delay could stretch the closing timeline or possibly trigger renegotiation risks, especially if trade tensions escalate further. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
