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Italy’s Pirelli pushes Chinese owner to cut stake amid fears of Trump freeze-out

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Italy’s Pirelli pushes Chinese owner to cut stake amid fears of Trump freeze-out

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Pirelli’s board is pressing China’s Sinochem, its largest investor, to cut its stake over fears that the Trump administration’s hawkish position on Beijing ownership of American assets will thwart the Italian tyremaker’s US expansion.

At a board meeting on Wednesday, Pirelli’s management will demand the Chinese investor immediately cut its 37 per cent stake to less than Italian shareholder Camfin’s 26.4 per cent holding, according to several people with knowledge of the plans.

The move demonstrates the drastic steps being taken by companies as they adapt to the policies of US President Donald Trump’s administration.

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Korean car group Hyundai on Monday was the latest international business to announce large investments in the US, unveiling a $21bn package that Trump said was evidence that his trade policies “very strongly work” as he seeks to boost domestic manufacturing.

One of the options Pirelli proposed is for Sinochem to reduce its stake below 25 per cent through a share buyback with some stock being resold on the market immediately, people with knowledge of the plans said.

It is unclear whether Sinochem, which will be represented at the meeting by its president Jiao Jian — also Pirelli’s chair — will agree to the proposal. The parties failed to reach an agreement in preparatory talks ahead of the board meeting, the people added.

Pirelli declined to comment. Sinochem could not immediately be reached for comment.

Pirelli owns a factory in the US state of Georgia but produces most of its tyres for the North American market in Mexico and South America. In response to Trump’s trade policies and the looming threat of tariffs on imported cars, it has sought to expand its operations in the US, where it makes a quarter of its global revenues.

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But the tyremaker has met resistance in recent conversations in the US about its expansion plans, according to people with knowledge of the matter. The company believed that this stemmed from the fact its largest shareholder was a Chinese state-owned company, the people added.

Pirelli, which supplies the tyres used by Formula 1 cars, also owns proprietary technology that can link information picked up by tyre sensors to vehicles’ driving commands. The technology is in high demand in the US but Pirelli also fears it will be cut out of a potentially lucrative market because of Sinochem’s stake in the group, according to the people.

The US in January finalised a ban on Chinese automated driving systems as well as hardware and software that interact with cars, such as Bluetooth, WiFi and satellite.

State-owned ChemChina, which later merged with Sinochem, first bought a majority stake in Pirelli in a $7.7bn deal in 2015. Under the initial deal, the Chinese investor agreed it would not interfere with the Italian group’s day-to-day management, strategy or appointments.

This week’s showdown comes less than two years after Italian Prime Minister Giorgia Meloni’s government imposed limitations on state-owned Sinochem’s shareholder rights in Pirelli.

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The rare state intervention, under Italy’s “golden power” foreign investment screening mechanism, followed repeated clashes between Pirelli’s Italian management, including its former chief executive Marco Tronchetti Provera, and Sinochem as Beijing sought to tighten its grip over one of Italy’s historic industrial groups.

Sinochem’s attempts to exert control at a time of heightened geopolitical tensions led to disputes with Pirelli’s management. The disagreements culminated with Sinochem’s attempt in 2023 to revise a shareholder pact and strip Camfin — where Tronchetti Provera is the controlling shareholder — of the indefinite right to appoint Pirelli’s chief executive.

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

As investigators raced to find the person responsible for three killings in rural Wayne County, Utah, they used automated license plate readers and a victim’s own vehicle key fob to track their suspect – a man police said has no connection to the victims or the region that is known for its awe-inspiring landscapes dotted with quiet, small towns.

It would take just hours to pin down the suspect in a search that spanned multiple states in the Four Corners region of the Southwest – ending early Thursday with the arrest of 22-year-old Iowa resident Ivan Miller, who is charged with three counts of first-degree, aggravated murder, officials said.

Miller was taken into custody in Colorado, officials said –– more than 350 miles from where the bodies of three women were found at two locations in Utah.

Miller’s first court appearance is scheduled for Friday afternoon in Archuleta County, Colorado. He will be represented by a public defender, court records show.

The victims were identified as Margaret Oldroyd, 86; Linda Dewey, 65; and Natalie Graves, 34, Utah’s Department of Public Safety said.

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Dewey and Graves, an aunt and niece who’d gone for a hike together, were found dead near a trailhead just outside the town of Torrey, Utah’s DPS said. The women’s bodies were found by their husbands who grew concerned when the pair didn’t return from their hike, Utah Highway Patrol spokesperson Lt. Cameron Roden said at a news conference Thursday.

Investigators found Oldroyd’s vehicle at the trailhead and deputies went to her home in nearby Lyman, where they discovered her body, Roden said.

After his arrest, Miller told investigators he spent a night in Oldroyd’s back shed and snuck into her house while she was out, according to an indictment filed in court Thursday. Miller “waited for her behind a door and shot her in the back of the head … while she was sitting down to watch television,” the indictment said.

Miller made efforts to clean up the scene before dragging the 86-year-old’s body to a cellar under the shed, where she was later found, the indictment read. He then stole her Buick Regal and traveled to the trailhead, investigators said. Miller told investigators “he did not like the car and wanted to find a different vehicle,” the indictment said.

At the trailhead, Miller said he saw Dewey and Graves get out of a white Subaru and shot them both, according to the indictment. Miller told investigators he stabbed one of the women in the chest multiple times because she was still moving, the document said.

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He then admitted dragging their bodies into a ditch, where the two were discovered by their husbands, the indictment said.

Officials said Miller ditched Oldroyd’s car at the trail and drove away in the white Subaru. Miller also admitted stealing the women’s credit cards and using one to pay for gas, according to documents.

Investigators used a network of license plate scanners to track the Subaru “through southern Utah into northern Arizona and eventually into Colorado,” Roden said.

“Colorado law enforcement located the vehicle abandoned in Pagosa Springs, Colorado, and after a brief search, took the individual into custody without incident,” Utah DPS said Thursday.

One of the husbands was also able to track the car’s location using an app that monitored the vehicle’s key fob, investigators said. Just after 9 p.m. Wednesday, the key fob appeared to be in Farmington, New Mexico — about two hours southwest of where Miller would later be taken into custody, according to the indictment.

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Miller had a handgun and a large knife in his possession at the time of his arrest, according to police in Pagosa Springs.

Miller told investigators he killed the women because he needed money, according to the indictment. “Miller confessed that it ‘had to be done’ but he did not like to do it,” the document reads.

Miller, who lived in Blakesburg, Iowa, set out on a cross-country road trip about two and a half weeks ago, his brother, who spoke with The New York Times on condition of anonymity, said.

Miller’s brother said the two stayed in contact during the trip, and Miller mentioned crashing his truck after hitting an elk, according to the Times.

The brother was concerned about how Miller was traveling around after that and offered to bring him back to Iowa, which he declined, the Times reported.

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After his arrest, Miller told officials that he had been staying at a hotel in the area for a few days after he hit an elk with his truck, which he then sold to a tow truck company, according to the indictment.

On Thursday, shaken residents across Wayne County placed pink ribbons around trees and fences in their communities as they remembered the three women who were killed in apparently random attacks carried out by a stranger.

“We wanted to honor our friend and neighbor,” Mary Sorenson, who put up ribbons around Lyman, told CNN affiliate KSL.

The Wayne County School District announced it would be closed for the rest of the week and would “have counselors in place to support students when we are back in session next week.”

In a statement Thursday, Torrey Mayor Mickey Wright described the multiple homicides as a “heartbreaking moment for our small, close‑knit community.”

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“Our community is strong. In the coming days, we will support one another, check on our neighbors, and ensure that those affected by this tragedy are not alone,” Wright said. “We stand together today — in grief, in compassion, and in solidarity.”

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods
The U.S.-Israeli war with Iran is spilling out across the region. What are the goals? And how does it end?Host Mary Louise Kelly talks with International Correspondent Aya Batrawy, based in Dubai, and Pentagon correspondent Tom Bowman, about the U.S.-Israeli war with Iran. Six days of war have turned the middle east upside down, and it’s still not clear how the U.S. will determine when its objectives have been accomplished.Recommended Iran reading:Blackwave by Kim GhattasAll the Shah’s Men by Stephen KinzerPrisoner by Jason RezaianPersian Mirrors by Elaine SciolinoListener spy novel recommendation: Pariah by Dan FespermanEmail the show at sourcesandmethods@npr.orgNPR+ supporters hear every episode without sponsor messages and unlock access to our complete archive. Sign up at plus.npr.org.
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Map: 4.9-Magnitude Earthquake Shakes Louisiana

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Map: 4.9-Magnitude Earthquake Shakes Louisiana

Note: Map shows the area with a shake intensity of 4 or greater, which U.S.G.S. defines as “light,” though the earthquake may be felt outside the areas shown.  All times on the map are Central time. The New York Times

A light, 4.9-magnitude earthquake struck in Louisiana on Thursday, according to the United States Geological Survey.

The temblor happened at 5:30 a.m. Central time about 6 miles west of Edgefield, La., data from the agency shows.

U.S.G.S. data earlier reported that the magnitude was 4.4.

As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

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Source: United States Geological Survey | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Central time. Shake data is as of Thursday, March 5 at 8:40 a.m. Eastern. Aftershocks data is as of Thursday, March 5 at 10:46 a.m. Eastern.

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