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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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Former Olympian pleads not guilty in reflecting pool vandalism charges

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Former Olympian pleads not guilty in reflecting pool vandalism charges

Former U.S. Olympian David Hearn (left) walks with his attorney Norman Eisen to speak to reporters and protesters gathered after his arraignment at the Superior Court of the District of Columbia in Washington, D.C. on Thursday.

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Former U.S. Olympic canoeist David Hearn pleaded not guilty to damaging the Lincoln Memorial Reflecting Pool in D.C. Superior Court Thursday morning.

Federal prosecutors charged Hearn with a single count of destruction of property causing more than $1,000 in damage to the pool.

Hearn has previously claimed, which his attorneys repeated during a short press conference outside the court, that he simply touched the water in the pool out of curiosity.

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The Trump administration had just completed a $14 million renovation of the pool.

But shortly after the work finished, peeling paint and algae gathered in the water. The remodel has been largely criticized as a massive failure and waste of taxpayer dollars.

Superior Court Judge Carmen McLean released Hearn on his own recognizance. His next hearing is scheduled for Aug. 5.

Norm Eisen, one of Hearn’s attorneys, spoke to reporters outside of court following the hearing. He said the administration is using Hearn as a “scapegoat … for their own failures.”

“It is not a crime to touch the reflecting pool, to touch water in the United States of America,” he said.

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Prosecutors say there is a host of evidence against Hearn.

This is a developing story.

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

Three more people have been criminally charged with destruction of property at the Lincoln Memorial Reflecting Pool.

Officers say they detained Cameron Thiers, Sophie Dennison-Gibby and Justin Carreno one Saturday afternoon in June and described in court documents witnessing them peeling and removing pieces of blue paint from the Reflecting Pool.

One officer “witnessed Carreno reach down into the reflecting pool and pull up a piece of the blue paint,” according to the court documents.

The officer who detained Dennison-Gibby “found 1 additional piece of the reflecting pool liner” in her purse, the documents said.

All three incidents were recorded on the officers’ body worn cameras, they said in the court documents.

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Several “partnering law enforcement agencies assigned to the Reflecting Pool” working with US Park Police were involved in detaining the two men and one woman — including officers from Texas, Oklahoma, Montana and California.

One of the officers said in court documents that Thiers “admitted to removing a piece of blue sealant from the Reflecting Pool and still had it in his hand when I made contact with him.”

The three defendants were arraigned in court Wednesday and pleaded not guilty to the misdemeanor charges of destruction of property with a value less than $1,000. The judge ordered them to stay away from the Reflecting Pool.

Lawyers for Thiers and Dennison-Gibby declined to comment. CNN has reached out to Carreno’s attorney.

If found guilty of destruction of property, the defendants could be fined up to $1,000 and face a maximum of 180 days behind bars.

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The New York Times first reported that three additional people had been charged with damaging the Reflecting Pool.

President Donald Trump has repeatedly claimed that vandals caused major damage to the pool by gashing the lining after his administration spent more than $14 million on renovations, though he has not provided evidence to support that claim. The officers who charged Carreno, Thiers and Dennison-Gibby did not accuse them of gashing the lining.

Former Olympic canoeist David Hearn was indicted by a grand jury in Washington, DC, last week for allegedly damaging the Reflecting Pool. Hearn — unlike Carreno, Thiers and Dennison-Gibby – was charged with destruction of property with a value of more than $1,000 which carries a maximum penalty of 10 years in prison, if convicted. He is set to be arraigned in court Thursday.

Crews began draining the Reflecting Pool over the weekend to make repairs, according to Interior Secretary Doug Burgum, for the second time in three months.

The move comes after weeks of problems – algae blooms, green-hued water, a chipping bottom and the administration’s allegations of vandalism – that have plagued the iconic landmark, making its woes the subject of national interest.

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Supreme Court financial disclosures reveal how their books add to their income

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Supreme Court financial disclosures reveal how their books add to their income

Supreme Court Justice Amy Coney Barrett speaks at the Reagan Library on Sept. 9, 2025, in Simi Valley, Calif. Barrett discussed and signed copies of her new book, Listening to the Law: Reflections on the Court and Constitution.

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Even as the Supreme Court was handing down one legal thunderbolt after another last week, the justices were quietly releasing their annual financial reports. Justice Samuel Alito was the only sitting justice to request an extension, which he has done for 15 years. The disclosures do not give a complete account of the justices’ total income and wealth, but they give insights into their concertgoing, guest professorships and even their involvement in youth sports.

In addition to their salaries, much of the justices’ reported income came from their book deals. Justice Ketanji Brown Jackson led the pack earning more than $1.1 million last year for a total of roughly $4 million since her memoir, Lovely One, was published in 2024.

Justices Sonia Sotomayor, Neil Gorsuch, Amy Coney Barrett and retired Justice Anthony Kennedy also reported income from published books. Earnings from their books ranged from $849,000 for Barrett, to $300,000 for Gorsuch and $88,000 for Sotomayor, whose books include her 2013 autobiography and five children’s books. Justice Clarence Thomas, who previously earned $1.5 million for his 2007 memoir, listed no publisher payments last year, and Justice Brett Kavanaugh, one of 13 co-authors of a 2016 legal treatise, also received no payments last year. Kavanaugh is said to be working on a memoir but he listed no payments for the anticipated book. Alito does have a book coming out in the fall, but with his financial report still outstanding, there is no data on how much he was paid for the work in 2025.

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The only two sitting justices who have not written books are Chief Justice John Roberts and Justice Elena Kagan.

Many justices also earned income from teaching at law schools. Roberts reported income from New England Law, located in Boston, and Gorsuch reported teaching income from George Mason University in Virginia. Thomas taught classes at Catholic University in Washington, D.C., and Barrett and Kavanaugh taught at Notre Dame Law School. Barrett graduated from the school and began teaching there 23 years ago; Kavanaugh has family connections to Notre Dame.

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