A very bad precedent has been set. How can present and future commercial contracts be guaranteed in Italy?
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- Thread starter bd popeye
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I've been following the Pirelli story from the start and this is a very serious provocation by Italy. It's less than a billion Euros but I hope it doesn't get swept under the rug and elicits a strong response from China.
This could very likely set the precedent on how U.S. and U.S. allied companies target Chinese assets overseas. Chinese firms hold sizable equity stakes in many U.S. and EU companies, and by denying shareholder rights just because the shareholder is Chinese, it is basically a robbery and partial seizer of property in law.
If China doesn't respond, many companies can follow similar steps and take action against Chinese shareholders under "security concerns".
When it comes to business, Chinese have never been ones to hold back on countering threats to their financial interests, so there will be a reckoning in one form or another.
Just to add, Sinochem could consider just dumping their Pirelli stake and China make a statement questioning the viability of investing in Italian companies. There is nothing strategic about holding Pirelli for China.
Further retaliation against Pirelli should be communicated behind closed doors, especially in regards to their tire sales in China.
That’s a terrible idea.
supercat
Colonel
I need a vomiting emoji.
According David P. Goldman, the US is impossible to decouple from China because it wasted trillions on wars of choice instead of manufacturing, industrialization, and infrastructure.
And of course, US' problems did not start after 9/11, it started right after WW2.
You have to see the whole picture. China will generate approximately 150,000 millionaires a year in the next few years.
Meanwhile, the free and democratic India probably loses far more millionaires each year proportionally. And you wonder why?
Basically Italy took the Anglos' side; this should have been evident from the way Meloni passionately demanded weapons to be sent to Ukraine as though she was going to get her whole family killed if she didn't.
Italy can no longer be considered neutral, especially after what happened with BRI in Italy. So let it wither. Italia delenda est.
Bunch of racists and wannabe white supremacists anyhow, which is hilarious considering italians are one tan away from being considered brown.
Italy has been under foreign influence for a really long time. One of the reasons why Gaddafi wasn't killed in a bombing raid in the 1980s when the US bombed his palace was because the government in Italy back then warned Gaddafi that the raid was going to happen so he fled just in time. Yet last time they provided assistance to the NATO bombing of Libya. The Italian government is scarcely under their own citizens control, they basically had EU administrators running their government for years for example. The unelected Mario Monti and Mario Draghi.