China is buying up Italy, one company at a time
For several years, Italians have received a steady diet of scare stories about everything made in China. Signs in the market halls, editorials in the papers, and word of mouth have delivered a clear message: do not buy “Made in China” items. For a country that prides itself on the quality of its local products, cheap imports from China are often demonized as inferior knock-offs—some 90% of fake ”Made in Italy” merchandise allegedly comes from China, and even staples like tomato sauce and olive oil are not immune. Beyond appealing to their national pride, consumers are warned that jobs—a rather scarce commodity in Italy—are also at stake.
For several years, Italians have received a steady diet of scare stories about everything made in China. Signs in the market halls, editorials in the papers, and word of mouth have delivered a clear message: do not buy “Made in China” items. For a country that prides itself on the quality of its local products, cheap imports from China are often demonized as inferior knock-offs—some 90% of fake ”Made in Italy” merchandise allegedly comes from China, and even staples like tomato sauce and olive oil are not immune. Beyond appealing to their national pride, consumers are warned that jobs—a rather scarce commodity in Italy—are also at stake.
But while Italian shoppers may be urged to shun Made-in-China products, many cash-strapped Italian entrepreneurs can’t afford to be as picky when they choose business partners. Ahead of Chinese prime minister Li Keqiang’s upcoming visit to Italy, local businesses are looking to strengthen ties with their Chinese counterparts. To encourage Chinese investment in Italian companies, publisher ClassEditori set up an online portal—vendereaicinesi.it, which means “sell to the Chinese”—that features all sorts of classified ads directed at Chinese investors. Advertisers list everything from real estate to consumer products to entire companies.
Some 200 Italian business are now controlled by Chinese owners (not including the ones owned by Chinese living in Italy), according to La Repubblica, while China’s central bank holds stakes in several Italian blue chips like Fiat, Telecom Italia, Generali, and Eni, among others. Only the UK has attracted more Chinese money for acquisitions in Europe so far this year, according to Bloomberg. Italian prime minister Matteo Renzi was in China a few months ago, laying the groundwork for what he hopes will be even more investment in the months and years to come.
But while Italy’s political and business elite welcomes Chinese investments, the same isn’t necessarily true for pockets of the general public. Chinese people in Italy can face rather frequent racism based on worryingly widespread stereotypes. These prejudices aren’t something that money alone will solve.
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American attitudes about the U.S. economy are nearing rock-bottom
One economist observed that three of the lowest-ever consumer sentiment readings happened in the past nine months of Trump's second term
Americans' perceptions of the U.S. economy was gradually improving for the past three months. The Iran War is now driving it to a near all-time low due to spiking gas prices and volatility in financial markets, according to one closely-watched economic benchmark.
On Friday, the University of Michigan released its monthly report that showed a six-percent drop in consumer sentiment on the economy compared to February.
The outbreak of another war in the Middle East late last month stirred fresh anguish about the state of the economy among consumers of every income level, regardless of age and their political affiliation.
"Consumers with middle and higher incomes and stock wealth, buffeted by both escalating gas prices and volatile financial markets in the wake of the Iran conflict, exhibited particularly large drops in sentiment," said Joanne Hsu, the survey director, in a statement accompanying the report.
The latest drop in consumer sentiment could complicate the White House's ability to improve its political standing among voters ahead of the November midterms. A Reuters/Ipsos poll released Tuesday indicated only 29% of voters supported President Donald Trump's handling of the economy, the lowest rating in either of his two terms in office.
The White House said in a statement that the U.S. military's campaign against Iran was making "astonishing progress."
"President Trump has always been clear about temporary disruptions as a result of Operation Epic Fury," White House spokesperson Kush Desai said. "The Trump administration remains focused here on the home front implementing President Trump’s proven economic agenda of deregulation, tax cuts, and energy abundance."
Iran War affecting gas prices
Heather Long, the chief economist at Navy Federal Credit Union, observed that three of the lowest consumer sentiment readings recorded have occurred in the past nine months of Trump's second term. The first was Trump initiating his "Liberation Day" tariffs in April 2025 that unleashed chaos in markets, followed in November with the longest government shutdown in U.S. history.
Now the Iran War is contributing to souring public attitudes on the U.S. economy, she said.
"Americans are struggling to navigate all this uncertainty, along with price hikes and a frozen job market. Even wealthier consumers are turning gloomier this time," Long said in a social media post.
Gas prices have rocketed to a national average of near $4 per gallon as of Friday, according to AAA, reflecting the spike on oil prices from Iran closing the Strait of Hormuz, a key shipping route. A month ago, that average stood at $2.98. Demand for oil is inelastic, meaning a major price swing upwards does not dent the appetite for consumption.
The overall impact of the Iran War on the U.S. economy will depend on the conflict's severity and length. As a net-oil exporter, the U.S. is more insulated from energy shocks compared to other nations in Europe and Asia. Federal Reserve policymakers also didn't adjust their economic projections after their two-day meeting last week, the first since the war started.
Meta is stepping into the energy business — at least in Louisiana
Entergy says Meta will cover the cost of 7 gas plants, 240 miles of transmission lines, and battery storage at 3 locations
Meta $META has agreed to finance a new set of power generation and transmission projects in Louisiana for its data center under construction in Richland Parish, with Entergy $ETR Louisiana estimating about $2 billion in relief for ratepayers over the next two decades.
According to Entergy, Meta will fund grid-scale battery storage at three sites, about 240 miles of high-voltage transmission infrastructure spanning from southern to northern Louisiana and into Arkansas, and seven combined-cycle natural gas plants with total output exceeding 5,200 megawatts. The infrastructure plan also calls for Meta to help co-finance as much as 2,500 megawatts of solar generation; separately, the two companies signed a memorandum of understanding to explore potential nuclear power development.
Entergy said the deal is designed to prevent Meta from shifting its power costs onto existing utility customers. When added to an earlier accord, both arrangements are forecast to produce about $2.65 billion in combined benefits for Entergy's customer base, the utility said.
Meta will also direct $120 million — with matching contributions included — toward Entergy's low-income assistance program and put an additional $140 million into efficiency upgrades for customers with limited means, Entergy said.
According to The Wall Street Journal, the Richland Parish campus — priced at $27 billion — is the most expansive data center Meta has ever built, with room to eventually reach five gigawatts of capacity. Zuckerberg has said the project's footprint would rival a substantial stretch of Manhattan.
The new deal arrives as data center operators face mounting pressure to pay for their own energy needs. The Journal reported that at a White House gathering earlier this month, seven tech companies — among them Meta, Microsoft $MSFT, Google $GOOGL, Amazon $AMZN, Oracle $ORCL, OpenAI, and Elon Musk's xAI — committed to self-funding their facilities' power expenses and directing investment toward the regions where those facilities are located. The Journal reported that industry analysts found the pledges vague on specifics and unaccompanied by any clear accountability measures.
Regulatory sign-off from the Louisiana Public Service Commission is still required, Entergy said. If approved, the filing would be the first to proceed under the PSC's Lightning Amendment — a rule the commission recently adopted for large-scale economic development projects.