Business
Italy to Pull the Plug on China’s Belt and Road Initiative

Italy’s participation in China’s Belt and Road Initiative is coming to an end, with Rome poised to call it quits by the end of this year. China’s Belt and Road Initiative, dubbed the New Silk Road, aims to reconstruct old trade routes connecting China, the rest of Asia, Europe, and beyond.
China has persuaded more than 150 countries and 30 foreign organisations to fund over 3,000 infrastructure projects, including roads, railway lines, and ports. According to SCMP, the BRI has already attracted investments of about $1 trillion (€0.91 trillion).
Last Monday, Italian Defence Minister Guido Crosetto termed the decision to join the initiative “improved and atrocious.”
Italy is widely regarded as unlikely to renew its BRI agreement when it ends in March 2024, and Prime Minister Giorgia Meloni stated in May that it was possible to have excellent relations with Beijing without participating in the pact.
Critics see the Belt and Road Initiative as a ploy for Beijing to strengthen its geopolitical and economic clout while burdening low-income countries with unsustainable loans.
Italy is the first and so far only G7 country to join the BRI in 2019, signing 29 deals totaling $2.8 billion.
Chinese President Xi Jinping travelled to Italy to sign the deal with then-Prime Minister Giuseppe Conte.
Noting that China had recently purchased a significant stake in Greece’s Port of Piraeus, the Italian government stated that its participation in the BRI would ensure that many Chinese-made goods would continue to come through Italian ports and then be transferred to the rest of Europe via Italian road and rail lines.
Rome was also eager to find new trade partners because it was still struggling economically in the aftermath of the 2011 euro debt crisis and the 2008-2009 global financial crisis. Nonetheless, the decision surprised many Western leaders.
Last Monday, Italian Defence Minister Guido Crosetto termed the decision to join the initiative “improved and atrocious.”
Meloni, who met US President Joe Biden in Washington last week, is set to travel to Beijing in the autumn to convey the decision to Xi in person.
For quite some time, the writing has been on the wall. Meloni called his decision to join the party a “big mistake” even while campaigning. Managing the situation’s consequences, on the other hand, places the country’s first far-right leader since World War II in an untenable position.
The move comes at a time when most of Western Europe is attempting to rebalance relations with China. But, whereas Brussels has purposely left its de-risking plan unclear in order to provide EU members with diplomatic cover when disentangling themselves from elements of the Chinese supply chain, Meloni does not have the same luxury.
Losing Italy, the belt and road’s richest Western member and a vital node on the ancient Silk Road, will be a symbolic, if not unexpected, setback for China.
Xi Jinping stated that the deal will “cultivate the soil of bilateral relations and ensure that it can come to a new and richer flowering” during his state visit four years ago.
Even nevertheless, a new geopolitical reality was emerging. Eleven days before the accord was reached, the EU labelled China a “systemic rival” in a now-infamous paper outlining its three-pronged approach to the world’s second-largest economy.
According to Moritz Rudolf, an expert in the programme at Yale Law School’s Paul Tsai China Centre, China’s approach to growing the Belt and Road programme has been to target “pivot” or “lighthouse” countries that will set a favourable example to their neighbours.
“But with Europe, that simply does not work any longer.” This would not happen now, given the geopolitical circumstances. With China, we are in a period of reorientation. Economic interactions are now perceived as dependencies rather than opportunities, according to Rudolf.
The Chinese foreign ministry warned on Friday that “some forces continue to maliciously hype, politicise the Sino-Italian joint construction of the Belt and Road,” while emphasising the economic benefits of participation.
China Proposes 2 Hour Daily Limit on Children’s Smartphone Screen Time
China Proposes 2 Hour Daily Limit on Children’s Smartphone Screen Time

Business
PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.
This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.
Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.
Pepsi’s beverage sales fell this quarter.
The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.
Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.
Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.
The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.
Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.
Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.
Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.
Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.
Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”
Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.
The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.
Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.
The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.
Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”
Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.
The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.
Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.
The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:
SOURCE: CNBC
SEE ALSO:
Old National Bank And Infosys Broaden Their Strategic Partnership.
Business
Old National Bank And Infosys Broaden Their Strategic Partnership.

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.
This expansion is more likely to take place sooner rather than later, with the likelihood being higher.
For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.
This lets the bank leverage Infosys’ services, solutions, and platforms.
Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”
This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.
This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.
Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.
Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.
Infosys currently ranks Old National thirty-first out of the top thirty US banks.
This ranking is based on the fact that Old National is the nation’s largest banking corporation.
It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.
Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”
This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.
We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.
Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.
SOURCE: THBL
SEE ALSO:
American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack
States Sue TikTok, Claiming Its Platform Is Addictive And Harms The Mental Health Of Children
Qantas Airways Apologizes After R-Rated Film Reportedly Airs On Every Screen During Flight
Business
American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.
American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack
American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.
According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.
SOURCE | AP
-
News4 years ago
Let’s Know About Ultra High Net Worth Individual
-
Entertainment2 years ago
Mabelle Prior: The Voice of Hope, Resilience, and Diversity Inspiring Generations
-
Health4 years ago
How Much Ivermectin Should You Take?
-
Tech2 years ago
Top Forex Brokers of 2023: Reviews and Analysis for Successful Trading
-
Lifestyles3 years ago
Aries Soulmate Signs
-
Movies3 years ago
What Should I Do If Disney Plus Keeps Logging Me Out of TV?
-
Health3 years ago
Can I Buy Ivermectin Without A Prescription in the USA?
-
Learning3 years ago
Virtual Numbers: What Are They For?