Should we fear or hope for Chinese acquisitions? Evidence from Italy

In 2016, Chinese outward FDI exceeded inward investment flows, making the country a net exporter of capital, like the large advanced economies. The majority of Chinese investments are M&As, with the aim to acquire strategic assets (advanced technology and know-how) and access to markets (brands). The rapid growth of Chinese direct investments has raised many concerns among the advanced economies. The most important one is the fear that these investments will not produce the positive effects on the host economy typically associated with FDI from advanced countries, but a one-sided transfer of technology and know-how from acquired European firms to China. However, there does not seem to be any evidence so far of a negative impact of Chinese investors on the acquired companies and the host economies. In particular, accurate studies on the pre and post-acquisition behaviour of European companies acquired by Chinese investors are still lacking. This research intends to offer a contribution in this direction by providing new and detailed data on Chinese investments in Italy and by trying a first and tentative assessment of the performance of Italian companies recently acquired or controlled by Chinese investors. To this purpose, we have built an original database gathering detailed company information on more than 7.000 Italian companies with Chinese shareholders. Second, we have studied the pre- and post- acquisition performance of 198 Italian target firms. Overall the results appear quite positive. Roughly 2/3 of the acquired companies have seen an increase in turnover, total assets, and shareholder’s funds and 50% has had an increase in fixed assets. Revenues show a decrease soon after the acquisition followed by a steady growth starting from the third year. Employment and profitability results appear more balanced. The number of companies which has registered an increase in employment is roughly similar to the number of those that have experienced a decline, but there is some evidence that Chinese shareholders prefer to avoid layoffs even in front of severe reductions in turnover. This attitude is reflected in profitability, which especially in the first years soon after the acquisition tend to decrease, followed by a recovery in the following years. Overall, the analysis suggest a long term orientation of Chinese acquirers which deserves further investigation

Chinese acquisitions in Italy: performance of target companies, political reactions and public perception, future prospects

The rapid growth of Chinese FDI is raising many concerns. The most important is the fear of predatory investments with a one-sided transfer of technology and other strategic assets from acquired Italian firms to China. New regulations in Europe and Italy add to this the risks to national security or public order arising from FDI in specific industries, particularly when the investor is controlled by the government of a third country. This is making the screening of inward FDI increasingly more restrictive. By using detailed post-acquisition performance data, we show that in the last decade Chinese acquisitions in Italy had an overall positive impact on target companies. The majority of them experienced an increase in turnover, employment, and other performance variables. Some case studies illustrate the factors that can turn a Chinese takeover into a success story. We also show how a more cautious attitude of the Italian government towards China is affecting Chinese investments in the country. In particular, the use of the so-called “golden power” has blocked or constrained some recent Chinese takeovers. Some political parties and stakeholders are pressing the government to extend the use of the “golden power” to block foreign acquisitions in "strategic" industries or national champions, even if there are no strict security reasons. This could significantly reduce the opportunities for Chinese investors in the future. On the other hand, greenfield investments are always welcome, but China probably needs more market appeal and technological updating to increase this type of investments in Italy and Europe

Effects of Fish n-3 PUFAs on Intestinal Microbiota and Immune System

Studies over several decades have documented the beneficial actions of n-3 polyunsaturated fatty acids (PUFAs), which are plentiful in fish oil, in different disease states. Mechanisms responsible for the efficacy of n-3 PUFAs include: (1) Reduction of triglyceride levels; (2) anti-arrhythmic and antithrombotic effects, and (3) resolution of inflammatory processes. The human microbiota project and subsequent studies using next-generation sequencing technology have highlighted that thousands of different microbial species are present in the human gut, and that there has been a significant variability of taxa in the microbiota composition among people. Several factors (gestational age, mode of delivery, diet, sanitation and antibiotic treatment) influence the bacterial community in the human gastrointestinal tract, and among these diet habits play a crucial role. The disturbances in the gut microbiota composition, i.e., gut dysbiosis, have been associated with diseases ranging from localized gastrointestinal disorders to neurologic, respiratory, metabolic, ocular, and cardiovascular illnesses. Many studies have been published about the effects of probiotics and prebiotics on the gut microbiota/microbioma. On the contrary, PUFAs in the gut microbiota have been less well defined. However, experimental studies suggested that gut microbiota, n-3 PUFAs, and host immune cells work together to ensure the intestinal wall integrity. This review discussed current evidence concerning the links among gut microbiota, n-3 PUFAs intake, and human inflammatory disease

Experimental Investigation on the Aerodynamic Interaction Between a Helicopter and Ground Obstacles

In this study, experiments were performed to investigate the aerodynamic interaction between a helicopter and ground obstacles. A new experimental set-up was realised and validated. The motorised helicopter model, which included the fuselage, was positioned in different positions relative to a model building in order to replicate different hovering configurations. The use of a helicopter model with a six-component balance and a building model with several pressure taps allowed a database to be compiled for the loads on the helicopter and obstacle. First several tests were performed without the building in order to develop a reference database and assess the experimental set-up through a comparison with results in the literature. The measured loads were analysed to investigate the interference effects of the building model on the helicopter performance. A physical interpretation of the flow phenomena was obtained through analysis of the obstacle pressure measurements and particle image velocimetry surveys of relevant configurations

The mutual interplay of gut microbiota, diet and human disease

The intestinal milieu harbours the gut microbiota, consisting of a complex community of bacteria, archaea, fungi, viruses, and protozoans that bring to the host organism an endowment of cells and genes more numerous than its own. In the last ten years, mounting evidence has highlighted the prominent influence of the gut mutualistic bacterial communities on human health. Microbial colonization occurs alongside with immune system development and plays a role in intestinal physiology. The community of the gut microbiota does not undergo significant fluctuations throughout adult life. However, bacterial infections, antibiotic treatment, lifestyle, surgery, and diet might profoundly affect it. Gut microbiota dysbiosis, defined as marked alterations in the amount and function of the intestinal microorganisms, is correlated with the aetiology of chronic non-communicable diseases, ranging from cardiovascular, neurologic, respiratory, and metabolic illnesses to cancer. In this review, we focus on the interplay among gut microbiota, diet, and host to provide a perspective on the role of microbiota and their unique metabolites in the pathogenesis and/or progression of various human disorders. We discuss interventions based on microbiome studies, i.e. faecal microbiota transplantation, probiotics, and prebiotics, to introduce the concept that correcting gut dysbiosis can ameliorate disease symptoms, thus offering a new approach toward disease treatment

Removal of metallic elements from real wastewater using zebra mussel bio-filtration process

The metallic element pollution is a serious environmental problem but still unsolved since these contaminants are released mainly by human activity, reaching all the environmental compartments. Traditional wastewater treatment plants are very efficient in removing metallic elements only when their concentration is in the order of mg/L, but are not able to remove them until \u3bcg/L, as it would be needed to cope with the water quality standards in low flow receptors. Therefore, the aim of our study was to evaluate the potential removal of some recalcitrant metallic elements to the classical treatments, by the natural process of bio-filtration performed by the invasive zebra mussel (Dreissena polymorpha). For this purpose we built a pilot-plant at the Milano-Nosedo wastewater treatment plant, where we placed about 40,000 D. polymorpha specimens appointed to the wastewater bio-filtration. The metallic element removal due to zebra mussel activity was evaluated in the treated wastewater with a plasma optical emission spectrometry (ICP-OES). Data obtained in these experiments showed an encouraging metallic element removal due to D. polymorpha activity; in particular, the total abatement (100%) of Cr after one day of bio-filtration exposure is remarkable. Therefore, this study encourages further research related with the use of bivalves as a new tool for the wastewater depuration process; in this regard, the contaminated mollusks used in the bio-filtration could be incinerated or stored in special landfills, as is also the case of traditional sewage sludge

Effects of an antioxidant protective topical formulation on eye exposed to ultraviolet-irradiation: A study in rabbit animal model

Ultraviolet-radiation exerts a well-known role in the development of various ocular diseases and may contribute to the progress of age-related macular degeneration. Therefore, the use of compounds able to protect the eyes from UV-induced cellular damage is challenging. The aim of this study has been to test the protective effects of an antioxidant topical formulation against UV-induced damage in rabbit eyes. Twelve male rabbits were used. Animals were divided into 4 groups of 3 animals each. Control group (CG) did not receive any irradiation and/or eye drop. The other three experimental groups were treated as follows: the first group received only UVR irradiation for 30 min, without eye drop supplementation (Irradiation group, IG), the second (G30) and the third (G60) groups received UV irradiation for 30' and 60', respectively, and eye drop supplementation (riboflavin, d-α-tocopheryl polyethylene glycol, proline, glycine, lysine and leucine solution) every 15 min for three hours. In the IG group a significant increase of oxidized glutathione (GSSG) and hydrogen peroxide (H2O2) was recorded in the aqueous humor, whereas ascorbic acid levels were significantly lower when compared to control eyes. In the groups exposed to UVR rays for 30 min, and treated with the topical antioxidant formulation, the GSSG, H2O2 and ascorbic acid levels were similar to those recorded in controls, whereas in the G60 group the three markers significantly differ from control group. In the lens, a significant decrease of alpha tocopherol and total antioxidant capacity (TAC) was recorded in IG-animals as compared to control group, whereas malondialdehyde (MDA) levels were significantly higher in UV-induced eye than in control eyes. In the G30 groups the alpha tocopherol, MDA and TAC levels do not significantly differ from those recorded in controls, whereas in the G60 group these three markers significantly differ from control group. Present findings demonstrate that topical treatment with the antioxidant formulation used herein protects ocular structures from oxidative stress induced by UV exposure in in vivo animal model

effects of an antioxidant protective topical formulation on eye exposed to ultraviolet irradiation a study in rabbit animal model

Ultraviolet-radiation exerts a well-known role in the development of various ocular diseases and may contribute to the progress of age-related macular degeneration. Therefore, the use of compounds able to protect the eyes from UV-induced cellular damage is challenging. The aim of this study has been to test the protective effects of an antioxidant topical formulation against UV-induced damage in rabbit eyes. Twelve male rabbits were used. Animals were divided into 4 groups of 3 animals each. Control group (CG) did not receive any irradiation and/or eye drop. The other three experimental groups were treated as follows: the first group received only UVR irradiation for 30 min, without eye drop supplementation (Irradiation group, IG), the second (G30) and the third (G60) groups received UV irradiation for 30' and 60', respectively, and eye drop supplementation (riboflavin, d-α-tocopheryl polyethylene glycol, proline, glycine, lysine and leucine solution) every 15 min for three hours. In the IG group a significant increase of oxidized glutathione (GSSG) and hydrogen peroxide (H2O2) was recorded in the aqueous humor, whereas ascorbic acid levels were significantly lower when compared to control eyes. In the groups exposed to UVR rays for 30 min, and treated with the topical antioxidant formulation, the GSSG, H2O2 and ascorbic acid levels were similar to those recorded in controls, whereas in the G60 group the three markers significantly differ from control group. In the lens, a significant decrease of alpha tocopherol and total antioxidant capacity (TAC) was recorded in IG-animals as compared to control group, whereas malondialdehyde (MDA) levels were significantly higher in UV-induced eye than in control eyes. In the G30 groups the alpha tocopherol, MDA and TAC levels do not significantly differ from those recorded in controls, whereas in the G60 group these three markers significantly differ from control group. Present findings demonstrate that topical treatment with the antioxidant formulation used herein protects ocular structures from oxidative stress induced by UV exposure in in vivo animal model

Intra and inter-day repeatability of peripheral arterial function: suitability and potential limitations

The present study aimed to investigate the inter- and intraday repeatability of reactive hyperemia index (RHI) measured by Endo-PAT in healthy volunteers. Interday RHI repeatability was tested in two consecutive days in a group of thirty-one male subjects. Intraday repeatability was investigated at baseline and after 2 and 4 h in a group of sixteen volunteers. Data were evaluated by analysis of variance. Bland-Altman plot, coefficient of variation (CV), coefficient of repeatability (CR) and intraclass correlation coefficient (ICC) were measured. While interday RHI repeatability was found to be reliable (CV: 6.0%; CR: 0.51; ICC: 0.77), multiple evaluations within the same day significantly (p<0.001) affected RHI (repeatability of the measurement - CV: 18.8%; CR: 1.26; ICC: 0.48). In particular, a significant increase in RHI occurred at 4 h compared to 2 h (+16.8%; p<0.05) and to baseline (+30.1%; p<0.05). In conclusion, RHI showed good interday but poor intraday repeatability. Multiple evaluations increased RHI especially in subjects with endothelial dysfunction who improved or reversed their impairment. These results show the potential limitations of multiple Endo-PAT measurements within the same day and the importance of standardizing the protocols before RHI evaluations