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Preheat oven to 350 degrees. Grease sides of a 10-inch tube pan with removable bottom.
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Beat egg whites until stiff, approximately 7 minutes. Add sugar, then yolks, and beat until stiff, adding baking powder along the way. In a stand mixer fitted with the paddle attachment, beat butter, condensed milk, vanilla powder, and the orange zest until smooth.
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Fold the whipped butter mixture into the egg white mixture. Fold in cake flour, semolina flour, and chopped almonds.
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Bake 30 to 35 minutes. Cover with aluminum foil and bake an additional 10 to 20 minutes.
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While the cake is in the oven, make the candied orange slices: Line a baking sheet with parchment paper. Arrange orange slices in a single layer and generously dust with confectioners' sugar. Transfer to 350-degree oven and bake until bubbling and lightly golden around edges, about 20 to 30 minutes.
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Turn off oven and leave cake in oven for 30 minutes. Remove cake, place on a cooling rack, cover with foil and a plate to cool for 1 hour.
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Remove cake from pan and serve with candied orange slices and whipped cream.