Türkiye Pushes for Stronger Cooperation with China
Turkish President Recep Tayyip Erdoğan outlined Türkiye’s efforts to strengthen ties with Beijing while also pushing forward on global peace and r...
The European Commission is challenging Italy's use of "golden powers" in the banking sector, raising concerns over potential breaches of EU law and prompting a broader debate on investment screening rules across the bloc.
The European Commission has formally challenged Italy's application of "golden powers" legislation to banking sector deals, raising concerns over potential breaches of EU law. These powers allow the Italian government to block or impose conditions on corporate takeovers in strategic sectors, including banking, energy, and telecommunications.
Originally intended to shield critical assets from foreign takeovers, particularly outside the EU, golden powers were expanded during the COVID-19 pandemic. However, their use in the banking sector—where the European Central Bank already holds supervisory authority—has prompted scrutiny from Brussels.
The Commission has initiated an EU Pilot dialogue, seeking clarification on how Italy applies these powers, particularly as Rome prepares to conditionally approve UniCredit’s proposed acquisition of rival Banco BPM. If Italy fails to provide a satisfactory explanation, formal infringement procedures may follow.
Critics argue that the increased use of golden powers has added unnecessary bureaucracy for companies, raising legal costs and creating uncertainty. Meanwhile, the EU is reviewing its foreign direct investment screening framework to ensure consistent application across member states.
Rome, for its part, is awaiting clarity on any future EU reforms before considering amendments to its national legislation. The outcome could significantly shape how strategic investments are governed within the EU.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
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Kraft Heinz is breaking up into two separate companies a decade after its high-profile merger, aiming to unlock greater shareholder value.
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