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ROME Leonard Fournette Jaguars Jersey , Sept. 19 (Xinhua) -- The Italian government is gearing upto use its rare veto power it has over strategic private companiesamid worries that a foreign entity -- French media giant Vivendi --may have quietly amassed a controlling stake in Telecom Italia, theformer Italian state telephone monopoly.
Italian law gives the government what is called a "golden share"or "golden power" to block certain developments for domesticcompanies considered strategic, such as major utilities, transportcompanies, or telecommunications. Use of the power has beenthreatened a handful of times in the past but never actuallyused.
At the center of this case is the concern that Vivendi'sinfluence with Telecom Italia has become too powerful. Vivendi's 24percent stake in the Italian company doesn't surpass any formallimits: a shareholder is only required to notify CONSOB, Italy'ssecurity regulator A. J. Cann Youth Jersey , once its stake in a strategic company surpasses25 percent.
But CONSOB says Vivendi has de facto control over TelecomItalia, exercising influence over the company's operations anddecision making and appointing two-thirds of the Telecom Italiaboard of directors.
"This situation is far more complex than simply determiningwhether Vivendi's stake is above or below 25 percent," RoccoPanetta, an attorney specializing in antitrust issues for Rome'sPanetta & Associati law firm, told Xinhua. "The challenge is tounderstand how Vivendi is using its influence at Telecom Italia,and that is not an easy task."
For its part Dante Fowler Jr Youth Jersey , Vivendi denies wielding undue influence in TelecomItalia. The company formally notified the government of itsposition in Telecom Italia Sept. 15, but it stressed that itparticipates in only "management and coordination" at the Italiancompany.
"This notification as made voluntarily, and is something noother investor has been compelled to do before this," Vivendi saidin a statement published in the Italian media.
The stakes of the process are very high. If found guilty offailing to notify the government of having acquired a controllingstake in Telecom Italia Vivendi could face a fine of up to 300million euros (360 million U.S. dollars). It could also be forcedto take on some of Telecom Italia's 25 billion euros (30 billionU.S. dollars) in debt, or to sell some of its shares in thecompany.
Vivendi has already been under scrutiny in Italy for taking a29-percent stake in Mediaset, Italy's largest broadcaster. UnlikeTelecom Italia Yannick Ngakoue Youth Jersey , Mediaset is not considered a strategicbusiness.
Still, AGCOM, the main Italian communications sector regulator,has called on Vivendi to reduce its stake in either Mediaset orTelecom Italia to below 10 percent to avoid holding too muchinfluence in the communications sector.
Vivendi says it is working on a plan to transfer most of itsMediaset shares to a special trust. But that may not be enough.
Meanwhile, tensions between Italy and France are already highafter France took steps to block an Italian company from takingover France's STX Shipyards, something the French governmentconsiders a strategic holding.
"We probably wouldn't be having these problems if it was not aFrench company involved Myles Jack Youth Jersey ," Raffaele Barberio, director of theKey4biz news site, said in an interview.
It is in that context that Carlo Calenda, Italy's minister forindustry, threatened use of the government's veto power to sanctionVivendi and perhaps force it to reduce its stake in the telecomsgiant.
Italian government officials are expected to meet Sept. 25 todebate the situation. Calenda said standing up to Vivendi was amatter of national sovereignty, though he did so without mentioningthe French company by name.
"We are heading toward a period when international economicrelations will become more difficult Calais Campbell Youth Jersey ," Calenda said in a Sept. 16media briefing. "Italy must maintain the ability to be assertive inorder to defend its own assets." Enditem
BEIJING, Jan. 28 (Xinhua) -- Forty-three new small and medium-sized enterprises debuted on China's National Equities Exchange and Quotation (NEEQ), also known as the "new third board," last week.
The newcomers brought the total number of companies on the board to 11,603, according to the NEEQ data.
Weekly turnover on the board stood at nearly 2.3 billion yuan (about 363 million U.S. dollars) Leonard Fournette Youth Jersey , up from 2.18 billion yuan in the previous week.
NEEQ was launched in early 2013 to supplement the Shanghai and Shenzhen stock exchanges in serving small and medium-sized enterprises. It is seen as an easy financing channel for small businesses, with low costs and simple listing procedures.
BEIJING, Jan. 29 (Xinhua) -- As more Chinese cities impose bans on fireworks ahead of the Lunar New Year holidays, a number of people have come up with a creative and often hilarious response: mimicking firecrackers.
A video showing several groomsmen vocally reproducing the bangs of firecrackers, at a wedding in the eastern Chinese city of Dezhou, went viral on Pear Video A. J. Cann Womens Jersey , a popular video-sharing website, attracting more than 700,000 views.
"So creative. It's good for the environment," said a user on Sina Weibo, a Twitter-like platform.
The smoke-free firecracker show was the brainchild of the newly-weds, who tried to create the same celebratory atmosphere while not breaking local regulations.
Earlier this month Dante Fowler Jr Womens Jersey , the government of Dezhou imposed a three-year ban on fireworks in the city proper, to reduce pollution, ensure public safety and protect property.
Setting off fireworks or firecrackers is a part of Chinese tradition during celebrations and festivals. It is believed the noises drive away bad spirits and bring good luck.
However, due to environmental and safety concerns, many Chinese cities have imposed bans or restrictions on fireworks.
Last year, more than 444 citi.