News World EU considers broadening scrutiny of foreign investments

EU considers broadening scrutiny of foreign investments

The European Union’s executive has proposed broadening scrutiny of foreign investments in the bloc, according to a public draft document, part of efforts to shield more sectors from potential Chinese buyers.

Oversight of some foreign investments in EU states will begin in October, and the European Commission has proposed widening the scope, via a legal act, to new projects on defence, satellite communications and nuclear energy.

The draft, which will be adopted if EU governments do not block it by June 15, marks the latest step in EU efforts to resist what Brussels sees as predatory, state-backed Chinese competition to dominate industries and absorb EU know-how.

EU governments are also frustrated that China has not followed up a formal offer last year to open up its economy.

An EU-China summit planned for September has been postponed, in part because of the COVID-19 pandemic but also because of EU frustration at a lack of progress on increasing European investment in China.

From Oct. 11, when foreign takeovers are announced, EU governments will be obliged to share details with the Commission in areas such as the media, transport and communications.

If expanded, the review would include more projects linked to defence, a new EU satellite communications programme and a multi-billion-euro nuclear fusion project.

Projects already on the list include transport, energy and Galileo, the EU satellite navigation programme.

“The Commission has found that there are several other projects and programmes…which are essential for security or public order and which should therefore also be included,” the draft regulation said.

Transferring technologies to a non-EU country is seen as a risk to the bloc’s strategic interests in some technology that Chinese state-led firms have sought to acquire.

However, some EU nations that promote greater free trade may object. Others which have benefited from Chinese investment at home may also oppose the step.

(Reuters)

Top Stories

Wanted for breaking and entering and theft (see images)

Police are looking for the person depicted in the photos, in the context of the investigation of a case of burglary and theft, an...

A controlled return to sports post-quarantine for fans…

A lengthy announcement has been issued by the Ministry of Health, which includes all the instructions in view of the new season in sports....

Clarifications over pandemic’s state of play in breakaway North Cyprus

The Greek-Cypriot side will ask for clarifications and information on four issues during the upcoming meeting of the bi-communal Technical Committee for Health which...

Weddings on hold, professional event planners in despair

The Pancyprian Association of Professional Events (PASYEPEK) demands that the holding of open weddings, baptisms and other events without restrictions be re-instated again starting...

Paphos brawl over various things not moved in time

A 68-year-old man was arrested in Paphos and then charged formally to be summoned to court in connection with an on-going investigation including grievous...

Taste

Halloumi cheese fingers

Ingredients Serves: 2 1/2 tablespoon olive oil 175g (6 oz) halloumi cheese, cut into sticks 1 dessertspoon lemon juice 1/4 teaspoon dried oregano freshly ground black pepper to taste Method Prep:5min ›...

Koupes (cracked wheat pies) with mushrooms

Ingredients: For the dough: 1½ cup bulgur wheat 2 cups water 1 tsp. salt For the filling: 250gr. mushrooms, finely chopped ½ cup of olive oil 2 big onions, coarsely chopped 1...

Fried zucchini balls with halloumi

Ingredients: 6 medium zucchinis (approximately 1kg) 1 small onion, grated 1 large halloumi (about 250gr.), grated ½ cup simple flour 2 tsps. fine lemon zest 2 big eggs 1 tbsp. fresh...

Rocket salad

Ingredients: 4 cups rocket leaves, rinsed and dried 1 cup cherry tomatoes 1 cup pomegranate seeds 1 red bell pepper ½ cup croutons 2-3 light cheese slices (grated) salt ½ of a...