Italy has bowed to pressure from Chinese telecoms equipment makers Huawei Technologies and ZTE and will drop emergency legislation strengthening state powers to intervene in the development of 5G services, lawmakers said on Wednesday.

Bitcoin hasn't been the only casualty of the backlash by the world's major economic powers against Facebook's plans for a cryptocurrency, with smaller digital coins also feeling the burn.

The European Commission has opened a formal antitrust investigation to assess whether Amazon's use of sensitive data from independent retailers who sell on its marketplace is in breach of EU competition rules.

G7 ministers meeting in France on Wednesday agreed on the need to confront the emergence of digital currencies following Facebook's plans to launch its Libra digital coin, a French G7 presidency source said on Wednesday.

The Italian government has dropped plans to pass an emergency decree strengthening its powers on deals regarding the rolling out of fifth-generation (5G) telecom services, lawmakers said on Wednesday.

U.S. lawmakers quizzed Facebook on Wednesday over its planned cryptocurrency, after a bruising first bout a day earlier when senators from both parties condemned the project, saying the company had not shown it could be trusted.

Facebook Inc faces more questioning by U.S. lawmakers on Wednesday over its planned cryptocurrency, after a bruising first bout when senators from both parties condemned the project, saying the company had not shown it could be trusted.

Facebook Inc's planned cryptocurrency Libra could help boost financial inclusion, but also raises concerns about consumer protection, data privacy, and potential "backdoor dollarization," the IMF's chief economist said on Wednesday.

Group of Seven finance chiefs cast a cloud over prospects for Facebook's Libra digital coin on Wednesday, insisting tough regulatory problems would have to be worked out first.

Poland has proposed tightening its cyber security standards and could ban certain products or suppliers from key parts of a future 5G network, the country's digital ministry said in a document published on Wednesday.

Chinese telecoms equipment group Huawei Technologies criticised the Italian government's newly beefed-up powers to intervene in the development of fifth-generation (5G) telecom services, saying they discriminated against the company.

Facebook cannot go ahead with its plans to launch its digital coin Libra until all regulatory issues are dealt with, German Finance Minister Olaf Scholz said on Wednesday as he met with counterparts from G7 countries.

Amazon became the target of an antitrust investigation by the European Union on Wednesday over its use of merchants' data, underlining the increasing regulatory scrutiny about how tech companies exploit customers' information.

Spotify Technology SA said on Wednesday it will devote a prominent spot in its music streaming app to Walt Disney Co's extensive music library with songs like "Let It Go" and "A Whole New World."

Chinese telecom equipment firm ZTE Corp warned on Wednesday that the Italian government's newly strengthened power to intervene in the development of fifth-generation telecoms networks may further delay 5G mobile services in the country.

France said on Wednesday the conditions were not ripe for Facebook to go ahead with plans for its Libra digital coin, as G7 finance ministers gathered north of Paris on Wednesday for a meeting focused on reining in the powers of big tech giants.

A 20-year-old Bulgarian cybersecurity worker has been arrested on suspicion of involvement in a hacking attack that stole millions of taxpayers' personal and financial data, officials said on Wednesday.

Facebook Inc will face more questioning on Wednesday by U.S. lawmakers over its planned cryptocurrency after a bruising first bout when senators from both parties condemned the project, saying the company had not shown it could be trusted.

Amazon has reached a deal with Germany's anti-trust authority to overhaul its terms of service for third-party merchants, acting to appease regulators as the European Union announced its own investigation of the e-commerce giant.

Amazon on Wednesday became the target of an antitrust investigation by the European Union over its use of merchants' data, underlining the increasing regulatory scrutiny over how tech companies exploit customers' information.

Facebook's Libra digital coin project cannot go ahead in the form it has been presented so far, French Finance Minister Bruno Le Maire said on Wednesday.

U.S. online retailer Amazon said on Wednesday that it would cooperate fully with EU antitrust regulators investigating its use of merchants' data.

EU antitrust regulators will investigate Amazon, the world's largest online retailer, to see if its use of other merchants' data breaches EU antitrust rules, the European Commission said on Wednesday.

Members of the U.S. Senate and House of Representatives introduced bills on Tuesday to keep tight restrictions on Huawei Technologies Co Ltd, amid concern about President Donald Trump's easing of curbs on the Chinese firm.

Telecoms equipment maker Ericsson posted quarterly earnings in line with forecasts but said it expected costs related to winning new contracts for its network business to hit profit margins in the second half of the year.

Amazon, the world's largest online retailer, could face an EU antitrust investigation within days over its use of merchants' data, a person familiar with the matter said on Wednesday.

A 20-year-old Bulgarian cybersecurity worker has been arrested on suspicion of involvement in a hacking attack that stole millions of taxpayers' personal and financial data, interior ministry officials said on Wednesday.

Mobile network gear maker Ericsson posted a second-quarter profit in line with expectations on Wednesday and said it was on track to meet its financial goals due to strong sales of 5G equipment.

Renault has formed a joint venture partnership with Jiangling Motors Corporation Group (JMCG) to target the Chinese electric vehicles (EV) market, in a deal which will also see Renault take a 50% stake in the new venture.

France's Renault SA said on Wednesday it will invest $145 million in a unit of China's Jiangling Motors Corporation Group (JMCG) that will allow it to expand its electric vehicle manufacturing footprint in the world's largest auto market.