Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Italy Defends Libyans

n ROME -- Italy on Tuesday defended its decision to allow Libyans to acquire shares of its second-largest bank, Banca di Roma. Officials said the Libyans would not be part of the bank's decision-making body.

An undersecretary of the treasury, Roberto Pinza, called the deal an "important financial investment." He said he saw no reason why the investment would anger the United States, Italy's main ally, or any other countries.

The Libyan Arab Foreign Bank is set to acquire 5 percent in Banca di Roma when the Treasury begins selling off part of its stake Nov. 24.

Another 2.2 percent would go to the National Commercial Bank of Saudi Arabia.