Italy hits banks with windfall tax, sending shares sliding; China’s trade slumps business live

News Snapshot:

02.55 EDT Italy approves 40% windfall tax on banks The Italian government is hitting the country’s banks with a new windfall tax, to help families through the cost of living squeeze. Italy’s cabinet yesterday approved a 40% “windfall tax” on bank profits this year, with the proceeds earmarked to help mortgage holders and cut taxes. Deputy prime minister Matteo Salvini told a news conference that the levy will hit the profits reaped from higher interest rates: “One only has to look at the banks’ first-half 2023 profits, also the result of the European Central Bank’s rate hikes, to realise that...