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Apparent backtrack to fifth of level of assets analysts had estimated follows fall in shares on TuesdayBusiness live – latest updatesItaly has set a cap on its new windfall tax on banks in an apparent backtrack after the surprise announcement of the levy sent shares in the country’s lenders plunging.Rome limited it to cover only 0.1% of total bank assets, a fifth of the...

The culture, media and sport select committee has warned of risks not just to workers’ jobs but also their autonomyRishi Sunak will gather world leaders in London this autumn for a summit on safety in artificial intelligence, after expressing concern about the “existential risks” of the rapidly evolving technology.Apparently, even our wannabe tech bro prime minister – currently holidaying in California – is willing...

The Crit’Air vignette must be displayed to enter Paris, Rouen, Strasbourg, Lyon, and many other cities to avoid a €180 fineBritish drivers taking their car across the Channel to France this summer have been reminded that they will need to display a clean air sticker if they plan to enter one of several cities, or face a fine of up to €180 (£154).In a...

Consumer price inflation data shows prices fell by 0.3% year-on-year in July Chinese consumer prices slipped into deflation last month for the first time in more than two years, official data showed, as slowing domestic spending weighed on the country’s post-Covid economic recovery.The Consumer Price Index, the main gauge of inflation, fell 0.3 points in July, the National Bureau of Statistics said, having flatlined...

Administrators say Recharge Industries is in default of sale agreement, which parent firm deniesThe Australian company that rode to the rescue of the failed car battery firm Britishvolt earlier this year has failed to make the final payment in its purchase of the company, throwing the future of the deal into doubt.Britishvolt’s administrators, EY, said the buyer, Recharge Industries, bought the business and assets...

Proceeds from levy on interest rate income will be used to help mortgage holders and cut taxesBusiness live – latest updatesItaly has approved a 40% windfall tax on banks and will use proceeds to help mortgage holders and cut taxes, the deputy prime minister said, in a move that sent banking shares plunging.“One has only to look at banks’ first-half profits … to realise...

US firm cuts revenue forecast as consumers opt for cheaper animal protein amid cost of living crisisSales at the vegan burger maker Beyond Meat have slumped by almost a third as consumers opt for cheaper animal protein amid the cost of living crisis.The US company, whose plant-based products include burgers that appear to bleed and imitations of sausages and meatballs, has cut its annual...

Marketplace sellers in UK and rest of Europe say having to wait over a week means they will struggle to pay staff and loansAmazon has told thousands of marketplace sellers in the UK and continental Europe it will hold on to sale proceeds for more than a week in a move that small businesses say could force them to go bust.The company has written...

Decline in crude oil prices and less refining income trims revenues inflated in 2022 by Russian invasion of UkraineThe world’s biggest oil firm, Saudi Aramco, has announced a near-40% fall in profits after a decline in crude oil prices and weakening margins in refining and chemicals.The company, which is 90% owned by the Saudi state, said in a statement to the market that profits...