Italy's Windfall Tax

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European banks have been making a ton of money recently. That's because high interest rates mean they can charge more for loans. Some governments say the bank should be passing on the benefits by paying depositors more. Because they're not, these countries are now imposing taxes on the bank's massive profits. This week, Italy became the latest one to do so - but rollout didn't exactly go smoothly.

Walt Disney reported quarterly results that showed declines at its television and movie businesses, China’s economy has fallen into deflation, and President Joe Biden is banning US tech investment in China. Plus, the FT’s Owen Walker explains why more and more countries in Europe are instituting windfall taxes on banks.

Mentioned in this podcast:

Disney shares jump after streaming losses narrow

Chinese economy falls into deflation as recovery stumbles

White House unveils ban on US investment in Chinese tech sectors

Italy joins wave of windfall taxes on banks across Europe

Google and Universal Music negotiate deal over AI ‘deepfakes’

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. Additional help from Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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