Bloomberg Business

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The US Commerce Department has received more than 460 statements of interest for projects in 42 states seeking federal funds or financing help from last year’s Chips and Science Act, with more than a third focused on chip fabrication, according to a department official.

European stocks rallied as investors took some comfort from assurances by the Italian government that a new windfall tax on banks will be capped.

Bellway Plc is the latest UK housebuilder to say it plans to cut jobs as stubbornly high mortgage rates weigh on demand for new homes.

The Italian government backtracked on part of its new windfall tax on banks, saying it would introduce a cap to limit the impact for many lenders as it tries to calm a rout that wiped out $10 billion from the banks’ market value.

Sony Group Corp. raised its full-year forecast as its PlayStation and entertainment arms sustained momentum even as a sluggish global economy hurt other operations.

Continental AG cut its sales outlook for the year on weakening markets for tires in Europe and North America.

The slump in Russia’s ruble shows little sign of abating amid high currency outflows and worsening foreign trade conditions as sanctions over the war in Ukraine take their toll on the economy.

More than a 1,000 firefighters are tackling a blaze in the south of Portugal, while Spain braces for one of the hottest days of the summer.