This year’s production is expected to be higher than earlier estimates, market researcher IKAR has said Russian farmers are projected to reap up to 137 million tons of grain, including 88 million tons of wheat this year, according to the Institute for Agricultural Market Studies (IKAR).

Italy has unexpectedly approved a 40% levy on lenders’ “excess” profits this year The Italian government’s announcement of a one-off windfall tax on bank profits saw the country’s financial stocks tumble on Tuesday, wiping out some €10 billion ($11 billion) from their combined market value.

Manila accused Beijing of using “excessive” force during a standoff in contested waters last week China has said the Philippines was to blame for a recent spat near the disputed Ren’ai Jiao atoll, which saw a Chinese military vessel unleash water cannons against two of Manilla’s supply ships. Both countries claim the island is part of…