Thursday newspaper round-up: Coutts, Netflix, Tesla

by | Jul 20, 2023

(Sharecast News) – The City regulator has said it has contacted the owner of Coutts bank amid a growing row over its decision to close Nigel Farage’s accounts, but told MPs that while lenders cannot discriminate against customers, it is ultimately up to firms to decide who to do business with. It came as the prime minister, the home secretary and the City minister waded in to the growing debate over the rights of lenders to shut or refuse accounts based on concerns over customers’ political views. – Guardian
Netflix added 5.9 million new subscribers in the last three months – almost three times as many as analysts expected – after clamping down on households that were sharing their passwords. The streaming giant is the first of the big tech and media companies to unveil their latest quarterly results. The figures come as strikes from writers and actors have hit the industry – the first time both unions have walked out since the 1960s. – Guardian

The billionaire co-owner of Asda has been reprimanded for stonewalling MPs after failing to answer “simple questions” on fuel price rises. Mohsin Issa was criticised for “wasting time” at the Business & Trade Committee, after repeatedly being asked why regulators had found Asda’s fuel margin targets were three times higher than in 2019. – Telegraph

Revenue at Tesla has risen to a record after the electric carmaker cut prices in an attempt to boost sales, denting profit margins. Net income at the business climbed 20 per cent to $3.15 billion in the second quarter, as total revenue jumped 47 per cent to $24.9 billion. The group, led by Elon Musk, hailed a “record quarter on many levels”, pointing to robust growth in production and deliveries. The company’s shares were down by 98 cents, or 0.3 per cent, at $290.28 in after-hours trading last night. – The Times

One of Europe’s largest operators of automated parcel lockers is paying £49.3 million to buy a 30 per cent stake in Menzies Distribution as part of a push into Britain. InPost, a Polish company listed in Amsterdam, also has agreed a three-year option to acquire the remaining 70 per cent of the Scottish logistics business. – The Times

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