Thursday newspaper round-up: Tesla, insurance scams, Gatwick

by | Jul 21, 2022

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Tesla’s second quarter of 2022 came to a shaky end as the electric carmaker reported a drop in profit after it struggled to meet demand due to a shutdown of its Shanghai factory and production challenges at new plants. The company also sold 75% of its bitcoin holdings, leading to a slide in the cryptocurrency price. Tesla’s second-quarter profit fell 32% from record levels in the first quarter, with the company reporting a $2.26bn net profit on Wednesday. – Guardian
A growing number of financially squeezed households are “turning to crime” by submitting bogus insurance claims, with data revealing a sharp rise in cases over the past year. Zurich UK, one of Britain’s biggest insurers, said the cost of living crisis was fuelling the increase in insurance fraud, where people exaggerate or make up claims for items such as jewellery and electrical goods. – Guardian

As inflation surged to a fresh 40-year high of 9.4pc in June, it may seem times could not get much tougher for the Bank of England – and its prospects of achieving the 2pc target. Yet under the bonnet lie dangerous signs that price rises are becoming embedded across the UK. Price rises in June are even higher than officials anticipated – and they expect it to get worse, surging to 11pc in October when the energy price cap jumps again. – Telegraph

Gatwick has hired hundreds of new security staff in a last-ditch effort to avoid the repeat of travel chaos witnessed at airports up and down the country. Some 400 workers have been cleared by a Government-sponsored vetting process to cut down waiting times at the UK’s second-busiest airport. – Telegraph

Insurers are on a collision course with the Bank of England after the industry warned that a post-Brexit revamp of capital rules risked falling short of triggering the investment “Big Bang” sought by the government. The Association of British Insurers said proposals by regulators to overhaul Solvency II regulations would result in life companies holding more, rather than less, capital. In its response to a government consultation on the reform, the lobby group argued that pension customers would be stung by higher costs under the plans. – The Times

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