Thursday newspaper round-up: Culture sector, HSBC, Microsoft

The government’s response to the impact on the culture sector of the Covid-19 crisis has been too slow, too vague, and has jeopardised its future, according to a damning report by the Digital, Culture, Media and Sport select committee. The MPs found that the government has consistently failed to recognise the size of the task facing the sector, and that its responses – including a £1.57bn support package and a five-step roadmap for reopening – could have saved jobs and cultural institutions from closure if they had been released sooner and with more clarity. – Guardian

HSBC is facing fresh backlash from MPs following reports that it is scrutinising Hong Kong clients’ ties with the region’s pro-democracy movement following the imposition of a new national security law by China. The London-listed bank is one of several reported to have broadened security programmes that screen clients for political ties, sparking fierce criticism from across the British political spectrum. – Telegraph

Microsoft has been accused of creating a “weak copycat product” in the booming area of online workplace chat services, which it is forcing millions of people to use in order to eliminate rivals. Slack, the messaging app, has filed an anti-competition complaint against Microsoft with the European Commission, claiming that the group unfairly bundles its rival Teams app with its Office 365 tools. – The Times

Tesla has reported its first full year of profit, putting the maker of electric cars on track to join the elite S&P 500 stock market index and shaking off fears of a pandemic-induced slump. The Californian carmaker last night announced a profit of $104 million in its second quarter, completing four consecutive profitable quarters for the first time in its 17 years of existence. – The Times