Wednesday newspaper round-up: Petrol prices, Robinhood, Cazoo

Petrol prices at the pumps are not falling fast enough and in line with wholesale price drops, according to the RAC. Over the last eight weeks, the average price paid for unleaded by drivers across the UK has only dropped by 9p a litre– all of which came off in July – despite wholesale petrol prices falling by 20p in the same time period. – Guardian

Robinhood, the trading platform that gained notoriety for allowing amateur stock investors to play the market, is laying off nearly a quarter of its staff – citing economic conditions and the crash of the cryptocurrency market. The news it was slashing 23% of its staff came as the company posted a 44% decline in revenues on slumping trading activity, in a surprise earnings report that came one day earlier than scheduled, and sent the company’s shares down more than 3% in extended trading. – Guardian

Airbnb has unveiled record bookings as the travel industry recovers from the pandemic and hosts scramble to sign up. The holiday rental firm said it is “in the midst of our strongest peak travel season yet” and July 4 was its highest single day revenue ever. The US company expects to deliver record revenue and profits in its third quarter, ending in September. – Telegraph

Two American law firms have leap-frogged “magic circle” competition to become the highest earning practices in the City as US lawyers continue to flex their muscles in London. Figures published today show that Latham & Watkins, which has its headquarters in Los Angeles, has seen revenue from advice on corporate deals at its Square Mile office rocket by nearly 170 per cent in two years to a current annual figure of £270 million. – The Times

Cazoo has launched a strategic review of its operations in mainland Europe just months after the heavily lossmaking online car retailer launched a big expansion in the region. The company posted record revenues and sales in the second quarter on the back of strong UK growth, but said its focus must be on preserving cash after losses more than doubled. – The Times