Business news live: Novo Nordisk hit by slowing Ozempic sales, Tesla shareholders sue Musk over Robotaxi

Good morning all and welcome to our business live blog. Coming up today, the usual mix of money matters, stock market coverage, business and companies news and everything which might affect your wealth.

Today that includes a few names early on such as Rachel Reeves, Elon Musk and the Bank of England – let’s get started.

Tesla shareholders have reportedly launched a class action lawsuit against both the company and Elon Musk, surrounding the firm’s Robotaxi plans.

The lawsuit alleges Musk and Tesla committed securities fraud by concealing risks surrounding the company’s self-driving vehicles, with the Guardian reporting the chief executive overstating the effectiveness and future potential of the cars on a regular basis.

After tests started, the Tesla share price dropped more than 6 per cent. The company said “scalable and safe deployment across diverse geographies and use cases” was their focus, but they do not yet have permission to roll out the Robotaxis across the US.

The company have not responded to the claim, the report says.

Several firms to get through this morning with their financials being reported, starting with Metro Bank.

The lender has reported half-year profits of £45m with two particular boosts: revenues up 22 per cent compared to the same period last year, and operating costs down 8 per cent.

Daniel Frumkin, Chief Executive Officer at Metro Bank, said:

“Metro Bank’s strong performance in the first half of the year reflects the successful execution of our strategy and decisive actions we have taken. We trebled profits, doubled new lending to corporate, commercial and SME customers, meaningfully reduced operating costs and optimised funding to have the lowest cost of deposits of any UK high street bank.

“As we celebrate our 15-year anniversary, our unique relationship-led model, specialist lending expertise and expanding store network allows us to support customers, communities and help businesses to grow. This differentiates Metro Bank and fuels our growth.”

As unconscionable as this bonus seems, at least it signals the tech mogul’s shift away from politics and a return to his day job – something we can all be grateful for, says Sean O’Grady

The Bank of England are widely expected to cut interest rates when the MPC meets tomorrow.

While that will have immediate impacts like lowering savings rates and potentially changing the mortgage market, it won’t have a huge underlying effect on what people are actually paying out day-to-day, says Tamsin Powell, consumer finance expert at Creditspring.

More needs to be done to ensure those who need immediate financial help can access it, Ms Powell adds – as well as improving money literacy in the first place.

“Whether or not the Bank of England cuts rates this week, the reality for many households won’t change overnight. People are still facing high living costs and stretched budgets – and any small shift in the base rate is unlikely to bring immediate relief.

“We know that borrowing has become more expensive in recent years, but even if interest rates begin to fall, affordable credit will remain out of reach for millions. For those without a financial cushion, even a minor unexpected expense – a broken appliance, car repairs, or back-to-school costs – can still cause serious stress.

“It’s vital that we don’t assume a rate cut fixes the problem. What people need is access to fair, simple financial support that doesn’t push them further into debt. At the same time, improving access to financial education is essential, especially for younger people and those new to borrowing. Knowing how credit works, what good borrowing looks like, and how to avoid costly mistakes can make all the difference when money is tight.”

The FTSE 100 is up 0.16 per cent this morning – not a huge rise but green is green.

Leading the way is Hiscox, up more than 8 per cent so far, with the insurance firm increasing their buyback level amid positive results.

European stocks are up too – Germany’s DAX leads the way as usual, up 0.56 per cent early on.

Changing consumer tastes are nothing new – especially when it comes to food and drink – but if you’ve been out in pubs or bars around the UK over the past couple of years, it’s likely you’ll have noticed a pint of the black stuff being a favourite again for many.

With a world-famous brand performing so well you’d be forgiven for thinking the company which owns it would be smiling. But the complete opposite is true.

Business analysis from Karl Matchett:

The number of first-time buyers needing a helping hand to get on to the property ladder due to soaring prices has been revealed in a new survey.

Very few new homeowners are making the leap without support, the research by TSB shows, with 96 per cent receiving some kind of financial help for their deposit.

For over two-thirds (68 per cent), this came from parents, while just over half (57 per cent) received help from friends.

Parental support is fast becoming a mainstay of the UK’s home ownership pathway, the research also shows, as a massive 80 per cent of first-time buyers say they had to move back to their childhood home to save up for a deposit.

A little more market commentary now as Legal & General announced their latest profits this morning.

Shares are down by 2.7 per cent this morning but it’s less about profit concerns and perhaps more to do with recent share gains and over-expectation – it’s up more than 10 per cent this year so far.

Richard Hunter, head of markets at interactive investor, said:

“This is a punchy performance with Legal & General’s plan clearly coming together, even if heightened expectations have weighed against the share price in opening trades. However, seen through the longer-term prism in which the group operates, prospects are even brighter.

“L&G is in a new phase and is executing at pace. For this period alone, core operating profit rose by 6% to £859 million compared to estimates of £816 million and pre-tax profit by 28% to £406 million, with the latter figure already surpassing the entirety of last year’s contribution.

“The group’s financial strength enables a target of some £5 billion to be returned over the next three years in dividends and buybacks. In line with its announced growth target, the increase to the dividend lifts the projected yield to a heady 8.2%, paying investors handsomely to wait as the strategy unfolds. As such, the stock has become something of an income staple over recent times.”