Business news live: Glencore profits and Tesla shareholders sue Musk over Robotaxi

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

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.”

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.

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.