6:47 am, August 5, 2025
Tesla awards CEO Musk millions of shares valued at about 29 billion dollars
Tesla is awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately 29 billion US dollars (£22bn), just six months after a judge ordered the company to revoke his massive pay package.
The electric vehicle maker said in a regulatory filing on Monday that Musk must first pay Tesla 23.34 dollars per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package that was awarded to the company’s CEO.
In giving its billionaire chief 96 million in restricted shares, the company noted that Musk has not been paid in years because his 2018 compensation package has been rejected by a Delaware court.
BP makes its biggest oil and gas discovery in 25 years
BP has hailed its biggest oil and gas discovery in over a quarter of a century as the oil giant renews its focus on fossil fuels.
The FTSE 100 group revealed the find after drilling a well off the coast of Brazil, in the Bumerangue oil field, just over 400 kilometres offshore from Rio de Janeiro, spanning more than 300 square kilometres.
It said the discovery was its tenth to date in 2025 and estimated to be its largest since the discovery of Shah Deniz gas field in the Caspian Sea in 1999.
New Mercedes GLC images give hint of firm’s future SUV design
Mercedes has released a look into its future design language with a teaser shot of the upcoming electric GLC SUV.
Although details on the car are limited at this stage, the picture shows the car’s new front end which features a chrome-framed radiator grille that also has a smoked-glass-look and integrated lighting.
Gordon Wagener, chief design officer at Mercedes Group, said: ‘Our new iconic grille is not just a new front for the GLC, it redefines the face of our brand. It is the perfect fusion of lasting design codes reinterpreted for the future, making our cars instantly recognisable.’
The markets
The FTSE 100 rebounded on Monday after Friday’s tariff-related sell-off, lifted by gains in Lloyds Banking Group (+8.4%) and Close Brothers (+23%) after a less severe than forecast motor finance ruling.
The FTSE 100 index closed up 59.72 points, 0.7%, at 9,128.30. The FTSE 250 ended 167.50 points higher, 0.8%, at 21,866.84, and the AIM All-Share closed up 1.73 points, 0.2%, at 758.89.
The pound rose to 1.3287 dollars late on Monday afternoon in London, compared to 1.3247 dollars at the equities close on Friday.
Cross-Channel migrants to be detained as France treaty comes into force
Sir Keir Starmer’s ‘one in, one out’ deal to return Channel migrants to France will come into force on Tuesday, with detentions set to begin by the end of the week.
The deal, which has now been approved by the European Commission, means the UK will be able to send people crossing the Channel in small boats back to France in exchange for asylum seekers with ties to Britain.
It also means that anyone arriving in a small boat can be detained immediately, and space has been set aside at immigration removal centres in the expectation that detentions will begin within days.
Disruption continues as clean-up begins after Storm Floris
The aftermath of Storm Floris continued to bring disruption on Tuesday with more wet and windy weather on the cards for northern parts of the UK later in the week.
ScotRail said suspended routes would need to be checked before they could be reopened with disruption expected until around 4pm on Tuesday, while the A66 in Durham and Cumbria was closed to high-sided vehicles for several hours overnight.
The Scottish government’s Resilience Room held a meeting on Monday night to help decide an appropriate response to the storm, which has led to power outages and delays in exam results being delivered to pupils.
Monday on Car Dealer
Consumers may get payments of up to £950 for car finance claims – FCA
Millions of motorists who were mis-sold car finance could receive payments of up to £950 each after the Financial Conduct Authority announced a consultation over a potential redress scheme.
‘An excellent outcome’: Read all the latest reaction to Supreme Court’s car finance ruling
Friday’s landmark Supreme Court ruling on motor finance represented an ‘excellent outcome’ for dealers, lenders and customers.
Used car dealer hits out at police for ‘outrageous abuse of power’ over customer dispute
A used car dealer has accused police of ‘an outrageous abuse of power’ after he was arrested and ‘humiliated’ over a customer dispute that got out of hand.
Used car supermarket Motorpoint builds on profitable 2024 in first quarter
Motorpoint has reported that the ‘positive momentum’ seen in its 2024 results has continued in the first quarter of this year.
Mazda UK launches six-year, 100,000-mile warranty for all new cars
Mazda is on a mission to provide ‘one of the very best’ car manufacturer warranties on the market by raising the period of cover of its offering to six years.
Weather
Today will be windy in northern areas with sunny spells and scattered heavy showers, reports BBC Weather. The south remains mostly dry, breezy, and sunny.
Tonight will be largely clear and dry across the UK, with patchy cloud and rain limited to the far north of Scotland, where winds persist.
