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

Danish drugmaker Novo Nordisk has seen a big drop in sales growth of its injectable diabetes drugs, including Ozempic.

Sales are still on the up overall, but increased competition, the potential impact of US tariffs and cheaper generic drugs have meant that the growth of their line has slowed considerably, from 21 per cent last year to just 8 per cent this time around in the first six months of 2025.

Obesity drugs sales, including Wegovy, increased 56 per cent, with profits before tax ultimately rising 24 per cent.

However, the company recently revised overall growth expectations considerably lower and the share price fall has seen more than £70bn wiped off the total company value.

A poster for BrewDog’s Wingman beer has been banned by the advertising watchdog for implying that alcohol could overcome boredom, loneliness, or disappointment.

The advertisement for the brewing firm’s Wingman beer, seen in May, featured the headline: “Brewdog. Always Got Your Back”.

Glencore, a mining firm with a £35bn valuation, said in February they were exploring alternatives to London which were “better suited to trade our securities”, with New York a possibility for their primary listing.

However, during today’s financial report, chief executive Gary Nagle said “London is where we are happy” and added that Glencore “don’t believe there is a value-accretive proposition to move exchanges right now” despite “the scale and depth of US capital markets [being] unrivalled”.

A large part of the reason for the turnaround is uncertainty over whether Glencore would be included in the S&P 500 – the US equivalent of the FTSE 100, which Glencore currently ranks 26th in by market capitalisation. Additionally, there would have been “significant” costs associated with the move which the company appear to have decided would not be compensated for by a listing switch.

In addition to announcing they would stay in London, Glencore revealed plans for a $1bn (£753m) cost-cutting drive and net losses of $655m (£493m) due to commodity prices decreasing and lower production levels.

Several hundred jobs will be lost in the push for savings, though these are expected across the global workforce of around 150,000. Net debt also rose to $13.5bn (£10.2bn), above the aim of $10bn. Shares in Glencore fell an additional 3.8 per cent in morning trading on Wednesday and are down 18 per cent in 2025 as a whole.

The company’s market capitalisation was around £40bn at the time they announced their review of a potential LSE exit, meaning a 12.5 per cent valuation loss since then.

The FTSE 100 is up 0.22 per cent this morning so far but on a more global glance, stock markets still have a lot to watch out for.

One expert is pointing towards trade talks, oil and big US firms reporting their latest financials as key factors for market movements this week.

“After running out of steam and slipping into the red in the latter part of yesterday’s trading session, the FTSE 100 made another modest move higher on Wednesday,” says AJ Bell head of financial analysis Danni Hewson.

“Concern around tariffs continues to swirl as Indian stocks slipped thanks to Trump administration threats to impose higher levies on India for buying and selling Russian oil.

“However, a more positive tone on trade talks with China meant most other Asian markets closed higher overnight. An agreement between Washington and Beijing would remove the last remaining big uncertainty around tariffs as a 12 August deadline approaches.

“Attention will turn to numbers from McDonald’s, Walt Disney and Uber Technologies later as investors continue to pick through how companies are faring against an uncertain backdrop.”

Rachel Reeves has been told she faces a financial hole of up to £40bn in government spending – and raising taxes are the way to fix it.

NIESR say “moderate but sustained” tax increases are needed to bridge the money chasm, suggesting a rise of 5p in the pound on basic and higher tax rates.

Stephen Millard, a senior economist at NIESR, said: “We think the current budget deficit will be around £40bn, or £41.2bn to be precise. It means if the chancellor wants to maintain a buffer of £9.9bn then she will have to find £51.1bn, either in extra taxes or lower spending or both, annually, by 2029-30.”

Interest rate cuts will be too late this year to boost industry growth, the report added.

As the budget supermarket reclaims its title as the UK’s cheapest supermarket, long-time devotee Flic Everett says there’s a rationale for its sudden resurgence – and it’s not just the deals to found in its sceptred middle-aisle…

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.”

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.

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 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.