Business news live: FTSE 100 rises as stock markets recover and Tesla hand Elon Musk $29bn in shares

Energy giant BP has announced its biggest oil and gas field discovery in 25 years after a drilling off the coast of Brazil.

The company’s vice president for oil production, Gordon Birrell, said it was a “significant discovery” and the largest since 1999, when a giant gasfield in the Caspian Sea was discovered. It is expected to contain a mix of gas and oil as well as condensate, which is a liquid form of natural gas.

The size of the field in the Bumerangue prospect is more than 300 square kilometres – about three times the size of central Paris.

Tesla CEO Elon Musk will receive an award of 96m shares of the company, worth an estimated $29bn.

As part of his pay structure, Musk will be able to buy the shares two years from now as long as he stay CEO, for $23.34 – they currently trade at more than $310.

Musk has been criticised in some quarters for splitting his attention across multiple companies, as he owns social media platform X, space firm SpaceX, drilling firm The Boring Company and more.

Energy giant BP has announced its biggest oil and gas field discovery in 25 years after a drilling off the coast of Brazil.

The company’s vice president for oil production, Gordon Birrell, said it was a “significant discovery” and the largest since 1999, when a giant gasfield in the Caspian Sea was discovered. It is expected to contain a mix of gas and oil as well as condensate, which is a liquid form of natural gas.

The size of the field in the Bumerangue prospect is more than 300 square kilometres – about three times the size of central Paris.

Over 3,000 Boeing workers will begin striking Monday in Missouri and Illinois, after members rejected a four-year labor agreement with the aviation company.

Workers assemble and maintain advanced aircraft and weapons systems, including the F-15, F/A-18 jets, along with a range of missile and defense technologies.

US futures are pointing towards rises in the American stock markets this afternoon.

Many stocks suffered steep falls on Friday in the wake of Trump’s latest tariff delay and rates announcements.

But the S&P 500 is poised to go 0.6 per cent higher, with the Dow slightly lower than that and the Nasdaq a full 0.75 per cent above closing levels from last week.

While much of Europe is in the green today – the FTSE 100 is up 0.2 per cent – the Swiss SMI is down 0.67 per cent.

Switzerland was hit by an unexpectedly high tariff of 39 per cent last week but markets were shut in the country on Friday, making today the first time it could show a live reaction from investors.

Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), said on Radio 4’s Today Programme that the proposed compensation scheme will be free to use for all.

Several firms offer no win no fee style of claims on your behalf to seek out car finance compensation but they can take anywhere up to almost a third of the eventual payout.

“We have taken action against 225 adverts because there have been exaggerated claims out there,” he said.

“If you sign up to these companies you may lose up to 30% of any money you are owed.

He further outlined plans to start a compensation scheme by October, with a view to compensation payouts next year.

Greek energy and metals group Metlen, which used to be called Mytilineos Energy and Metals, has begun trading today on the London Stock Exchange.

It’s real relevance will come with the next FTSE 100 index reshuffle next month; with a market capitalisation value of £5.4bn, it will be big enough for inclusion.

Housebuilders Berkeley Group and Taylor Wimpey are the smallest in the 100 at present by the same valuation, around £3.5bn.

Payouts for the car finance compensation scheme have yet to be determined, with the FCA now starting a review.

But one industry insider says it’s far from clear how compensations will be awarded or even how eligible customers could be decided.

“I just think that is completely impractical. It is not just firms that don’t have the details about contracts back then, customers don’t either,” said Stephen Haddrill, director general of the Finance & Leasing Association, on BBC’s Today programme.

Lenders are set to be subject for between £9-18bn in payouts.

People who think they might be owed compensation for the car finance mis-selling ruling shouldn’t speed out to sign up with claims firms, believes Paul Barker, editor at Auto Express.

“Today’s Supreme Court ruling – which found that car finance firms did not unlawfully mis-sell products simply by failing to disclose commissions – narrows the scope for car finance compensation claims, but it doesn’t eliminate them entirely. Anyone who signed up for a Discretionary Commission Arrangement (DCA) between 2007 and 2021 should still be eligible for compensation; the FCA is expected to set out next steps regarding this ruling in the coming weeks.

“In the meantime, we strongly advise against using claims management firms, which often take a hefty cut of any compensation. Instead, there are free tools and official routes available to help you make a claim directly. And if the FCA introduces the mooted ‘opt-out’ scheme, you may not need to do anything at all – your lender will be required to contact you. Until then, sit tight, avoid unnecessary fees, and keep an eye on updates from the regulator.

“However, it is worth pointing out that there may still be further legal twists and turns as the case evolves.”