Musk’s legal battle for his $56bn goes on. Tesla’s board still looks supine | Nils Pratley

The first time around, judge Kathaleen McCormick of the Delaware court of chancery got it right. The $56bn pay package awarded by Tesla to Elon Musk in 2018 was indeed a governance abomination, a stitch-up in which ordinary shareholders weren’t told about the “deeply flawed” process whereby a “superstar ceo” secured wildly over-the-top terms from pliant directors.Her closely argued ruling in January spelt it out in persuasive detail. The company had “inaccurately described key directors as independent and misleadingly omitted details about the process”. Ira Ehrenpreis, the lead director negotiating for Tesla, had a 15-year business relationship with Musk

Water firms push for higher shareholder returns as Ofwat considers bills increase

Water companies want to see higher returns for shareholders to ensure record investment into sewage infrastructure, pipes and treatment plants is delivered.As Ofwat, the water regulator for England and Wales, prepares to announce its decision on how much customer bills will be allowed to rise by to fund tens of billions of pounds in investment across the industry, water companies said higher returns were needed.Stuart Colville, the deputy chief executive of the industry body Water UK, said on average shareholders in the privatised water industry received 2.1% returns last year, adding that they could get better returns in a high street bank.“Put simply, this is unsustainable and needs to change,” he told a conference in London

Stock market Santa rally underway; South Korean won hits two-year low as martial law declared – as it happened

A Santa rally may be building in Europe’s financial markets today, despite worries about the economic outlook and political instability in France and Germany.In London, the FTSE 100 share index has risen to a six-week high this morning, up 56 points or 0.7% at 8369 points.Budget airline easyJet is the top riser (+4%), after a stock upgrade from UBS, with mining company Antofagasta (+2.3%) and banks Barclays (+1

Meloni says Italy aims to protect jobs after CEO of Fiat owner Stellantis quits

The Italian prime minister, Giorgia Meloni, has said her government will try to protect jobs as political tensions mount with Fiat maker Stellantis after the abrupt resignation of its chief executive.Meloni said she would attempt to “defend” employees in the carmaker’s Italian operations in the wake of the surprise exit of Carlos Tavares, its longstanding chief executive, who left after the company said “different views have emerged” between the executive and its board.Her comments came as new figures showed China’s share of the global electric vehicle market reached 76% in October, piling further pressure on European carmakers.Stellantis was born in 2021 through the merger of Italy’s Fiat Chrysler and France’s PSA, the owner of Peugeot. It has been at loggerheads for months with the Italian government, which has claimed it has not invested enough in the country and called for more vehicles to be produced in Italy

China’s share of global electric car market rises to 76%

China’s share of the global electric vehicle market reached 76% in October, the country’s automotive trade body said, reflecting strong demand for EVs in the country even as western tariffs risk hobbling exports.Between January and October, sales of EVs reached 14.1m units, according to the China Passenger Car Association, with 69% of those sales in China. In October, China’s share surpassed three-quarters.The figures suggest that China is on track to increase its share of the global EV market

Japan’s Nomura bank boss takes 30% voluntary pay cut after worker tries to kill customer

The boss of the Japanese bank Nomura has apologised and taken a voluntary pay cut after a former employee was charged with robbery and attempted murder of a customer.Kentaro Okuda, who has led Nomura since 2020, will take a 30% pay cut over the next three months, with several other senior managers at the bank taking similar reductions, the bank said.The decision comes after one of the bank’s former wealth management employees was charged with attempted murder, robbery and arson. The employee allegedly drugged an elderly customer and their spouse in Hiroshima, before stealing cash and setting the house on fire. The employee, who is 29 and worked in its securities arm, was dismissed in August