Source: Sharecast
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Consulting and engineering firm Wood Group and its joint venture partner, Tendrill International, said on Monday that they had secured a five-year contract with Brunei Shell Petroleum for brownfield engineering, procurement, and construction services. Under the contract, the TendrillWood JV will deliver integrated, end-to-end brownfield EPC projects across BSP's offshore and onshore assets.
Bookmaker Entain upgraded FY25 guidance for its North American business, BetMGM, on Monday, noting that continued "strong momentum" supports "increased confidence" in its performance. Entain said BetMGM net revenue was now expected to be at least $2.6bn in FY25, up from the previous guidance range of $2.4bn-2.5bn, while underlying earnings were pegged to be no less than $100.0m, ahead of previous guidance to be EBITDA positive.
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Bonuses and dividends for water company bosses and shareholders should be approved by the regulator before they are paid, as billpayer funds are being used irresponsibly, MPs have said. They also recommended that the government consider ending the profit-driven water company model and making English companies non-profit, similar to how the system works in Wales, in the report by the Environment, Food and Rural Affairs select committee. – Guardian
The government has pledged a further £590.0m towards Britain’s biggest road-building project, the controversial and long-delayed Lower Thames Crossing. In March, the transport secretary gave formal approval to the new road tunnel under the Thames joining Essex and Kent. The £9.2bn project will comprise more than 14 miles of roads including the 2.6-mile crossing near Thurrock, Essex. – Guardian
The US has dropped out of the three most desirable markets for British manufacturers for the first time in decades, as Donald Trump's trade war dents confidence in the world's biggest economy. UK industrial leaders now prefer the EU, Asia and the Middle East as their top three "growth" markets globally, according to trade body Make UK – relegating Trump's America to fourth spot. – Telegraph
Fortnum & Mason is plotting its first UK stores outside of London after a surge in customer demand for regular top-ups of luxury teas, biscuits and jam. Tom Athron, the chief of the luxury retailer, said he would be interested in opening stores "up the spine of the country", adding: "We do like the idea of stepping beyond Piccadilly [where it has its flagship store], and certainly stepping beyond London." – Telegraph
Richard Caring has apologised to suppliers of his restaurant businesses after a letter was sent out informing them there would be a "mandatory" 2.5% cut to their invoices. Caring's restaurant empire, which includes The Ivy Collection and Bills, wrote to suppliers earlier this month telling them that "to ensure our business can remain strong" a 2.5% "discount" would be applied to their accounts. – The Times
US CLOSE
Wall Street stocks closed lower on Friday as market participants reacted to news that Israel launched an airstrike on Iran.
At the close, the Dow Jones Industrial Average was down 1.79% at 42,197.79, while the S&P 500 lost 1.13% to 5,976.97, and the Nasdaq Composite saw out the session 1.30% weaker at 19,406.83.
Reporting by Iain Gilbert at Sharecast.com