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Ardent Mills adds to cocoa replacers line

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Why prediction platforms are sitting out

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Why prediction platforms are sitting out
Why the Kentucky Derby is missing from prediction betting markets

The biggest horse race in the country, the Kentucky Derby, takes place Saturday in Louisville. If you’re looking to make a wager on Kalshi, Polymarket or another prediction platform around the event — you’re out of luck.

There are no Kentucky Derby event contracts offered on the major prediction platforms, which host contracts on everything from sports outcomes to geopolitical events to reality TV show moments, but not horse racing.

Bill Carstanjen, CEO of Churchill Downs, which owns the Kentucky Derby and the racetrack where it’s held, told CNBC it’s unlikely that horse racing will ever show up on prediction markets because the race track owners don’t want it.

“You need to actually go to us, those who own the race tracks, to cut a deal,” Carstanjen said in an interview this week. “And from our perspective, that’s not something we’re interested in doing.”

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Churchill Downs CEO on how horseracing has escaped the competitive threat of prediction markets

Horse racing has long been something of its own little fiefdom. Betting on the races, America’s original form of sports betting dating back to the colonial era, enjoyed special status even before the Supreme Court in 2018 struck down a law that prevented states other than Nevada from offering sports betting.

By law, under the Interstate Horseracing Act of 1978, offering wagers on horses requires explicit permission from the host race track, the horsemen’s group made up of owners and trainers and the state racing commission where the race is held.

That’s left the burgeoning prediction markets industry on the outs.

“Prediction markets are not something that that would be good for horse racing, or the economic paradigm under which our industry works, which involves funding purses for the winners of the horse race,” Carstanjen said.

Kalshi declined to comment on the absence of horseracing on its platform. Polymarket didn’t respond to a request for comment. And representatives for the Commodity Futures Trading Commission, which regulates event contracts, likewise didn’t respond to a request for comment.

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The tension raises an interesting question of when — and in what context — permission is needed for prediction market platforms to offer contracts on a given event.

U.S. states have argued companies like Kalshi and Polymarket need their permission (via a license) to offer wagers on sports. Prediction platforms have maintained they don’t need licenses because their platforms offer investing and trading activity, not gambling, and because they’re regulated by the CFTC.

The CFTC has filed multiple lawsuits against states seeking to prevent them from taking action against prediction platforms.

Kentucky, for its part, has taken a tough stance on predictions. Lawmakers in the state have proposed legislation that would ban any of its gambling licensees from offering predictions. It’s also proposed a 17.5% tax on prediction market fees.

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Meanwhile, there’s still old-fashioned gambling set for Saturday’s Derby. Churchill Downs said it’s seeing increased betting during Derby Week leading up to the big race.

Caesars, too, said the amount of money wagered on the Kentucky Derby is pacing ahead of expectations.

— CNBC’s Jessica Golden contributed to this report.

Disclosure: Kalshi and CNBC have a commercial relationship which includes a minority investment.

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Crayola craft toy recalled over asbestos contamination fears

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Crayola craft toy recalled over asbestos contamination fears

Its head of consumer protection policy Sue Davies said: “It is deeply concerning that another children’s craft product, particularly from a major brand like Crayola, which is sold by big-name retailers, has been recalled due to potential asbestos contamination, continuing a worrying trend of recalls involving this deadly substance.

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Meta threatens to pull apps from New Mexico over child safety rules

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Meta to lay off 8,000 employees in AI investment pivot

Tech giant Meta is threatening to cut off access to its social media platforms in New Mexico as a response to the state’s legal effort to compel changes to child safety protocols on the platform.

Meta and the state of New Mexico are expected to proceed to the second stage of their trial next week after a jury recently issued a $375 million award to the state after finding that the company misled consumers about the safety of its platforms and protections for children against sexual predators.

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The next phase of the trial will concern what actions the parent company of Facebook, Instagram and WhatsApp must take to address those issues.

Among the remedies New Mexico is seeking is to impose a requirement that Meta meet a 99% accuracy threshold in verifying that children on its platform are at least 13 years old. Meta has pushed back on that requirement, arguing in a court filing that it’s unfeasible and would require it to “comply with impossible obligations.”

META VOWS APPEAL OF ‘LANDMARK’ SOCIAL MEDIA VERDICTS, WARNS OF FREE SPEECH EROSION

A smartphone showing Mark Zuckerberg’s image is held in front of a computer screen with the Meta logo.

Meta is warning that it may be forced to pull its apps from New Mexico if the state prevails in requiring the social media giant to implement certain safeguards. (Arda Kucukkaya/Anadolu via Getty Images)

Meta’s legal team said in a filing that New Mexico’s “requests for relief are so broad and so burdensome, that if implemented it might force Meta to withdraw its apps entirely from the State of New Mexico as an alternative way of complying with the injunction.”

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“It does not make economic or engineering sense for Meta to build separate apps just for New Mexico residents,” Meta’s lawyers added. “Nor could Meta guarantee the perfection the State demands, making it impractical for Meta to operate in New Mexico.”

EXPERT WARNS OF MASSIVE RECKONING FOR SOCIAL MEDIA COMPANIES: ‘GIANT CASE OF KARMA’

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META META PLATFORMS INC. 611.91 -57.21 -8.55%

The company has argued that it’s being unfairly singled out in comparison to other social media platforms that are popular with young people. It also previously signaled it will appeal the $375 million civil judgment against it.

New Mexico pushed back on Meta’s assertion that it would be impractical to comply with the safeguards it’s seeking for social media apps.

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META ORDERED TO PAY $375M AFTER JURY FINDS PLATFORM ENABLED CHILD PREDATORS IN LANDMARK NEW MEXICO CASE

The Meta logo

Meta is the parent company of apps including Facebook, Instagram and WhatsApp. (Reuters/Dado Ruvic/Illustration)

“Meta is showing the world how little it cares about child safety,” said New Mexico Attorney General Raúl Torrez. “Meta’s refusal to follow the laws that protect our kids tells you everything you need to know about this company and the character of its leaders.” 

“We know Meta has the ability to make these changes. For years the company has rewritten its own rules, redesigned its products, and even bent to the demands of dictators to preserve market access. This is not about technological capability. Meta simply refuses to place the safety of children ahead of engagement, advertising revenue, and profit,” Torrez added.

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New Mexico is also seeking that Meta implement safer recommendation algorithms that don’t prioritize engagement over child well-being, restrictions on end-to-end encryption for minors, prominent warning labels about the platform’s risks, permanent bans for adults engaging in or facilitating the exploitation of children, and an independent oversight regime through a court-appointed child safety monitor.

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People on the move: key North East appointments and promotions of the week

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Companies announcing new appointments include Northern Powergrid, Richard Reed Solicitors, RMT Accountants & Business Advisor, CMP Products, RWO and Robson Laidler Wealth

The RMT audit team (from left) commercial services director Paul Gainford, audit manager Becky Barker, associate director Joe Mackie-Walsh and audit managers Olivia Nailon and David Hutcheon

The RMT audit team (from left) commercial services director Paul Gainford, audit manager Becky Barker, associate director Joe Mackie-Walsh and audit managers Olivia Nailon and David Hutcheon(Image: RMT)

RMT Accountants & Business Advisors has brought two further senior recruits into its audit team as it continues to invest in meeting growing client demand. Joe Mackie-Walsh has joined the Gosforth-based firm’s audit team as an associate director, with Becky Barker taking up the role of audit manager.

Originally from Darlington, Mr Mackie-Walsh moved to the London office of one of the UK’s Big Four firms after graduating from Newcastle University before deciding to return to the North East. He brings over a decade of experience across a broad range of sectors, gained at leading North East professional services firms and private businesses.

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Ms Barker also began her career in London after graduating from Durham University and has over eight years’ audit experience gained in practices in the capital and back in the North East.

Paul Gainford, director of commercial services at RMT Accountants & Business Advisors, added: “We’ve seen a surge in new business wins over recent months from a wide range of clients, and we’ve been building our audit team to ensure the support and advice they need is on hand.

“Joe and Becky are excellent additions to this team, with both the personal and professional qualities that will help them thrive at RMT, and we’re expecting to see further new recruits joining us in the coming months.”

Left to right, Paul McGinlay and Brad Jobson at Northern Powergrid

Left to right, Paul McGinlay and Brad Jobson at Northern Powergrid(Image: Northern Powergrid)

Northern Powergrid has made two senior leadership appointments to strengthen its regional operations. Paul McGinlay, who has joined the executive team as director of regional operations, has more than 20 years of senior leadership experience from the telecoms sector, having led large-scale, field engineering and operational teams across Scotland and the North of England.

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As director of operations for the North of England at Openreach, he led a team of around 3,500 engineers overseeing regional operations and service delivery. He now leads Northern Powergrid’s regional operations directorate, the company’s largest, comprising around 1,800 colleagues across the North East and Yorkshire.

Meanwhile Brad Jobson has been appointed general manager for Northumberland, County Durham and Tyne and Wear. He has spent almost three years at Northern Powergrid and most recently held the role of commercial manager for the company’s energy flexibility offering, where he played a key role in supporting the transition to a smarter, more flexible electricity network.

In his new role, Brad will be responsible for regional operational performance, safety leadership and delivering business plans across the North East.

Neil Jones of RWO

Neil Jones of RWO(Image: RWO)

Newcastle engineers RWO has strengthened its geoenvironmental and ground engineering operations with two appointments. Neil Jones has extended his contract with the Seaton Burn company as geoenvironmental services associate director, having joined two years ago following a short period of retirement,

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With more than 40 years of experience and expertise, Mr Jones will continue to be responsible for the design and preparation of geotechnical design solutions for clients who include national housebuilders and developers, as well as staff development and training, reviewing reports and ensuring technical compliance.

The company also welcomes Spencer Ollivier, who joins the geoenvironmental team as an experienced geotechnical engineer. His role will include geohazard assessments, desk studies, site walk overs, planning, supervising and reporting on ground investigations and the preparation of specifications and reports.

Department head and director Chris Rudd said: “It’s great to have Spencer onboard and extend Neil’s time with us. Both are assets to the business as we move forward and invaluable members of the RWO team.”

Left to right: Savannah Beckett, Kathryn Musgrove, Helena Dar, Lynn Liddle, Hannah Cullen and Lucy Cardy and Richard Reed Solicitors.

Left to right: Savannah Beckett, Kathryn Musgrove, Helena Dar, Lynn Liddle, Hannah Cullen and Lucy Cardy and Richard Reed Solicitors.(Image: Richard Reed Solicitors)

Sunderland based Richard Reed Solicitors has announced expansion of its conveyancing department. The team, led by Nicola Bennell, director and solicitor, has promoted Steven Douglas to associate solicitor, and welcomed Kathryn Musgrove as solicitor. Savannah Beckett and Hannah Cullen have also recently joined the team.

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Additional support has been provided through the recruitment of paralegals Lynn Liddle and Lucy Cardy. Other strategic appointments include Matthew Lockey, who has been promoted to head of private family law, having joined the firm in May 2023. In addition, Helena Dar has joined as solicitor in the wills, trusts & probate team.

Sarah Reid, managing director, Richard Reed said: “We are delighted to welcome a number of new colleagues to the firm and to recognise the achievements of our newly promoted team members, Matthew and Steven. This period of growth is a testament to the hard work of our people and the trust our clients place in us. As we continue to expand, our focus remains on delivering a personal, high-quality service across all areas of the business.

“We believe our people are our greatest asset, and we are committed to investing in our people at every stage of their careers. We remain dedicated to creating an environment where talent is nurtured, and success is shared.”

Demos Hoursoglou, CMP Products' new COO

Demos Hoursoglou, CMP Products’ new COO(Image: CMP Products)

CMP Products has appointed a new chief operating officer to drive productivity and sustainable growth across the division. Demos Hoursoglou brings extensive senior leadership experience across a range of engineering and manufacturing environments, with a strong track record of delivering operational transformation programmes.

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His priorities will include enhancing operational efficiency, strengthening safety standards and investing in people development across the organisation. Mr Hoursoglou joins CMP from RLC Aerospace Limited, where he’d worked as director of operations for over a year. Prior to that he’d worked for Jaguar Land Rover and Honda UK.

He said: “I’m delighted to be joining CMP at such an important stage in its growth journey. Throughout my career, I’ve been passionate about improving operational performance, driving efficiency and building strong, engaged teams. CMP’s clear commitment to sustainable growth and continuous improvement makes this an exciting opportunity. I look forward to working closely with colleagues across the business to strengthen operations, enhance collaboration and ensure we deliver consistently against our long‑term ambitions.”

Mr Hoursoglou’s appointment follows the announcement that chief operating officer, Steve Holt, will retire at the end of May after nearly 38 years with the business.

Robson Laider Wealth welcomes Hannah Witty as chartered financial planner and associate director.

Robson Laider Wealth welcomes Hannah Witty as chartered financial planner and associate director.(Image: Robson Laider Wealth)

Newcastle wealth management firm Robson Laidler Wealth has appointed Hannah Witty as a chartered financial planner and associate director. Ms Witty, originally from West Sussex, brings more than 15 years of financial advice experience to the firm and will play a key role in supporting growth while enhancing the service for new and existing clients.

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She was previously a financial adviser at Wades Financial Services, recently acquired by Foster Denovo, and began her career at Three Counties, where she gained her professional qualifications.

Directors of RL Wealth Neil and Amanda Cowie, who have known Ms Witty professionally for many years, are pleased to welcome her into their team.

The mum-of-three is passionate about driving change and empowerment of women in the financial services sector with recent industry data from the Financial Conduct Authority showing that only 15 to 17% of financial advisers are female.

She said: “I’m excited to be joining Robson Laidler Wealth at such an important time in its journey. I’ve always admired the firm’s independent, family-led approach and its dedication to putting clients first. I look forward to contributing to the team and supporting clients in achieving their financial goals. I’m proud to be stepping into a senior role and helping to model what’s possible for high-performing women in financial services.”

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Earnings call transcript: Ensign Group beats Q1 2026 EPS forecast, stock dips

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Earnings call transcript: Ensign Group beats Q1 2026 EPS forecast, stock dips

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Trump says government gave ‘final’ bailout proposal for Spirit Airlines as liquidation looms

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Trump says government gave 'final' bailout proposal for Spirit Airlines as liquidation looms

Spirit Airlines airplanes sit parked at Fort Lauderdale – Hollywood International Airport, in Fort Lauderdale, Florida, U.S., April 23, 2026.

Marco Bello | Reuters

President Donald Trump said Friday that his administration gave a “final” bailout proposal for Spirit Airlines as the budget carrier could be forced to liquidate without a lifeline.

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Talks with bondholders for a government bailout this week have not yielded a deal as of Friday. The Trump administration last month had offered a $500 million loan that could have given the government up to a 90% stake in the Florida-based airline, according to people familiar with the matter who requested anonymity to speak about the discussions.

“If we could do it, we’d do it, but only if it’s a good deal this weekend, because they haven’t gotten a deal looking at it,” Trump told reporters at the White House on Friday. “I said I’d like to save the jobs but we’ll have an announcement sometime today. … We gave them a final proposal.”

Read more about Spirit Airlines’ recent challenges

Spirit declined to comment on liquidation plans. The airline’s lawyer, Marshall Huebner, told a bankruptcy court in New York on April 23 that Spirit’s cash “is not going to last for very much longer.”

The carrier is in its second bankruptcy in less than a year and now has the added challenge of a spike in jet fuel prices amid the Middle East conflict.

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United Airlines said the carrier is “preparing to support Spirit customers and employees” if Spirit shuts down and strands crews and passengers, a spokeswoman told CNBC. Other airlines are likely to follow suit.

Spirit, which pioneered the low-cost budget airline model, has been challenged for years by rising costs, changing consumer tastes and a engine recall. A planned acquisition of Spirit by JetBlue Airways was successfully challenged by the Biden administration two years ago.

The airline had expected to emerge from bankruptcy midyear before the jump in fuel prices.

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MJ Gleeson building cost inflation warning signals ‘higher than usual caution’

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The housebuilder’s warning over building cost inflation comes as other construction firms have also cautioned about the impact of the Iran war on UK housebuilder costs

A Gleeson Homes development

A Gleeson Homes development(Image: Gleeson Homes)

Housebuilder MJ Gleeson has raised concerns over building cost inflation, triggering “higher than usual caution” regarding its financial position.

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The Sheffield firm, which specialises in homes at the lower end of the housing market, said: “We have recently seen some softening in footfall and reservations, and limited increases in the cost of some materials.”

The effective blockade of the Strait of Hormuz resulting from the Iran conflict has sent supply chain and energy costs soaring, with construction firms cautioning this could drive up building expenses.

Housebuilders have also indicated that inflation fears are dampening demand for new homes, with MJ Gleeson noting it has witnessed appetite beginning to decline.

“This, together with ongoing challenges with planning and site viability, prompts even higher than usual caution in how we manage the business, including land investment decisions, into the next financial year,” chief executive Graham Prothero stated, as reported by City AM.

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However, MJ Gleeson reported it has experienced robust trading at the beginning of this year, with net reservation rates exceeding those from the same period last year, at 0.88 compared to 0.86.

The housebuilder’s share price surged more than 2 per cent on Friday’s opening, reaching 234p, though the stock remained down over 44 per cent year-to-date.

Other construction companies have cautioned in recent days and weeks that the anticipated effects of the Iran conflict on the sector have started to materialise. Proservice Building Services Marketplace also issued warnings about difficulties confronting the construction industry on Friday as it reported revenue that missed market forecasts.

The AIM-listed digital marketplace for building tools and supplies, previously known as HSS Hire before the latter’s sale last year, said on Friday it had experienced “broader macroeconomic pressures – particularly within the UK construction sector, which has weighed on demand across parts of the Group’s end markets”.

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Proservice witnessed a substantial 18% decline in its share price on Friday’s opening, to 3.15p, driving the stock to a 56 per cent tumble in the year to date.

There is “an uncertain macro-economic backdrop which is having an impact on both our buyers and sellers,” the company stated.

The firm reported revenue of £248m for the year ending March, beneath analyst expectations of £260m, and said its pre-tax earnings were “expected to be at breakeven.”

Proservice said it was also encountering obstacles in its attempts to refinance its £41m bank debt, with existing facilities due to expire in September. “Wider macroeconomic and geopolitical issues have resulted in discussions taking longer than previously guided,” the company said.

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On Thursday, FTSE 100 housebuilder Persimmon said it is starting to witness cost inflation entering its supply chain. The company said: “There are early signs of increased inflation in the supply chain, driven by higher energy costs, which are likely to impact the second half of 2026 and into 2027.

“We are looking to mitigate these where possible through our strong relationships with our suppliers and subcontractors.”

The government is relying on housebuilders to achieve its 1.5m homes target, yet rising construction cost inflation is compounding existing concerns over whether this ambition can be realised.

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Sprouts leaning into foraging and innovation

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Sprouts leaning into foraging and innovation

Strategy seen as key to sales growth, CEO says.  

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Proto Labs, Inc. 2026 Q1 – Results – Earnings Call Presentation (NYSE:PRLB) 2026-05-01

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

This article was written by

Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team

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BayFirst Financial Corp. (BAFN) Q1 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Good morning, ladies and gentlemen, and welcome to BayFirst Financial Corp. First Quarter 2026 Conference Call and Webcast. [Operator Instructions] This call is being recorded on Friday, May 1, 2026.

I would now like to turn the conference over to the Chairman of the Board, Anthony Saravanos. Please go ahead.

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Anthony Saravanos

Thank you, Joanna. Good morning, and thank you for joining our call today. With me is Scott McKim, our CFO; Robin Oliver, our COO, and I would like to introduce Al Rogers as the new Chief Executive Officer and President of BayFirst National Bank. We are announcing some exciting news regarding the future of BayFirst.

First, we have raised $80 million of capital from investors through a private investment in a public equity offering. The company issued shares of convertible preferred stock in this pipe, which subject to shareholder and regulatory approvals, will convert to or the exchanged for approximately 22.9 million shares of common stock at an effective purchase price of $3.50 per share.

We are announcing a rights offering for our existing shareholders to participate in this capital raise and are scheduling a special shareholder meeting on July 14. This successful capital raise reflects the trust our investors place in our institution and our long-term strategic direction. This has been a lengthy process over the past several quarters following the bank’s exit from SBA 7(a) lending.

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I am extremely pleased to have Al join Robin, Scott and all the BayFirst team members to lead the company back

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