The port continues to invest in infrastructure and recruit new staff

The Port of Milford Haven has reported strong trading following continued investment.

Its financial report for 2025 shows it achieved 11% growth in gross tonnage and 17% growth in total cargo movements, underlining the strength of its core operations and customer-focused strategy. Service performance also remained industry-leading, with the Port delivering greater than 98% service availability for customers of its pilotage services.

Turnover increased to £45.2m (2024: £43.2m), with operating profit of £5.2m (2024: £6.8m). Profit before interest and tax improved to £6.9m, (2024: £6.1m) supported by the £1.7m gain on revaluation of investment properties.

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Significant investment continued throughout the year, with £18m invested in 2025 following £27.4m in 2024. Key projects included enhancements to essential marine infrastructure, such as the construction of a new pilot jetty, a refurbished vessel traffic services (VTS) command centre, and sea trials for its new pilot boat, Llanion, all supporting the safe and efficient operation of the Waterway.

During the year the port expanded its workforce by 25, alongside four new apprentices – a record intake for the port. It has also expanded its marine team by 35% over the past five years, strengthening resilience and maintaining exceptional levels of service for Waterway users.

At year end it employed 231 with 129 operational and 102 office staff.

The port is UK’s biggest energy port and Wales’ busiest port handling around 20% of Britain’s seaborne trade in oil and gas. Along with the cluster of energy-related businesses along the waterway, is a key driver of economic activity in Pembrokeshire, it helps supporting over 4,000 jobs.

It also achieved 2025 UK’s Best Workplaces for Women status, an important milestone within a traditionally male-dominated industry.

Dr Siân George, chair of the Port of Milford Haven, which also includes the port of Pembroke, said: “Our continued growth has been achieved not by chance, but through deliberate choices, and reflects our long-term perspective – one that prioritises our customers and our many stakeholders.

“As a trust port, we are committed to our mandate to ensure we hand on the Port in a better condition to future generations. We do this by placing responsible growth, environmental stewardship and prosperity for the communities who depend on the waterway, at the forefront of our decision-making process.”

Chief executive Tom Sawyer said: “I would describe 2025 as another year of solid performance; one where our service delivery and business resilience continued to improve. We saw our fourth consecutive year of revenue growth and another year of strong profits.

“We thank our customers and waterway communities and partners for their ongoing support, collaboration and challenge helping us to continually improve. “

NextEra Energy is making a massive $66.8 billion bet that America’s artificial intelligence boom will drive a historic surge in electricity demand, announcing plans to acquire Dominion Energy in a blockbuster utility deal that would create the world’s largest regulated utility by market value.

The combined company would serve roughly 10 million customer accounts across Florida, Virginia, North Carolina and South Carolina and operate about 110 gigawatts of generation capacity. The transaction is structured as an all-stock deal.

The acquisition would give Florida-based NextEra a major foothold in Northern Virginia’s “Data Center Alley,” the world’s largest concentration of data centers and a critical hub of the U.S. AI economy.

The deal highlights how rapidly AI is reshaping the U.S. energy industry, with utilities racing to supply electricity to massive data centers operated by companies including Amazon, Microsoft, Google and Meta.

Dominion alone has nearly 51 gigawatts of contracted data-center capacity tied to customers including Amazon, Microsoft, Alphabet, Meta, Equinix and CoreWeave, according to the companies. One gigawatt can power roughly 750,000 homes.

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NextEra announced on Monday that it would acquire Dominion Energy. (Dado Ruvic/Reuters)

The companies also said the combined business would have more than 130 gigawatts of additional large-load opportunities tied to rising power demand.

The transaction would also significantly expand NextEra’s presence in the PJM Interconnection region, the nation’s largest power grid covering more than a dozen states and several of the country’s fastest-growing AI infrastructure markets.

The merger marks one of the largest utility transactions in years and reflects growing Wall Street expectations that electricity providers could emerge as major beneficiaries of the AI boom as power demand rises for the first sustained period in decades.

The combined company would derive more than 80% of its operations from regulated utility businesses, a structure investors typically view as more stable and predictable.

Power prices nationwide have already climbed roughly 40% over the last five years, with particularly sharp increases in AI-heavy states including Virginia, Maryland and Pennsylvania.

The deal is also part of a broader consolidation wave across the power sector as utilities and investors seek to secure generation capacity and grid access tied to AI-driven demand growth.

Other recent industry transactions include Constellation Energy’s $16 billion acquisition of Calpine, Blackstone’s $11.5 billion deal for TXNM Energy and AES Corp.’s pending $33.4 billion buyout.

The merger marks one of the largest utility transactions in years. (Dado Ruvic/Reuters)

The merger is expected to face regulatory scrutiny and still requires approval from federal and state regulators. NextEra said it plans to provide $2.25 billion in customer bill credits across Virginia, North Carolina and South Carolina following the deal’s completion.

The acquisition would give Florida-based NextEra a major foothold in Northern Virginia’s “Data Center Alley.” (Pete Kiehart/Bloomberg via Getty Images)

The companies also said they plan to maintain dual headquarters in Florida and Virginia while keeping Dominion’s utility brands and local operating structures in place. The transaction is expected to close within 12 to 18 months. 

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Neither company disclosed additional details about potential operational changes or workforce impacts tied to the proposed merger.

Reuters contributed to this report. 

NEW YORK — GameStop Corp. shares rose 1.27% to $21.86 in midday trading Monday, May 18, 2026, extending a pattern of sharp swings fueled by persistent speculation around CEO Ryan Cohen’s aggressive transformation strategy and the aftershocks of the company’s surprise $56 billion bid for eBay.

The video game retailer, once synonymous with the 2021 meme-stock frenzy, continues to captivate retail investors even as its core brick-and-mortar business faces secular decline. With roughly $9 billion in cash and liquid assets on hand, GameStop has pivoted from survival mode to ambitious deal-making under Cohen, who has repeatedly signaled interest in a “big” acquisition to reshape the company’s future.

The latest catalyst traces back to early May when GameStop formally proposed acquiring eBay at $125 per share in a cash-and-stock deal valued at approximately $55.5 billion to $56 billion. The unsolicited offer represented a significant premium and stunned Wall Street, sparking immediate volatility in both stocks. eBay’s board swiftly rejected the proposal as “neither credible nor attractive,” prompting GameStop shares to pull back while reigniting online chatter among retail traders.

Despite the rebuff, Cohen has shown no signs of retreating. In recent interviews and statements, the Chewy founder-turned-GameStop leader criticized eBay’s management, calling out “perverse financial incentives” and suggesting the platform needs major restructuring. Analysts note that Cohen’s 5% economic stake in eBay, built through derivatives, keeps the door open for further moves, including potential proxy fights or revised offers.

Monday’s modest gain reflects thin trading volume typical for a slow news day, but options activity remains elevated. Implied volatility in near-term contracts signals traders are bracing for more drama, particularly around GameStop’s upcoming 2026 annual shareholder meeting. The virtual-only event will feature votes on director elections, executive compensation, and crucially, a massive performance-based stock option award for Cohen tied to ambitious market-cap and profitability targets.

The proposed CEO award has drawn attention for its scale. It is structured with no base salary or cash bonus for Cohen; compensation vests only if GameStop achieves transformative milestones, including a potential $100 billion market capitalization. Supporters view it as strong alignment with shareholders, while skeptics question the dilution risks if approved.

GameStop’s balance sheet remains its greatest strength. The company holds one of the strongest cash positions among retail peers, bolstered by opportunistic share offerings during previous rallies. This war chest, combined with a small Bitcoin allocation, gives Cohen dry powder for deals. However, analysts caution that executing a transformative acquisition without destroying value remains a tall order in a challenging retail and e-commerce landscape.

Core operations continue to face headwinds. Holiday-quarter results earlier in 2026 showed revenue pressure in hardware and software, offset somewhat by growth in collectibles and higher margins from cost-cutting. Store closures have helped preserve capital, but same-store sales trends highlight the difficulty of reviving physical retail in an increasingly digital gaming world.

Short interest, while lower than 2021 peaks, remains a focal point for meme enthusiasts. Periodic social media flares — including brief activity from influential accounts like Roaring Kitty — can still trigger rapid moves. Monday’s trading saw no major catalysts, yet the stock held above recent support levels around $21.

Wall Street’s formal coverage is limited and largely cautious. Consensus price targets hover well below current levels, reflecting skepticism about long-term retail viability. Yet retail ownership and options-driven trading dynamics often override fundamentals in the short term, keeping GME disconnected from traditional valuation metrics.

The broader market context adds another layer. With major indices near records and AI-driven optimism dominating headlines, speculative names like GameStop serve as a barometer for risk appetite. Monday’s modest uptick came amid a generally positive session for equities, though volume suggested limited conviction.

Looking ahead, investors eye several potential triggers. Any renewed eBay developments, updates on capital deployment, or shareholder meeting outcomes could spark fresh volatility. Cohen’s track record at Chewy demonstrated his ability to build significant value through customer focus and operational discipline — qualities he is now attempting to transplant to GameStop.

For longtime holders, the narrative remains one of patience mixed with hope. The company has avoided bankruptcy fears that plagued it years ago, thanks to cash accumulation and aggressive cost management. Yet turning a legacy retailer into a growth platform via acquisition requires flawless execution in a competitive environment.

Critics argue GameStop functions more like a holding company or special-purpose vehicle for Cohen’s ambitions than a traditional operating business. Proponents counter that the massive cash reserve and low debt position it uniquely for opportunistic moves that could reward patient shareholders handsomely if successful.

As trading continues Monday, GME shares reflect the enduring appeal — and risks — of high-conviction, story-driven investing. With Ryan Cohen at the helm and a war chest ready for deployment, GameStop remains one of the market’s most watched and unpredictable names. Whether the next chapter brings a blockbuster deal, further retail evolution, or continued volatility, the stock’s journey is far from over.

NEW YORK — The Dow Jones Industrial Average closed at a fresh record high of 49,616.98 on Monday, rising 90.81 points or 0.18% as investors embraced a mix of strong corporate earnings, cooling inflation signals and renewed expectations for Federal Reserve rate cuts later this year.

The blue-chip index extended its winning streak and pushed further into uncharted territory, reflecting resilient U.S. economic momentum despite ongoing geopolitical uncertainties. The S&P 500 added 0.32% to finish at 5,678.92, while the Nasdaq Composite rose 0.45%, led by technology and semiconductor stocks benefiting from AI optimism.

Monday’s modest but steady advance came as traders digested a lighter-than-expected U.S. economic calendar. Recent data showing moderating producer prices and stable consumer sentiment helped ease concerns about persistent inflation, boosting bets on a September rate cut to roughly 78% according to CME FedWatch Tool.

Technology and industrial giants powered much of the Dow’s gain. UnitedHealth Group, Goldman Sachs and Microsoft each contributed significantly, with the latter extending gains on continued enthusiasm around enterprise AI adoption. Boeing also rose sharply after analysts raised price targets following stronger-than-expected aircraft delivery numbers.

Market breadth remained positive, with advancers outpacing decliners on the New York Stock Exchange. Volume was average for a Monday session, suggesting institutional investors are cautiously adding to positions rather than aggressively rotating. The VIX volatility index dipped below 16, signaling reduced fear in the near term.

Analysts attribute the Dow’s climb past the 49,600 milestone to several converging factors. Strong first-quarter earnings from major banks and industrial firms last week provided a solid foundation, while signs of softening in the labor market have tempered overheating fears. The 10-year Treasury yield eased slightly to 4.28%, supporting equity valuations.

“This market is pricing in a soft landing scenario with the Fed still able to provide insurance cuts if needed,” said John Lynch, chief investment officer at Comerica Wealth Management. “The Dow breaking 49,600 is symbolic, but the real driver remains corporate earnings growth and AI-related productivity gains.”

Energy stocks lagged as oil prices retreated amid reports of potential supply increases from OPEC+. Chevron and Exxon Mobil both finished in the red, weighing on the Dow. Conversely, consumer discretionary names like Nike and Home Depot gained on improving retail sentiment data.

The milestone comes amid a broader bull market that has seen the Dow rise more than 12% year-to-date in 2026. Record highs have become routine this year, with the index surpassing 49,000 just weeks ago before consolidating and now pushing higher again.

International markets showed mixed performance. European bourses were slightly lower amid political uncertainty in France and ongoing energy price concerns, while Asian markets closed mostly higher overnight, led by technology shares in Taiwan and South Korea.

Wall Street’s attention now turns to a busy week of economic data and corporate earnings. Tuesday brings retail sales figures and the Empire State Manufacturing Survey, while major reports on housing and industrial production follow later. Earnings from companies like Cisco, General Electric and United Airlines are also expected to provide fresh direction.

Fed speakers are scheduled throughout the week, with investors listening closely for any shifts in tone regarding the pace of monetary policy easing. Markets remain sensitive to comments on inflation progress and the strength of the labor market.

Broader economic context supports the optimistic mood. U.S. GDP growth remains solid, corporate balance sheets are healthy, and consumer spending continues despite higher interest rates. However, risks persist, including potential tariff impacts on global trade and uncertainty around fiscal policy in Washington.

Smaller companies also participated in the rally. The Russell 2000 index of small-cap stocks rose 0.67%, outperforming the large-cap benchmarks as investors rotated into more economically sensitive names on hopes of lower borrowing costs.

Sector rotation remains a key theme. Defensive sectors such as utilities and consumer staples showed modest gains, while cyclicals like financials and industrials led the charge. This balanced participation suggests broad-based confidence rather than narrow leadership.

For individual investors, the Dow’s continued ascent reinforces the benefits of long-term equity exposure. Financial advisors note that while valuations are elevated by historical standards, strong earnings growth justifies current multiples for high-quality companies.

Looking ahead, many strategists maintain bullish outlooks for the remainder of 2026. Goldman Sachs raised its year-end S&P 500 target to 6,000, citing resilient earnings and accommodative policy. Others caution that summer volatility could emerge if inflation data disappoints or geopolitical tensions escalate.

The Dow’s push above 49,600 marks another psychological victory in a year defined by record-setting performance. As summer trading approaches, market participants will watch closely whether this momentum can sustain through earnings season and into the second half of the year.

With solid economic underpinnings and supportive monetary policy expectations, Wall Street closed the session on a constructive note. The blue-chip index’s latest record underscores the enduring appeal of U.S. equities even as the market navigates a complex global landscape.

The second season of the award-winning series is streaming now on Disney Plus

The West of England has been “integral” to the success of hit television show Rivals, a boss at Disney has said. The award-winning programme, which is based on the novel of the same name by the late Dame Jilly Cooper, was filmed at the Bottle Yard Studios in Bristol and around the South West region.

More than 90 per cent of the the locations featured in the series were filmed within a 30-mile radius of the studios, across Bristol, Bath and North East Somerset, South Gloucestershire and North Somerset.

Rivals is set in the Cotswolds in the 1980s and follows a battle over a regional TV franchise that turns ugly, dragging private feuds into public view. Disney Plus recently released Rivals Season 2, which stars a host of household names including David Tenant, Katherine Parkinson and Aidan Turner.

“Rivals has captured the attention of the nation whilst showcasing the very best of British and Irish talent across cast, crew and beyond,” said Deborah Armstrong, country manager at The Walt Disney Company UK & Ireland.

“The West of England, and Bristol in particular, have been integral to the show’s success. Disney is proud of the role we play in Bristol’s thriving creative ecosystem.

“Our presence spans the production of local Originals such as Rivals and National Geographic documentaries, as well as bringing audiences together through live experiences, including our recent sell-out stage show, The Greatest Showman.”

West of England mayor Helen Godwin said the West Country was “proud to be the real-life Rutshire” and the hit series, which is produced by Happy Prince, part of ITV Studios, was inspiring more visitors to come to “and fall in love with” the region.

“The economic impact of filming TV is huge for jobs and businesses in the West of England,” she said.

“Rivals being made here has directly and indirectly helped add millions of pounds to the country’s fastest-growing regional economy. We look forward to continuing to work with Disney+, Happy Prince, and ITV Studios in the future to create more magic in our part of the world.”

Alexander Lamb, executive producer for Rivals and creative director at Happy Prince, said both series of Rivals were “entirely made possible” by the “talent, ingenuity, tenacity and good humour” found in the West of England.

“Just like Declan O’Hara’s Venturer Television, Happy Prince are committed to showcasing the very best of the region, to bring its perfect locations and the work of it’s gifted crew to screen for the rest of the world to enjoy.

“We are eternally grateful for the continued warm welcome afforded to our cast and crew and hope to be making further series of Rivals in the West of England for many years to come.”