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 — 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.”

OKLAHOMA CITY — The 2026 NBA Western Conference Finals open Monday night with a heavyweight clash that feels destined: the top-seeded, defending champion Oklahoma City Thunder against the second-seeded San Antonio Spurs, two young, star-driven teams that dominated the regular season and now battle for a trip to the NBA Finals.

The Thunder, boasting a league-best 64-18 record and fresh off two playoff sweeps, enter as heavy favorites with home-court advantage at Paycom Center. Yet the Spurs, who went 62-20 and took four of five regular-season meetings against Oklahoma City, arrive battle-tested after a tougher path and armed with one of the NBA’s most intriguing young cores.

Game 1 tips off at 7:30 p.m. CT (NBC/Peacock), with the series shifting to Frost Bank Center in San Antonio for Games 3 and 4. A potential Game 7 would return to Oklahoma City on May 30.

Oklahoma City’s roster depth and defensive versatility make it the clear favorite. Shai Gilgeous-Alexander, the reigning MVP and back-to-back finalist, leads a balanced attack averaging elite efficiency. The Thunder’s perimeter defense — featuring Lu Dort, Cason Wallace and multiple switchable bigs — ranks among the league’s best.

Chet Holmgren provides rim protection and spacing, while Jalen Williams offers two-way reliability. The Thunder went 8-0 through the first two playoff rounds, dispatching Phoenix and the Lakers by double digits on average. Their rest advantage after early series conclusions could prove vital in a grueling best-of-seven.

San Antonio counters with explosive potential centered on Victor Wembanyama. The 22-year-old phenom has elevated his game in the postseason, blending elite shot-blocking, perimeter shooting and playmaking. De’Aaron Fox brings veteran speed and scoring punch in the backcourt, while rookie sensation Stephon Castle has emerged as a playoff X-factor with scoring outbursts and defensive instincts.

The Spurs needed six games to overcome Minnesota in the conference semifinals after dispatching Portland in five. Their physicality and ability to exploit mismatches could test Oklahoma City’s vaunted defense, especially if Wembanyama draws help and creates openings for teammates.

Regular-season history favors San Antonio. The Spurs’ 4-1 edge included several blowouts, exposing occasional vulnerabilities in the Thunder’s half-court offense and rebounding when facing length. However, playoff basketball often rewards experience and execution under pressure — areas where the defending champions hold a clear edge.

Coaching will play a pivotal role. Mark Daigneault has orchestrated Oklahoma City’s rise into a perennial contender with innovative schemes and player development. Gregg Popovich’s successor in San Antonio has instilled a competitive culture blending the franchise’s storied fundamentals with modern spacing and versatility.

Key matchups will define the series. How the Thunder defend Wembanyama — likely through a combination of Holmgren, Williams and help rotations — could determine outcomes. Conversely, San Antonio must find ways to disrupt Gilgeous-Alexander’s rhythm without overcommitting and leaving shooters open. Rebounding and transition defense represent another critical battleground.

Injuries and availability add uncertainty. Jalen Williams’ status for Oklahoma City remains a focal point, while both teams have managed minor ailments through the playoffs. Depth will matter as the series potentially stretches into late May.

The Thunder aim to repeat as champions, a feat not accomplished since the 2017-18 Warriors. A return to the Finals would cement their status as a budding dynasty in a league hungry for new blood. For the Spurs, reaching the conference finals marks a rapid rebuild success story and positions them as legitimate title contenders far ahead of schedule.

Off the court, the series carries significant narrative weight. Two of the NBA’s most promising young cores collide in what many call a potential preview of future Finals matchups. The Thunder-Spurs rivalry, though relatively new, has already produced memorable regular-season moments and promises more drama on the biggest stage.

Fans in Oklahoma City have embraced the moment with “Thunder Up” energy filling Paycom Center. In San Antonio, the return to relevance has revitalized the fan base that once cheered Tim Duncan, Tony Parker and Manu Ginobili. Tickets for home games have sold briskly, reflecting heightened excitement.

Analysts largely lean toward Oklahoma City in six or seven games, citing superior depth, defensive consistency and championship experience. Yet the Spurs’ regular-season dominance and Wembanyama’s transcendent talent create legitimate upset potential. Bold predictions include Castle stepping up as a series hero or Wembanyama forcing defensive adjustments that open the floor for Fox.

Beyond individual stars, the series highlights broader NBA trends: the value of versatile frontcourts, the importance of defensive versatility in the playoffs, and how young talent can accelerate timelines. Both teams exemplify smart roster construction around elite anchors.

As Game 1 approaches, anticipation builds across the league. This Western Conference Finals pits the present power against an ambitious future challenger in a matchup worthy of the sport’s grandest stage. Whether the Thunder extend their reign or the Spurs author a stunning breakthrough, the series promises high-level basketball and compelling storylines.

Monday night in Oklahoma City sets the tone for what could become one of the most memorable conference finals in recent years. With two of the NBA’s brightest young stars leading talented supporting casts, the Thunder and Spurs prepare for a battle that may define the Western Conference for seasons to come.