Ladbrokes owner Entain cut its online net gaming revenue outlook for the year following softer-than-expected sport betting results. The company cited the implementation of safer gambling measures and said regulatory headwinds were persisting longer than expected, particularly in the UK.
Key Business News
Entain Plc: The gambling group said it will undertake a comprehensive market review, simplify group structures to reduce costs and migrate acquired businesses onto its technology platform, while upholding Ebitda guidance for the year.
Aviva Plc: The insurer is buying American International Group Inc.’s UK protection business for £460 million in a deal that would expand the UK insurer’s presence in the local market.
- The purchase will help it reach more customers such as small and medium enterprises and high net worth propositions, Aviva said
British Business Bank: The state development bank swung to a loss of £135 million in the year through March, as the organisation was forced to unwind some of the unrealised gains it previously booked on the small companies in its equity portfolio.
- The move reflected a decline in publicly-traded peers’ market valuations and the bank warned this activity “may well continue over the next 12 to 18 months”
What’s Next?
Asos Plc’s trading update will likely be in focus for UK equity investors tomorrow morning. They’ll be keen to know how the fashion retailer fared given last month’s 1.3% drop in online retail sales.
Big Read
A warren of tunnels beneath central London, once used by the spies who inspired the creation of James Bond, has been bought by a fund manager with a £220 million plan to turn them into a tourist attraction “as iconic as the London Eye.”
Key Headlines
- The Hollywood Strike Is Ending. This Is How It Happened
- Anger Grows as Sunak Weighs Shortening £100 Billion UK Rail Link
- UK’s Labour Party Swaps Mao Jokes for Business Charm Offensive
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