Morning, I'm Louise Moon from Bloomberg UK's breaking news team, bringing you up to speed on today's top business stories.
Bets are on at the bookies. William Hill-owner Evoke is in takeover talks with Bally's Intralot SA, a Greek-listed joint venture majority owned by US casino operator Bally's.
Bally's Intralot SA has played its hand with an offer of 50 pence per share, which would value Evoke at about £225 million. Evoke shares shot up 16% in London, while Bally's Intralot SA also ticked higher in Athens.
Formerly known as 888, Evoke has been exploring a sale since late last year. The company has been struggling under significant debt since its William Hill deal and is being further squeezed by Rachel Reeves' ramp-up in gambling taxes which came into effect this month. It recently announced plans to close 200 betting shops across Britain's high streets.
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What We're Watching
Revolut wants to go public but not until at least 2028, CEO Nik Storonsky told Bloomberg's David Rubenstein. It may launch more secondary share sales before any IPO, as it tends to every one to two years.
Trading platform Plus500 boosted its full-year forecast after customer income hit a five-year record high in the first quarter. It said that's down to market volatility and its shift to higher-value customers. The mid cap has also been expanding into prediction markets in the US. Shares rose more than 3%.
M&C Saatchi was less positive with full-year operating profit shedding just over 26%, partly down to the US government shutdown (which seems a world away). The advertising house said the Iran war will "significantly" impact sports and entertainment and consumer-facing businesses, though first-quarter trading has been in line with expectations. Shares were up in early trading.
British executives increasingly expect AI will mean fewer jobs over the next decade, with young people most at risk. Accenture found half of business leaders fear net job losses, up from a third two years ago.
Plus, Keir Starmer will fight for his political career today as he addresses parliament over the Mandelson scandal. He's expected to make it clear both he and the Commons should have been privy to security vetting information ahead of Peter Mandelson's appointment as US envoy. That's before Olly Robbins, the Foreign Office head the PM sacked over the saga, is scrutinised by the foreign affairs committee tomorrow. Calls are growing for Starmer to resign.
Global Catch-Up
- Hedge funds get 'gazumped' in new spiralling pay poaching strategy.
- Russia-friendly Rumen Radev claims a landslide election win in Bulgaria.
- After long avoiding politics, commodity traders cosy up to Donald Trump.
Markets Today: Now-Familiar Pattern
Here's your daily snap analysis from Bloomberg UK's Markets Today blog:
Recall that we finished last week with markets in recovery mode as Iran said that Hormuz was open and President Trump reeled off a stream of social media posts hailing victory in the talks.
There were already signals on Friday that it wasn't quite as simple as that, so we entered the weekend with a degree of trepidation that markets may be in for another sharp swing in sentiment, which has been a consistent theme in recent weeks.
And so it came to pass that the US and Iran hadn't solved everything, with the ceasefire deadline falling on Tuesday to add another layer of uncertainty to contend with.
We therefore look in store for a now-familiar pattern in markets -- oil and the dollar rise, stocks and bonds fall -- with a large helping of jitteriness at small developments and at headlines crossing screens.
-- Sam Unsted
What's Next
February jobs data is due tomorrow. Bloomberg Intelligence expects it to show a labour market that was stabilising before the Iran war, with pay growth slowing and unemployment dropping. Those dynamics are now at risk, however. BI says the unemployment rate will likely move higher again in the months ahead.
Quick Coffee With: Hannah Marshall
Hannah Marshall is head of UK direct real estate strategies at CBRE Investment Management. Marshall has worked at the investment manager for 24 years, primarily focusing on the UK.
What made you pick your job? I did an economics and politics degree; a lot of my peers went into investment banking and that didn't appeal. I kind of fell into real estate, but when I started I thought it combined a nice balance of things. There's the people element, the buildings; it's tangible. Each day is different. You could be picking finishes and carpets, and the next day you're evaluating an investment proposal.
What future trends do you see for real estate? If we look forward to 2040, we would say 'beds and sheds' are a bigger part of that [investment] universe. People still have to live somewhere. Residential becomes a bigger part of a real estate portfolio. As does sheds, and within that we'd include that tech piece -- data [centres] etcetera.
How do you switch off? I spend quite a lot of time on my Wattbike. I’ve got three girls; they have a different view of the world and it’s a really good way to remember there’s more to life.
What book do you recommend? It’s a children’s book, Giraffes Can’t Dance. The motto of the story is you can dance; you’ve just got to find the music you can dance to. It’s really simple but I really like it and read it a lot to my kids.
Top podcast recommendation? Desert Island Discs. You get such an eclectic mix of people. Arsène Wenger is really good on it.
Who’s your dream dinner party guest? Freddie Mercury. Queen are awesome. If you ask me a band you’d like to see - dead or alive - it’d definitely be Queen. The ultimate show.
What do you most want to achieve in your career? Knowing that I helped some people on their career journey. Either through mentoring them or through being a role model, or just through being open and approachable.
At the start of my career, I wish someone had told me... Stay curious and stay open. When someone offers you an opportunity, think about what it offers, what you like about it, what you don’t, and make an informed decision. Don’t, because it’s not what you expected, say no. Evaluate it in the round. Always remember it’s a small world as well.