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EY to run rule over bids for LacPatrick co-op

Financial advisors from Ernst & Young (EY) will begin evaluating proposals for LacPatrick from four parties in the running to buy the cross-border diary co-op, with movement on a sale expected within weeks. Aurivo, Dale Farm, Glanbia and Lakeland have expressed interest in buying LacPatrick since it effectively put itself …

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General Electric drops out of Dow index

General Electric is losing its place on the Dow Jones Industrial Average after more than a century in a move that reflects its declining fortunes and a changing US economy. Walgreens Boots Alliance will take its spot on the financial index, which tracks shares of 30 companies deemed representative of …

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Fitzpatrick’s Capvest exits Norwegian food firm Scandza

Seamus Fitzpatrick’s private equity firm Capvest has exited its investment in Norwegian consumer foods business Scandza. The Mayfair-based firm acquired the business in 2013 and has sold out to management and a consortium of local investors. Management already had a stake in the business alongside Capvest. Scandza makes products including …

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Stobart eyes Aer Lingus extension

Stobart Air is understood to be negotiating a three-year extension to its 10-year contract to operate the Aer Lingus Regional service. If successful, this would push the contract out to 2025 and be a significant coup for Stobart Air, which is part of the UK-based transport-to-energy Stobart Group. Such a …

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Federal Reserve raises interest rates

  The US Federal Reserve has voted to raise the target for its benchmark interest rate by 0.25%, citing solid economic expansion and job gains. The widely-anticipated decision will lift the target for the central bank’s benchmark rate to 1.75%-2%, the highest level since 2008. A majority of Fed officials …

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Corporate tax ‘better to receive than not’, TDs told

Finance Minister Paschal Donohoe has rejected a call for a fresh review of Ireland’s corporation tax system, while economist Seamus Coffey warned TDs that Ireland was better off receiving corporate tax paid by multinationals – regardless of highly critical reports. The Oireachtas Public Accounts Committee (PAC) said yesterday that the …

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