Business World

Friday 22 September 2017

In brief: Sweeney offloads bookmaker shares

SHARES APPLIANCES DOWNGRADE SMART ECONOMY FOOD

Brody Sweeney, the founder of the O'Brien's Sandwich chain that collapsed last year, has sold 5,550 shares in Paddy Power at €28.84 each for gross proceeds of €160,000. Mr Sweeney is a non-executive director of the betting group, which earlier this week announced it would create 500 new jobs here by 2013.

Rangemaster stoves cooking up a storm

Aga Rangemaster, the company behind the eponymous cookers, has said that it expects sales of stoves in Ireland this year to hit record levels. It said its new Irish-designed Cara insert stove is three times more efficient than an open fire.

Davy cuts rating on software firm

DAVY Stockbrokers has cut its rating on the financial software firm Norkom to neutral, citing a poor outlook for next year. "Future growth remains very much dependent on the ability to execute and close new contracts. There is little to suggest that the regulatory delays in Asia and the Pacific will ease in the coming six months," said the analyst Simon McGrotty.

Digital business 'key to future growth'

Ireland must establish itself as a location of choice for emerging companies in the digital sector, a seminar in Dublin heard yesterday. "The digital economy offers huge opportunities for economic growth. What we have to do is create the right environment to attract these companies and to make it easier for indigenous businesses to generate jobs," said TJ McIntyre, chairman of Digital Rights Ireland.

United Biscuits seeking new bidders

New bidders are being sought for Jaffa Cakes and Digestives firm United Biscuits after talks with a Chinese food giant hit the buffers, it has been reported. The private equity owners of British snack maker United are understood to have ended discussions with Shanghai-based Bright Food after it failed to put in a formal offer.

Irish Independent

Also in Business