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Opening Bell: Aer Lingus report, Greek negotiations, and McDonald's recovery plan

All elements are effectively in place to enable a cabinet decision on IAG's €1.4bn bid for A...
Newstalk
Newstalk

07.21 5 May 2015


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Opening Bell: Aer Lingus repor...

Opening Bell: Aer Lingus report, Greek negotiations, and McDonald's recovery plan

Newstalk
Newstalk

07.21 5 May 2015


Share this article


All elements are effectively in place to enable a cabinet decision on IAG's €1.4bn bid for Aer Lingus.

Newstalk understands that the report on the possible sale by the Interdepartmental Review Group and its advisors has been effectively completed and has addressed all the issues that stakeholders such as the Government itself, the trade unions, Labour Party politicians and the State-owned regional airports have raised as possible obstacles.

There is a slight possibility that the issue could be brought to cabinet tomorrow, but next week is more likely, due apart from other considerations, to shortage of time tomorrow because of annual 1916 commemoration ceremonies

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After another weekend of talks Greece's deputy prime minister, Giannis Dragasakis will meet European Central Bank President Mario Draghi later today.

While forecasters have been guessing how long Greece can last without fresh bailout funds, May is likely to be a key-month, the country is set to repay close to €1bn to the IMF.

Speaking yesterday government spokesman Gabriel Sakellaridis said that "Liquidity is a pressing issue [...] The Greek government is not waiting until the end of May for a liquidity injection. It expects this liquidity to be offered to the Greek economy as soon as possible."

Greece's finance minister Yanis Varoufakis will meet French finance minister Michel Sapin in Paris, and EU economics commissioner Pierre Moscovici later in the day in Brussels. 

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After releasing poor results for 2014 late in April, McDonald's revealed its turnaround plans yesterday, but early signs suggest that the market has not been convinced.

The company's chief executive Steve Easterbrook conceded that the company had been ‘not on our game’ - and that McDonald's will be restructured to become a "modern, progressive burger company."

The plan involves the sale of up to 3,500 company-owned restaurants worldwide to franchisees over the next three years, cost savings of up to $300m, and the return up to $9bn to shareholders during 2015.

Just after the announcement McDonald's stock price dropped by nearly 2 percent.

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New figures show a dramatic rise in the number of repossession orders granted in Irish courts.

The information from the Courts Service shows 586 came from the circuit court in the first quarter of 2015, compared to 95 in the same period last year.

More than 380 were for primary homes and 97 related to 'buy-to-let' properties.

The figures are reported in today's Irish Times.

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European Union foreign policy chief Federica Mogherini beings a two-day visit to Beijing today, in a bid to bolster ties between China and the EU.

2015 marks the 40th anniversary of diplomatic ties between Beijing and Brussels and comes ahead of a China-EU summit in Brussels in June. 

Yang Yanyi, China's ambassador to the EU welcomed the visit, speaking to the Chinese parliament's trade committee last month he said, "It is very encouraging that both China and the EU are taking full advantage of the 40th anniversary of China-EU diplomatic relations to deepen their comprehensive strategic partnership featuring peace, growth, reform and civilisation."


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