Greencore shares fall, Goldman Sachs’ Irish loan income, and banking union

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Greencore chief executive Patrick Coveney surprised markets on Monday by announcing the sale of its business in the United States. Photograph: Dara Mac Donaill / The Irish Times

Greencore chief executive Patrick Coveney surprised markets on Monday by announcing the sale of its business in the United States. Photograph: Dara Mac Donaill / The Irish Times

 

Shares in Irish food company Greencore fell by almost 9 per cent after the company surprised the markets by announcing the sale of its business in the United States, just two years after the $748 million acquistion of Illinois-based Peacock Foods that was supposed to be transformational for the group. Eoin Burke-Kennedy and Fiona Reddan have the details.

Three so-called vulture fundsconnected with Goldman Sachs collected more than €465 million from local borrowers last year on distressed property loans. Mark Paul reports.

European political leaders need another financial crisis to frighten them into completing a banking union, according to Olivier Guersent, director general for financial stability, financial services and capital markets union, who was speaking at the annual conference of the Single Resolution Board in Brussels. Joe Brennan has the background to this stark warning.

In her weekly media and marketingn column, Laura Slattery ponders what the new Facebook-commissioned television drama ’Sorry for Your Loss’ tells us about the drama surrounding the social media group.

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