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Top story
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Ryder Cup could bring £120m to Wales
The Ryder Cup should give the Welsh economy a £120m boost, provided more work is done to capitalise on its legacy, one of Wales’ leading economists estimates. Brian Morgan, director of the Creative Leadership and Enterprise Centre at UWIC, told Insider that the long-term benefits could have been up to £150m if the Welsh Assembly Government had invested more. The golf tournament, which tees off at the Celtic Manor near Newport tomorrow, will be the biggest ever held in Wales.
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Deals
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IQE buys US materials maker
IQE, the computer chip technology company, has acquired Galaxy Compound Semiconductors - a US maker of infrared technology materials - for up to £9m in cash. Cardiff-based IQE plans to raise £20.8m in a share placing to fund the acquisition and strengthen its business.
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Barclays backs £82m Gwynedd housing package
Barclays Corporate Banking has backed the transfer of 6,304 properties into housing body Cartrefi Cymundemol Gwynedd with an £82m funding package . It will allow the transfer of the properties across Gwynedd from council ownership to the newly incorporated housing association.
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Companies
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Finsbury looks to niches as sales fall
Finsbury Food Group, the cake and bread maker based in Cardiff, said this morning that it would stick to its niche markets strategy after its profits rose but sales fell for the first time. The company made a pre-tax profit of £4.9m in the year to 3 July, up from £1.8m in the 53 weeks before, on revenue that dipped to £168m from £179m.
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Four Welsh firms on Morgan shortlist
The shortlist for the Morgan Foundation Entrepreneur Awards has been revealed, with four entries from North Wales competing with others from North West England and the West Midlands. The awards were established in 2007 and are designed to encourage entrepreneurship, particularly in social enterprises and charities, and recognise businesses that have prospered against all odds.
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Biocatalysts plans expansion
Enzyme supplier Biocatalysts intends to increase turnover by £6m and create 25 new jobs as part of its five-year development plan. The biotechnology company based at Nantgarw near Pontypridd unveiled its plans during a visit from minister for the economy and transport Ieuan Wyn Jones.
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Property and construction
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Carmarthen development attracts interest
A 1,000-home extension on the outskirts of Carmarthen is attracting the interest of national housing developers, according to Carmarthenshire County Council. The Carmarthen west sustainable development on 129.5 hectares will feature a new school, a small retail sector, a business park and recreation facilities.
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Government and politics
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Committee investigates economy plan
The National Assembly’s enterprise and learning committee will next week launch an inquiry into the Assembly Government’s Economic Renewal Programme. Simon Gibson, chief executive of Wesley Clover, the venture capital fund chaired by Sir Terry Matthews, will be among the first to give evidence.
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Sargeant sizes up council services
Carl Sargeant, the social justice and local government minister, is to review the way Wales’ 22 councils provide services. He will look at whether each service is best provided locally, regionally or nationally.
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Health boards given £31m to make savings
Capital projects by health boards across Wales will get more than £31m worth of investment from the Welsh Assembly Government to help them make savings of at least £12.5m per year.
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