Hike rates

EU Price Cap Plan; ECB to raise rates; should big businesses face higher electricity charges – The Irish Times

EU plans to cap electricity prices would cut the cost by about half of Republic supplies if the bloc follows through on proposals to curb energy inflation, report Naomi O’Leary and Barry O’Halloran. The EU is preparing to cap the cost of electricity from sources other than gas, according to a draft seen by The Irish Times. The plan comes as Russian President Vladimir Putin sworn to cut all of Europe’s energy supplies if a price cap on Russian gas is imposed.

Barry also reports that the government is request EU authorization to continue to use the Moneypoint and Tarbert plants beyond their planned closure dates over the next three years.

The energy crisis is the story of the moment, and the managers of the electricity and gas networks of the State are ready to organize emergency training prepare for a possible disruption of supplies, the government confirmed to Barry. EirGrid, Gas Networks Ireland, ESB Networks and the Commission for the Regulation of Utilities will all participate in the exercises.

Also with the energy crisis, Northern Ireland’s main parties will meet the new Northern Ireland Secretary, Chris Heaton-Harris, to determine how it can benefit plans by British Prime Minister Liz Truss to ease electricity bills there. As Northern Ireland’s energy market is regulated differently from that of the wider UK, it is unclear how any aid will be handled. Reporting by Freya McClements.

Today, all eyes are likely on Frankfurt, where the European Central Bank is expected to raise interest rates again. What this could mean for homeowners and their mortgage repayments? Dominic Coyle and Joe Brennan ran the numbers.

Paschal Donohoe, Minister of Finance has warned the possible collapse of a global agreement to set a minimum corporate tax rate of 15% poses “significant” risks for Ireland. While Ireland signed the deal last year, it will face “a whole different set of risks and problems” if it falls apart, he said. Reporting by Eoin Burke-Kennedy.

Apple unveiled its latest iPhones as well as expanding its wearables line with a new model of its watch explicitly aimed at fitness enthusiasts. Ciara O’Brien is on the ground in Cupertino.

Also from Ciara, Irish Unicorn Intercom is not immune to the apparent slowdown many companies are experiencing. It is cutting just under 5% of its global workforceincluding 23 jobs in Dublin.

In his column, Karlin Lillington argues that large businesses that consume a lot of electricity during peak hours should agree to pay more to use the national grid in times of energy crisis.

Tetrarch Capital faces opposition to its plans for a new hotel on the site of the former Deer Park Hotel in Howth, Co Dublin. Gordon Deegan has the details.

Profits from Aimee Connolly’s Sculpted by Aimee business continue to rise, more than doubled in the last year.

Dublin-based life sciences company Malin Corporation is booming. It is the value of equity per share leaps at €9.08 on September 5 against €7.50 in March.

It’s been 20 years since our dreams of supersonic flight to New York were dashed with the abandonment of the Concorde. Many factors finished off Concorde, one of which was its loud sonic boom which could leave a trail of shattered windows if it flew over land. Now, although a new generation of passenger aircraft is able to break the sound barrier without producing as loud a noise, and it could make them much more attractive carriers and regulators. reports Neil Briscoe.

US authorities have charged a former Uber security chief with obstruction of justice and concealment of a crime for his handling of an apparent security breach. It’s a matter that is being closely watched throughout the tech industry.

Chris Deane co-founded Baboost, which helps businesses increase customer reviews they receive, learn from it and turn it into a competitive advantage. Olive Keogh spoke to him.

Finally, Ciara reviews the new Sky Glass TV system. It promises the end of needing a set-top box to go with your TV, but can he deliver property?

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