Economy

EU price cap plan; ECB to hike rates; should big firms face higher electricity charges – The Irish Times

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

Barry also reports that the Government is seeking EU permission to keep using the Moneypoint and Tarbert power stations beyond their planned closing dates over the next three years.

The energy crisis is the story of the moment, and the State’s electricity and gas network operators are set to run emergency training to ready themselves for 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 take part in the exercises.

Staying with the energy crisis, Northern Ireland’s main parties will meet new Northern Ireland Secretary Chris Heaton-Harris to work out how it can benefit from UK Prime Minister Liz Truss’s plans to ease electricity bills there. As Northern Ireland’s energy market is regulated differently to the wider UK, it’s not clear how any assistance will be managed. Freya McClements reports.

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

Minister for Finance Paschal Donohoe has warned the possible collapse of a global deal to set a minimum corporate tax rate of 15 per cent for big companies poses “significant” risks for Ireland. While Ireland signed up to the deal last year, it will be confronted with “a whole other set of risks and problems” if it collapses, he said. Eoin Burke-Kennedy reports.

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 at Cupertino.

Also from Ciara, Irish unicorn Intercom is not immune to the apparent slowdown many businesses are seeing. It’s cutting just under 5 per cent of its global workforce, including 23 jobs in Dublin.

In her column, Karlin Lillington argues that big companies which use a lot of electricity at peak times should accept paying more for using the national grid at a time of an 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 at Aimee Connolly’s Sculpted by Aimee business continue to surge, more than doubling in the last year.

Dublin-based life sciences firm Malin Corporation is on the up. It’s equity value per share surged to €9.08 on September 5th compared to €7.50 in March.

It’s coming up on 20 years since our dreams of flying supersonic to New York were dashed with the retirement of Concorde. Numerous factors finished off Concorde, one of which was its loud sonic boom that could leave a trail of shattered windows if it flew over land. Now though a new generation of passenger aircraft may be able break the sound barrier without producing as loud a noise, and that could make them far more attractive to carriers, and regulators. Neil Briscoe reports.

US authorities have charged a former chief of security at Uber with obstructing justice and concealing a felony for how he managed an apparent security breach. It’s a case that is being closely watched across the tech industry.

Chris Deane cofounded Baboost, which helps companies increase the number of customer reviews they receive, gain insight from them and turn them 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 it deliver the goods?

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