Rising energy prices, Irish investment of 12 billion euros from Intel and Germany’s dependence on Russian oil

In a shocking move for Irish consumers, Bord Gáis Energy announced yesterday that from the middle of next month gas and electricity bills would rise by 39% and 27% respectively. Cliff Taylor analyze the reasons whywhile Conor Pope asks what’s next – could prices go up even more?

Chipmaker Intel has pledged to invest a further €12 billion in its Irish operations, bringing the total invested here since 1989 to €30 billion. The announcement comes as it was revealed the state has missed out the welcoming of two new major semiconductor factory sites in Magdeburg, Germany. Charlie Taylor reports.

The banking giant JP Morgan confirmed that the company will acquire Clonakilty-based fintech Global Shares in a deal worth $730m (€665m), one of the largest exits by an Irish fintech . Charlie also has this story.

The 12.5% ​​corporate tax rate in Ireland for large companies could be in place longer than expected as EU finance ministers struggle to reach an agreement on when to implement a new minimum rate of 15%. Poland, Sweden, Estonia and Malta have blocked a compromise proposed by France on how to implement minimum corporate tax in the EU, he revealed yesterday, delaying plans for the Finance Minister Paschal Donohoe to have it in place by early next year. Cliff Taylor has the details.

A quarter of Germany’s total crude oil needs are met by Russia, but with the German-Russian friendship now in tatters following the invasion of Ukraine, Berlin is feeling pressure from the EU and international allies – especially the US – to join a boycott of Russian energy . Derek Scally reports from Berlin.

In her column this week, Sarah O’Connor writes about how the EU has done the right thing provide Ukrainian refugees with immediate access to work and education, but this offer will need to be backed up with additional support: for language courses, housing, school places and health services for people physically and emotionally injured by war.

An Bord Pleanála has rejected fast-track plans for a €70million 191-unit rental apartment scheme for Cork City. The plan for the Distillery District was submitted by Eichsfeld Ltd, owned by Joseph Carey and Frank Sheahan snr, father of Frankie Sheahan, managing director of Pendulum Summit and former Irish rugby international. Reporting by Gordon Deegan.

And in other commercial real estate news, the National Asset Management Agency has sold 54 apartments in Finglas for approximately ¤14.5mwrites Ronald Quinlan.

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