Energy price hikes, Intel’s €12bn Irish investment, and Germany’s reliance on Russian oil

In a shock move for Irish comsumers, Bord Gáis Energy announced yesterday that from the middle of next month, gas and electricity bills are to climb by 39 and 27 per cent respectively. Cliff Taylor analyses the reasons why, while Conor Pope asks what's next - could prices rise even higher?

Chipmaker Intel has committed to investing a further €12 billion in its Irish operations in a move that will bring to €30 billion the total invested here since 1989. The announcement comes as it was revealed that the State has narrowly missed out on becoming home to two new large semiconductor factory sites to Magdeburg, Germany. Charlie Taylor reports.

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

Ireland's 12.5 per cent corporate tax rate for big companies could be in place for longer than expected as EU finance ministers struggle to reach agreement on when to implement a new 15 per cent minimum rate. Poland, Sweden, Estonia and Malta have blocked a French-proposed compromise on how to implement minimum corporate tax across the EU, it emerged yesterday, delaying plans by Minister for Finance Paschal Donohoe to have it in place by the start of next year. Cliff Taylor has the details.

Why are Irish gas and electricity prices going up?

---

Burlington Real Estate sold to UK’s Gresham House for €1.8m

---

Most companies unaware and unprepared for looming green transformation

---

Web Summit seeks to prevent co-founder’s firm pursuing €5m-10m profit share claim

---

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

In her column this week, Sarah O'Connor is writing about how the EU has done the right thing in allowing Ukrainian refugees to access work and education straight away, but that offer will need to be underpinned with extra help: for language lessons, housing, school places and health services for people physically and emotionally wounded by the war.

An Bord Pleanála has rejected fast-track plans for a €70 million 191-unit build-to-rent apartment scheme for Cork city. The plan for the Distillery Quarter was submitted by Eichsfeld Ltd, owned by Joseph Carey and Frank Sheahan snr, father of Frankie Sheahan, the chief executive of Pendulum Summit and ex-Ireland rugby international. Gordon Deegan reports.

And in other commercial property news, the National Asset Management Agency has sold 54 apartments in Finglas for about ¤14.5 million, writes Ronald Quinlan.

Stay up to date with all our business news: sign up to our business news alerts and our Business Today daily email news digest.