Russia’s Irish SPVs, energy hikes and the EU/US data deal

Almost half of the 33 existing Irish special purpose vehicles (SPVs) that have been used by Russian banks and companies for fundraising purposes have connections to individuals or entities that are currently subject to European Union sanctions, the Central Bank governor said on Wednesday. Joe Brennan has the details.

Professional services firm EY has announced the acquisition of Client Solvers (Holding) Ltd, a leading software development and IT consultancy services business in Ireland. No financial details were disclosed. The acquisition is subject to closing conditions, including merger clearance by the Competition and Consumer Protection Commission. Ciarán Hancock reports.

My guess, writes Karlin Lillington in her weekly column, is we're stuck with whatever eventually arrives in the Trans-Atlantic Data Privacy Framework until some future Schrems 3, unless the US at last brings about meaningful change to its own flimsy national data protection infrastructure on behalf of its own citizens, and not just the EU's.

Cantillon finds Russia turning the screw on Europe and warns of the dangers to Ireland of the latest corporation tax proposals in the US.

Investors fret over impact of war and monetary tightening to fight inflation

---

Consumers turn away from British websites post-Brexit

---

BioNTech to return €2bn to shareholders after Covid vaccine success

---

Electric Ireland prices to rise 23-25% from May

---

Electric Ireland has become the latest energy supplier to announce a major price hike in the face of soaring oil and gas prices internationally. The company said it was increasing rates for both electricity and gas customers from May 1st. The increases will add around €300 a year to electricity bills and €220 to gas bills. Eoin Burke-Kennedy reports.

Central Bank governor Gabriel Makhlouf said on Wednesday that policy measures to ease the impact of soaring inflation should be targeted and temporary, so that they do not contribute to the problem, writes Joe Brennan.

Ciara O'Brien outlines how to clean up your digital life and reviews Nokia 's Clarity earbuds

New Innovator meets Conor Kerley who has created a range of nutritional supplements he could stand over from a scientific perspective.

On Monday, VHI took the insurance market by surprise by announcing rebates to customers and a price cut to premiums that will take effect in May. So what has brought about these changes and what will rival companies do? Health insurance expert Dermot Goode from Totalhealthcover.ie joins Ciaran Hancock on our Inside Business podcast to discuss this latest development in the market.

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