War hits economic prospects; TikTok sings up Eurovision; and the future of wind energy

The war in Ukraine could lead to fuel rationing in Ireland in an extreme scenario, the top economist in the Department of Finance has warned, writes Arthur Beesley. But he suggested the economy would still grow even if the supply of gas and oil was interrupted. The updated forecast from the Department the Government was setting aside a further €3 billion to cover the cost next year of sheltering war refugees from Ukraine.

On a lighter note, TikTok has signed on as the official entertainment partnerof the Eurovision Song Contest 2022 and will livestream the semi-finals and grand final, which takes place next month in Turin, Italy. Laura Slattery reports on the coming together of a veteran and a new arrival on the entertainment scene.

Ulster Bank said on Wednesday that it has formally begun writing to groups of current and deposit account customers, giving them six months' notice to move their business to another provider and close their accounts. The bank is staggering the letters so as not to overwhelm the banking system, writes Joe Brennan

The Government has been accused of creating "real barriers to the development of our wind energy infrastructure" through lack of ambition, according to Sinn Féin leader Mary Lou McDonald. Speaking at Wind Energy Ireland's annual conference, she added that this was seen most acutely in frustrating planning application bottlenecks, under-resourcing of the planning system and sky-high auction prices. Kevin O'Sullivan was there.

US inflation surges to 40-year high of 8.5% fuelled by rising petrol and food prices

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Irish construction giant debuts its first all-electric JCB

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ByrneWallace to recruit 100 tax professionals and lawyers

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US insurance broker NFP to double Irish business with third deal

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Sean Mulryan's Ballymore is among the builders affected as the British government announces it will raise €3.6 billion from a new tax on the building industry over 10 years designed to fix the cladding crisis exposed by the 2017 Grenfell tower fire in London.

Ronald Quinlan reports that French outdoor goods store Decathlon will open a substantial new store in Limerick next year as it looks to build on its most successful opening ever with its Ballymun store in Dublin.

US banking giant Citigroup plans to create 300 new jobs in the Republic as it continues to build out its European banking headquarters in Dublin, writes Joe Brennan.

Meanwhile, a senior Paddy Power executive told a Workplace Relations Commission hearing that the company's retail business is down by at least a quarter since the pandemic – and he doubts it will recover. He was appearing in an action by a manager of one of the company's outlets in a row over overtime.

Strong international dairy prices saw both Cork-based Dairygold and Cavan-based Lakeland Dairiesdeliver very strong results yesterday but, Eoin Burke-Kennedy writes, both are warning about the impact of wider costs on profits and customers.

In Net Results, Karlin Lillington asks whether private companies should be allowed to create and sell digital spying tools with capabilities that equal or exceed those built by some of the world's most sophisticated national surveillance agencies? The answer is a clear No, at least unless it is very tightly supervised.

And in Cantillon, we take a look at the very wide gap in prices for social housing at two high-profile Dublin developments less than a kilometre apart.

Insulation maker Kingspan is the first Irish group to put a climate action resolution before shareholders at its upcoming agm, but investor advisory firm Glass Lewis is unimpressed and has urged them to vote against it. Joe Brennan has the details.

In technology, we look at Microsoft's tacticsto win the battle for the cloud and whether it might drag it into new antitrust scrutiny. And, in Innovation, Irish construction giant Sisk debuts its first all-electric JCB, and explains why construction sites can make the switch.

Finally, Ciara O'Brien road tests the OneSonic Quattro and says that even in a crowded field of portable speakers, it has established itself as a must-have for whatever passes for summer this year.

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