Latest news with #PeterBurke
The Journal
a day ago
- Business
- The Journal
Russian-owned alumina refinery in Limerick suspended from energy market
MINISTER FOR ENTERPRISE Peter Burke has said that the government is working 'very closely' with a Russian-owned alumina refinery in Co Limerick following its suspension from the energy market. Aughinish Alumina is Europe's largest alumina refinery and employs 450 people on its 222-hectare site, located close to the Shannon-estuary towns of Foynes and Askeaton. It is owned by Russian metals company Rusal. Eirgrid has confirmed that the company has been suspended from the ex-ante energy market - which provides day-ahead and intraday markets for the buying and selling of wholesale electricity by generators, supply companies and traders. 'Aughinish Alumina have not been taken offline and remain connected to the transmission system,' a spokesperson for Eirgrid said. 'EirGrid can confirm that Aughinish Alumina have been suspended from the ex-ante market in line with a decision by ECC (European Commodity Clearing). EirGrid are currently reviewing the implications of this development.' Speaking to reporters today, the Enterprise Minister said the decision was taken in a sovereign court in Italy. Peter Burke said his department, the Department of Energy, Eirgrid and the Commission for Regulation of Utilities (CRU) are engaging with the company to 'try and find a pathway for the company'. 'They're a very significant employer, and one that we are committed to working very closely with,' he said. 'Obviously, there are sanctions that we have to adhere to in relation to the ownership structure, as well as its participation now subject to that case in the energy market.' Asked if jobs were under threat at the plant, Burke said: 'We're working with the company, and that's the key thing. Advertisement Aerial view of Aughinish Alumina refinery on the Shannon, Co Limerick. Alamy Stock Photo Alamy Stock Photo 'We need to ensure that there is a pathway. It's a very significant company. It's a heavily export-oriented company from the Irish market, and obviously supplies a significant amount of power brought into the grid and in terms of its utilisation.' Burke said he understands that the company is still fully operational, but that 'they are in discussion with Eirgrid and the CRU to find a pathway'. While the Aughinish Alumina plant has no direct link to Russia's military invasion of Ukraine, it is owned by Russian metals company Rusal, which was co-founded by Oleg Deripaska. Deripaska, who is still a shareholder in Rusal, is an industrialist who is reported to have had close ties to Russia president Vladimir Putin. In 2018, he was placed on a US sanctions list and the UK government also announced sanctions against the oligarch in 2022 following the Russian invasion of Ukraine. The businessman is well-connected in Russian politics and business, and was pictured earlier this month at the Kremlin in Moscow for a ceremony ahead of World War II commemorations. According to reports, pre-tax losses at Aughinish Alumina in 2023 totalled €108 million, down from losses of €141 million the previous year. Earlier this month, a bomb was discovered attached to a fuel tank that services the refinery . The bomb is believed to have included a battery-timed mechanism so that it could be detonated long after the perpetrators had left the area. It's understood that up to 100 staff at the refinery were unable to leave the plant while a 350-metre security cordon was in place at the scene for several hours. The area where the bomb was found is located close to a publicly accessible nature walking trail. Gardaí investigating the incident are examining many lines of enquiry, including the possibility that the bomb may have been a direct response to Russian missile attacks in Kyiv carried out at the time. In February 2022 Gardaí launched an investigation into criminal damage at the entrance to Aughinish Alumina which was daubed with slogans in red paint, similar in nature to protests at Russian embassies around the world at Russia's invasion of Ukraine. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
RTÉ News
2 days ago
- Business
- RTÉ News
Government launches plan to bring down insurance costs
Improving pricing transparency and giving the Injuries Resolution Board (IRB) more powers are among the main measures outlined by the Government to bring down insurance costs in the latest action plan on insurance reform. The plan, launched today, runs until 2029 and contains a total of 26 actions to bring down insurance costs, ten of which are described as 'priority actions'. They include a focus on transparency in the insurance sector, particularly in terms of pricing. As part of this, the Department of Finance will work with insurers to introduce a transparency code. Other priority actions include strengthening the powers of the IRB, a feasibility study on a cap for certain categories of personal injuries awards, exploring tougher penalties on insurance fraud and measures to reduce the number of uninsured drivers. The Government says it aims to tackle the reliance on litigation, particularly for motor insurance claims and that this will be an important element of the proposed IRB reforms. According to recent figures from the Central Bank's National Claims Information Database (NCID) on settled private motor claims, it is 22 times more expensive for a claimant to take a claim through litigation rather than through the board. Meanwhile, the NCID found the timeframe for settled claims through litigation is significantly longer than those settled through the IRB, with the level of awards not being materially higher. Enhancing the Office to Promote Competition in the Insurance Market as well as streamlining the authorisation process for new market entrants will also be a key focus of the plan. These priority actions are viewed as the ones that will have the biggest impact on insurance affordability, transparency and availability. According to official figures, comprehensive cover now accounts for over 90% of motor policies, and with a rise in repair costs more consumers are now less inclined to protect their no claims bonus and more likely to claim on their insurance, which impacts overall premiums. As part of the development of the action plan, the Department of Finance held a public consultation process that received over 70 submissions from private businesses, political parties, representative bodies and members of the public. The last action plan on insurance was published in 2020 and led to initiatives such as rebalancing of the duty of care and the personal injuries guidelines, which have helped to bring down the value of claims. The action plan was launched by Minister of State for Insurance Robert Troy, and Minister for Enterprise Peter Burke. Minister Troy said that "despite progress on insurance costs in recent years as a result of the Government's previous action plan on insurance reform, an inflationary global climate has led to some costs creeping up again". He added that "it is vital that consumers are seeing greater transparency from the insurance sector, particularly in regard to how their premium is communicated to them". The implementation of the action plan will be led by Minister Troy through the Department of Finance and monitored by the Cabinet Sub-Group on Insurance Reform, which is chaired by Tánaiste Simon Harris. Mr Harris said the Government's latest plan "builds on the strong insurance reforms to-date which have led to improvements in transparency and have seen personal injury awards reduce". "By Government working together, we can deliver tangible progress in this next phase of insurance reform so that the benefits are felt by both businesses and consumers," he added. Prior to publication of the action plan, the Cabinet Sub-Group on Insurance Reform agreed to not seek approval from the Dáil and Seanad on an increase in personal injuries awards, as recommended by the Judicial Council. This was a move welcomed by both insurers and consumer groups, who had warned it would have driven up premium costs.
Irish Independent
2 days ago
- Business
- Irish Independent
Jobs boost for PayPal as new AI team will add 100 high-tech roles to data science centre in Dublin
The new AI team in Dublin will serve as a key part of PayPal's global network, the company said. The move represents a move higher up the value-added chain for PayPal's operations in Ireland, which began as a customer service operation in 2003. It also rolls back what has been a series of job losses in 2023 and 2024 and a retrenchment that saw the company close its large Dundalk operation, with most staff retained but moving to remote working two years ago. Two rounds of job cuts in 2024 reduced the workforce by close to 300. Even so the business still employs around 1,500 people in Ireland, down from a peak of 2,000. 'As we shape the next generation of digital payments, the talent and innovation coming from Ireland will play a critical role,' said Aaron J Webster, global chief risk officer at PayPal. We are proud to deepen our commitment to Ireland 'This expansion reflects both our confidence in the local ecosystem and our ambition to build an AI-driven, data- powered future that embeds trust and safety in every transaction. "We are proud to deepen our commitment to Ireland and to invest in highly skilled roles that will help shape the future of PayPal globally.' The new Dublin based jobs will span AI engineering, data science, software development, risk modelling and cyber security. The expansion is supported by the IDA . Minister for Enterprise, Trade and Employment Peter Burke said it represented 'a strong vote of confidence' in the country. 'The creation of 100 high-skilled roles in cutting-edge fields like AI and data science reinforces our status as a global hub for innovation, and I'd like to commend PayPal for its ongoing partnership with IDA Ireland,' he said. The hiring now underway at PayPal reflects the mixed impact the rapid adoption of generative AI is having on industry. While it creates demand for high skilled technologists in some sectors, there are signs that it saps demand for graduates in others. A report earlier this month from recruitment firm Morgan McKinley warned that Ireland may be following the UK, which has seen large accountancy and consulting companies slash graduate roles by up to 33pc because of AI. Their 'Irish Employment Monitor' found evidence of a reduction this year in graduate-level hiring, despite a booming economy.
The Irish Sun
2 days ago
- Business
- The Irish Sun
I will ‘definitely not' run for presidency, says Taoiseach Micheal Martin as he discusses National Development Plan
TAOISEACH Michael Martin has said he will "definitely not" run for Irish presidency this year. Speaking to Morning Ireland Advertisement 2 Minister Peter Burke has been calling to cut VAT rate for the hospitality sector Credit: � 2025 PA Media, All Rights Reserved Mr Martin said he was elected to "lead And an Asked if he would consider putting his name forward, Advertisement Read more in News "I have that obligation to the public. No disrespect to the presidency, but I gave commitments to the people that I will serve for the next five years and that's what I'm going to." There are a lot of names floating in association with Fianna Fiall in He added: "Party will consider that over the next number of weeks." Mr Martin also discussed the revised version of NDP which was announced yesterday with a total investment of €275.4 billion. Advertisement Most read in Irish News Latest It adds more than €40 billion for housing and water services, €22.3 billion for It also cited €2 billion to be delivered to Tetchy scenes in Dail as Micheal Martin accused of calling Mary Lou McDonald liar in Irish Mr Martin has explained that the money allocated to the NDP investments in the public sector comes from the government's projections of surpluses over the next number of years. He continued: "There is the additionality of €14 billion from the receipts from Advertisement "Now allocations have come from, it would be specifically dedicated to the metro which is clearly a climate infrastructural piece, because obviously the more people we can get on public transport the better in terms of climate. "I can't see KEY PRIORITIES The Government also promised to cut the VAT rate for the hospitality sector in the Mr Martin added: "Nothing yet is finalised in terms of the budget. Advertisement "We will be prioritising disability and we will be prioritising child poverty. "We will be targeting our measures and social protection to those most." Minister for Enterprise, Tourism and Employment Peter Burke has been calling to cut VAT rate for the hospitality sector. The Minister said the cut is a "jobs measure to sustain employment" in the sector. Advertisement Speaking on RTE's "At this point in time, over 200,000 people are employed in it. It's a €9 billion sector. And it's so important to try and keep that sector sustainable. 'VIABILITY MEASURE' "This is a jobs measure to sustain the employment in that sector, which is critically important to me as Minister for "It is a viability measure, they are under significant pressure." Advertisement Mr Burke added: "We've had a lot of additionality from government, part of it over the last three years, in terms of regulatory requirements in the trajectory to a living wage and sick pay in so many areas that have put significant pressure on the sector and have reduced their margins. "We've pushed 90,000 jobs into the economy over the last 12 months. "And considering when we're at or about full employment, to put 90,000 extra households with additional income into them with more jobs is very significant." 2 Michael Martin has said he will 'definitely not' run for Irish presidency this year Credit: Collins Photos Advertisement
Irish Times
2 days ago
- Business
- Irish Times
‘It's important to keep it sustainable': Burke defends plans to cut VAT for hospitality sector
Minister for Enterprise, Tourism and Employment Peter Burke has defended plans to cut VAT for the hospitality sector. The planned decrease would see VAT fall to 9 per cent at a cost cost to the exchequer of €545 million. 'The tourism sector is a very important part of the economy. At this point in time, over 200,000 people are employed in it. It's a €9 billion sector. And it's so important to try and keep that sector sustainable,' he told RTÉ's Today show. 'We've seen over the last number of years a very significant number of independent small food outlets and coffee shops come under pressure, many restaurants closing their doors. But this is a jobs measure to sustain the employment in that sector,' he said. .' READ MORE 'I've been in coffee shops and indeed restaurants where I've seen their margins diminish and some making a very significant loss that they weren't the prior year, considering in many cases their trade and turnover has sustained.' The Minister said the best value for money would be to sustain jobs. The Restaurant Assoication of Ireland's new president, Sean Collender, told the Today showthe VAT reduction would be an important step to support the industry. He outlined the challenges faced by it including rising costs such as labour, energy, and other operating expenses. He also spoke of the need for a broader framework and support from the Government to help the hospitality industry remain viable, beyond just the VAT reduction. This includes addressing issues like the risk-reward ratio for opening businesses and the high failure rate in the industry, he said. Mr Collender also spoke about the difficulty in guaranteeing price stability or reductions for customers, even with the VAT reduction. He said this is due to the significant cost pressures the industry is facing because of rising costs, especially for property/rent and on the ability of hospitality businesses to provide a good standard of living for their employees.
