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The EU is to publish “guiding principles” for upcoming Brexit talks on Ireland and Northern Ireland today.

The paper will seek to drive home the message that the “onus” is on the UK to provide solutions to Brexit-induced problems on the island of Ireland.

It will also try to tackle growing concerns that the UK is using Ireland as a test case for a future EU trade deal.

The four-page document, seen by Independent.ie, does not provide solutions, but instead asks the UK to make a “political commitment” in its EU divorce deal to protecting the peace process and Good Friday Agreement.
It insists that commitments made on Northern Ireland be “unique” and not “preconfigure” anything that might be agreed in a future trade deal.

Specifically, it asks the UK to maintain existing cross-border institutions, avoid a hard border, continue north-south cooperation, protect equal rights and citizenship rights across the island of Ireland, and pay out remaining EU peace funds under the bloc’s 2014-20 budget.
The EU also says the Common Travel Area between Ireland and the UK should continue as it does now, including the ability for EU nationals to travel freely between Ireland and the UK without border checks. The UK agreed to this last week, one of the only positives to emerge after a tense third round of Brexit talks.

The European Commission paper, which was signed off by the Irish government, does not delve into detail on customs or the border. Those issues will be dealt with in a second phase of talks once the outlines of a divorce deal are in place. But the paper does insist that there be no “physical border infrastructure” on the island of Ireland.
“Border issues are broader than economic questions,” the paper says. “The physical border itself was a symbol of division and conflict.”

The EU wants agreement on Ireland, citizens’ rights and the UK’s financial obligations before it begins talks on trade, which both sides had hoped to start in October. The UK published a position paper on Ireland last month, but EU officials complained that it took Irish issues “hostage” in a bid to leapfrog the divorce deal and move talks on to trade.
UK officials are now working on a list of issues that need to be sorted under the Good Friday Agreement, which sources say may run to 150 items.

EU lead negotiator Michel Barnier will unveil his guidelines on Ireland on Thursday afternoon, along with position papers on data protection, public procurement, intellectual property rights and customs documentation for goods in transit on Brexit day.

Article Source: http://tinyurl.com/kbwqb42

A number of rural towns are to become Ireland’s fastest fibre broadband hotspots in the next two years, outgunning Dublin, Cork, Limerick and other Irish cities.

A new joint venture between telecoms firm Enet and energy company SSE is to connect 115,000 homes and businesses to fibre broadband that delivers speeds of 1,000Mbs, dwarfing existing broadband services.

The towns to get the service over the next two years include Ballinasloe, Roscommon Town, Manorhamilton, Bundoran, Ballyshannon, Donegal Town, Ballybofey, Stranorlar and Buncrana.

However, the service will only be available in communities already earmarked for another fibre broadband rollout from Eir, scheduled for completion next year.
And they will not be available to the 542,000 homes and businesses in rural areas earmarked for the state’s delayed National Broadband Plan rollout.

However, the €100m Enet-SSE move means that the rural towns included will now have two competing providers of separate fibre broadband networks, each capable of delivering 1,000Mbs speeds.
Eir’s own €200m fibre broadband rollout in the same areas means that the towns will shortly have broadband that is far faster than cities such as Dublin, Cork, Limerick, Galway and Waterford. Maximum broadband speeds in Irish cities are half what will be available in the rural towns.

The fibre network roll-out will connect 115,000 premises in two phases between now and 2019 and “will support around 700 contractor jobs at peak delivery” according to Enet-SSE.
“In the coming months, Enet-SSE crews will commence the first phase of deployment delivering the new fibre-to-the-premises broadband network to 18,000 premises in nine towns in the West and North West,” said a spokesman. “This first phase, which will complete within 12 months of commencement, will connect Ballinasloe, Roscommon Town, Manorhamilton, Bundoran, Ballyshannon, Donegal Town, Ballybofey, Stranorlar, and Buncrana to a superfast fibre broadband network in 2018. Upon successful completion of this phase, the remaining balance of the 115,000 premise network is expected to be completed by late 2019.”

Enet currently operates a number of metropolitan area networks around Ireland. The company is owned by Granahan McCourt Capital, the Dublin-based technology, media and telecommunications investment group.
Enet-SSE is a new commercial joint venture between Enet and SSE, Ireland’s second largest energy utility and a developer in clean energy infrastructure such as wind turbines. Wind turbines will not be used as infrastructure in the broadband rollout, said a spokesman for SSE.

“This investment is extremely positive news for regional Ireland and further evidence of our commitment to invest money where it matters to solve Ireland’s biggest connectivity needs, which are essential to future-proof its digital future,” said David McCourt, founder of Granahan McCourt Capital and chairman of enet. “By jointly deploying our expertise and combined resources, we will extend world class connectivity to some of the most underserved areas of the country.”
The launch was also welcomed by Minister for Communications, Denis Naughten.

“Today’s announcement is a significant boost for businesses and families in Ballinasloe and Roscommon Town and across the North West of the country,” he said. “I am determined, as Communications Minister, that every premises in Ireland can access high-speed broadband as quickly as possible through a combination of commercial and State-led investment. This roll-out will deliver world class superfast high speed broadband to 115,000 premises which will ensure communities are sustained and business can flourish in towns and rural Ireland.”
The move is a separate initiative to the state-subsidised National Broadband Plan, which seeks to connect every rural household and business in Ireland to fibre-level broadband speeds. Initially targeted for completion in 2021, a series of delays have meant that it is not likely to be finished before 2023 at the earliest.

Eir, Siro and Enet are the three bidders shortlisted for the taxpayer-funded rollout plan, which aims to provide 542,000 rural homes and businesses with fibre broadband.
These premises are currently cut off from broadband, with internet services that fail to offer access to everyday online facilities.

Recently-published government documents showed that the government fears the cost of funding this rollout could increase by up to 60pc because of a recent initiative by Eir to build its own rural network, separating the potentially profitable premises from the more expensive rural ones in the state’s broadband rollout map.

Article Source: http://tinyurl.com/kbwqb42

So-called virtual currency bitcoin tumbled the most since July after China’s central bank said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately – issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales.

The People’s Bank of China said yesterday that it had completed investigations into ICOs, and will strictly punish offerings in the future while penalising legal violations in ones already completed. The regulator said that those who have already raised money must provide refunds to investors.
It also said digital token financing and trading platforms are prohibited from doing conversions of coins with fiat currencies.

Digital tokens can’t be used as currency on the market and banks are forbidden from offering services to initial coin offerings.
“This is somewhat in step with, maybe not to the same extent, what we’re starting to see in other jurisdictions – the short story is we all know regulations are coming,” said Jehan Chu, managing partner at Kenetic Capital in Hong Kong, which invests in and advises on token sales.

Bitcoin tumbled as much as 11.4pc, the most since July, to $4,326.75. The rival ethereum cryptocurrency was down more than 16pc.
A cross between crowdfunding and an initial public offering, ICOs involve the sale of virtual coins mostly based on the ethereum blockchain, similar to the technology that underpins bitcoin. But unlike a traditional IPO in which buyers get shares, ICO backers gets virtual tokens – like mini-cryptocurrencies that may grow in value if the startup’s business succeeds.

Article Source: http://tinyurl.com/kbwqb42

There is a “realistic possibility” that the economy will start to overheat in the coming years if the strong growth rates continue, the state’s budgetary watchdog has warned.

It comes as the latest Exchequer data shows that tax revenues in August totalled €2.66bn – about €209m below expectations at this stage of the year, highlighting the little wriggle room available to the Government, although analysts said the public finances remain broadly on target.
Income tax receipts, at €1.5bn, were broadly in line with the profile for August, but 1.8pc below target for the year to date.

Vat, by contrast, was €22m above profile on the month, and up 1.1pc so far this year.
Meanwhile, the Irish Fiscal Advisory Council (IFAC) warned that Ireland has the fourth-highest public debt level in the developed world, and that Brexit could be worse on the economy than anticipated.

It is urging the Government to avoid any extra stimulus in the Budget, and fund any extra measures either through a hike in taxes, or cuts to spending in other areas.
It estimated that there is just half a billion euro available to the Government in the Budget for extra tax cuts or spending increases beyond what has already been promised. It pointed out that the Government broke EU spending rules for Budget 2017 by €600m – €400m more than the Council originally thought.

IFAC chairman Seamus Coffey said the Government must stick to the strict EU budget and spending rules.
“The spending rule and the other elements of the fiscal framework were put in place to prevent repeats of past crises,” he said.

In its pre-Budget statement – the first under Mr Coffey’s chairmanship – the council reiterated its that there is no need for any stimulus at this time, warning that risks of overheating could materialise in future years.
“It is important to stress that there is not significant evidence of overheating in the economy at present,” the council’s statement said. “While wage growth has increased recently, core HICP inflation and other price pressures remain relatively subdued.”

But it added that significant risks remain, including high debt levels and Brexit. Only Portugal, Japan and Italy have higher debt burdens that Ireland.
“The hard Brexit assumed in the Department’s [of Finance] forecasts could be more negative for Ireland’s trend growth rates than is currently expected and further risks are posed by the concentration of Ireland’s exporting base and potential changes to the international tax system,” the council said.

Current estimates of gross fiscal space suggest €1.7bn is available for next month’s budget, and the council stated that there is a further €500m of scope for new initiatives created through non-indexation of the tax system. But it added that much of the fiscal space is already pre-committed following a number of past government promises, as well as the cost of demographic changes.
This includes tax and spending carry-over costs from Budget 2017 of about €650m, as well as €170m of tax-related decisions made in Budget 2017 but whose costs are only realised in full next year. There are also similar carry-over effects on the spending side of about €470m.

The IFAC also points out that a number of spending plans have already been outlined by the Government, further reducing the fiscal space by about €900m. This includes spending on housing and dealing with the homelessness problem. This leaves around €500m for new measures. In June the council warned that the Government about pushing EU spending rules. Initial estimates suggested the Government broke spending rules by €200m, but the council said that has now been revised to closer to €600m.
The Council said public investment plans here look set to ramp up rapidly over the coming years, with spending set to be among the highest in the EU as a share of government spending.

Article Source: http://tinyurl.com/kbwqb42

As much as €3bn could be lost to the Irish Exchequer as low-emission vehicles become the norm by 2030, according to industry experts. Huge amounts of revenue used to fund essential services are generated by vehicle registration tax, motor tax and fuel tax and could largely disappear as the petrol engine is slowly consigned to history.

Almost €5bn – or 7pc of government revenue – is generated through Vehicle Registration Tax (VRT), fuel tax, tolls, motor tax and Vat, it is estimated. As yet, there is no clear plan as to how this money can be replaced.

A government taskforce has been set up to explore options to accelerate the uptake of hybrid, electric and other low-emission vehicles. It will propose a package of measures for inclusion in October’s Budget to promote electric vehicles in particular.
That, of course, is a laudable aim and fits with a pressing need for measures to mitigate climate change. Pictures over the past week from Houston and Donegal dramatically illustrate the good sense of this policy. Such measures are also absolutely necessary if Ireland is to avoid massive EU fines.

They will also help curtail the air pollution caused by the thousands of combustion engines that daily clog our towns and cities, damaging people’s health. Just 8,000 electric vehicles will be sold in Ireland by 2020. But as this figure jumps – as it must – it is far from clear as to just how big a hole will be blown in Exchequer finances over the next 10 to 15 years.

A range of support measures encourage the adoption of electric vehicles and other environmentally friendly forms of transport. Up to €10,000 worth of grants and VRT relief is available. While the grants are likely to be scaled back as the electric fleet grows, it will be politically difficult to reintroduce VRT on such vehicles, with the system now directly related to a vehicle’s emissions. In 2014 VRT generated €0.54bn.

Motor tax rates are also increasingly related to CO2 emissions. Motor tax generated €1.12bn in 2015 and was used to fund the country’s local authorities, but this funding stream will only decrease as motorists leave behind their petrol guzzlers. As the environmentally friendly fleet grows, the Exchequer will take an increasing hit and the biggest hit of all will come from a dramatic fall in the amount of tax collected from fuel.

In simple terms, how do you levy fuel tax on an electrically-powered vehicle that does not use fuel? In 2015 alone, the Exchequer received €2.3bn in diesel and petrol excise and carbon taxes, excluding VAT. Indeed tax accounts for 70pc of the price of a litre of petrol. Little wonder it is known as one of “the old reliables”. Not for long. As the huge fleet of petrol cars disappears in the next decade or so, the impact could be dramatic.

The big question that needs to be asked is how does this income stream for the State get replaced even as the country makes the absolutely crucial shift to low emission vehicles?

And it is not only an issue for motorists. Taxes raised by motoring pay for essential services right across society, such as health and education. Future governments will face some stark and difficult choices as they look to replace all of this lost income. Taxes on property, income and business may have to rise to fill the hole.

Indeed, in Norway, where subsidies and other measures saw the electric vehicle fleet grow to over 100,000 last year, the government has been forced to row back on some incentives due to their overwhelming success.

A more likely approach is the introduction of extensive road-user pricing. That is already implemented through tolls on motorways in Ireland and by congestion charging in cities such as London. But in its most developed form, this would see technology introduced to charge drivers per kilometre of road driven. For some drivers it could even mean a saving on the high level of taxation they face through other means at the moment, and it is the approach slowly being adopted right across Europe. But look at the debacle over new water charges to see just how difficult an issue this could become for any government operating in a four-year electoral cycle.

The Government should still accelerate its efforts to replace dirty, carbon-emitting vehicles as quickly as possible. But careful consideration is needed as to how the revenue this fleet generates is replaced, so that there is still cash to fund schools, hospitals and other essential services.

Article Source: http://tinyurl.com/kbwqb42

Households across Ireland have become somewhat accustomed to mostly small but incremental increases in the cost of electricity over the last few years, but get quite a shock with the arrival of your next bill.

That’s because the energy regulator has approved a massive 30pc hike in the ‘green’ levy on domestic energy bills that is used to cover the costs of producing renewable energy. Called the PSO levy, the increase will raise this annual tax by €25 to €104.50 from October 1.
The levy is used to subsidise the production of electricity from peat, renewables and to pay power plants to produce energy to ensure we have a steady supply to the network.

Granted, many of us will find it harder to argue with the fact that every effort should be made to encourage suppliers to switch to more renewable energy. So if you find your electricity bills already a little too hard on the pocket, maybe it’s time to fight back by looking at ways to ‘green’ your own consumption. This should also be in conjunction with efforts to look for the best value tariff, so that you are not paying any more for your electricity than you need to.
Dual approach

With the average electricity bill in Ireland at about €950 a year, Eoin Clarke of price comparison site Switcher.ie is a one advocate of this two-pronged approach, but adds that the single biggest way to save money is to switch to a tariff with a cheaper unit rate or a big introductory discount.
“There are savings of up to €318 available for customers switching from standard gas and electricity plans to the cheapest deals on the market, so taking a few minutes to compare deals and switch can make a huge difference.”

However, last month both SSE Airtricity and Energia launched new dual fuel tariffs (ie both electricity and gas from the same supplier) could save customers up to €298 when compared to standard tariffs.
“Some people might want to opt for dual fuel tariffs out of convenience, as they’ll just be dealing with one supplier on any queries etc” said Clarke, who adds that to avail of the biggest discounts from suppliers, you will need to sign up to pay by direct debit and to receive online bills.

At the moment, Energia comes out tops for dual fuel deals with its Cheapest Dual Fuel 29/28 tariff, which it estimates will save you nearly €300 compared to standard tariffs based on national average consumption.
There are also some heavily discounted electricity-only plans on the market at the moment, as well as some plans that have lower discounts but which offer cashback in the form of account credit for new customers signing up.

“Customers will need to decide if they would prefer lower bills on an ongoing basis, or if cashback or account credit is worth more to them, especially if they can offset this credit against a bill at an expensive time of year, like Christmas or back-to-school time,” said Clarke.
For what it’s worth, Switcher’s top pick for both discounted deals and deals with cashback is Energia’s Cheapest Electricity (33pc discount), which it estimates will save you up to €176.78 when compared to standard tariffs in the first year, after which you’ll inevitably need to sign up for another discounted deal again in order not to be shifted back onto the more expensive standard tariff.

“Once you switch, take a note of the date and set a reminder to shop around again at the same time next year,” said Clarke. “Most discounts only last for 12 months, so switching every year is the only way to ensure you’re never overpaying on your energy bills.”
However, according to Commission for Energy Regulation, there has been a rise in the number of customers re-negotiating with their current suppliers rather than switch to a different supplier.

In fact, at the current rate of growth, the number of customers renegotiating looks set to outstrip those who switch for a better deal. In the first quarter of this year, 69,533 customers renegotiated compared with the 77,681 who switched, an increase of over 27,000 on the third quarter of last year.
However, the term ‘renegotiations’ might imply that folks are independently picking up the phone and playing hard-ball with a customer representative, but in reality, it’s mostly the other way round. Suppliers are pro-actively ringing up customers coming to the end of a discounted deal period and asking if they want to be transferred to a new deal rather than be automatically switched back to a standard tariff.

CER spokesman Karl Richardson said that more suppliers are doing this simply because its far cheaper for them to retain existing customers than win over new ones.

Cutting consumption
In terms of ways to comfortably reduce your consumption of electricity, there are a whole range of measures you can take, ranging from small things moderating the use of your kettle to buying more energy-efficient appliances.

Some of these measures are old chestnuts, such as choosing low-energy light-bulbs, only filling the kettle with as much water as you need, powering off major appliances rather than keeping them on standby (said to knock off 20pc of their electricity use, in fairness) and keeping your immersion tank well insulated (which will reduce water heating costs by 30pc).

But price comparison site Bonkers.ie also recommends using your dishwasher (albeit a fairly modern, energy efficient one) as much as possible on the grounds that it is far more efficient at the job of washing dishes than you are. “In fact, a full dishwasher uses less than half the energy you do when washing dishes by hand and uses gallons less water too.”
There’s also the option of getting a Nightsaver meter, which ESB will install for free, and if you can shift more than 20pc of your electricity usage to the night time, You’ll pay a little more for your daytime unit rates and your standing charge will be a little higher, but if you use more than 20pc at night you’ll rack up the savings.

If you’re not sure which gadgets in your home are the most power hungry, there are little, inexpensive gadgets you can buy which that clip onto the mains cable at your meter or you can invest in a wireless one, such as the Owl Micro Plus, which costs €55.

It’s worth noting as well that, following a review last year, the CER recently revised its typical average annual consumption values that helps people compare prices, tariffs and suppliers.
Before, it estimated that the national average domestic consumption of electricity was 5,300 kWh a year (and 13,800 kWh for gas) but following a consultation, the CER revised these figures to 4,200 kWh for electricity (and 11,000 kWh for gas), which represents a decrease of 21pc (and a decrease of 20pc for gas).

The CER says that this is because we are more “conservation conscious” and also reflects the greater energy-efficiency our homes and appliances.

But it also means offers from suppliers show a lower level of savings, which will also show up in accredited price comparison websites like Switcher.ie and Bonkers.ie.

Article Source: http://tinyurl.com/kbwqb42

Paddy Cosgrave’s Web Summit is to hire 40 people in the next six months, bringing the company’s total employment to 200.

The company has also announced former US vice president Al Gore and former French president Francois Hollande as headline speakers for the Lisbon-based event in November. European competition commissioner Margrethe Vestager is already confirmed to speak at the conference.
Mr Cosgrave said that the Web Summit, which he co-founded with Daire Hickey and David Kelly, may host future conferences in Ireland. The company is due to hold a financial technology event, Moneyconf, in Dublin next year.

“We’re looking at the potential,” he said. “I think there’s ample opportunity to do other conferences in Ireland.”
Mr Cosgrave also said that he has established a “great working relationship” with Taoiseach Leo Varadkar and the Irish government.

“I was at the recent U2 concert with Leo [Varadkar] and spent a good deal of time chatting to him,” he said. “We’re working in lots of different ways to help each other. We also have a very positive working relationship with the IDA, who have become a partner with us again. That’s going to go from strength to strength.”
Mr Cosgrave said that an anti-corruption campaign he launched in April is still under consideration.

“There might be some movement on emergency legislation that was drafted five years ago but has until now been sitting on ice.”

Article Source: http://tinyurl.com/kbwqb42

Ireland’s second annual cyber security conference, Dublin Information Sec 2017, will take place on Wednesday, November 1, at the RDS.

It will explore cyber security trends and threats facing business in Ireland and the technologies to protect against them. It will be sponsored by Eir Business, a Cisco Gold Partner.
Specialists in the industry will update businesses on the issues of data security, ransomware, attacks within the Internet of Things and the human factor in data breaches, looking at these areas in the context of the upcoming European General Data Protection Regulation.

Topics including machine learning, artificial intelligence, cloud technology and cloud security will also be covered at the cybersecurity conference.
The event will be chaired by Adrian Weckler, INM technology editor.

Bill Archer, managing director of Eir Business, said: “Recent high-profile breaches internationally have highlighted the risk that hacks pose to the global economy, and protecting those networks is crucial for businesses large and small.”

Article Source: http://tinyurl.com/kbwqb42

Sterling weakened to beyond 93 pence against the euro yesterday – the highest level since 2009 – heaping yet further pressure on businesses here selling into the UK market. The slide, however, also makes imports cheaper.

The euro also crossed the $1.20 mark for the first time since the start of 2015 as investors fled to safety after North Korea fired a missile and amid continued aversion to US political turmoil.
Analysts say sterling’s recent moves against the dollar and the euro have largely been a result of broader shifts in the dollar as investors worry about the ability of the US administration to follow through on its economic agenda.

Financial markets are fretting about the fiscal situation in Washington – deadlines loom in late September and early October on the US budget and the federal debt ceiling.
Brexit, however, and the continued uncertainty surrounding the talks process is also playing a significant part.

Either way, the weakening is a worry for Irish businesses in the tourism, exporting and agricultural sectors.
Tourist figures released yesterday by the Central Statistics Office show that visitor numbers from Britain plummeted almost 4pc between May and June. By contrast, visitor numbers from elsewhere in Europe were up over 5pc during the same period.

Some analysts were wary that the single currency’s renewed strength would attract some attention from the European Central Bank at a policy meeting next week.
“With ECB tapering of QE bond purchases looming on the horizon, ECB board members expressed concern of a possible overshoot of the euro in their July meeting,” said John Moclair, head of global customer group at Bank of Ireland.

“ECB President Mario Draghi will be reluctant to add fuel to the recent euro rally, which may soon generate negative spill-back effects in the form of reduced inflationary pressures in the eurozone. While some would argue that the recent resurgence of the euro is justified by economic fundamentals, it will undoubtedly continue to warrant ongoing attention from the ECB.”
Meanwhile, gold rose to its highest this year after North Korea’s missile launch, boosting haven demand and extending a rally fuelled by declines in the dollar.

An index of precious-metals mining stocks touched a four-month high.
Stocks slumped around the world as North Korea’s ballistic missile test rattled markets.

“Gold prices have rallied to their highest level since US elections” in November, analysts at Goldman Sachs said.

Enterprise Ireland will launch a €750,000 funding competition for early stage companies in manufacturing and internationally traded services.
The competition will open on 13 September.
This is Enterprise Ireland’s seventh competitive start fund in 2017 and is open to all sectors with a focus on agricultural, manufacturing, life sciences and renewables subsectors.

Up to 15 successful applicants will receive high-level business development support and an investment of up to €50,000 each.
The fund is designed to accelerate the growth of start-ups and enable companies to reach key commercial and technical milestones.

“Now that the rates of early stage entrepreneurship in Ireland have returned to pre-recession levels, the success of start-up activity will depend on this kind of funding as well as the crucial advice, training and business introductions offered by Enterprise Ireland to successful CSF applicants,” An Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald TD said.

Applications are invited from companies that are active in the relevant industrial sectors or individuals who, prior to Enterprise Ireland’s investment, are based in Ireland and have a headquarters registered here.
“Since the start of the year, we’ve seen an increased number of applications to our competitive start funds and we are anticipating more great, innovative ideas with global market appeal in this call,” Joe Healy, divisional manager at Enterprise Ireland, said.

In addition to written online applications, companies will be asked to prepare an online video pitch.
The fund will close for applications at 3pm on Wednesday 27 September 2017.

Article Source: http://tinyurl.com/kbwqb42