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Friday newspaper round-up: Power cuts, US debt ceiling, Weir Group

The risk of power cuts to factories and homes this winter has increased, the National Grid warned, as the business secretary prepared for a crunch meeting with industry bosses concerned the energy crisis may force them to scale back production. The price of gas and electricity has soared in recent weeks, leading to the collapse of multiple energy suppliers and prompting warnings of higher costs for consumers, factory shutdowns and increased pollution as plants switch to dirtier but cheaper fuels. – Guardian
The US Senate has approved a deal to extend the government’s borrowing authority into December. The compromise between Republican and Democratic leaders would temporarily avert an unprecedented federal default that experts say would have devastated the economy. With a 50-48 vote, senators agreed to increase the borrowing limit by $480bn, sufficient to prevent the US government from defaulting by keeping debt payments up until 3 December. – Guardian

Ireland has been forced to abandon its low tax business model in the face of pressure from Joe Biden, putting the country’s status as a haven for global companies at risk. The sacrosanct 12.5pc tax rate has been the cornerstone of the Irish economy for almost two decades, and helped attract some of the world’s biggest corporations, such as Facebook and Google, to set up their European headquarters in the country. – Telegraph

Checkout.com, one of Europe’s most valuable private companies, had a 73 per cent rise in UK and European sales last year as it benefited from the boom in online shopping. The payment processor, which was valued at $15 billion in a January funding round, recorded revenues of $252.7 million last year in its UK business, up from $146.4 million in 2019. – The Times

The mining equipment supplier Weir Group expects its profit to be trimmed by up to £40 million as the result of a cyberattack, it said in an update. The FTSE250 company said that many of its systems had to be shut down, disrupting orders into next year. – The Times

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