The Government has axed proposals for a “use it or lose it” clause demanding that developers build homes on land they own or lose planning permission, the Business Post reports.
The newspaper says the clause does not feature in the latest draft of the new Planning and Development Bill, which the Government hopes the Oireachtas will pass into law before the end of the year.
The Department of Housing told the Business Post that it was focused on other measures to prevent developers from sitting on planning permissions.
A decision not to include the clause in the new law would mark a significant win for developers and U-turn by Minister for Housing Darragh O’Brien, who has frequently promised to introduce the measure.
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Flutter warning
Gambling giant Flutter chief executive Ian Brown — head of Flutter’s Irish and UK businesses — warned the Department of Justice that proposed laws banning pre-watershed betting advertising would send horse racing here into “a spiral of decline”, says the Sunday Independent.
Mr Brown is the latest to add his voice to fears that the provision would hit the racing and breeding industries, that employ thousands of people in rural Ireland.
Mr Brown argued that the department could “readily amend less than 400 clumsily drafted words” to avoid what he called the Bill’s unintended consequences.
Dunport’s capital raise plan
Pat Walsh’s and Ross Morrow’s Dunport Capital Management is seeking to raise €500 million for its largest fund yet, according to the Sunday Times.
The fundraising will support the firm’s expansion into Belgium and Luxembourg, as well as aiding its continued push into Britain, says the newspaper.
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It will also provide up to €200 million in credit for businesses in Ireland. Dunport has already begun raising the cash and expects to complete this in the fourth quarter of 2024.
The firm offers finance to “lower mid-market companies with funding requirements of between €3 million and €50 million”, notes the Sunday Times.
Tech heads to Bletchley Park
European tech entrepreneurs will this week consider how the region can produce giants to rival US behemoths such as Google at the AI Safety Summit in Bletchley Park, Milton Keynes, near London, the Observer reports.
While Europe is a world leader in industries ranging from fashion to pharmaceuticals, its tech sector lags the US, notes the English newspaper.
Tech experts, industry leaders and policymakers will consider this at the gathering in Bletchley Park this week and hear how AI could be Europe’s breakthrough moment.
NatWest warning
The Sunday Times also reports that NatWest has been told by the UK’s City minister Andrew Griffith to be “mindful” of public opinion as it weighs whether to reduce up to £10 million of potential pay for its former boss Dame Alison Rose.
His intervention comes as the board of NatWest, which owns Ulster Bank, decides if her admission that she discussed the bank account of former Ukip leader Nigel Farage with a journalist is grounds to reduce her pay.
Following the results of two reports on her actions published last week, Farage demanded she be stripped of her pay, piling pressure on the board from parts of the media and Westminster to heed his demands.
Cash App pulls Irish licence bid
The Sunday Independent also reports that Cash App, the payments app by Jack Dorsey’s Block, has pulled its licence application from the Central Bank of Ireland.
Cash App is a peer-to-peer money transfer app that allows users to send and receive money as well as cryptocurrencies like bitcoin. To operate cryptocurrency services in Ireland, the company would require a virtual asset service provider (VASP) licence from the Central Bank.
However the company, which is part of the wider Block group that includes Square, pulled its application in May.
In accounts filed with the CRO, Block’s Cash App entity in Ireland stated that “there are no immediate plans to launch new products” through the company.
Vodafone deal talks
Vodafone is close to selling a stake of at least 50 per cent in its Spanish business to Zegona Communications in a deal that values the asset at more than €5 billion, according to Bloomberg News.
The firms are finalizing details of a transaction and an announcement could come in the coming days, people familiar with the matter said. London-based Zegona, an acquisition vehicle, has beaten out other bidders including private equity firm RRJ Capital in the process.
While discussions are at an advanced stage, they could still be delayed or even falter, according to the people. Vodafone didn’t immediately respond to a request for comment made outside of normal business hours. A spokesman for Zegona reiterated the details of a statement last month, when the company confirmed talks with Vodafone and said it was discussing financing with its banks.
