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Opening Bell: Project Eagle update, controlling rent, Amazon's plans for Dublin

It has been revealed that Belfast businessman Frank Cushnahan was directly involved in a plan to ...
Newstalk
Newstalk

07.41 16 Oct 2015


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Opening Bell: Project Eagle up...

Opening Bell: Project Eagle update, controlling rent, Amazon's plans for Dublin

Newstalk
Newstalk

07.41 16 Oct 2015


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It has been revealed that Belfast businessman Frank Cushnahan was directly involved in a plan to sell NAMA's 'Project Eagle' Northern Irish portfolio, which would involved a €20.4m fee, while still sitting on the agency's advisory board. He ultimately resigned from the board in November 2013.

The portfolio was eventually bought by Cerberus Capital Management in April 2014 for £1.2bn - the transaction is at the centre of an investigation, prompted by claims that £6m was transferred to an account in the Isle of Man to be shared by politicians and businessmen involved in the deal.

The UK’s National Crime Agency, the Northern Ireland Assembly Finance Committee and the Law Society of Northern Ireland are all investigating aspects of the deal and the transfer of cash to the Isle of Man.

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Authorities in the US are also investigating the circumstances surrounding the sale.

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The Tánaiste has proposed the establishment of a rent regulator.

It comes as the Environment Minister Alan Kelly and the Finance Minister Michael Noonan try to agree on how best to tackle the housing crisis.

Minister Kelly wants to link rent to inflation, but Tánaiste Joan Burton has suggested a rent regulator with powers to influence the size of rents instead.

Taoiseach Enda Kenny has said there will be further moves on accommodation

Tánaiste Burton's proposal will be considered at a Cabinet sub-committee meeting next week.

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Online retailer, Amazon will spend tens of millions on a new data centre in Dublin - months after competing another similar facility at the same location.

Reports in today's Irish Independent suggest that the project could cost as much as €100m.

The company already has two data centre buildings at the Blanchardstown Business and Technology Park where it has had operations since 2010.

Amazon currently employs 1,400 people in Ireland.

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Volkswagen will recall 8.5 million vehicles across the European Union following the emissions cheating scandal.

Customers in 28 member states will be contacted over the coming months if it is believed their vehicle is fitted with a device designed to rig emissions tests.

Some 2.4 million of the vehicles being recalled are in Germany.

A statement from the company said: "Remedial action on the vehicles will begin in January 2016 - at no cost to our customers.

"The technical solutions can involve software as well as hardware measures. These are currently being developed for each affected series and each affected model year."


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