Out of Office: The EU’s AI Act and a new boss at Ires Reit

Welcome to the Business Post’s Out of Office, your daily round-up of the day’s business, tech, markets, legal and politics news.

The emergence of artificial intelligence has been a hot topic all year, raising questions about how this exciting but concerning technology can be regulated.

The European Union took the first major stab earlier today when it enacted the most comprehensive guardrails on the tech after the bloc’s parliament passed its AI Act.

In an analysis piece, Charlie Taylor, our technology and innovation editor, wrote that the law will become the blueprint for other jurisdictions to follow. A survey earlier found that just one in four Irish people trust the new technology.

Also in the world of AI, Liam Coates spoke to a senior executive at Google Ireland who said the company was “humbly confident” that it would play a major role in the revolution to come.

Elsewhere in the tech sector, the government is proposing the establishment of a national incubator to fuel Irish innovation, while in the US the house of representatives passed a bill to ban TikTok if its China-based owner does not sell.

Closer to home, the state’s biggest landlord Ires Reit appointed former Quintain boss Eddie Byrne as its new chief executive, while the founders of Stripe said the business was “robusty cashflow positive”.

Eir, the telecommunications giant, reported revenue growth of €52 million to €1.3 billion, but earnings pulled back as costs rose.

The Grafton Hotel, owned by Eamon Waters’ investment firm, has agreed to scale back its planned annex at Textile House near Stephen’s Green Shopping Centre.

Earlier this morning, Donal MacNamee reported that hedge funds have taken short positions against shares worth more than €1.4 billion in Smurfit Kappa shares, as part of an attempt to capitalise on its pending merger with US firm WestRock.

News in brief

* Remote working among women skyrockets 300 per cent since 2016

* UK may exit a shallow recession, but GDP figures can't hide deeper problems

* Donald Trump joins Joe Biden in White House race after securing Republican nomination

* Irish chief financial officers forecasting significant growth this year

* Abu Dhabi-backed Telegraph bid potentially in doubt under new plans for foreign owner ban

What BusinessPost.ie subscribers are reading:

1. Irish-founded Inscribe lays off 40 per cent of employees

2. UK renewable investor sells last Irish wind farm

3. Irish mortgage holders continue to pay more than European counterparts

4. Big read: Inside the toxic culture pushing Irish lawyers to breaking point

5. Analysis: Construction is booming in Dublin, but who is driving the activity?