CurrentAccount

Bertie tells FF faithful to cancel exotic trips:  Current Account broke bread with the Fianna Fáil party faithful last week, but the experience left us wondering if they're getting notions about themselves.

Apparently these days, instead of holding meetings and running fundraising draws, they're all flying off to exotic destinations and taking fancy holidays.

And it's worrying Taoiseach Bertie Ahern. In a speech designed to rouse the troops for the forthcoming election battle, he warned them to forget about their "skiing holidays and trips to South Africa or wherever" and "do something for Ireland" by going out and canvassing to get Fianna Fáil re-elected.

While this probably worried hoteliers in Aspen and Val d'Isère, it went down well with the assembly, who responded with enthusiastic applause. The next day they were probably straight on the phone to the relatives in Cape Town to say they won't be visiting them in May after all.

Current Account was pleased to see that the upbeat Soldiers of Destiny took time to consider the future of their Government partners, the PDs, now languishing at 3 per cent in the polls. Somebody got the band to play I Will Survive.

Cowen banks on VAT cut to fill hotel rooms

In a Budget that had something for almost everyone, the tourism sector was celebrating the inclusion of measures to encourage the business tourism market

The decision by Minister for Finance Brian Cowen to finally bow to intense lobbying and announce he would exempt dedicated business tourism visitors from the provisions of Ireland's VAT regime was celebrated particularly by groups in the capital.

The chief executive of Dublin Chamber of Commerce, Gina Quin, said the proposed abolition of the 21 per cent VAT on convention business would boost the city's economy by over €50 million.

The chamber estimates the average spend per business visitor to Dublin at €1,360.

Fáilte Ireland chairwoman Gillian Bowler said the decision would bring Ireland into line with international competitors and allow it to be more competitive for business tourism.

Still, Current Account couldn't help but wonder whether the Minister's largesse was born of conviction in the merits of the business tourism argument . . . or concern for all those empty hotel rooms as a result of the tax relief-driven building boom of recent years.

Terminal turbulence

After years of political paralysis and commercial inaction, Dublin airport appears to be finally turning something of a corner. Yesterday, the Dublin Airport Authority - once known as Aer Rianta - announced a plan to spend €50 million extending the existing terminal.

Current Account was interested to read that the extension to Terminal One has been designed by a consortium headed by a subsidiary of Aeroports de Paris, which operates Charles De Gaulle. But not every terminal project this company has been involved with has been a success. On May 23rd, 2004, a portion of a new terminal roof at Charles de Gaulle collapsed, killing four travellers and injuring three more. As if this wasn't bad enough, the same terminal, described back then as a showcase, was subject to lengthy building delays before it opened.

Praying for underdogs

If you place a bet you hope it comes in, right? Not if you are a betting shop.

While the punter is busy banking on their football team hitting the back of the net more than the opposition, or crossing their fingers that their horse romps home, the bookmakers are even more busy praying your wish doesn't come true.

A spate of victories for the average punter that last month saw 41 per cent of horse races in Britain and Ireland won by favourites, compared with the usual 33 per cent, spells bad news for bookmakers such as Paddy Power, according to a recent note from Davy Stockbrokers.

It seems December will have to be the month for the underdog if Paddy Power and its rivals are to meet their margin guidance in the second half.