CurrentAccount

Desmond may want a word in Bono's ear: Now that U2 frontman Bono has made a made a major investment in US business mag Forbes, via the private equity fund Elevation Partners, he might have a quiet word with the editors of the august publication.

Their 2006 round-up of the world's richest people included several Irish business leaders, including Dermot Desmond. The list was, in the main, a good, breezy and broadly accurate read. But as it often the case gremlins get into the system.

For example the Forbes staff claim Dermot Desmond has no children. Not true. Secondly they claim that, apart from Ireland and Europe he lives in Russia. Current Account is sceptical on this one too.

Either way the next time Dermo meets up with Bono he can have a quiet word in his ear and make sure the record is corrected, which will be shown for all to see when there is time enough.

Odds on Paddy Power bet will end in tears

Long before Michael O'Leary was bringing his in-your-face style to the world of advertising, Paddy Power founder Stewart Kenny had built his company's image on the back of media campaigns that were provocative without being tacky.

Current Account is somewhat disconcerted to see that the new team at the helm of Ireland's largest indigenous bookmaker has decided to borrow a leaf from the low-cost carrier. The bookie this week announced it was offering odds on how the break-up between former Beatle Paul McCartney and Heather Mills will turn out. For those of a mind to take up the odds, Paddy Power reckons that an out of court settlement remains the most likely outcome at 4/7.

But it is covering all eventualities:

8/1 Under £200 million

£200 million - £250 million

6/1 £250,000,001 - £300 million

6/1 £300,000,001 - £350 million

8/1 £350,000,001 - £400 million

12/1 £400,000,001 - £450 million

25/1 £450,000,001 - £500 million

33/1 More than £500 million

Current Account reckons it's odds on that taking bets on divorce settlements is likely to land the bookie in hot water.

Nursing new ideas

Debenhams certainly didn't let the grass grow under its feet after finally closing its deal to buy Roches Stores last week. Before the ink was even dry on the deal, the Irish department store chain had launched a 40 per cent sale in its nursery department.

The event brought much pleasure to cash-strapped parents and parents-to-be, although it may have been slightly less palatable for the expert staff in the department. Could this possibly mean that Debenhams isn't exactly as committed to nursery as home-grown Roches once was? With matters relating to pension fund deficits and loyalty bonuses continuing to pass through the LRC, no perceived threat to the status of employees will be welcome.

Flights of fancy

Good to see that Falcon Holidays decided to operate direct flights from Dublin to the Cape Verde islands. But Current Account is not sure that the travel agent has its target market quite figured out.

"Falcon will operate the only direct flight from Ireland to the islands, a favoured destination among Irish developers," said the press release somewhat excitedly.

Cape Verde does appear to be enjoying a certain vogue in property development circles but one would have thought its popularity among Irish holiday makers would be of more relevance to Falcon.

Grass is always greener

Germans may still be struggling to reset their moral compasses following the revelation that Günter Grass, the Nobel Prize-winning author, was in 1945 a member of Hitler's Waffen-SS. But after a week of confused political and literary exchanges over Grass's revelation, at least one thing is becoming clear - his recollections, even 61 years after the event, are doing wonders for his book sales. Bad news, it seems, is good news for publishers. Mid-week, 150,000 copies of his book were rushed to shops; most were sold out by last night. - (Financial Times service)