CurrentAccount: Christmas is, if anything, coming a little early for Waterford Wedgwood this year. It's not that the beleaguered luxury giftware company has received unexpected largesse or a change in the fortunes that have seen the stock fall more than 60 per cent this year from already historic lows. On the contrary, results announced last week did little to dissipate the gloom following an earlier profit warning.

Notice of the results came just hours ahead of the event last Friday, somewhat unusual for an established listed company. Earlier in the month, the company gave a full three days notice of results, only to cancel it a day later as premature. So why the rush? As the company told it, it was simply publishing the figures as soon as it had them to hand.

However, the publication of the results also cleared the way for the issue of a circular last Monday, with details of the impending extraordinary general meeting to approve a rights issue that will expand the share capital by 75 per cent. These circulars must have been posted as Waterford Wedgwood briefed analysts and the media on its results.

Why the rush? Current Account understands that the company was running out of time to get its vital e.g.m - and the Royal Doulton acquisition which depends on it - out of the way before Christmas.

Still, at least some of its shareholders are happy. Sir Anthony O'Reilly and his brother-in-law Peter Goulandris, who are underwriting the €100 million in the face of apathy from the financial institutions have received an early present in the form of €1, 978,200 commission for their efforts. And they will earn a further €94,200 for every week between now and the time the' rights issue is completed.

Touchy-feely Ryanair

Here is a funny thing. If you are a Ryanair passenger and you miss your flight its tough luck. You have to buy a new one and the chances are it will not be for €3.99.

However, buy a ticket on a rival Italian low-cost airline and miss your flight - because the airline, Volare, has gone bust - and Ryanair will give a free one. The airline's latest marketing ploy is to offer free seats to passengers stranded by the collapse of Volare last Friday.

But before you phone your broker with a sell order for Ryanair because Michael O'Leary has gone soft, you should be aware that the offer does not apply for between December 22nd and January 4th and as ever the Ryanair definition of free does not include taxes and airport charges, which customers have already paid once to Volare.

Shaving firms in lather over facial hair claims

Two large European companies are getting themselves into a lather over each other's product.

Wilkinson Sword have been granted a preliminary injunction in Germany against Gillette because it claims Gillette's new M3 Power razor is not all it seems.

Wilkinson Sword says it is not correct for Gillette to claim that its product emits micro pulses that make facial hairs stand up to give a closer shave. It says scientific evidence undermines the Gillette product description.

Could the issue, confined to Germany for now, also end up in the Irish courts? One way or another it will provide an interesting precedent on advertising copy.

And no end of punning opportunities for headline writers - what price a few " close shaves" before it is all over?

Revenue reveries

Scary thought of the week comes courtesy of Grant Thornton accountants. In a 'Budget Rumours' section of their latest tax briefing document they speculate that the Revenue Commissioners may be looking at ways of taxing the benefit that a parent gives to a child when guaranteeing property loans for their children.

"The benefit received is the benefit of securing a loan: a child would not be able to secure a loan but for the fact that his or her parent had provided the guarantee." It would of course, be difficult to determine the value of the parental guarantee. And seeing as the Revenue can't determine the value of the free city car parking spaces being given to civil servants...